Heartland’s Q3 Investor Letter Elevates Alphabet as AI-Led Top Contributor

Overview

• Heartland’s Opportunistic Value Equity Strategy returned 4.65% in Q3 2025, trailing the Russell 3000 Value Index’s 5.63%.
• Alphabet was identified as the quarter’s top contributor after a strong earnings report that challenged earlier doubts about its AI position.
• Heartland cites AI-assist integration in Search driving incremental query demand and notes Gemini was the most downloaded iOS app in August, surpassing ChatGPT.
• The firm recounts building its GOOGL stake since the COVID-19 downturn, adding shares in 2022 and again in April 2025 when it viewed the stock as undervalued.
• Insider Monkey’s data show GOOGL closed at $314.89 on Dec. 1 with a $3.814 trillion market cap, up 13.46% over one month and 83.78% over 52 weeks, as hedge-fund holders rose to 243 from 219.