LEUTHOLD GROUP, LLC

MINNEAPOLIS, MN · CIK 1170152 · 13F filing filed 2026-08-04

SEC-registered investment adviser since 1987 · limited liability company

Assets managed$1.2bn
Staff17 · 7 in investment roles
Main clients (by assets)Mutual funds and ETFs 62%, Companies 26%, Private funds 4%
Private funds1 (1 hedge) · $41.6m gross assets
Form ADV · 2026-07-06SEC adviser record

Legal entityThe Leuthold Group, LLC (US)

$995.2m reported value +6.0% vs Q1 2026

237positions

17.4%in top 10

37 new 28 added 131 reduced 11 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DIREXION SHS ETF TR DLY S&P500 BR 1X SPDN	SPDN	3,035,510	$26.3m2.64%	2.64%	Reduced -38.6k	-38,612 -1.3%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	63,893	$22.8m2.29%	2.29%	Reduced -2.5k	-2,500 -3.8%
3	FLEX LTD ORD FLEX	FLEX	123,091	$19.9m2.00%	2.00%	Reduced -77.3k	-77,331 -38.6%
4	MICROSOFT CORP COM MSFT	MSFT	46,640	$17.4m1.75%	1.75%	Reduced -1.5k	-1,531 -3.2%
5	CISCO SYS INC COM CSCO	CSCO	143,885	$16.9m1.70%	1.70%	Reduced -13.7k	-13,679 -8.7%
6	JABIL INC COM JBL	JBL	40,469	$15.6m1.57%	1.57%	Reduced -18.5k	-18,477 -31.4%
7	CARDINAL HEALTH INC COM CAH	CAH	61,075	$14.5m1.46%	1.46%	Reduced -3.3k	-3,327 -5.2%
8	NVIDIA CORPORATION COM NVDA	NVDA	68,568	$13.7m1.38%	1.38%	Added +23.2k	+23,227 51.2%
9	DELL TECHNOLOGIES INC CL C DELL	DELL	30,222	$13.0m1.31%	1.31%	Reduced -3.9k	-3,939 -11.5%
10	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	66,606	$12.7m1.28%	1.28%	Reduced -3.7k	-3,667 -5.2%
11	ISHARES TR 1 3 YR TREAS BD SHY	SHY	149,887	$12.3m1.24%	1.24%	Reduced -7.1k	-7,115 -4.5%
12	GARRETT MOTION INC COM GTX	GTX	322,518	$11.7m1.17%	1.17%	Reduced -18.7k	-18,741 -5.5%
13	MCKESSON CORP COM MCK	MCK	15,354	$11.6m1.17%	1.17%	Reduced -802	-802 -5.0%
14	FEDEX CORP COM FDX	FDX	36,855	$11.5m1.16%	1.16%	Reduced -1.6k	-1,605 -4.2%
15	SPDR SER TR BLOOMBERG INTL T BWX	BWX	531,295	$11.5m1.16%	1.16%	Reduced -297.8k	-297,843 -35.9%
16	PROSHARES TR SHRT RUSSELL2000 RWM	RWM	864,330	$11.5m1.15%	1.15%	Reduced -4.3k	-4,345 -0.5%
17	SPDR SER TR PORTFOLIO INTRMD SPIB	SPIB	337,668	$11.3m1.14%	1.14%	Reduced -82.6k	-82,557 -19.6%
18	CITIGROUP INC COM NEW C	C	80,600	$11.3m1.13%	1.13%	Reduced -4.4k	-4,441 -5.2%
19	UNITED PARCEL SERVICE INC CL B UPS	UPS	103,834	$11.2m1.12%	1.12%	Reduced -4.7k	-4,711 -4.3%
20	ADVANCED MICRO DEVICES INC COM AMD	AMD	18,545	$10.8m1.08%	1.08%	Added +10.7k	+10,709 136.7%
21	META PLATFORMS INC CL A META	META	19,101	$10.8m1.08%	1.08%	Reduced -1.0k	-1,028 -5.1%
