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Heartland Advisors initiated a position in Bentley Systems, Incorporated (NASDAQ: BSY) during the third quarter of 2026, citing the infrastructure software firm's resilience against broader market declines.
The move highlights a strategic divergence, as the firm’s Mid Cap Value Fund fell 4.77% for the period while the S&P 500 rose 2.30%.
This performance gap was driven by drags in the Tech and Health Care sectors, yet management maintained its focus on fundamental research and long-term AI infrastructure tailwinds.
The investment thesis rests on Bentley Systems' status as a "vertical software" provider, a category Heartland Advisors distinguishes from administrative software tools that face higher switching risks.
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