XML 71 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Label Element Value
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk/Return [Heading] oef_RiskReturnHeading Heartland Value Fund
Objective [Heading] oef_ObjectiveHeading INVESTMENT GOAL
Objective, Primary [Text Block] oef_ObjectivePrimaryTextBlock

The Value Fund seeks long-term capital appreciation through investing in small companies.

Expense Heading [Optional Text] oef_ExpenseHeading FEES AND EXPENSES OF THE VALUE FUND
Expense Narrative [Text Block] oef_ExpenseNarrativeTextBlock

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell Investor or Institutional Class Shares of the Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Shareholder Fees Caption [Optional Text] oef_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Optional Text] oef_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Expense Example [Heading] oef_ExpenseExampleHeading EXAMPLE.
Expense Example Narrative [Text Block] oef_ExpenseExampleNarrativeTextBlock

 This example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover [Heading] oef_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] oef_PortfolioTurnoverTextBlock

The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.

Portfolio Turnover, Rate oef_PortfolioTurnoverRate 34.00%
Strategy [Heading] oef_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES OF THE VALUE FUND
Strategy Narrative [Text Block] oef_StrategyNarrativeTextBlock

The Value Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000® Value Index, and may invest a portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase. As of April 30, 2024, the largest market capitalization of a company in the Russell 2000® Value Index was $7.1 billion.

 

The Fund utilizes Heartland Advisors’ disciplined and time-tested 10 Principles of Value InvestingTM framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing™ are: catalyst for recognition, low price in relation to earnings, low price in relation to cash flow, low price in relation to book value, financial soundness, positive earnings dynamics, sound business strategy, capable management and insider ownership, value of the company, and positive technical analysis.

Strategy Portfolio Concentration [Text] oef_StrategyPortfolioConcentration The Value Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000® Value Index, and may invest a portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase.
Bar Chart and Performance Table [Heading] oef_BarChartAndPerformanceTableHeading PAST PERFORMANCE
Performance Narrative [Text Block] oef_PerformanceNarrativeTextBlock

The following tables show historical performance of the Value Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Fund’s Investor Class Shares have varied from year to year for the past 10 years. Table II shows how the Fund’s average annual total returns compare to those of a broad measure of market performance, as well as the Fund’s benchmark index. Past performance (before and after taxes) does not guarantee future results. Updated performance information for the Fund is available on the Fund’s website at heartlandadvisors.com or by calling 1-800-432-7856.

Performance Information Illustrates Variability of Returns [Text] oef_PerformanceInformationIllustratesVariabilityOfReturns The following tables show historical performance of the Value Fund and provide some indication of the risks of investing in the Fund.
Performance Availability Phone [Text] oef_PerformanceAvailabilityPhone 1-800-432-7856
Performance Availability Website Address [Text] oef_PerformanceAvailabilityWebSiteAddress heartlandadvisors.com
Performance Past Does Not Indicate Future [Text] oef_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not guarantee future results.
Bar Chart [Heading] oef_BarChartHeading TABLE I   VALUE FUND - INVESTOR CLASS SHARES - YEAR-BY-YEAR TOTAL RETURNS
Bar Chart Closing [Text Block] oef_BarChartClosingTextBlock
Best Quarter:   Worst Quarter:
2nd Quarter of 2020……30.51%   1st Quarter of 2020……-35.44%
Highest Quarterly Return, Label [Optional Text] oef_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date oef_BarChartHighestQuarterlyReturnDate Jun. 30, 2020
Highest Quarterly Return oef_BarChartHighestQuarterlyReturn 30.51%
Lowest Quarterly Return, Label [Optional Text] oef_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date oef_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return oef_BarChartLowestQuarterlyReturn (35.44%)
Performance Table Heading oef_PerformanceTableHeading TABLE II   VALUE FUND - AVERAGE ANNUAL TOTAL RETURNS [FOR THE PERIODS ENDED 12/31/24]
Index No Deduction for Fees, Expenses, or Taxes [Text] oef_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate oef_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred oef_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table One Class of after Tax Shown [Text] oef_PerformanceTableOneClassOfAfterTaxShown In addition, after-tax returns are shown only for Investor Class Shares and after-tax returns for the Institutional Class Shares will vary.
Performance Table Explanation after Tax Higher oef_PerformanceTableExplanationAfterTaxHigher The differences in before-tax returns and after-tax returns on distributions and sale of Fund shares are due to adjustments incorporated into the after-tax returns for qualified taxable dividend income and qualifying foreign tax credits.
Performance Table Closing [Text Block] oef_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). In addition, after-tax returns are shown only for Investor Class Shares and after-tax returns for the Institutional Class Shares will vary. The differences in before-tax returns and after-tax returns on distributions and sale of Fund shares are due to adjustments incorporated into the after-tax returns for qualified taxable dividend income and qualifying foreign tax credits.

HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | Risk Not Insured [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock An investment in the Fund is not a deposit of a bank, nor insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other governmental agency.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | Risk Lose Money [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock The principal risk of investing in the Value Fund is that its share price and investment return will fluctuate, and you could lose money.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | MANAGEMENT RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock MANAGEMENT RISK. The ability of the Fund to meet its investment objective is directly related to Heartland Advisors’ investment strategies for the Fund.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | GENERAL MARKET RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock GENERAL MARKET RISK. The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | COMMON STOCK RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock COMMON STOCK RISK. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | VALUE-STYLE INVESTING RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock VALUE-STYLE INVESTING RISK. Value stocks can perform differently from the market as a whole and from other types of stocks. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | SMALLER COMPANY SECURITIES RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock SMALLER COMPANY SECURITIES RISK. Common stocks of the smaller companies in which the Fund may invest generally involve a higher degree of risk than investments in the broad-based equity markets. The security prices of smaller companies generally are more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | RECENT MARKET EVENTS [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock RECENT MARKET EVENTS. U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels, trade tensions, tariff arrangements, and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. Continuing market volatility may have an adverse effect on the Fund. Heartland Advisors will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | SECTOR RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock SECTOR RISK. Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund’s overall investment portfolio than other sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on the Fund than on a fund with less weighting in that sector.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | Financials Sector Risk [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock Financials Sector Risk. Companies in the financials sector are subject to risks relating to regulatory change, decreased liquidity in credit markets and unstable interest rates.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | TAX LAW CHANGE RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock TAX LAW CHANGE RISK. All statements contained in this Prospectus regarding the U.S. federal income tax consequences of an investment in the Fund are based on current law, which is subject to change at any time, potentially with retroactive effect. Legislation changes over the last several years, the expiration of currently-effective legislation, and possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund’s investments.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | CYBERSECURITY RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock CYBERSECURITY RISK. The Fund is susceptible to operational, information security, and related cybersecurity risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | OPERATIONAL RISK [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock OPERATIONAL RISK. Operational risks include failures in systems, technology, or processes, changes in personnel or systems, inadequate controls, and human error. The Fund and Heartland Advisors seek to reduce the risk of an operational event through controls and procedures, but such measures cannot address every possible risk, including instances at third parties, and may be inadequate to address these risks.
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | Investor Class  
Prospectus [Line Items] oef_ProspectusLineItems  
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) oef_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.00%
Maximum Deferred Sales Charge (as a percentage of Offering Price) oef_MaximumDeferredSalesChargeOverOfferingPrice 0.00%
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) oef_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther 0.00%
Redemption Fee (as a percentage of Amount Redeemed) oef_RedemptionFeeOverRedemption (2.00%)
Exchange Fee oef_ExchangeFee $ 0
Management Fees (as a percentage of Assets) oef_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.13% [1]
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 0.18%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 1.06%
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 108
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 337
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 585
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 $ 1,293
HEARTLAND VALUE FUND | HEARTLAND VALUE FUND | Institutional Class  
Prospectus [Line Items] oef_ProspectusLineItems  
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) oef_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.00%
Maximum Deferred Sales Charge (as a percentage of Offering Price) oef_MaximumDeferredSalesChargeOverOfferingPrice 0.00%
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) oef_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther 0.00%
Redemption Fee (as a percentage of Amount Redeemed) oef_RedemptionFeeOverRedemption (2.00%)
Exchange Fee oef_ExchangeFee $ 0
Management Fees (as a percentage of Assets) oef_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.00%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 0.16%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 0.91%
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 93
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 290
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 504
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 $ 1,119
HEARTLAND VALUE FUND | Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)
Average Annual Return, Percent oef_AvgAnnlRtrPct 8.05%
Average Annual Return, Percent oef_AvgAnnlRtrPct 7.29%
Average Annual Return, Percent oef_AvgAnnlRtrPct 7.14%
Average Annual Return, Percent oef_AvgAnnlRtrPct 10.45%
HEARTLAND VALUE FUND | Russell 3000® Index (reflects no deduction for fees, expenses or taxes)  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Russell 3000® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Return, Percent oef_AvgAnnlRtrPct 23.81%
Average Annual Return, Percent oef_AvgAnnlRtrPct 13.86%
Average Annual Return, Percent oef_AvgAnnlRtrPct 12.55%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.64%
HEARTLAND VALUE FUND | Investor Class  
Prospectus [Line Items] oef_ProspectusLineItems  
Annual Return [Percent] oef_AnnlRtrPct (11.04%)
Annual Return [Percent] oef_AnnlRtrPct 16.31%
Annual Return [Percent] oef_AnnlRtrPct 8.42%
Annual Return [Percent] oef_AnnlRtrPct (12.15%)
Annual Return [Percent] oef_AnnlRtrPct 17.96%
Annual Return [Percent] oef_AnnlRtrPct 13.14%
Annual Return [Percent] oef_AnnlRtrPct 21.81%
Annual Return [Percent] oef_AnnlRtrPct (9.99%)
Annual Return [Percent] oef_AnnlRtrPct 17.13%
Annual Return [Percent] oef_AnnlRtrPct 15.68%
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct 15.68%
Average Annual Return, Percent oef_AvgAnnlRtrPct 10.94%
Average Annual Return, Percent oef_AvgAnnlRtrPct 6.93%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.21%
Performance Inception Date oef_PerfInceptionDate Dec. 28, 1984
HEARTLAND VALUE FUND | Investor Class | After Taxes on Distributions  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Return, Percent oef_AvgAnnlRtrPct 13.42%
Average Annual Return, Percent oef_AvgAnnlRtrPct 9.32%
Average Annual Return, Percent oef_AvgAnnlRtrPct 5.46%
Average Annual Return, Percent oef_AvgAnnlRtrPct 9.42%
HEARTLAND VALUE FUND | Investor Class | After Taxes on Distributions and Sales  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Return, Percent oef_AvgAnnlRtrPct 10.89%
Average Annual Return, Percent oef_AvgAnnlRtrPct 8.46%
Average Annual Return, Percent oef_AvgAnnlRtrPct 5.22%
Average Annual Return, Percent oef_AvgAnnlRtrPct 9.26%
HEARTLAND VALUE FUND | Institutional Class  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct 15.88%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.10%
Average Annual Return, Percent oef_AvgAnnlRtrPct 7.09%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.29%
Performance Inception Date oef_PerfInceptionDate Dec. 28, 1984
[1] Investor Class Shares are subject to an annual distribution fee of up to 0.25% pursuant to a reimbursement plan adopted under Rule 12b-1. The maximum rate of the Rule 12b-1 fee may not be incurred in a given year.