Advisory Research Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Advisory Research Inc. reported 156 stock positions worth $502.9 million. Its top holding was Microsoft (MSFT) at 3.7% of the portfolio, followed by Miller Industries (MLR, 3.7%) and Enstar (ESGR, 3.5%). Compared with Q4 2023, it opened 13 new positions, sold out of 187, added to 47 and reduced 67. The biggest buy was a new position in Verizon Communications (VZ) and the biggest sale an exit from M D C.
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000902584
- Portfolio Value
- $502.9M (Q1 2024)
- SEC Filing
- 0001085146-24-002458 ↗ filed May 14, 2024
Holdings Value
Holdings 156 stocks · $502.9M
| MSFT Microsoft Corp. | 3.75% | 44,762 | $18.8M | Reduce -5.3% |
| MLR Miller Industries Inc. | 3.70% | 371,378 | $18.6M | Add +5.7% |
| ESGR Enstar Group Ltd. | 3.51% | 56,815 | $17.7M | Add +1.4% |
| PRSU Pursuit Attractions and Hosp filed as VIAD CORP | 2.90% | 369,490 | $14.6M | Reduce -0.5% |
| HUBB Hubbell Inc. | 2.89% | 35,055 | $14.5M | Add +1.8% |
| BELFB Bel Fuse Inc. Class B | 2.87% | 239,090 | $14.4M | Add +25.7% |
| TRS Trimas Corp. | 2.69% | 506,715 | $13.5M | Add +153.6% |
| AVGO Broadcom Inc. | 2.49% | 9,432 | $12.5M | Reduce -19.4% |
| VZ Verizon Communications Inc. | 2.44% | 292,530 | $12.3M | New |
| PFGC Performance Food Group Co. | 2.36% | 159,199 | $11.9M | Reduce -0.5% |
| TPR Tapestry Inc. | 2.26% | 239,787 | $11.4M | New |
| UNH Unitedhealth Group Inc. | 2.20% | 22,332 | $11.0M | Add +2.3% |
| RS Reliance Inc. | 2.08% | 31,301 | $10.5M | Reduce -4.4% |
| ABG Asbury Automotive Group | 2.08% | 44,283 | $10.4M | Reduce -14.2% |
| MCRI Monarch Casino & Resort Inc. | 2.01% | 134,500 | $10.1M | Add +8.7% |
| MRK Merck & Co. Inc. | 1.98% | 75,597 | $10.0M | Add +67.6% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 1.98% | 190,951 | $9.9M | Add +33.6% |
| WSO Watsco Inc. | 1.96% | 22,871 | $9.9M | Add +172.7% |
| ABBV Abbvie Inc. | 1.93% | 53,400 | $9.7M | Add +2.4% |
| FERG Ferguson Jersey Ltd. | 1.85% | 42,683 | $9.3M | Add +24.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.81% | 66,757 | $9.1M | Add +5.2% |
| DVN Devon Energy Corp. | 1.76% | 176,378 | $8.9M | Add +76.9% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 1.73% | 83,110 | $8.7M | Add +318.5% |
| KDP Keurig Dr Pepper Inc. | 1.68% | 275,653 | $8.5M | New |
| LEGH Legacy Housing Corp. | 1.45% | 338,355 | $7.3M | New |
| CNNE Cannae Holdings Inc. | 1.25% | 283,518 | $6.3M | Add +25.3% |
| EEX Emerald Holding Inc. | 1.25% | 920,316 | $6.3M | Add +6.5% |
| OTEX Open Text Corp. | 1.20% | 155,443 | $6.0M | Add +4.6% |
