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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 Perrigo Company plc (NYSE:PRGO). Perrigo Company plc (NYSE:PRGO) offers over-the-counter health and wellness solutions. The one-month return of Perrigo Company plc (NYSE:PRGO) was -11.13%, and its shares lost 15.43% of their value over the last 52 weeks. On April 17, 2025, Perrigo Company plc (NYSE:PRGO) stock closed at $25.32 per share with a market capitalization of $3.46 billion.
Heartland Mid Cap Value Fund stated the following regarding Perrigo Company plc (NYSE:PRGO) in its Q1 2025 investor letter:
"Healthcare. While persistent economic concerns may provide a growing list of attractive “deep value” options in cyclical companies, Perrigo Company plc (NYSE:PRGO) is an example of heavy lifting on “self-help” bearing fruit in a company that has an economically-resilient demand profile.