Grant Thornton Advisors announced Wednesday it has entered into a definitive agreement to acquire CBIZ, Inc. (NYSE: CBZ) in an all-cash deal with an enterprise value of $5 billion.
Under the terms of the agreement, each CBIZ shareholder stands to collect $55 per share — a figure the company said reflects roughly a 54% premium over CBIZ's 30-day volume-weighted average share price. Reuters added that the offer price also represents a 17.8% premium over CBIZ's most recent closing price.
Upon closing, Grant Thornton in the U.S. is expected to become the fifth-largest provider of professional services, tax and advisory services, with more than $5 billion in annual domestic revenue, the company said. The transaction represents the largest of its kind in more than 25 years. Together, the two firms would operate across more than 20 countries and territories, bring in close to $7.5 billion in annual revenue, and have a workforce of more than 34,500 professionals.
Reuters noted that Deloitte, EY, KPMG and PwC — collectively known as the Big Four — hold dominant positions in the U.S. accounting market.
New Mountain Capital, which led a May 2024 investment in Grant Thornton Advisors, will make an additional equity investment to support the transaction. After the deal closes, Grant Thornton Advisors plans to separate CBIZ's benefits and insurance services segment into a new stand-alone entity backed by New Mountain Capital.

#grant #advisors #reuters

Hey Creatorverse readers,
Amid all the chatter about brand deals and follower counts, the charitable side of creators is often overlooked. This past week, two major creators — MrBeast (510 million YouTube subscribers) and Jacksepticeye (31 million subscribers) — doubled down on giving back.
Though MrBeast and Jacksepticeye are the two creators making headlines right now, philanthropic efforts are baked into the work of many creators, partially because giveaways and community alignment are so core to the creator ecosystem. That focus has translated into an increase in donations from Millennial and Gen Z audiences as donations overall have declined.
MrBeast partnered with Disney and Stand Up to Cancer (SU2C) on "I Granted 100 Kids Their Biggest Wish!" a video that chronicled celebrities like MrBeast, Dwayne Johnson and LeBron James granting some of the biggest dreams to children who have been diagnosed with cancer. The goal of the video is to increase awareness for pediatric cancer and raise funds for research, which naturally includes an elaborate MrBeast giveaway for anyone who donates to the charity Give Kids The World. Since being posted on Sunday, the video has accumulated over 30 million views. Those views will only increase as the video remains on MrBeast's channel for the next six months.
"We've never had an opportunity like this to engage people all over the world, and certainly not through a creator platform at this scale. So, it's truly a 'first' for SU2C," Pam Williams, a member of the SU2C founders and advisors committee, told me. So far it's a strategy that's working. The video has been seen by people in 68 countries so far, and almost 90% of donators are supporting the organization for the first time.

#creators

July 27, 2026, 12:07 pm EDT
Arax Advisory Partners is continuing its
acquisition streak
. Last week, the New York-based company said it agreed to buy Transcend Capital Advisors, a registered investment advisor with more than $3 billion in **** ets under management as of June 30. The deal is expected to close in the third quarter. Transcend will be the seventh firm to join Arax in 2026, which didn’t disclose terms of the transaction.
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#wealth

FIFA said Tuesday it plans to sell a stake in the business operations of the World Cup and its other competitions through the creation of a semi-private subsidiary.
World football's governing body said it would retain a majority share in FIFA Forward Enterprise (FFE) but hoped to raise $4.2 billion later this year by "carefully selecting long-term investors who will purchase minority, non-controlling interests".
FIFA's statement was a rapid response to a story in British newspapers The Times and The Financial Times based on leaks of the plan from two sources.
The Times reported that FIFA president Gianni Infantino, 56, stood to profit from the scheme by becoming commissioner of the FFE after his expected next term expires in 2031. FIFA denied that this had been discussed.
The article also said discussion had started with financial advisors and potential investors.

#World #enterprise

SEOUL, July 27 (Reuters) - Shares of South Korean internet and cloud service giant Naver jumped more than 10% on Monday after it said Nvidia would acquire $1 ‌billion of its new shares to finance a project to expand an AI data ‌centre.
The move underscores a deepening partnership between the two companies, which in June announced plans to build global AI infrastructure to tap demand for sovereign AI in the Asia-Pacific region, Europe and the Middle East.
As the first step, the two firms and investment group Brookfield announced on Friday plans to expand Naver's AI data centre in South Korea with up to $10 billion in funding.
Naver said on Monday it ‌will place 7.2 million new ⁠shares with Nvidia for 204,500 won each, or a 1% discount to its closing price on Friday, as part of the agreement. Brookfield will provide ⁠up to $9 billion in financing as the project's capital partner, Naver added.
With the investment, Nvidia would become one of the biggest shareholders of Naver, owning a 4.5% stake. The National Pension Service was the biggest shareholder of Naver with a 9.25% stake, followed by BlackRock Fund Advisors with 6.12% ‌as of end-2025.