| PHIN Phinia Inc. | 1.15% | 150,575 | $5.8M | New |
| SHV iShares 0-1 Year Treasury Bo | 1.13% | 51,473 | $5.7M | Reduce -15.0% |
| GSK GSK PLC-Spon ADR | 1.06% | 124,573 | $5.3M | Reduce -5.6% |
| ALKT Alkami Technology Inc. | 0.99% | 203,399 | $5.0M | Reduce -57.9% |
| LAMR Lamar Advertising Co. Class A | 0.93% | 39,331 | $4.7M | Reduce -5.4% |
| GTES Gates Industrial Corp. UK Ltd. | 0.87% | 247,163 | $4.4M | Add +2.6% |
| VUSB Vanguard Ultra Short Bond Et | 0.80% | 81,475 | $4.0M | Reduce -6.9% |
| ESI Element Solutions Inc. | 0.78% | 156,043 | $3.9M | Reduce -54.5% |
| NIC Nicolet Bankshares Inc. | 0.75% | 43,939 | $3.8M | Add +4.0% |
| EQNR Equinor ASA-Spon ADR | 0.73% | 136,359 | $3.7M | Add +46.7% |
| FA First Advantage Corp. | 0.72% | 223,101 | $3.6M | Add +0.9% |
| SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION | 0.64% | 38,094 | $3.2M | Add +0.5% |
| VOO Vanguard S&P 500 ETF | 0.64% | 6,654 | $3.2M | No change |
| ARES Ares Management Corp. Class A | 0.59% | 22,426 | $3.0M | Reduce -13.7% |
| CASS Cass Information Systems Inc. | 0.59% | 61,371 | $3.0M | Add +10.3% |
| HD Home Depot Inc. | 0.56% | 7,371 | $2.8M | Reduce -8.9% |
| WBS Webster Financial Corp. | 0.55% | 54,706 | $2.8M | Add +3.5% |
| BC Brunswick Corp. | 0.54% | 28,187 | $2.7M | Add +7.8% |
| VIG Vanguard Dividend Apprec ETF | 0.53% | 14,544 | $2.7M | No change |
| HQY Healthequity Inc. | 0.50% | 30,720 | $2.5M | Add +16.9% |
| SSB Southstate Bank Corp. | 0.49% | 28,780 | $2.4M | Add +2.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.48% | 31,179 | $2.4M | Reduce -6.2% |
| MTG Mgic Investment Corp. | 0.48% | 106,965 | $2.4M | Reduce -18.0% |
| FND Floor & Decor Holdings Inc. Class A | 0.47% | 18,215 | $2.4M | No change |
| CDW CDW Corp. | 0.46% | 9,128 | $2.3M | Reduce -0.7% |
| VCIT Vanguard Int-Term Corporate | 0.44% | 27,713 | $2.2M | No change |
| JPM JPMorgan Chase & Co. | 0.42% | 10,609 | $2.1M | Reduce -0.3% |
| AZO AutoZone Inc. | 0.42% | 670 | $2.1M | No change |
| ALG Alamo Group Inc. | 0.41% | 8,990 | $2.1M | Reduce -28.9% |
| LMT Lockheed Martin Corp. | 0.40% | 4,455 | $2.0M | Reduce -15.5% |
| GOOGL Alphabet Inc. Class A | 0.39% | 13,055 | $2.0M | Add +7.6% |
| RSP Invesco S&P 500 Equal Weight | 0.39% | 11,634 | $2.0M | Add +0.5% |
| STLD Steel Dynamics Inc. | 0.39% | 13,157 | $2.0M | Reduce -13.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 4,628 | $1.9M | Reduce -0.5% |
| VVV Valvoline Inc. | 0.38% | 42,699 | $1.9M | Reduce -70.0% |
| OSW Onespaworld Holdings Ltd. | 0.37% | 141,321 | $1.9M | Add +111.5% |
