Advisory Research Inc.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Advisory Research Inc. reported 160 stock positions worth $531.6 million. Its top holding was Miller Industries (MLR) at 3.9% of the portfolio, followed by Microsoft (MSFT, 3.4%) and Enstar (ESGR, 3.3%). Compared with Q1 2024, it opened 11 new positions, sold out of 7, added to 94 and reduced 44. The biggest buy was a new position in Grocery Outlet (GO) and the biggest sale Reliance (RS, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000902584
- Portfolio Value
- $531.6M (Q2 2024)
- SEC Filing
- 0001085146-24-003758 ↗ filed Aug 13, 2024
Holdings Value
Holdings 160 stocks · $531.6M
| MLR Miller Industries Inc. | 3.90% | 377,158 | $20.8M | Add +1.6% |
| MSFT Microsoft Corp. | 3.39% | 40,359 | $18.0M | Reduce -9.8% |
| ESGR Enstar Group Ltd. | 3.33% | 57,869 | $17.7M | Add +1.9% |
| TSM Taiwan Semiconductor-SP ADR | 3.05% | 93,333 | $16.2M | Add +39.8% |
| AVGO Broadcom Inc. | 3.03% | 10,025 | $16.1M | Add +6.3% |
| BELFB Bel Fuse Inc. Class B | 2.94% | 239,390 | $15.6M | Add +0.1% |
| TRS Trimas Corp. | 2.56% | 532,573 | $13.6M | Add +5.1% |
| PRSU Pursuit Attractions and Hosp filed as VIAD CORP | 2.36% | 369,670 | $12.6M | Add +0.1% |
| VZ Verizon Communications Inc. | 2.36% | 304,131 | $12.5M | Add +4.0% |
| MRK Merck & Co. Inc. | 2.34% | 100,350 | $12.4M | Add +32.7% |
| PHIN Phinia Inc. | 2.30% | 310,990 | $12.2M | Add +106.5% |
| GO Grocery Outlet Holding Corp. | 2.25% | 540,890 | $12.0M | New |
| UNH Unitedhealth Group Inc. | 2.22% | 23,185 | $11.8M | Add +3.8% |
| PFGC Performance Food Group Co. | 2.07% | 166,139 | $11.0M | Add +4.4% |
| TPR Tapestry Inc. | 1.98% | 246,423 | $10.5M | Add +2.8% |
| GSK GSK PLC-Spon ADR | 1.94% | 267,919 | $10.3M | Add +115.1% |
| GOOGL Alphabet Inc. Class A | 1.86% | 54,391 | $9.9M | Add +316.6% |
| ABBV Abbvie Inc. | 1.83% | 56,645 | $9.7M | Add +6.1% |
| PM Philip Morris International | 1.82% | 95,529 | $9.7M | New |
| KDP Keurig Dr Pepper Inc. | 1.79% | 285,074 | $9.5M | Add +3.4% |
| DVN Devon Energy Corp. | 1.61% | 180,187 | $8.5M | Add +2.2% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 1.58% | 88,295 | $8.4M | Add +6.2% |
| LEGH Legacy Housing Corp. | 1.53% | 354,740 | $8.1M | Add +4.8% |
| HUBB Hubbell Inc. | 1.52% | 22,097 | $8.1M | Reduce -37.0% |
| AEP American Electric Power | 1.46% | 88,234 | $7.7M | New |
| MCRI Monarch Casino & Resort Inc. | 1.37% | 106,675 | $7.3M | Reduce -20.7% |
| ABG Asbury Automotive Group | 1.29% | 30,118 | $6.9M | Reduce -32.0% |
| MTG Mgic Investment Corp. | 1.24% | 305,107 | $6.6M | Add +185.2% |
| SHV iShares 0-1 Year Treasury Bo | 1.21% | 58,278 | $6.4M | Add +13.2% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 1.14% | 106,818 | $6.0M | Reduce -44.1% |