#billion #service

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Remember when gas was under $4 a gallon and you could take the family out to eat without taking out a second mortgage? Ahhh, those were the days.
As the cost of living rises, everyday expenses are eating into retirement savings. Americans currently participating in workplace retirement plans anticipate needing $1.2 million on average to retire comfortably, according to a Schroders survey released this month. However, just 30% believe they will reach $1 million due in large part to rising costs, debt and competing expenses. In fact, a third of those surveyed said they have more credit card debt than retirement savings. There are also signs that wealthier clients are feeling the squeeze. It's a great chance for advisors to help clients prioritize spending to stay on track for retirement without overextending their resources today.
"While many are still contributing to retirement, they're finding it harder to increase their savings each year," said Nathan Sebesta, an advisor at Access Wealth Strategies. "Retirement savings shouldn't simply be what's left over at the end of the month. It should be treated like any other essential bill."
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#savings #without #cost

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Mark Twain may have been right when he quipped that all a person needs in life is ignorance and confidence. But when it comes to successfully navigating retirement, that's playing a dangerous game.
Many Americans make a lot of ****** umptions about retirement, from when they'll finally leave the job to when they'll claim Social Security, according to new research from J.P. Morgan ****** et Management. That's mostly a good thing, because planning for retirement requires a lot of forethought and careful financial and behavioral preparation. The problem is that many people seem to be working from faulty premises, starting with the belief that retirement is a one-time event that can be carefully orchestrated according to one's personal wishes. In reality, retirement is more of a journey than a one-time event, with timing that can vary widely due to factors not entirely (or even partly) within the individual's control. That's why the research compares the experiences of current retirees with the expectations of savers, while highlighting the important role that financial advisors can play in helping their clients cut through the noise.
"Retirees can offer a valuable reference point for [those people] still saving," said Michael Conrath, chief retirement strategist for J.P. Morgan ****** et Management. "This year's survey highlights several disconnects between what people expect and what retirees actually experience."
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#Retirement

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We've all heard the saying: If you wouldn't want it splashed across the front page of tomorrow's newspaper (or The Daily Upside newsletter), it's probably best not to say it at all.
The same rule applies when it comes to sharing sensitive estate planning information with general-purpose AI chatbots. It may seem like a harmless exercise to run one's trust-funding strategy or family business succession plans past the likes of Claude or ChatGPT, but doing so can actually subject that information to future discovery if the plan is challenged in court, according to a team of specialist attorneys at ArentFox Schiff. So advisors and their clients should utilize extreme caution when utilizing public generative AI tools as part of the estate planning process, especially in situations where a lot of wealth is at stake or a future estate dispute seems likely.
"It's fraught with risk when we recklessly invite AI into the attorney-advisor-client relationship," said Sarah Kerr Severson, a partner on ArentFox Schiff's private wealth and tax planning team. "There's no attorney-client privilege there. Courts have already confirmed that."
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#Planning

This article was originally published on ETFTrends.com.
To the dismay of advisors and fixed income investors, the words "clear" and "overt" seem to have left the Federal Reserve's lexicon. However, there are avenues for investors looking for the combination of elevated income and reduced rate risk.
The WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) is one of the ETF's that accomplishes those objectives. The $260.2 million HYZD, tracks the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. It could be a valuable tool as new Fed Chairman Kevin Warsh scrutinizes the central bank's data inputs, balance sheet, and commentary on rates.
"In terms of forward guidance, investors have already witnessed the Chairman's plans where the goal is to essentially remove this form of communication to the markets," observed WisdomTree. "Some clear-cut examples were the scaled back, just the facts, Greenspan-esque, June FOMC policy statement as well as Warsh's non-participation in the dot plot. The balance sheet question will take longer to resolve, but the examination of the data the Fed uses to set policy deserves some attention."
HYZD turns 13 years old in December. It carries a 30-day SEC yield of 6% and an effective duration of 0.30 years. For many investors, that high yield and low duration would be enough. No further examination required. However, it is worth digging deeper into HYZD.

