Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Heartland Seeks to Close Fund Due to Poor Performance

Heartland Advisors of Milwaukee, Wisc., adviser to the Heartland Funds, is asking shareholders to vote to liquidate the Heartland Mid-Cap Value Fund because of the fund's poor performance and investor redemptions. The Mid-Cap Value Fund has substantially under-performed its benchmark index, the S&P 400, and has fared poorly in rankings and ratings from independent fund-tracking firms, Heartland said in a preliminary proxy statement filed with the SEC Sept. 21.

The poor performance and redemptions have caused the fund to decline from $50 million in assets under management in June 1998 to approximately $17 million as of Sept. 15, Heartland said. Shareholders are scheduled to vote on the liquidation at a meeting Nov. 30.