| FERG Ferguson Jersey Ltd. | 1.08% | 29,536 | $5.7M | Reduce -30.8% |
| EEX Emerald Holding Inc. | 0.99% | 925,411 | $5.3M | Add +0.6% |
| EME Emcor Group Inc. | 0.99% | 14,374 | $5.2M | New |
| LAMR Lamar Advertising Co. Class A | 0.94% | 41,995 | $5.0M | Add +6.8% |
| VUSB Vanguard Ultra Short Bond Et | 0.90% | 96,655 | $4.8M | Add +18.6% |
| FLUT Flutter Entertainment PLC-Di | 0.80% | 23,448 | $4.3M | New |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.80% | 131,940 | $4.3M | New |
| ESI Element Solutions Inc. | 0.79% | 154,476 | $4.2M | Reduce -1.0% |
| VGSH Vanguard Short-Term Treasury | 0.76% | 69,657 | $4.0M | Add +120.7% |
| NIC Nicolet Bankshares Inc. | 0.69% | 43,935 | $3.6M | Reduce -0.0% |
| FA First Advantage Corp. | 0.68% | 223,568 | $3.6M | Add +0.2% |
| GTES Gates Industrial Corp. UK Ltd. | 0.64% | 213,920 | $3.4M | Reduce -13.4% |
| VOO Vanguard S&P 500 ETF | 0.61% | 6,443 | $3.2M | Reduce -3.2% |
| UL Unilever PLC | 0.57% | 55,479 | $3.1M | New |
| HD Home Depot Inc. | 0.51% | 7,837 | $2.7M | Add +6.3% |
| HQY Healthequity Inc. | 0.50% | 30,730 | $2.6M | Add +0.0% |
| SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION | 0.48% | 37,952 | $2.6M | Reduce -0.4% |
| VIG Vanguard Dividend Apprec ETF | 0.48% | 13,985 | $2.6M | Reduce -3.8% |
| CASS Cass Information Systems Inc. | 0.47% | 61,785 | $2.5M | Add +0.7% |
| DSGR Distribution Solutions Group | 0.45% | 80,190 | $2.4M | New |
| RS Reliance Inc. | 0.45% | 8,383 | $2.4M | Reduce -73.2% |
| WSO Watsco Inc. | 0.45% | 5,146 | $2.4M | Reduce -77.5% |
| WBS Webster Financial Corp. | 0.45% | 54,605 | $2.4M | Reduce -0.2% |
| LMT Lockheed Martin Corp. | 0.44% | 5,023 | $2.3M | Add +12.8% |
| VCIT Vanguard Int-Term Corporate | 0.42% | 27,713 | $2.2M | No change |
| DAC Danaos Corp. | 0.41% | 23,838 | $2.2M | Add +10.7% |
| OSW Onespaworld Holdings Ltd. | 0.41% | 141,649 | $2.2M | Add +0.2% |
| CDW CDW Corp. | 0.41% | 9,657 | $2.2M | Add +5.8% |
| SSB Southstate Bank Corp. | 0.40% | 27,881 | $2.1M | Reduce -3.1% |
| JPM JPMorgan Chase & Co. | 0.40% | 10,404 | $2.1M | Reduce -1.9% |
| BC Brunswick Corp. | 0.38% | 27,935 | $2.0M | Reduce -0.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.38% | 25,962 | $2.0M | Reduce -16.7% |
| AZO AutoZone Inc. | 0.37% | 660 | $2.0M | Reduce -1.5% |
| LRCX Lam Research Corp. | 0.37% | 1,824 | $1.9M | Add +13.2% |
| STLD Steel Dynamics Inc. | 0.36% | 14,882 | $1.9M | Add +13.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.36% | 48,176 | $1.9M | Reduce -1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 4,568 | $1.9M | Reduce -1.3% |
| VVV Valvoline Inc. | 0.35% | 43,000 | $1.9M | Add +0.7% |
| ALKT Alkami Technology Inc. | 0.35% | 64,901 | $1.8M | Reduce -68.1% |
| NTAP Netapp Inc. | 0.34% | 14,141 | $1.8M | Add +13.4% |