22	VANGUARD MALVERN FDS STRM INFPROIDX VTIP	VTIP	209,972	$10.5m1.06%	1.06%	Added +1.3k	+1,273 0.6%
23	KINROSS GOLD CORP COM KGC	KGC	438,079	$10.3m1.04%	1.04%	Reduced -19.8k	-19,799 -4.3%
24	JPMORGAN CHASE & CO COM JPM	JPM	31,099	$10.2m1.02%	1.02%	Reduced -1.6k	-1,626 -5.0%
25	ISHARES TR INTL TREA BD ETF IGOV	IGOV	246,891	$10.1m1.02%	1.02%	Reduced -1.1k	-1,101 -0.4%
26	ISHARES TR CORE S&P500 ETF IVV	IVV	13,036	$9.8m0.98%	0.98%	Reduced -2	-2 -0.0%
27	CANADIAN IMPERIAL BANK OF CO COM CM	CM	83,342	$9.6m0.96%	0.96%	Reduced -4.3k	-4,335 -4.9%
28	MAGNA INTL INC COM MGA	MGA	141,976	$9.3m0.94%	0.94%	Reduced -7.3k	-7,287 -4.9%
29	SANMINA CORPORATION COM SANM	SANM	36,379	$9.2m0.93%	0.93%	Reduced -1.9k	-1,934 -5.0%
30	HCA HEALTHCARE INC COM HCA	HCA	23,005	$9.0m0.90%	0.90%	Added +5.0k	+4,950 27.4%
31	BANK AMERICA CORP COM BAC	BAC	156,480	$8.9m0.90%	0.90%	Reduced -8.6k	-8,563 -5.2%
32	IAMGOLD CORP COM IAG	IAG	558,547	$8.8m0.89%	0.89%	Reduced -21.9k	-21,927 -3.8%
33	TELEFONAKTIEBOLAGET LM ERICS ADR B SEK 10 ERIC	ERIC	767,612	$8.6m0.86%	0.86%	Reduced -43.8k	-43,826 -5.4%
34	LAM RESEARCH CORP COM NEW LRCX	LRCX	19,702	$8.5m0.86%	0.86%	Reduced -1.1k	-1,055 -5.1%
35	BARCLAYS PLC ADR BCS	BCS	316,950	$8.5m0.86%	0.86%	Reduced -16.1k	-16,130 -4.8%
36	DEVON ENERGY CORP NEW COM DVN	DVN	204,176	$8.4m0.85%	0.85%	Added +189.6k	+189,570 1297.9%
37	F5 INC COM FFIV	FFIV	20,249	$8.4m0.85%	0.85%	Reduced -1.2k	-1,210 -5.6%
38	CENCORA INC COM COR	COR	29,647	$8.4m0.84%	0.84%	Reduced -1.6k	-1,618 -5.2%
39	DYCOM INDS INC COM DY	DY	15,719	$7.9m0.80%	0.80%	Reduced -1.0k	-1,023 -6.1%
40	JOHNSON & JOHNSON COM JNJ	JNJ	31,085	$7.9m0.79%	0.79%	Reduced -1.6k	-1,645 -5.0%
41	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	15,640	$7.8m0.78%	0.78%	Reduced -815	-815 -5.0%
42	ISHARES TR MBS ETF MBB	MBB	80,658	$7.6m0.77%	0.77%	Reduced -789	-789 -1.0%
43	ISHARES TR ISHS 5-10YR INVT IGIB	IGIB	142,552	$7.6m0.76%	0.76%	Reduced -5.2k	-5,175 -3.5%
44	NETSCOUT SYS INC COM NTCT	NTCT	173,744	$7.6m0.76%	0.76%	Reduced -9.1k	-9,134 -5.0%
45	PLEXUS CORP COM PLXS	PLXS	25,054	$7.5m0.76%	0.76%	Reduced -1.4k	-1,368 -5.2%
46	AMGEN INC COM AMGN	AMGN	20,512	$7.4m0.75%	0.75%	Reduced -1.1k	-1,086 -5.0%
47	ISHARES TR TIPS BD ETF TIP	TIP	66,153	$7.2m0.73%	0.73%	New
48	EMCOR GROUP INC COM EME	EME	8,701	$7.2m0.73%	0.73%	Reduced -465	-465 -5.1%
49	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	196,485	$7.1m0.72%	0.72%	Reduced -10.8k	-10,833 -5.2%
50	ISHARES TR 7-10 YR TRSY BD IEF	IEF	74,708	$7.1m0.71%	0.71%	Reduced -732	-732 -1.0%
