The fund manager applies the investment process to a universe of approximately 3700 stocks. The final portfolio is concentrated in 40 to 60 stocks. In order to arrive at the final portfolio, Heartland performs an in-depth analysis with extensive due diligence according to the "10 Principles of Value Investing" template. The process focuses on identifying companies with strong financial profiles, trading at the low end of historical P/E, P/B and P/CF ranges and at a discount to peer group and private market values. The portfolio is constructed from the bottom up. The manager seeks to identify one or more catalysts for each holding (such as new products, new management team, regulatory change, sell-side analyst coverage or significant insider buying) in order to unlock the intrinsic value. The manager will not hesitate to sell a position if the valuation target is achieved, investment thesis changes or if the financial position deteriorates. AUM reflects the aggregate of the various share classes and is denominated in USD. Returns prior to Jan. 1, 2012 are calculated at a mangement fee of 1.75%. Returns from Jan. 1, 2012 to present reflect the current 1.5% management fee.