Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” first quarter 2025 investor letter. A copy of the letter can be downloaded here. A growing number of businesses appear to be priced for a significant slowdown in the first quarter, if not a recession, due to the uncertainty surrounding federal policy. The fund returned 0.67% in the quarter compared to a 2.11% fall for the Russell Midcap® Value Index. As risk aversion returned and a focus on downside risk was rewarded, stock selection, which was difficult in a more speculative climate last year, rebounded in the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its first-quarter 2025 investor letter, Heartland Mid Cap Value Fund highlighted stocks such as Teledyne Technologies Incorporated (NYSE:TDY). Teledyne Technologies Incorporated (NYSE:TDY) offers enabling technologies for industrial growth markets. The one-month return of Teledyne Technologies Incorporated (NYSE:TDY) was -7.43%, and its shares gained 15.51% of their value over the last 52 weeks. On April 17, 2025, Teledyne Technologies Incorporated (NYSE:TDY) stock closed at $462.19 per share with a market capitalization of $21.648 billion.
Heartland Mid Cap Value Fund stated the following regarding Teledyne Technologies Incorporated (NYSE:TDY) in its Q1 2025 investor letter:
“Teledyne Technologies Incorporated (NYSE:TDY), our largest holding, is the epitome of quality value. TDY has a well-managed, balanced portfolio of sensing and decision-support technologies across commercial and industrial end markets, including multiple secular growth areas spanning advanced machine vision, precision instrumentation, space and unmanned vehicles. TDY’s economically-sensitive customer exposure is somewhat buffered by stable markets like pollution control, water, oceanography and climate monitoring. TDY’s core markets are characterized by high barriers to entry and include niche specialized products and services unlikely to be commoditized.