| ALTG Alta Equipment Group Inc. | 0.34% | 226,435 | $1.8M | Add +155.8% |
| IPG Interpublic Group of Cos Inc. | 0.34% | 62,550 | $1.8M | Add +13.4% |
| RSP Invesco S&P 500 Equal Weight | 0.34% | 10,997 | $1.8M | Reduce -5.5% |
| FND Floor & Decor Holdings Inc. Class A | 0.34% | 18,141 | $1.8M | Reduce -0.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.32% | 33,566 | $1.7M | No change |
| FRME First Merchants Corp. | 0.32% | 51,600 | $1.7M | Add +0.0% |
| ACN Accenture PLC Class A | 0.30% | 5,327 | $1.6M | Add +12.7% |
| MBB iShares MBS ETF | 0.30% | 17,518 | $1.6M | No change |
| AXP American Express Co. | 0.30% | 6,906 | $1.6M | Reduce -13.1% |
| ARES Ares Management Corp. Class A | 0.30% | 11,905 | $1.6M | Reduce -46.9% |
| ALG Alamo Group Inc. | 0.29% | 9,065 | $1.6M | Add +0.8% |
| BELFA Bel Fuse Inc. Class A | 0.29% | 19,242 | $1.6M | No change |
| IBTE iShares Ibonds Dec 2024 Term | 0.29% | 64,180 | $1.5M | No change |
| EXP Eagle Materials Inc. | 0.28% | 6,870 | $1.5M | Add +1.0% |
| PZZA Papa John's Intl Inc. | 0.27% | 30,325 | $1.4M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 12,913 | $1.4M | Reduce -1.9% |
| CVX Chevron Corp. | 0.26% | 9,001 | $1.4M | Reduce -1.3% |
| ATR Aptargroup Inc. | 0.26% | 9,865 | $1.4M | Add +0.5% |
| UNP Union Pacific Corp. | 0.26% | 6,052 | $1.4M | Reduce -1.5% |
| CPK Chesapeake Utilities Corp. | 0.25% | 12,720 | $1.4M | Reduce -1.5% |
| AAPL Apple Inc. | 0.25% | 6,191 | $1.3M | Add +13.3% |
| HRB H&R Block Inc. filed as BLOCK H & R INC | 0.24% | 23,714 | $1.3M | Add +7.0% |
| EHC Encompass Health Corp. | 0.24% | 14,830 | $1.3M | Add +6.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.23% | 5,095 | $1.2M | Reduce -7.5% |
| ABT Abbott Laboratories | 0.23% | 11,733 | $1.2M | Add +17.4% |
| PBI Pitney Bowes Inc. | 0.22% | 232,610 | $1.2M | Add +0.1% |
| ORCL Oracle Corp. | 0.22% | 8,213 | $1.2M | Add +13.8% |
| VEA Vanguard Ftse Developed ETF | 0.21% | 22,817 | $1.1M | Reduce -25.9% |
| AEO American Eagle Outfitters | 0.21% | 55,437 | $1.1M | Add +13.2% |
| COP Conocophillips | 0.20% | 9,457 | $1.1M | Add +20.6% |
Portfolio Sells Q1 2024 → Q2 2024
| RS Reliance Inc. | Reduce -73.2% | 0.45% | −1.63 |
| WSO Watsco Inc. | Reduce -77.5% | 0.45% | −1.52 |
| HUBB Hubbell Inc. | Reduce -37.0% | 1.52% | −1.37 |
| CNNE Cannae Holdings Inc. | Sold out | 0.00% | −1.25 |
| OTEX Open Text Corp. | Sold out | 0.00% | −1.20 |
| KB KB Financial Group Inc.-ADR | Reduce -44.1% | 1.14% | −0.84 |
| ABG Asbury Automotive Group | Reduce -32.0% | 1.29% | −0.79 |
| FERG Ferguson Jersey Ltd. | Reduce -30.8% | 1.08% | −0.78 |
| EQNR Equinor ASA-Spon ADR | Sold out | 0.00% | −0.73 |
| ALKT Alkami Technology Inc. | Reduce -68.1% | 0.35% | −0.65 |
| MCRI Monarch Casino & Resort Inc. | Reduce -20.7% | 1.37% | −0.64 |