#duration #income

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Maybe one size really can fit all.
As financial and investment advisors face rising client loads and portfolio complexity, the challenge is no longer simply building portfolios, but turning them into consistent and customized strategies. That's leading some advisors to take another look at model portfolios. Sometimes models have been dismissed as commoditized, one-size-fits-all solutions, but as the wealth industry has evolved, so too have model portfolios. Rather than forcing every client into the same allocation, today's products are dynamic, outcome-oriented frameworks that help RIAs implement their best thinking more consistently.
By providing a repeatable foundation for portfolio construction, they can reduce ad hoc decision-making, improve communication around portfolio changes and create greater flexibility to accommodate client-specific preferences and circumstances. We've heard it before, but the result is that advisors can spend less time manually building portfolios and more time delivering the advice clients increasingly value.
But not every customization is right for every client, and advisors need to serve as gatekeepers to ensure that adjustments are creating value rather than simply introducing additional complexity, implementation burdens and costs.

#client #Portfolio #rather #simply

Moneta Group Investment Advisors has expanded its international wealth offering into the UK through Moneta Global Wealth, in partnership with London-based Thomson Tyndall.
The move is aimed at clients with cross-border financial needs, including US expatriates, people planning to live or retire overseas, and international family offices with US investment interests.
Moneta, which oversees more than $50bn in ***** ets under management, said the expansion comes in response to rising demand from clients dealing with cross-border tax rules, regulatory requirements, currency considerations and global market shifts.
In the UK, Moneta Global Wealth will operate as an appointed representative of Thomson Tyndall, which is authorised and regulated by the Financial Conduct Authority.
Moneta CEO Eric Kittner said: "As our clients' lives and financial interests become more global, expanding our international capabilities was a natural evolution. This partnership allows us to deliver the same service-first, client-first experience without borders."

#international #investment

Baltimore, Maryland-based T. Rowe Price Group, Inc. (TROW) is a global ***** et management company that provides investment management services to individuals, financial advisors, institutions, and retirement plans. It actively manages equity, fixed income, multi-asset, and alternative investment portfolios, helping clients achieve long-term financial and retirement goals. The company has a market capitalization of approximately $25 billion.
TROW is set to report its Q2 earnings on Friday, July 31, 2026, before the market opens. Ahead of the release, ***** ysts expect the company to report diluted EPS of $2.50, up 11.6% from $2.24 in the year-ago quarter. TROW has surpassed Wall Street's EPS estimates in three of the past four quarters, while missing expectations in one quarter.
PayPal Says a $53 Billion Takeover Offer from Stripe Undervalues It. How to Play PYPL Stock Here.
Billionaire Jeff Bezos Called Amazon's Customer Service to Prove a Point But Waited in Silence for More Than 10 Minutes — 'It Was Really Long'
Micron Stock Is Near Bear-Market Territory. Here's Why ASML's Guidance Says Buy the Dip.

#Stock

The average millennial holds about $83,700 in a 401(k), according to Fidelity.
Contribution rates are climbing, but many millennials are still making up ground lost to early-career setbacks.
Millennials are closing the retirement-savings gap with older generations, but the headline averages mask how far behind many still are.
Fidelity estimates the average millennial has a 401(k) balance of about $82,600. Millennials include those born between 1981 and 1996.
Millennials in Fidelity plans now save about 9% of their pay, and their employers contribute 4.8%. That's within reach of the 15% rate advisors recommend, but still trailing Gen X and Boomers.

#fidelity #many

ETF.com President & Director of Research Dave Nadig grabbed some time with John Montgomery, Founder, CEO, and PM at Bridgeway Capital Management, while at the 2026 ICI ETF Conference. Their discussion covered everything from contrarian investing and walking the talk to the company's 50% donation of profits to charities since its inception in the early '90s.
John Montgomery has been running Bridgeway for over three decades, with a simple pitch: deep quantitative research, a focus on smaller, less-liquid stocks that bigger competitors can't touch, and a lean team where everyone knows everyone. But the real differentiator isn't the strategy but instead the why. Bridgeway funnels a share of its profits into a foundation focused on ending genocide and preventing war atrocities, working in sub-Saharan Africa and Ukraine. It's not a marketing gimmick either but instead is baked into the culture from the board room down.
The firm's move from mutual funds to ETFs is its own case study in doing things the hard way for the right reasons. Rather than sidestep the pain with a cheaper clone or share-class workaround, Bridgeway fully converted several strategies, eating short-term costs for long-term tax efficiency and lower fees. Montgomery's philosophy is if a painful transition is coming, do it early and don't wait until you're the last holdout. However, Bridgeway isn't trying to be a trailblazer either in that regard, instead waiting for at least some of the infrastructure to get built by others and jumping in once the operational kinks are worked out.
On the investing side, Montgomery's contrarian streak runs deep. His family literally trims their own personal budget to buy more stock when markets crash, putting the buy low, sell high mentality into practice. That mindset shows up in Bridgeway's small-cap value strategy, which stays disciplined even when the category falls out of favor, helped by a long partnership with Focus Partners Wealth that rebalances into the strategy precisely when everyone else is fleeing it. It's a countercyclical approach that sounds obvious on paper and is brutally hard to live by in practice. It's also the perfect case study for exactly why people need financial advisors in the first place.
Permalink | © Copyright 2026 etf.com. All rights reserved