| CHX Championx Corp. | 0.37% | 51,746 | $1.9M | Add +10.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.37% | 48,973 | $1.9M | No change |
| EXP Eagle Materials Inc. | 0.37% | 6,805 | $1.8M | No change |
| VGSH Vanguard Short-Term Treasury | 0.36% | 31,567 | $1.8M | No change |
| AXP American Express Co. | 0.36% | 7,947 | $1.8M | Reduce -1.3% |
| FRME First Merchants Corp. | 0.36% | 51,595 | $1.8M | Add +11.7% |
| IPG Interpublic Group of Cos Inc. | 0.36% | 55,157 | $1.8M | Reduce -1.8% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.34% | 33,566 | $1.7M | No change |
| ACN Accenture PLC Class A | 0.33% | 4,729 | $1.6M | Reduce -15.8% |
| MBB iShares MBS ETF | 0.32% | 17,518 | $1.6M | No change |
| LRCX Lam Research Corp. | 0.31% | 1,611 | $1.6M | Reduce -57.2% |
| DAC Danaos Corp. | 0.31% | 21,536 | $1.6M | Reduce -16.1% |
| TRN Trinity Industries Inc. | 0.31% | 55,697 | $1.6M | No change |
| VEA Vanguard Ftse Developed ETF | 0.31% | 30,809 | $1.5M | No change |
| IBTE iShares Ibonds Dec 2024 Term | 0.31% | 64,180 | $1.5M | No change |
| UNP Union Pacific Corp. | 0.30% | 6,145 | $1.5M | Reduce -0.3% |
| CVX Chevron Corp. | 0.29% | 9,116 | $1.4M | No change |
| ATR Aptargroup Inc. | 0.28% | 9,815 | $1.4M | Add +26.4% |
| CPK Chesapeake Utilities Corp. | 0.28% | 12,916 | $1.4M | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.27% | 5,505 | $1.4M | No change |
| BELFA Bel Fuse Inc. Class A | 0.27% | 19,242 | $1.4M | Add +92.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 13,161 | $1.3M | Reduce -0.4% |
| NTAP Netapp Inc. | 0.26% | 12,466 | $1.3M | Reduce -15.9% |
| RRX Regal Rexnord Corp. | 0.26% | 7,163 | $1.3M | No change |
| AEO American Eagle Outfitters | 0.25% | 48,981 | $1.3M | New |
| NRG NRG Energy Inc. | 0.24% | 17,592 | $1.2M | Reduce -33.4% |
| EHC Encompass Health Corp. | 0.23% | 13,889 | $1.1M | Reduce -5.3% |
| ALTG Alta Equipment Group Inc. | 0.23% | 88,520 | $1.1M | New |
| ABT Abbott Laboratories | 0.23% | 9,996 | $1.1M | No change |
| HRB H&R Block Inc. filed as BLOCK H & R INC | 0.22% | 22,154 | $1.1M | Add +14.1% |
| FL Foot Locker Inc. | 0.21% | 37,670 | $1.1M | No change |
| HSY The Hershey Co. | 0.20% | 5,299 | $1.0M | No change |
| UFPI Ufp Industries Inc. | 0.20% | 8,351 | $1.0M | Reduce -5.3% |
| BLKB Blackbaud Inc. | 0.20% | 13,785 | $1.0M | Reduce -43.6% |
| PBI Pitney Bowes Inc. | 0.20% | 232,355 | $1.0M | Add +160.4% |
| COP Conocophillips | 0.20% | 7,841 | $998K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $62K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MIR.WS Mirion Technologies Inc.-CW25 | *W EXP 10/20/202 | 27,500 | $62K | No change |
Total filed on the 13F, all lines: $502.9M.
