Heartland Advisors released its fourth-quarter 2025 investor letter, showing the Russell 2000® Value Index outperformed the S&P 500, with small stocks gaining on large caps. The fund gained 2.61% in the quarter, underperforming due to healthcare stock selection. Check the fund’s top 5 holdings for insights into its best picks for 2025.

In the same letter, Heartland Value Fund highlighted Alexander & Baldwin, Inc. (NYSE: ALEX), a real estate investment trust. ALEX had a one-month return of -1.10% and gained 20.73% over the past 52 weeks, closing at $20.73 per share on January 12, 2026, with a market cap of $1.508 billion.

The fund praised ALEX as an example of realizing true value with patience, citing their cautious approach to expanding exposure to the real estate sector. While ALEX is not among the 30 Most Popular Stocks Among Hedge Funds, 17 hedge fund portfolios held it at the end of the third quarter. The fund sees potential in ALEX but believes other AI stocks offer greater upside with less downside risk.

Read more at Yahoo Finance: An Example of Tru Value That Can be Realized Through Patience