#bridgeway #everyone #strategy #montgomery

By Deborah Mary Sophia and Rashika Singh
July 21 (Reuters) - Alphabet faces heightened scrutiny from investors as a delay in the launch of a model key to its AI ‌ambitions adds to worries over the payoff from massive data-center spending, months after raising ‌expectations with a blockbuster quarter for cloud sales.
The Google parent — set to report second-quarter results on Wednesday — has delayed from June the launch of its next flagship model, Gemini 3.5 Pro, built especially to catch up with rivals in the lucrative market for AI coding tools and agentic AI tasks.
The setback has raised concerns as Chinese open-source models increasingly challenge top U.S. labs for customers amid growing worries about steep AI ‌bills that have also fanned ⁠fears that Big Tech could be over-building capacity.
"While Google is missing the boat on AI coding and that's a very real growing concern ... Google's strategy is ⁠all about the ecosystem," said Dave Wagner, portfolio manager at Aptus Capital Advisors.

#launch #quarter

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Cresset Capital Management, a multi-family office based in New York overseeing more than $250 billion in client ****** ets, has hired Chris Tiano and Nick Smith as managing directors and wealth advisors in its Los Angeles and New York offices, the firm announced Tuesday.
Tiano and Smith previously served as directors for Lazard Wealth for about two years, according to BrokerCheck. While there, they oversaw $1.1 billion in client ****** ets.
Before Lazard, Tiano worked at Focus Financial Partners and Glenmede Trust Company, while Smith held positions at Merrill Lynch Wealth Management, Bessemer Trust and Fiduciary Trust Company International.
Tiano works with business owners and entrepreneurs whose wealth is concentrated in their companies, guiding clients through liquidity events, portfolio design across public and private markets, and coordination with trust and estate attorneys on tax planning and wealth transfer.

#trust #management

Sloane Stephens (left), WTA tennis star and investor in Project B, and Alana Beard (right), Project B Co-Founder, Chief Basketball Officer, and former WNBA champion.
Women's basketball is attracting record audiences and global attention, billion-dollar valuations, and unprecedented investment. Yet, one of the industry' most consequential stories isn't about what is happening on the court, but what is happening around the boardroom.
In an industry where Black women have historically generated labor and cultural value in women's basketball without receiving proportional economic ownership, Project B is challenging and changing that pattern.
Behind the venture is a coalition of women investors and advisors bringing not only capital, but decades of leadership, strategic influence, and industry expertise in business, finance, media, and entrepreneurship.
Their investment isn't simply backing another basketball venture, it reflects an intentional and broader shift in who creates wealth, who influences strategy, and who participates in the next chapter of the sport economy.

#project #industry

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Big things come in small packages.
While tech giants like Nvidia and Apple usually hog the limelight, small- and mid-cap stocks have quietly taken the lead this year. While large-cap indexes are up a respectable 10% on average, smaller companies are sprinting ahead. The S&P MidCap 400 is up 14%, the Russell 2000 has surged about 20%, and the S&P 600 has climbed 21%. It might be time for financial advisors to give the rest of the market a second look.
"You can't deny the incredible returns large-cap funds have generated in recent years, and it's hard to get clients to move away from those numbers, especially given the underperformance of small-caps over the past 10 years," said Andrew Van Alstyne, founder of High Rock Wealth Management. Nonetheless, he sees plenty of upside in small- and mid-caps, typically allocating 20% to 25% of his clients' portfolios to the ****** e. "I've had strong confidence in this sector for a couple of years now. Even in years that small caps have underperformed, I would say that there is still a tremendous opportunity."
Sign up for The Daily Upside at no cost for premium ****** ysis on all your favorite stocks.

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Every big real estate boom leaves a few good neighborhoods behind.
Housing prices are high, and real estate investment trusts focused on data centers have been all the rage, but if financial advisors think all REITs have lofty valuations, they're missing opportunities to find some bargains and diversify their portfolios. Many public ones are still trading at a discount to net **** et value, said Sam Adams, co-founder of Vert **** et Management, which holds 150 REITs globally. They can offer value as well as diversification away from the artificial intelligence and technology concentration in large-cap equities worrying some investors. "One of the things that real estate does is it gives you exposure to a real physical **** et. So, when intangible **** ets like tech companies struggle, sometimes the market rotates to real **** ets as a safety haven," he said.
Given REITs' lower valuations compared with the AI and tech sector, real estate might be in a better position if the market cycle changes. Adams points to the dot-com bubble as an example: From 2000 to 2002, REITs saw an annual return of 14.6%, while the S&P 500 lost 14.6% annually. While many of the products underperformed after the Federal Reserve's rate hikes a few years ago and COVID, which repriced much commercial real estate, REITs may still offer an alternative to expensive traditional stocks and bonds.
For advisors interested in adding REITs, whether public or private, there are a few criteria to consider, as well as strategies for investors seeking to exit their physical holdings in a tax-efficient way. Once advisors move beyond data center and senior housing public REITs, Adams said a broad swath of **** ets from hotels and resorts to self-storage, warehouses and shopping malls trade under net **** et value despite many having strong revenue and operating income. "Everything else is still kind of in the bargain drawer," he said.

