Heartland Advisors, an investment management company, recently released its third-quarter 2025 investor letter for its “Heartland Opportunistic Value Equity Strategy.” The letter discusses the performance of the strategy in Q3 and highlights some of the top holdings, including Alphabet Inc. (NASDAQ:GOOGL).
In Q3, Heartland Advisors saw trends from Q2 continue, with optimism surrounding the AI boom and increased electricity demand driving growth stocks to new highs. Despite this, the strategy returned 4.65% in the quarter, slightly underperforming the Russell 3000 Value Index, which returned 5.63%. Investors can download a copy of the letter to get more insight into the fund’s performance and top holdings for 2025.
One of the top holdings highlighted in the investor letter is Alphabet Inc. (NASDAQ:GOOGL). Alphabet Inc. is a leading technology company known for its various products and platforms. The stock has shown strong performance, with a one-month return of 13.46% and a 83.78% gain over the last 52 weeks. As of December 01, 2025, Alphabet Inc. stock closed at $314.89 per share, with a market capitalization of $3.814 trillion.
Heartland Opportunistic Value Equity Strategy expressed confidence in Alphabet Inc. in its third quarter 2025 investor letter, stating that the company has traded at a discount to the broader market on a debt-adjusted basis. The strategy has been adding to its position in Alphabet Inc. since the depths of COVID-19, as they believe the stock was undervalued. They see Alphabet Inc. as a more attractive business than typical companies they analyze, based on various metrics.
Overall, Heartland Advisors’ third-quarter 2025 investor letter provides valuable insights into the performance of its Opportunistic Value Equity Strategy and its top holdings, such as Alphabet Inc. Investors can use this information to make informed decisions about their investment strategies.