Portfolio Sells Q4 2023 → Q1 2024
| M D C HLDGS INC | Sold out | 0.00% | −2.27 |
| INTU Intuit Inc. | Sold out | 0.00% | −1.85 |
| ACWI iShares MSCI Acwi ETF | Reduce -97.4% | 0.06% | −1.52 |
| AAPL Apple Inc. | Reduce -90.5% | 0.19% | −1.51 |
| RXST Rxsight Inc. | Sold out | 0.00% | −0.92 |
| DUOL Duolingo | Sold out | 0.00% | −0.83 |
| ALKT Alkami Technology Inc. | Reduce -57.9% | 0.99% | −0.81 |
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −0.77 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.76 |
| IOT Samsara Inc. Class A | Sold out | 0.00% | −0.69 |
| BWXT BWX Technologies Inc. | Sold out | 0.00% | −0.56 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.55 |
| FIBK First Interstate Bancsys-A | Sold out | 0.00% | −0.55 |
| DFIN Donnelley Financial Solution | Sold out | 0.00% | −0.54 |
| MOD Modine Manufacturing Co. | Sold out | 0.00% | −0.51 |
| HURN Huron Consulting Group Inc. | Sold out | 0.00% | −0.49 |
| POWL Powell Industries Inc. | Sold out | 0.00% | −0.48 |
| CUBI Customers Bancorp Inc. | Sold out | 0.00% | −0.48 |
| SYM Symbotic Inc. | Sold out | 0.00% | −0.47 |
| ESI Element Solutions Inc. | Reduce -54.5% | 0.78% | −0.45 |
| VVV Valvoline Inc. | Reduce -70.0% | 0.38% | −0.45 |
| ATI Ati Inc. | Sold out | 0.00% | −0.44 |
| TGLS Tecnoglass Holdings Inc. | Sold out | 0.00% | −0.40 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −0.40 |
| SG Sweetgreen Inc. Class A | Sold out | 0.00% | −0.38 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.36 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.36 |
| CBAY Cymabay Therapeutics Inc. | Sold out | 0.00% | −0.36 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.34 |
| XOM Exxon Mobil Corp. | Reduce -77.2% | 0.17% | −0.33 |
| MMS Maximus Inc. | Sold out | 0.00% | −0.31 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.31 |
| IESC Ies Holdings Inc. | Sold out | 0.00% | −0.31 |
| CRS Carpenter Technology | Sold out | 0.00% | −0.30 |
| COUR Coursera Inc. | Sold out | 0.00% | −0.30 |
| FLR Fluor Corp. | Sold out | 0.00% | −0.29 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.28 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -89.7% | 0.04% | −0.26 |
| SOFI Sofi Technologies Inc. | Sold out | 0.00% | −0.26 |
| HDSN Hudson Technologies Inc. | Sold out | 0.00% | −0.26 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −0.25 |
| FTI Technipfmc PLC | Sold out | 0.00% | −0.25 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.25 |
| NUVL Nuvalent Inc. Class A | Sold out | 0.00% | −0.25 |
| DCBO Docebo Inc. | Sold out | 0.00% | −0.24 |
| WIRE Encore Wire Corp. | Sold out | 0.00% | −0.23 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.23 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.23 |
| UMBF Umb Financial Corp. | Sold out | 0.00% | −0.23 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.23 |
Portfolio Buys Q4 2023 → Q1 2024
| VZ Verizon Communications Inc. | New | 2.44% | +2.44 |
| TPR Tapestry Inc. | New | 2.26% | +2.26 |
| TRS Trimas Corp. | Add +153.6% | 2.69% | +1.91 |
| KDP Keurig Dr Pepper Inc. | New | 1.68% | +1.68 |
| LEGH Legacy Housing Corp. | New | 1.45% | +1.45 |