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Wells Fargo has launched AI Teammate, an artificial intelligence-powered capability embedded within the firm's Advisor Gateway (launched in May) that is meant to help advisors, client ***** ociates and support teams access information and complete everyday work and administrative tasks.
The tool will be available to financial advisors across all Wealth & Investment Management advisor channels, including independent advisors who are part of Wells Fargo Advisors Financial Network.
"We are making significant investments in AI and technology to empower advisors, grow client relationships and gain market share," said Sol Gindi, head of the WIM Client Relationship Group and Wells Fargo Advisors.
AI Teammate introduces a chat-based experience that enables users to ask questions in plain language, retrieve answers quickly and take action.

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for "Heartland Mid Cap Value Fund". A copy can be downloaded here. Mid-cap stocks sharply rose in the second quarter, driven by perceived AI beneficiaries, particularly in Technology. The Fund returned 9.90% in the quarter, compared to the Russell Midcap® Value Index's 13.40% return. The underperformance was driven by negative stock selection despite Tech being one of the top absolute return contributors. In the challenging environment, the Fund remains focused on its disciplined approach to security selection. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Mid Cap Value Fund highlighted International Flavors & Fragrances Inc. (NYSE:IFF). International Flavors & Fragrances Inc. (NYSE:IFF) is a specialty chemical company that manufactures products across food, beverage, health and biosciences, scent, pharma solutions, and complementary adjacent products. On July 14, 2026, International Flavors & Fragrances Inc. (NYSE:IFF) closed at $74.67 per share, reflecting a market capitalization of $19.06 billion. International Flavors & Fragrances Inc. (NYSE:IFF) posted a one-month return of -1.81%, while its shares gained 0.61% over the past 52 weeks.
Heartland Mid Cap Value Fund stated the following regarding International Flavors & Fragrances Inc. (NYSE:IFF) in its Q2 2026 investor update:
"Materials. A new deep-value holding is International Flavors & Fragrances Inc. (NYSE:IFF), a specialty ingredient producer that sells flavors, fragrances, and enzymes to food, beverage, personal care, household products, and human health product manufacturers. This is an example of identifying a self-help opportunity through bottom-up research.
For more than two years, management has worked on streamlining IFF's portfolio and operations to focus on higher-margin businesses where it enjoys leading market share, better pricing power, attractive growth, and significantly enhanced capital allocation flexibility. This strategy follows years of wayward capital allocation executed by prior management. Today, IFF's revenue is evenly split across three segments. Taste accounts for 30% of profits, Health & Biosciences generates 37%, and Scent contributes 32%. In the Scent segment, IFF's pioneering of encapsulated fragrance technology secured its leadership in fabric care, a position now expanding into scent boosters, shampoos, and body washes.

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for the "Heartland Value Plus Fund". A copy of the letter can be downloaded here. Small-cap stocks rose in the second quarter, with the Russell 2000® Index increasing 21.49%, outpacing the 15.20% gain for the S&P 500 Index. The artificial intelligence trade continues to be a key theme in the market. Small-cap value is benefiting from a strengthening economic environment. The Value Plus Fund rose 19.25% in the second quarter, compared with the 17.19% return for the Russell 2000 Value Index, driven by strong gains from Materials, Energy, and Real Estate holdings. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Value Plus Fund highlighted Century Communities, Inc. (NYSE:CCS). Headquartered in Greenwood Village, Colorado, Century Communities, Inc. (NYSE:CCS) is a single-family attached and detached home builder. On July 14, 2026, Century Communities, Inc. (NYSE:CCS) closed at $65.28 per share, reflecting a market capitalization of $1.88 billion. Century Communities, Inc. (NYSE:CCS) posted a one-month return of 9.00%, while its shares gained 9.99% over the past 52 weeks.
Heartland Value Plus Fund stated the following regarding Century Communities, Inc. (NYSE:CCS) in its Q2 2026 investor update:
"Another non-AI holding is Century Communities, Inc. (NYSE:CCS), a Denver-based builder of single-family homes predominantly in the West, Southwest, Mountain states, and Southeast. High mortgage rates and concerns about home affordability have kept demand for new houses tempered. As a result of the poor sentiment, CCS shares are trading at less than 1X book value— 0.81X to be exact.
We do not know when demand for housing will pick up or what will happen with interest rates. What we do know is that these historically low valuation levels are attracting patient, long-term capital, resulting in multiple take-outs in the ***** e in the past six months. Berkshire Hathaway, for instance, recently acquired public homebuilder Taylor Morrison at 1.1X book value, and the ***** anese conglomerate Sumitomo acquired Tri Pointe Homes for 1.2X book value.

