Heartland Advisors, Inc.
Registered investment adviser · Milwaukee, WI · CRD #29433
Form ADV data as of 2026-09-01Regulatory assets
$1.92 billion
Total accounts
93
Employees
26
Disclosure events
3
Firm details
- Website: https://www.instagram.com/heartlandfunds
- Telephone: 414-347-7777
- SEC file number: 801-19074
- Most recent Form ADV filing: 2026-02-26
- SEC record: View this firm on the SEC's IAPD site
Disciplinary disclosures
This firm reports 3 disclosure questions answered Yes, covering 3 reported events. Form ADV Item 11 covers charges and pending proceedings as well as findings, so a Yes answer is not itself a finding of wrongdoing. The underlying detail is filed with the SEC.
- SEC or CFTC found a violation of its regulations or statutes
- SEC or CFTC entered an order in connection with investment-related activity
- SEC or CFTC imposed a civil money penalty or a cease-and-desist order
Assets and accounts
| Provides continuous and regular supervisory or management services | Yes |
| Discretionary regulatory assets under management | $1.92 billion |
| Non-discretionary regulatory assets under management | $0 |
| Total regulatory assets under management | $1.92 billion |
| Discretionary accounts | 93 |
| Non-discretionary accounts | 0 |
| Total accounts | 93 |
| Regulatory assets under management attributable to non-U.S. persons | $0 |
People
| Total employees (excluding clerical) | 26 |
| Employees performing investment advisory functions (including research) | 10 |
| Employees who are registered representatives of a broker-dealer | 18 |
| Employees registered as investment adviser representatives with a state | 15 |
| Employees registered as IARs for another investment adviser | 0 |
| Employees who are licensed insurance agents | 0 |
| Firms or persons who solicit advisory clients on the firm's behalf | 0 |
Custody
| Has custody of client cash or bank accounts | No |
| Has custody of client securities | No |
| A related person has custody of client cash or bank accounts | No |
| A related person has custody of client securities | No |
| The firm acts as a qualified custodian | No |
| A related person acts as a qualified custodian | No |
| Number of persons acting as qualified custodians for the firm's clients | 14 |
How the firm is compensated
Advisory services offered
Other business activities
Reported conflicts of interest
Form ADV Items 8 asks advisers to disclose arrangements that may create a conflict with client interests. This firm answered Yes to:
- Buys or sells for itself securities it also recommends to clients
- Recommends brokers or dealers to clients
- Receives soft dollar benefits
- Provides employee compensation specifically for obtaining clients
Client types
| Type of client | Clients | Assets |
|---|---|---|
| Individuals (other than high net worth individuals) | 32 | $21.2 million |
| High net worth individuals | 48 | $167.7 million |
| Investment companies | 3 | $1.64 billion |
| Pension and profit sharing plans (not the participants or government plans) | Not reported | $11.4 million |
| Charitable organizations | Not reported | $21.5 million |
| Corporations or other businesses not listed above | 7 | $56.1 million |