Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” second quarter 2025 investor letter. A copy of the letter can be downloaded here. The market rallied in the quarter, as the recession fears waned, and market sentiment shifted toward increased risk-taking. The fund lost 0.22% in the quarter compared to the 5.35% gain for the Russell Midcap® Value Index. Stock selection led to most of the underperformance of the fund in the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its second quarter 2025 investor letter, Heartland Mid Cap Value Fund highlighted stocks such as Becton, Becton, Dickinson and Company (NYSE:BDX). Becton, Dickinson and Company (NYSE:BDX) is a medical device company that develops and manufactures medical supplies, devices, laboratory equipment, and diagnostic products. The one-month return of Becton, Dickinson and Company (NYSE:BDX) was 2.25%, and its shares lost 22.16% of their value over the last 52 weeks. On July 11, 2025, Becton, Dickinson and Company (NYSE:BDX) stock closed at $175.97 per share with a market capitalization of $50.434 billion.
Heartland Mid Cap Value Fund stated the following regarding Becton, Dickinson and Company (NYSE:BDX) in its second quarter 2025 investor letter:
“Health Care. Our Strategy’s worst performer was Becton, Dickinson and Company (NYSE:BDX), the world’s largest provider of healthcare consumable products such as needles, syringes and medication management systems.
A surgeon performing a procedure in an operating room using a medical device supplied by the company.