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Heartland Value Plus Fund points to FirstCash amid inflation and gold
The Heartland Value Plus Fund said FirstCash pawn fees rose 39% year over year, supported by higher gold prices.
Heartland Advisors highlighted FirstCash Holdings, Inc. in its Q2 2026 investor letter for the Heartland Value Plus Fund, arguing the company sits outside the AI trade despite what the firm sees as ongoing inflation pressure.
According to the fund, small-cap stocks rose in the second quarter, with the Russell 2000 up 21.49% versus a 15.20% gain for the S&P 500, while the Value Plus Fund returned 19.25% versus 17.19% for the Russell 2000 Value Index.
The investor letter described FirstCash as the largest pawn shop operator globally, citing pawn loan demand as likely to remain strong as consumers navigate rising inflation.
Heartland Advisors also pointed to gold jewelry as a key collateral asset, saying pawn fees were up 39% year over year driven by strong gold prices, and it noted the company recently reported a strong quarter and raised guidance, while increasing a dividend and continuing stock buybacks.
Latest closeGold $3,980.60 ▼1.6%|S&P 500 7,533.77 ▼0.5%|Russell 2000 2,974.57 ▼0.1%