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for the "Heartland Value Plus Fund". A copy of the letter can be downloaded here. Small-cap stocks rose in the second quarter, with the Russell 2000® Index increasing 21.49%, outpacing the 15.20% gain for the S&P 500 Index. The artificial intelligence trade continues to be a key theme in the market. Small-cap value is benefiting from a strengthening economic environment. The Value Plus Fund rose 19.25% in the second quarter, compared with the 17.19% return for the Russell 2000 Value Index, driven by strong gains from Materials, Energy, and Real Estate holdings. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Value Plus Fund highlighted FirstCash Holdings, Inc. (NASDAQ:FCFS). Headquartered in Fort Worth, Texas, FirstCash Holdings, Inc. (NASDAQ:FCFS) is a retail ****** store operator. On July 14, 2026, FirstCash Holdings, Inc. (NASDAQ:FCFS) closed at $210.06 per share, reflecting a market capitalization of $9.21 billion. FirstCash Holdings, Inc. (NASDAQ:FCFS) posted a one-month return of -6.73%, while its shares gained 60.05% over the past 52 weeks.
Heartland Value Plus Fund stated the following regarding FirstCash Holdings, Inc. (NASDAQ:FCFS) in its Q2 2026 investor update:
"An example of the types of prospects we are seeing outside of Tech is FirstCash Holdings, Inc. (NASDAQ:FCFS), which couldn't be further away from the AI trade.
FirstCash is the largest ****** shop operator in the world. As many consumers struggle with rising inflation, ****** loan demand is likely to remain strong. Meanwhile, gold jewelry remains the dominant collateral ****** et across FirstCash store fronts. And high gold prices allow FCFS to issue larger loans and collect larger fees.

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for "Heartland Mid Cap Value Fund". A copy can be downloaded here. Mid-cap stocks sharply rose in the second quarter, driven by perceived AI beneficiaries, particularly in Technology. The Fund returned 9.90% in the quarter, compared to the Russell Midcap® Value Index's 13.40% return. The underperformance was driven by negative stock selection despite Tech being one of the top absolute return contributors. In the challenging environment, the Fund remains focused on its disciplined approach to security selection. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Mid Cap Value Fund highlighted ON Semiconductor Corporation (NASDAQ:ON). ON Semiconductor Corporation (NASDAQ:ON) is an American semiconductor company that provides intelligent sensing and power solutions to the automotive, industrial, aerospace and defense, medical, and communication industries. The one-month return of ON Semiconductor Corporation (NASDAQ:ON) was -16.99%, and its shares gained 57.48% over the past 52 weeks. On July 14, 2026, ON Semiconductor Corporation (NASDAQ:ON) closed at $93.73 per share with a market capitalization of $36.48 billion.
Heartland Mid Cap Value Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its Q2 2026 investor update:
"Technology. In our Deep Value bucket, ON Semiconductor Corporation (NASDAQ:ON) manufactures power management and image sensing semiconductor products for automotive and industrial end markets.
ON is a leader in silicon carbide semiconductors, which are used primarily in electric vehicles (EVs), renewable energy inverters, and high-power industrial equipment to reduce energy loss and improve efficiency. ON endured a cyclical deceleration in its auto and clean-energy-related markets that began in 2023. Throughout the downturn, management implemented a robust self-help playbook that optimized the company's manufacturing footprint and product portfolio for both a cyclical upturn and secular growth drivers. This included a new product platform with much higher profit margins than the existing business.