51	GRANITE CONSTR INC COM GVA	GVA	43,371	$6.9m0.69%	0.69%	Reduced -2.2k	-2,208 -4.8%
52	BIOGEN INC COM BIIB	BIIB	31,489	$6.8m0.68%	0.68%	Reduced -1.7k	-1,654 -5.0%
53	GILEAD SCIENCES INC COM GILD	GILD	53,031	$6.7m0.67%	0.67%	Reduced -3.1k	-3,060 -5.5%
54	ELEVANCE HEALTH INC COM ELV	ELV	17,304	$6.7m0.67%	0.67%	New
55	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	64,077	$6.5m0.66%	0.66%	New
56	VALMONT INDS INC COM VMI	VMI	11,137	$6.4m0.65%	0.65%	Reduced -483	-483 -4.2%
57	ISHARES TR CORE MSCI EAFE IEFA	IEFA	66,478	$6.4m0.65%	0.65%	Reduced -6	-6 -0.0%
58	MASTERCARD INCORPORATED CL A MA	MA	12,303	$6.3m0.63%	0.63%	Reduced -27	-27 -0.2%
59	LEAR CORP COM NEW LEA	LEA	45,864	$6.1m0.62%	0.62%	Reduced -2.4k	-2,358 -4.9%
60	MERCK & CO INC COM MRK	MRK	47,803	$6.1m0.62%	0.62%	Reduced -2.6k	-2,607 -5.2%
61	AUTOLIV INC COM ALV	ALV	52,689	$6.1m0.62%	0.62%	Reduced -2.7k	-2,723 -4.9%
62	TE CONNECTIVITY PLC ORD SHS TEL	TEL	30,305	$6.1m0.61%	0.61%	Reduced -10.7k	-10,682 -26.1%
63	SCHLUMBERGER LTD COM STK SLB	SLB	127,482	$5.9m0.60%	0.60%	Reduced -7.0k	-7,042 -5.2%
64	TENET HEALTHCARE CORP COM NEW THC	THC	31,675	$5.9m0.60%	0.60%	Reduced -1.6k	-1,552 -4.7%
65	UNIVERSAL TECHNICAL INST INC COM UTI	UTI	136,531	$5.8m0.59%	0.59%	Reduced -7.5k	-7,525 -5.2%
66	OCEANEERING INTL INC COM OII	OII	142,936	$5.8m0.58%	0.58%	Reduced -7.2k	-7,236 -4.8%
67	REGENERON PHARMACEUTICALS COM REGN	REGN	9,265	$5.8m0.58%	0.58%	Reduced -515	-515 -5.3%
68	PNC FINL SVCS GROUP INC COM PNC	PNC	23,386	$5.8m0.58%	0.58%	Reduced -1.3k	-1,286 -5.2%
69	VISA INC COM CL A V	V	16,544	$5.7m0.57%	0.57%	Reduced -32	-32 -0.2%
70	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	29,954	$5.6m0.57%	0.57%	Reduced -1.3k	-1,331 -4.2%
71	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	97,869	$5.6m0.57%	0.57%	Reduced -5.4k	-5,364 -5.2%
72	BAKER HUGHES COMPANY CL A BKR	BKR	101,551	$5.6m0.57%	0.57%	Reduced -5.0k	-4,967 -4.7%
73	ADTALEM GLOBAL ED INC COM CVSA	CVSA	45,106	$5.6m0.57%	0.57%	Reduced -2.5k	-2,456 -5.2%
74	US BANCORP DEL COM NEW USB	USB	92,155	$5.6m0.56%	0.56%	Reduced -5.2k	-5,193 -5.3%
75	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	10,184	$5.5m0.55%	0.55%	Reduced -552	-552 -5.1%
76	VANGUARD SCOTTSDALE FDS MTG-BKD SECS ETF VMBS	VMBS	117,868	$5.5m0.55%	0.55%	Reduced -47.2k	-47,238 -28.6%
77	RENAISSANCERE HLDGS LTD COM RNR	RNR	17,278	$5.5m0.55%	0.55%	New
78	TRAVELERS COMPANIES INC COM TRV	TRV	16,008	$5.3m0.53%	0.53%	Reduced -825	-825 -4.9%
79	EXPEDITORS INTL WASH INC COM EXPD	EXPD	31,852	$5.2m0.52%	0.52%	Reduced -1.5k	-1,466 -4.4%