| JBTM JBT Marel Corp. | Add +318.5% | 1.73% | +1.43 |
| WSO Watsco Inc. | Add +172.7% | 1.96% | +1.41 |
| MLR Miller Industries Inc. | Add +5.7% | 3.70% | +1.41 |
| MRK Merck & Co. Inc. | Add +67.6% | 1.98% | +1.23 |
| PHIN Phinia Inc. | New | 1.15% | +1.15 |
| HUBB Hubbell Inc. | Add +1.8% | 2.89% | +1.15 |
| KB KB Financial Group Inc.-ADR | Add +33.6% | 1.98% | +1.07 |
| DVN Devon Energy Corp. | Add +76.9% | 1.76% | +1.06 |
| ESGR Enstar Group Ltd. | Add +1.4% | 3.51% | +0.97 |
| BELFB Bel Fuse Inc. Class B | Add +25.7% | 2.87% | +0.91 |
| FERG Ferguson Jersey Ltd. | Add +24.4% | 1.85% | +0.83 |
| TSM Taiwan Semiconductor-SP ADR | Add +5.2% | 1.81% | +0.79 |
| ABBV Abbvie Inc. | Add +2.4% | 1.93% | +0.69 |
| MCRI Monarch Casino & Resort Inc. | Add +8.7% | 2.01% | +0.69 |
| CNNE Cannae Holdings Inc. | Add +25.3% | 1.25% | +0.57 |
| EEX Emerald Holding Inc. | Add +6.5% | 1.25% | +0.45 |
| UNH Unitedhealth Group Inc. | Add +2.3% | 2.20% | +0.42 |
| GTES Gates Industrial Corp. UK Ltd. | Add +2.6% | 0.87% | +0.37 |
| EQNR Equinor ASA-Spon ADR | Add +46.7% | 0.73% | +0.28 |
| AEO American Eagle Outfitters | New | 0.25% | +0.25 |
| OTEX Open Text Corp. | Add +4.6% | 1.20% | +0.24 |
| HQY Healthequity Inc. | Add +16.9% | 0.50% | +0.23 |
| ALTG Alta Equipment Group Inc. | New | 0.23% | +0.23 |
| NIC Nicolet Bankshares Inc. | Add +4.0% | 0.75% | +0.23 |
| OSW Onespaworld Holdings Ltd. | Add +111.5% | 0.37% | +0.23 |
| SKY Champion Homes Inc. | Add +0.5% | 0.64% | +0.21 |
| CASS Cass Information Systems Inc. | Add +10.3% | 0.59% | +0.20 |
| PRFT Perficient Inc. | New | 0.19% | +0.19 |
| BELFA Bel Fuse Inc. Class A | Add +92.4% | 0.27% | +0.17 |
| BRBR Bellring Brands Inc. | New | 0.17% | +0.17 |
| CHX Championx Corp. | Add +10.9% | 0.37% | +0.16 |
| FA First Advantage Corp. | Add +0.9% | 0.72% | +0.15 |
| BC Brunswick Corp. | Add +7.8% | 0.54% | +0.15 |
| PBI Pitney Bowes Inc. | Add +160.4% | 0.20% | +0.14 |
| WBS Webster Financial Corp. | Add +3.5% | 0.55% | +0.14 |
| INSE Inspired Entertainment Inc. | New | 0.14% | +0.14 |
| ATR Aptargroup Inc. | Add +26.4% | 0.28% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +7.6% | 0.39% | +0.13 |
| SSB Southstate Bank Corp. | Add +2.4% | 0.49% | +0.12 |
| RSP Invesco S&P 500 Equal Weight | Add +0.5% | 0.39% | +0.11 |
| FRME First Merchants Corp. | Add +11.7% | 0.36% | +0.09 |
| EVRI Everi Holdings Inc. | New | 0.08% | +0.08 |
| SHY iShares 1-3 Year Treasury Bo | Add +135.1% | 0.11% | +0.08 |
| HRB H&R Block Inc. | Add +14.1% | 0.22% | +0.07 |
| MSTR Strategy Inc. | New | 0.07% | +0.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 136 | $1.0B | MYE, OPLN, TRS, TSM, BELFB |
| Q1 2026 | 137 | $813.5M | TRS, OPLN, MYE, TSM, GOOGL |
| Q4 2025 | 143 | $795.7M | TRS, OPLN, TSM, DJCO, TPR |
| Q3 2025 | 149 | $761.4M | TSM, OPLN, TRS, PM, AVGO |
| Q2 2025 | 142 | $650.9M | BELFB, TRS, PM, AVGO, TSM |
| Q1 2025 | 148 | $567.3M | BELFB, JBTM, TRS, PM, PHIN |
| Q4 2024 | 152 | $601.7M | BELFB, JBTM, AVGO, PHIN, TRS |
| Q3 2024 | 156 | $562.9M | MLR, BELFB, PHIN, AVGO, TSM |
| Q2 2024 | 160 | $531.6M | MLR, MSFT, ESGR, TSM, AVGO |
| Q1 2024 | 156 | $502.9M | MSFT, MLR, ESGR, PRSU, HUBB |