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.
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.
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