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

0$500.0M$1.0B$1.5B Q1 2024: $502.9M $502.9M Q1 2024 Q2 2024: $531.6M Q2 2024 Q3 2024: $562.9M Q3 2024 Q4 2024: $601.7M Q4 2024 Q1 2025: $567.3M Q1 2025 Q2 2025: $650.9M Q2 2025 Q3 2025: $761.4M Q3 2025 Q4 2025: $795.7M Q4 2025 Q1 2026: $813.5M Q1 2026 Q2 2026: $1.0B Q2 2026

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
PRFT Perficient Inc. 0.19% 17,320 $975K New
MCD McDonald's Corp. 0.19% 3,450 $973K Reduce -2.5%
AAPL Apple Inc. 0.19% 5,466 $937K Reduce -90.5%
ORCL Oracle Corp. 0.18% 7,219 $907K Reduce -13.1%
VET Vermilion Energy Inc. 0.18% 71,457 $889K Reduce -9.3%
XOM Exxon Mobil Corp. 0.17% 7,546 $877K Reduce -77.2%
XBI SS SPDR S&P Biotech ETF 0.17% 9,182 $871K Reduce -5.8%
BRBR Bellring Brands Inc. 0.17% 14,534 $858K New
ALSN Allison Transmission Holding 0.17% 10,347 $840K Reduce -51.5%
WAL Western Alliance Bancorp 0.16% 12,844 $824K Reduce -29.4%
PI Impinj Inc. 0.16% 6,369 $818K Reduce -58.0%
BX Blackstone Inc. 0.16% 6,167 $810K Reduce -0.9%
RYZ Ryerson Holding Corp. 0.15% 23,230 $778K Reduce -1.9%
JNJ Johnson & Johnson 0.15% 4,906 $776K Reduce -5.3%
UNM Unum Group 0.15% 14,043 $754K Add +1.1%
NVT Nvent Electric PLC 0.14% 9,557 $721K Reduce -8.5%
PRGS Progress Software Corp. 0.14% 13,096 $698K Reduce -0.5%
DINO HF Sinclair Corp. 0.14% 11,542 $697K Add +2.7%
ARW Arrow Electronics Inc. 0.14% 5,320 $689K Reduce -2.1%
INSE Inspired Entertainment Inc. 0.14% 69,548 $686K New
ARCC Ares Capital Corp. 0.13% 32,370 $674K Add +9.5%
WSR Whitestone REIT 0.13% 51,388 $645K Reduce -4.7%
BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG 0.13% 28,503 $644K Reduce -16.4%
MTDR Matador Resources Co. 0.12% 9,068 $605K Reduce -54.9%
AMPH Amphastar Pharmaceuticals Inc. 0.12% 13,329 $585K Reduce -6.0%
SHY iShares 1-3 Year Treasury Bo 0.11% 6,925 $566K Add +135.1%
SAIC Science Applications Inte 0.11% 4,342 $566K Reduce -5.5%
SUPN Supernus Pharmaceuticals Inc. 0.11% 15,697 $535K Reduce -4.9%
PATK Patrick Industries Inc. 0.10% 4,235 $506K Reduce -1.2%
BYD Boyd Gaming Corp. 0.10% 7,346 $495K Add +37.0%
CUE Cue Biopharma Inc. 0.10% 257,225 $486K No change
ADUS Addus Homecare Corp. 0.09% 4,596 $475K Reduce -5.5%
OC Owens Corning 0.09% 2,793 $466K Reduce -51.4%
NEE Nextera Energy Inc. 0.08% 6,485 $414K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.08% 8,065 $414K No change
GENI Genius Sports Ltd. 0.08% 71,175 $406K Reduce -5.8%
EVRI Everi Holdings Inc. 0.08% 38,325 $385K New
HI Hillenbrand Inc. 0.07% 7,466 $375K Reduce -0.8%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.07% 192 $327K New
SR Spire Inc. 0.06% 5,080 $312K Reduce -0.5%
BXSL Blackstone Secured Lending F 0.06% 9,750 $304K Add +9.9%
NVO Novo-Nordisk A/S-Spons ADR 0.06% 2,314 $297K Reduce -75.0%
ACWI iShares MSCI Acwi ETF 0.06% 2,593 $286K Reduce -97.4%
HTGC Hercules Capital Inc. 0.05% 14,214 $262K Reduce -6.3%
MAIN Main Street Capital Corp. 0.05% 5,478 $259K Add +7.6%
TSLX Sixth Street Specialty Lendi 0.05% 11,705 $251K No change
OCSL Oaktree Specialty Lending Co. 0.05% 12,161 $239K Add +3.1%
NOBL Proshares S&P 500 Dividend A 0.04% 2,231 $226K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 430 $225K Reduce -89.7%
FSK FS KKR Capital Corp. 0.04% 11,431 $218K No change
STLA Stellantis NV 0.04% 7,364 $208K Reduce -75.5%
FDUS Fidus Investment Corp. 0.04% 10,487 $207K New
RWAY Runway Growth Finance Corp. 0.03% 13,848 $168K Add +14.5%
GLAD Gladstone Capital Corp. 0.03% 13,257 $142K Add +12.0%
ATOM Atomera Inc. 0.02% 20,000 $123K No change
BEAT Heartbeam Inc. 0.02% 50,000 $109K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $62K (not counted above)
SecurityClassShares / PrincipalValueChange
MIR.WS Mirion Technologies Inc.-CW25 *W EXP 10/20/202 27,500$62KNo 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 136$1.0BMYE, OPLN, TRS, TSM, BELFB
Q1 2026 137$813.5MTRS, OPLN, MYE, TSM, GOOGL
Q4 2025 143$795.7MTRS, OPLN, TSM, DJCO, TPR
Q3 2025 149$761.4MTSM, OPLN, TRS, PM, AVGO
Q2 2025 142$650.9MBELFB, TRS, PM, AVGO, TSM
Q1 2025 148$567.3MBELFB, JBTM, TRS, PM, PHIN
Q4 2024 152$601.7MBELFB, JBTM, AVGO, PHIN, TRS
Q3 2024 156$562.9MMLR, BELFB, PHIN, AVGO, TSM
Q2 2024 160$531.6MMLR, MSFT, ESGR, TSM, AVGO
Q1 2024 156$502.9MMSFT, MLR, ESGR, PRSU, HUBB