HRTVX Fees and Costs — Heartland Value Fund, Investor Class
Data updated: 2026-08-21
The net expense ratio is 1.09%: a 0.75% management fee, a 0.16% 12b-1 fee plus 0.18% other expenses. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.1745% of average net assets, and portfolio turnover was 44%.
HRTVX Fees and Expenses
Annual operating expenses and sales charges of HRTVX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.16% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.09% |
| Fee waiver | — |
| Net expense ratio | 1.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HRTVX Costs Over Time
On $10,000 invested in HRTVX, assuming 5% a year before costs, total costs come to $787 over 5 years, cutting the return by 1.33% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.09%) | $114 | $356 | $616 |
| Trading costs (broker commissions) | $18 | $57 | $99 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $133 | $434 | $787 |
| Value after costs | $10,367 | $11,143 | $11,976 |
| Impact on return, per year | 1.33% | 1.33% | 1.33% |
HRTVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1745%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $10.1M
- Portfolio turnover (prospectus): 44%
- Securities lending: none during the year
HRTVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN PRIME SERVICES LLC | $766K | 58.00% |
| KEYBANC CAPITAL MARKETS INC. | $212K | 16.05% |
| LIQUIDNET, INC. | $89K | 6.74% |
| ROBERT W. BAIRD & CO. INCORPORATED | $74K | 5.64% |
| CONVERGEX PRIME SERVICES LLC | $63K | 4.77% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $49K | 3.71% |
| CRAIG-HALLUM CAPITAL GROUP LLC | $23K | 1.73% |
| WELLS FARGO SECURITIES, LLC | $17K | 1.28% |
| CORMARK SECURITIES (USA) LIMITED | $14K | 1.07% |
| B. RILEY FBR, INC. | $13K | 1.00% |
HRTVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ROTH CAPITAL PARTNERS, LLC | $6.8M | 67.90% |
| NORTHLAND SECURITIES INC | $2.0M | 19.69% |
| BANCROFT CAPITAL LLC | $1.2M | 12.41% |
Heartland Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HNTVX | Institutional Class | 0.94% | none |
| HRTVX | Investor Class | 1.09% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.