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for "Heartland Mid Cap Value Fund". A copy can be downloaded here. Mid-cap stocks sharply rose in the second quarter, driven by perceived AI beneficiaries, particularly in Technology. The Fund returned 9.90% in the quarter, compared to the Russell Midcap® Value Index's 13.40% return. The underperformance was driven by negative stock selection despite Tech being one of the top absolute return contributors. In the challenging environment, the Fund remains focused on its disciplined approach to security selection. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Mid Cap Value Fund highlighted MarketAxess Holdings Inc. (NASDAQ:MKTX). MarketAxess Holdings Inc. (NASDAQ:MKTX) is a leading financial technology company that operates an electronic trading platform. On July 14, 2026, MarketAxess Holdings Inc. (NASDAQ:MKTX) stock closed at $114.87 per share. One-month return of MarketAxess Holdings Inc. (NASDAQ:MKTX) was -4.20%, and its shares lost 46.70% of their value over the last 52 weeks. MarketAxess Holdings Inc. (NASDAQ:MKTX) has a market capitalization of $4.08 billion.
Heartland Mid Cap Value Fund stated the following regarding MarketAxess Holdings Inc. (NASDAQ:MKTX) in its Q2 2026 investor update:
"Financials. While ON was one of the Fund's top contributor last quarter, the biggest detractor to our Strategy's performance was MarketAxess Holdings Inc. (NASDAQ:MKTX), a position we initiated in the first quarter and built in the second quarter. MKTX operates the largest U.S. corporate bond e-trading platform. It sits in a market blind spot —neither championed as an AI winner nor penalized by the AI disruption narrative—offering a high-quality, attractively valued profile with self-help-driven margin expansion potential. However, current macro conditions are a headwind. Heavy primary bond issuance volume, much of it financing the AI boom, alongside tighter credit spreads, has temporarily diverted trading volume away from MKTX's core secondary market.
Why do we remain confident in MKTX? First, the company is exiting a heavy investment cycle that historically pressured margins, setting up strong operating leverage as the pace of spending plateaus and volumes improve. Second, industry trading data indicates market share gains across a key U.S. credit trading protocol where the company investments have been focused. Third, MKTX holds distinct scale advantages in developed international and emerging markets, where electronic trading penetration is still low by comparison to the U.S. Valuation is also highly compelling: the stock trades at 8.8X consensus 2026 Enterprise Value/EBITDA versus a domestic peer median of 14.0X. Despite its superior profit margins and balance sheet, MarketAxess yields over 8% on a FCF/EV basis and is well-positioned for a multi-year profit grow

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for "Heartland Value Fund". A copy of the letter can be downloaded here. The AI trend continues to drive the market in the quarter. Small-cap stocks continue to outperform, with the Russell 2000® Index rising 21.49% in the quarter. The Heartland Value Fund gained 17.05% in the quarter, compared with the 17.19% return for the Russell 2000® Value Index. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Value Fund highlighted Sonic Automotive, Inc. (NYSE:SAH). Sonic Automotive, Inc. (NYSE:SAH) is a leading US-based automotive retailer. On July 14, 2026, Sonic Automotive, Inc. (NYSE:SAH) closed at $92.38 per share, reflecting a market capitalization of $2.92 billion. Sonic Automotive, Inc. (NYSE:SAH) posted a one-month return of 20.54%, while its shares gained 10.57% over the past 52 weeks.
Heartland Value Fund stated the following regarding Sonic Automotive, Inc. (NYSE:SAH) in its Q2 2026 investor update:
"UTL demonstrates that there are plenty of attractively priced, small-cap companies outside of Technology. So does Sonic Automotive, Inc. (NYSE:SAH), one of the largest auto dealership groups with locations in major markets in the West, Southwest, and Southeast.
We first purchased SAH for the Strategy in 2014. But we exited the position two years later due to extraordinary costs Sonic was incurring to launch a used car business. Still, we continued to monitor their progress for the subsequent 9 years and repurchased shares earlier this year.

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for "Heartland Value Fund". A copy of the letter can be downloaded here. The AI trend continues to drive the market in the quarter. Small-cap stocks continue to outperform, with the Russell 2000® Index rising 21.49% in the quarter. The Heartland Value Fund gained 17.05% in the quarter, compared with the 17.19% return for the Russell 2000® Value Index. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Value Fund highlighted Photronics, Inc. (NASDAQ:PLAB). Based in Brookfield, Connecticut, Photronics, Inc. (NASDAQ:PLAB) is a US-based technology company that engages in the business of photomask products and services. On July 14, 2026, Photronics, Inc. (NASDAQ:PLAB) closed at $29.47 per share, reflecting a market capitalization of $1.73 billion. Photronics, Inc. (NASDAQ:PLAB) posted a one-month return of -4.97%, while its shares gained 53.73% over the past 52 weeks.
Heartland Value Fund stated the following regarding Photronics, Inc. (NASDAQ:PLAB) in its Q2 2026 investor update:
At the same time, we've been finding plenty of segments of the market where the AI herd hasn't been roaming. In the second quarter, we added to 51 of our existing positions across numerous sectors, including Energy, Financials, Health Care, Communications, Real Estate, and Industrials. When we do buy, we're not simply deploying flows or chasing parts of the market that are making new highs. We are adding exposure in securities that we believe are attractively priced and still represent a good risk/reward balance.
A good example is Photronics, Inc. (NASDAQ:PLAB). Earlier this year, we reduced our stake in PLAB, a leading manufacturer of photomasks that are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication process. The shares more than doubled from December to May, and we felt the stock was getting caught up in the mania surrounding the AI buildout, so we took some money off the table as it reached our price target..." (Click here to read the full text)

Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for "Heartland Value Fund". A copy of the letter can be downloaded here. The AI trend continues to drive the market in the quarter. Small-cap stocks continue to outperform, with the Russell 2000® Index rising 21.49% in the quarter. The Heartland Value Fund gained 17.05% in the quarter, compared with the 17.19% return for the Russell 2000® Value Index. In addition, you can check the Fund's top 5 holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Heartland Value Fund highlighted Unitil Corporation (NYSE:UTL). Unitil Corporation (NYSE:UTL) is a public utility holding company that engages in the distribution of electricity and natural gas. On July 14, 2026, Unitil Corporation (NYSE:UTL) closed at $53.62 per share, reflecting a market capitalization of $964.67 million. Unitil Corporation (NYSE:UTL) posted a one-month return of 5.00%, while its shares gained 5.20% over the past 52 weeks.
Heartland Value Fund stated the following regarding Unitil Corporation (NYSE:UTL) in its Q2 2026 investor update:
"Another example of us splitting from the herd is in Utilities. The sector was one of our detractors when it came to security selection during the quarter. But many of these companies have been indirect beneficiaries of the AI infrastructure buildout and have seen their valuations climb. In our opinion, it does not make sense to take on AI related risks in this part of the market especially given current Utility valuations.
An example of a traditional Utility that we favor and that is not related to AI play is Unitil Corporation (NYSE:UTL), an interstate gas and electric company that serves the northern East Coast. Maine and New Hampshire are the two largest markets for homes heated by fuel oil in the U.S. In Maine, the high cost of powering homes is weighing on consumers, many of whom are considering switching to natural gas. If consumers switch, they could reduce their energy bills by around 45% or more..." (Click here to read the full text)

Nano Dimension Ltd. (NASDAQ:NNDM) is one of the 10 Fastest Growing Tech Penny Stocks to Buy.
On June 16, 2026, Nano Dimension Ltd. (NASDAQ:NNDM) and Infinite Epigenetics issued a shareholder update on the proposed business combination announced on June 15. Nano said it reviewed Murchinson's recent letter on the proposed transaction and noted that final transaction details were still being negotiated. The company said it would provide complete details and a description of the proposed transaction once finalized.
Nano said Infinite Epigenetics is "not a concept company" and "not an AI wrapper," pointing to operating businesses, a CLIA-certified methylation laboratory, existing commercial revenue, a network of more than 7,500 healthcare providers, issued intellectual property, and a proprietary database of more than 120,000 biological samples. The company also said Infinite's team has authored over 50 publications, and that a single sample processed in Infinite's CLIA-certified laboratory can read more than one million epigenetic signals. Nano said it selected Infinite from approximately 20 opportunities it evaluated and framed the transaction as a shift from 3D printing to AI-powered preventive health and diagnostics.
Nano said the term sheet with Infinite followed a months-long review process with support from financial and legal advisors, as well as consultants ****** sing Infinite's technology, target markets, and operations. The company said the proposed combination values Nano at net cash plus a 20% premium, preserves the value of Nano's Nasdaq listing, allows holders to retain contingent value rights on Nano's legacy ****** ets, and adds equity upside. Nano also said the contemplated transaction would not provide separate or transaction-driven compensation or payouts and that any definitive agreement would be subject to a shareholder vote.
Nano Dimension Ltd. (NASDAQ:NNDM) provides industrial manufacturing solutions for design-to-manufacturing of electronics and mechanical parts in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

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Caprock, a Boise, Idaho-based $16 billion multi-family office registered investment advisor, announced Tuesday that it had acquired Venturi Private Wealth, an Austin-based wealth manager with about $4 billion in ****** ets under management.
The transaction brings approximately 30 employees to Caprock, including 10 advisors, and expands the firm's footprint in Austin and Oklahoma City, where Venturi has a presence.
Founded in 2015, Venturi serves entrepreneurs, executives and multigenerational families through a fiduciary, planning-oriented approach.
The firm, which will now operate under the Caprock name, was owned by its employees, with co-founder and CEO Russ Norwood holding the largest stake of between 25% to 50%, according to its most recent Form ADV. The firm was custodied with Fidelity, according to that filing, which is also an option with Caprock, according to its filings.