80	ELDORADO GOLD CORP NEW COM EGO	EGO	166,267	$5.2m0.52%	0.52%	Reduced -8.0k	-7,957 -4.6%
81	GSK PLC SPONSORED ADR GSK	GSK	97,182	$5.1m0.51%	0.51%	Reduced -5.3k	-5,323 -5.2%
82	HF SINCLAIR CORP COM DINO	DINO	72,580	$5.1m0.51%	0.51%	New
83	PFIZER INC COM PFE	PFE	202,967	$4.9m0.49%	0.49%	New
84	VANGUARD SCOTTSDALE FDS VNG RUS1000VAL VONV	VONV	45,234	$4.8m0.48%	0.48%	Unchanged
85	PRIMORIS SVCS CORP COM PRIM	PRIM	48,040	$4.8m0.48%	0.48%	Reduced -2.9k	-2,864 -5.6%
86	RIO TINTO PLC SPONSORED ADR RIO	RIO	49,942	$4.7m0.48%	0.48%	Reduced -2.3k	-2,321 -4.4%
87	HARTFORD INSURANCE GROUP INC COM HIG	HIG	35,067	$4.6m0.47%	0.47%	Reduced -1.8k	-1,756 -4.8%
88	BENCHMARK ELECTRS INC COM BHE	BHE	46,811	$4.6m0.46%	0.46%	Reduced -3.3k	-3,254 -6.5%
89	NXP SEMICONDUCTORS N V COM NXPI	NXPI	16,370	$4.6m0.46%	0.46%	New
90	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	85,223	$4.6m0.46%	0.46%	Reduced -38.4k	-38,389 -31.1%
91	ALLSTATE CORP COM ALL	ALL	19,112	$4.5m0.46%	0.46%	Reduced -1.0k	-1,004 -5.0%
92	CRH PLC ORD CRH	CRH	42,361	$4.5m0.46%	0.46%	Reduced -2.3k	-2,325 -5.2%
93	ASSURANT INC COM AIZ	AIZ	16,846	$4.5m0.45%	0.45%	Reduced -877	-877 -5.0%
94	AGNICO EAGLE MINES LTD COM AEM	AEM	29,057	$4.5m0.45%	0.45%	Reduced -1.6k	-1,650 -5.4%
95	TENARIS S A SPONSORED ADS TS	TS	80,367	$4.5m0.45%	0.45%	Reduced -3.6k	-3,627 -4.3%
96	SPDR SER TR FTSE INT GVT ETF WIP	WIP	110,143	$4.3m0.44%	0.44%	New
97	CVS HEALTH CORP COM CVS	CVS	41,189	$4.3m0.43%	0.43%	Reduced -2.3k	-2,256 -5.2%
98	ISHARES TR CORE US AGGBD ET AGG	AGG	42,755	$4.2m0.43%	0.43%	Unchanged
99	MANAGED PORTFOLIO SERIES LEUTHOLD SELECT LST	LST	89,271	$4.2m0.42%	0.42%	Added +34.7k	+34,675 63.5%
100	DIGI INTL INC COM DGII	DGII	54,570	$4.1m0.41%	0.41%	Reduced -2.7k	-2,687 -4.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SANOFI SNY	SNY	96,085	$4.6m96.1k shares
STONEX GROUP INC SNEX	SNEX	47,107	$3.8m47.1k shares
VISTEON CORP VC	VC	40,842	$3.7m40.8k shares
BROADRIDGE FINL SOLUTIONS IN BR	BR	22,615	$3.7m22.6k shares
SS&C TECHNOLOGIES HLDGS INC SSNC	SSNC	53,973	$3.6m54.0k shares
MAXIMUS INC MMS	MMS	44,280	$2.8m44.3k shares
AECOM ACM	ACM	28,389	$2.4m28.4k shares
CONCENTRIX CORP CNXC	CNXC	66,034	$1.8m66.0k shares
EXXON MOBIL CORP XOM	XOM	6,577	$1.1m6.6k shares
TOTALENERGIES SE		5,832	$530.6k5.8k shares
SPDR SER TR KCE	KCE	3,470	$477.5k3.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
PROSHARES TR RWM · 13G · filed 2026-02-03	RWM	12.9%≈ $11.5m	+5.8 pts	13G	2026-02-03
DIREXION SHS ETF TR SPDN · 13G · filed 2025-12-05	SPDN	10.3%≈ $21.5m	-8.4 pts	13G	2025-12-05