LFL Advisers, LLC

EVANSTON, IL · CIK 1694127 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2016 · limited liability company

Assets managed$506.8m
Staff3 · 2 in investment roles
Main clients (by assets)Private funds 55%, Companies 26%, State and local governments 19%
Private funds1 (1 hedge) · $278.2m gross assets
Form ADV · 2026-03-17SEC adviser record

As an employer

$374.0m reported value +12.5% vs Q1 2026

9positions

100.0%in top 10

0 new 3 added 6 reduced 0 sold out vs Q1 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	BANK NEW YORK MELLON CORP COM BNY	BNY	461,485	$66.7m17.84%	17.84%	Added +1.9k	+1,944 0.4%
2	LAMAR ADVERTISING CO NEW CL A LAMR	LAMR	313,640	$48.9m13.08%	13.08%	Reduced -2.7k	-2,700 -0.8%
3	TE CONNECTIVITY PLC ORD SHS TEL	TEL	232,769	$46.9m12.55%	12.55%	Reduced -1.3k	-1,275 -0.5%
4	AON PLC SHS CL A AON	AON	136,691	$45.3m12.12%	12.12%	Added +10.0k	+10,025 7.9%
5	SUNBELT RENTALS HOLDINGS INC SHS SUNB	SUNB	539,054	$40.3m10.78%	10.78%	Reduced -120.8k	-120,829 -18.3%
6	PROGRESSIVE CORP COM PGR	PGR	172,599	$37.7m10.08%	10.08%	Added +31.8k	+31,820 22.6%
7	AUTOLIV INC COM ALV	ALV	314,050	$36.5m9.75%	9.75%	Reduced -875	-875 -0.3%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	101,128	$35.7m9.55%	9.55%	Reduced -325	-325 -0.3%
9	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	31,691	$15.9m4.24%	4.24%	Reduced -112	-112 -0.3%