| CHX Championx Corp. | Sold out | 0.00% | −0.37 |
| MSFT Microsoft Corp. | Reduce -9.8% | 3.39% | −0.35 |
| TRN Trinity Industries Inc. | Sold out | 0.00% | −0.31 |
| ARES Ares Management Corp. Class A | Reduce -46.9% | 0.30% | −0.29 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -13.4% | 0.64% | −0.23 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.21 |
| SKY Champion Homes Inc. | Reduce -0.4% | 0.48% | −0.16 |
| BC Brunswick Corp. | Reduce -0.9% | 0.38% | −0.16 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -0.4% | 0.34% | −0.13 |
| WBS Webster Financial Corp. | Reduce -0.2% | 0.45% | −0.10 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -16.7% | 0.38% | −0.10 |
| NRG NRG Energy Inc. | Reduce -45.1% | 0.14% | −0.10 |
| VEA Vanguard Ftse Developed ETF | Reduce -25.9% | 0.21% | −0.10 |
| SSB Southstate Bank Corp. | Reduce -3.1% | 0.40% | −0.09 |
| RRX Regal Rexnord Corp. | Reduce -1.7% | 0.18% | −0.08 |
| PRFT Perficient Inc. | Reduce -50.7% | 0.12% | −0.07 |
| NIC Nicolet Bankshares Inc. | Reduce -0.0% | 0.69% | −0.07 |
| AXP American Express Co. | Reduce -13.1% | 0.30% | −0.06 |
| RSP Invesco S&P 500 Equal Weight | Reduce -5.5% | 0.34% | −0.05 |
| AZO AutoZone Inc. | Reduce -1.5% | 0.37% | −0.05 |
| VIG Vanguard Dividend Apprec ETF | Reduce -3.8% | 0.48% | −0.05 |
| UNP Union Pacific Corp. | Reduce -1.5% | 0.26% | −0.04 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -7.5% | 0.23% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.3% | 0.35% | −0.04 |
| VOO Vanguard S&P 500 ETF | Reduce -3.2% | 0.61% | −0.03 |
| GLAD Gladstone Capital Corp. | Sold out | 0.00% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -1.9% | 0.40% | −0.03 |
| HSY The Hershey Co. | Reduce -1.4% | 0.18% | −0.02 |
| CPK Chesapeake Utilities Corp. | Reduce -1.5% | 0.25% | −0.02 |
| CVX Chevron Corp. | Reduce -1.3% | 0.26% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.5% | 0.16% | −0.01 |
| BAC Bank of America Corp. | Reduce -1.6% | 0.36% | −0.01 |
| ARCC Ares Capital Corp. | Reduce -1.3% | 0.13% | −0.01 |
| BXSL Blackstone Secured Lending F | Reduce -1.4% | 0.06% | −0.01 |
| RWAY Runway Growth Finance Corp. | Reduce -3.1% | 0.03% | −0.00 |
| FDUS Fidus Investment Corp. | Reduce -1.6% | 0.04% | −0.00 |
| MAIN Main Street Capital Corp. | Reduce -2.6% | 0.05% | −0.00 |
| HTGC Hercules Capital Inc. | Reduce -1.5% | 0.05% | +0.00 |
| TJX TJX Companies Inc. | Reduce -1.9% | 0.27% | +0.00 |
Portfolio Buys Q1 2024 → Q2 2024
| GO Grocery Outlet Holding Corp. | New | 2.25% | +2.25 |
| PM Philip Morris International | New | 1.82% | +1.82 |
| GOOGL Alphabet Inc. Class A | Add +316.6% | 1.86% | +1.47 |
| AEP American Electric Power | New | 1.46% | +1.46 |
| TSM Taiwan Semiconductor-SP ADR | Add +39.8% | 3.05% | +1.25 |
| PHIN Phinia Inc. | Add +106.5% | 2.30% | +1.15 |
| EME Emcor Group Inc. | New | 0.99% | +0.99 |
| GSK GSK PLC-Spon ADR | Add +115.1% | 1.94% | +0.88 |
| FLUT Flutter Entertainment PLC-Di | New | 0.80% | +0.80 |
| HMC Honda Motor Co. Ltd.-Spons ADR | New | 0.80% | +0.80 |
| MTG Mgic Investment Corp. | Add +185.2% | 1.24% | +0.76 |
| UL Unilever PLC | New | 0.57% | +0.57 |
| AVGO Broadcom Inc. | Add +6.3% | 3.03% | +0.54 |
| DSGR Distribution Solutions Group | New | 0.45% | +0.45 |
| VGSH Vanguard Short-Term Treasury | Add +120.7% | 0.76% | +0.40 |
| MRK Merck & Co. Inc. | Add +32.7% | 2.34% | +0.35 |
| PZZA Papa John's Intl Inc. | New | 0.27% | +0.27 |
| MLR Miller Industries Inc. | Add +1.6% | 3.90% | +0.20 |
| LESLIES INC | New | 0.18% | +0.18 |
| FUL H.B. Fuller Co. | New | 0.14% | +0.14 |
| ALTG Alta Equipment Group Inc. | Add +155.8% | 0.34% | +0.11 |
| KDP Keurig Dr Pepper Inc. | Add +3.4% | 1.79% | +0.11 |
| DAC Danaos Corp. | Add +10.7% | 0.41% | +0.10 |
| VUSB Vanguard Ultra Short Bond Et | Add +18.6% | 0.90% | +0.10 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +121.1% | 0.17% | +0.09 |
| LEGH Legacy Housing Corp. | Add +4.8% | 1.53% | +0.08 |
| NTAP Netapp Inc. | Add +13.4% | 0.34% | +0.08 |
| SHV iShares 0-1 Year Treasury Bo | Add +13.2% | 1.21% | +0.08 |
| BELFB Bel Fuse Inc. Class B | Add +0.1% | 2.94% | +0.07 |
| AAPL Apple Inc. | Add +13.3% | 0.25% | +0.06 |
| LRCX Lam Research Corp. | Add +13.2% | 0.37% | +0.05 |
| LMT Lockheed Martin Corp. | Add +12.8% | 0.44% | +0.04 |
| PI Impinj Inc. | Add +7.0% | 0.20% | +0.04 |
| ORCL Oracle Corp. | Add +13.8% | 0.22% | +0.04 |
| SHY iShares 1-3 Year Treasury Bo | Add +41.4% | 0.15% | +0.04 |
| OSW Onespaworld Holdings Ltd. | Add +0.2% | 0.41% | +0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +44.4% | 0.09% | +0.03 |
| HRB H&R Block Inc. | Add +7.0% | 0.24% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +3.8% | 2.22% | +0.02 |
| PBI Pitney Bowes Inc. | Add +0.1% | 0.22% | +0.02 |
| ACWI iShares MSCI Acwi ETF | Add +34.3% | 0.07% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +33.5% | 0.06% | +0.01 |
| ADUS Addus Homecare Corp. | Add +7.1% | 0.11% | +0.01 |
| EHC Encompass Health Corp. | Add +6.8% | 0.24% | +0.01 |
| LAMR Lamar Advertising Co. Class A | Add +6.8% | 0.94% | +0.01 |
| WSR Whitestone REIT | Add +6.7% | 0.14% | +0.01 |
| MCD McDonald's Corp. | Add +20.4% | 0.20% | +0.01 |
| COP Conocophillips | Add +20.6% | 0.20% | +0.01 |
| OC Owens Corning | Add +7.0% | 0.10% | +0.01 |
| PRGS Progress Software Corp. | Add +7.0% | 0.14% | +0.00 |
Notes & Other Activity Q1 2024 → Q2 2024
| MIR.WS Mirion Technologies Inc.-CW25 | *W EXP 10/20/202 | Sold out | 27,500 | $62Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |