Advisory Research Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Advisory Research Inc. reported 156 stock positions worth $562.9 million. Its top holding was Miller Industries (MLR) at 4.0% of the portfolio, followed by Bel Fuse Class B (BELFB, 3.4%) and Phinia (PHIN, 3.0%). Compared with Q2 2024, it opened 7 new positions, sold out of 11, added to 37 and reduced 96. The biggest buy was Western Alliance Bancorp (WAL, shares +624%) and the biggest sale Grocery Outlet (GO, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000902584
- Portfolio Value
- $562.9M (Q3 2024)
- SEC Filing
- 0001085146-24-005704 ↗ filed Nov 14, 2024
Holdings Value
Holdings 156 stocks · $562.9M
| MLR Miller Industries Inc. | 4.02% | 370,949 | $22.6M | Reduce -1.6% |
| BELFB Bel Fuse Inc. Class B | 3.43% | 245,986 | $19.3M | Add +2.8% |
| PHIN Phinia Inc. | 3.03% | 370,450 | $17.1M | Add +19.1% |
| AVGO Broadcom Inc. | 3.01% | 98,101 | $16.9M | Reduce -2.1% |
| TSM Taiwan Semiconductor-SP ADR | 2.82% | 91,276 | $15.9M | Reduce -2.2% |
| PRSU Pursuit Attractions and Hosp filed as VIAD CORP | 2.77% | 435,581 | $15.6M | Add +17.8% |
| ESGR Enstar Group Ltd. | 2.56% | 44,753 | $14.4M | Reduce -22.7% |
| TRS Trimas Corp. | 2.42% | 534,089 | $13.6M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 2.34% | 22,534 | $13.2M | Reduce -2.8% |
| MSFT Microsoft Corp. | 2.22% | 29,047 | $12.5M | Reduce -28.0% |
| MTG Mgic Investment Corp. | 2.19% | 480,740 | $12.3M | Add +57.6% |
| MRK Merck & Co. Inc. | 2.09% | 103,765 | $11.8M | Add +3.4% |
| PFGC Performance Food Group Co. | 2.07% | 148,372 | $11.6M | Reduce -10.7% |
| PM Philip Morris International | 2.02% | 93,598 | $11.4M | Reduce -2.0% |
| TPR Tapestry Inc. | 2.02% | 241,485 | $11.3M | Reduce -2.0% |
| KDP Keurig Dr Pepper Inc. | 2.01% | 301,985 | $11.3M | Add +5.9% |
| AEP American Electric Power | 1.95% | 107,072 | $11.0M | Add +21.4% |
| ABBV Abbvie Inc. | 1.94% | 55,419 | $10.9M | Reduce -2.2% |
| GSK GSK PLC-Spon ADR | 1.90% | 262,077 | $10.7M | Reduce -2.2% |
| GOOGL Alphabet Inc. Class A | 1.81% | 61,291 | $10.2M | Add +12.7% |
| LEGH Legacy Housing Corp. | 1.71% | 352,935 | $9.7M | Reduce -0.5% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 1.69% | 96,640 | $9.5M | Add +9.4% |
| VZ Verizon Communications Inc. | 1.57% | 196,732 | $8.8M | Reduce -35.3% |
| WAL Western Alliance Bancorp | 1.53% | 99,589 | $8.6M | Add +624.5% |
| HUBB Hubbell Inc. | 1.37% | 18,025 | $7.7M | Reduce -18.4% |
| HHH Howard Hughes Holdings Inc. | 1.36% | 99,020 | $7.7M | New |
| EME Emcor Group Inc. | 1.26% | 16,511 | $7.1M | Add +14.9% |
| CME Cme Group Inc. | 1.24% | 31,549 | $7.0M | New |
| ABG Asbury Automotive Group | 1.21% | 28,624 | $6.8M | Reduce -5.0% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 1.15% | 104,882 | $6.5M | Reduce -1.8% |
| LAMR Lamar Advertising Co. Class A | 1.06% | 44,605 | $6.0M | Add +6.2% |
| UL Unilever PLC | 1.02% | 88,467 | $5.7M | Add +59.5% |
| EEX Emerald Holding Inc. | 1.01% | 1,134,139 | $5.7M | Add +22.6% |
| FLUT Flutter Entertainment PLC-Di | 0.94% | 22,302 | $5.3M | Reduce -4.9% |
| FERG Ferguson Enterprises Inc. | 0.90% | 25,561 | $5.1M | Reduce -13.5% |
| SHV iShares 0-1 Year Treasury Bo | 0.83% | 42,098 | $4.7M | Reduce -27.8% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.82% | 146,253 | $4.6M | Add +10.8% |
| VUSB Vanguard Ultra Short Bond Et | 0.81% | 91,620 | $4.6M | Reduce -5.2% |
| DSGR Distribution Solutions Group | 0.81% | 118,190 | $4.6M | Add +47.4% |
| NIC Nicolet Bankshares Inc. | 0.76% | 44,568 | $4.3M | Add +1.4% |
| FA First Advantage Corp. | 0.74% | 211,230 | $4.2M | Reduce -5.5% |
| VGSH Vanguard Short-Term Treasury | 0.73% | 69,657 | $4.1M | No change |
| ESI Element Solutions Inc. | 0.71% | 146,559 | $4.0M | Reduce -5.1% |
| VCIT Vanguard Int-Term Corporate | 0.64% | 42,929 | $3.6M | Add +54.9% |
| SKY Champion Homes Inc. | 0.60% | 35,902 | $3.4M | Reduce -5.4% |
| VOO Vanguard S&P 500 ETF | 0.60% | 6,443 | $3.4M | No change |
| SSB Southstate Bank Corp. | 0.60% | 34,911 | $3.4M | Add +25.2% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.55% | 57,761 | $3.1M | Add +72.1% |
| HD Home Depot Inc. | 0.54% | 7,472 | $3.0M | Reduce -4.7% |
| FRME First Merchants Corp. | 0.53% | 79,650 | $3.0M | Add +54.4% |
| VIG Vanguard Dividend Apprec ETF | 0.49% | 13,985 | $2.8M | No change |
| EXP Eagle Materials Inc. | 0.47% | 9,235 | $2.7M | Add +34.4% |
| WBS Webster Financial Corp. | 0.43% | 52,362 | $2.4M | Reduce -4.1% |
| CASS Cass Information Systems Inc. | 0.43% | 58,725 | $2.4M | Reduce -5.0% |
| HQY Healthequity Inc. | 0.42% | 29,055 | $2.4M | Reduce -5.5% |
| AEO American Eagle Outfitters | 0.42% | 106,110 | $2.4M | Add +91.4% |
| GO Grocery Outlet Holding Corp. | 0.42% | 133,985 | $2.4M | Reduce -75.2% |
| ALG Alamo Group Inc. | 0.41% | 12,830 | $2.3M | Add +41.5% |
| OSW Onespaworld Holdings Ltd. | 0.39% | 133,730 | $2.2M | Reduce -5.6% |
| FND Floor & Decor Holdings Inc. Class A | 0.38% | 17,156 | $2.1M | Reduce -5.4% |
| CDW CDW Corp. | 0.38% | 9,374 | $2.1M | Reduce -2.9% |
| BC Brunswick Corp. | 0.37% | 24,960 | $2.1M | Reduce -10.7% |
| PBI Pitney Bowes Inc. | 0.36% | 288,000 | $2.1M | Add +23.8% |
| MCRI Monarch Casino & Resort Inc. | 0.36% | 25,437 | $2.0M | Reduce -76.2% |
| DAC Danaos Corp. | 0.35% | 22,909 | $2.0M | Reduce -3.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 4,287 | $2.0M | Reduce -6.2% |
| RSP Invesco S&P 500 Equal Weight | 0.35% | 10,999 | $2.0M | Add +0.0% |
| AZO AutoZone Inc. | 0.35% | 620 | $2.0M | Reduce -6.1% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.34% | 24,189 | $1.9M | Reduce -6.8% |
| BELFA Bel Fuse Inc. Class A | 0.34% | 19,242 | $1.9M | No change |
| JPM JPMorgan Chase & Co. | 0.33% | 8,932 | $1.9M | Reduce -14.2% |
| ACN Accenture PLC Class A | 0.32% | 5,070 | $1.8M | Reduce -4.8% |
| STLD Steel Dynamics Inc. | 0.32% | 14,082 | $1.8M | Reduce -5.4% |
| ARES Ares Management Corp. Class A | 0.31% | 11,342 | $1.8M | Reduce -4.7% |
| AXP American Express Co. | 0.31% | 6,477 | $1.8M | Reduce -6.2% |
| VVV Valvoline Inc. | 0.30% | 40,750 | $1.7M | Reduce -5.2% |
| MBB iShares MBS ETF | 0.30% | 17,518 | $1.7M | No change |
| AAPL Apple Inc. | 0.30% | 7,194 | $1.7M | Add +16.2% |
| NTAP Netapp Inc. | 0.30% | 13,510 | $1.7M | Reduce -4.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.29% | 40,726 | $1.6M | Reduce -15.5% |
| UNP Union Pacific Corp. | 0.29% | 6,546 | $1.6M | Add +8.2% |
| ALKT Alkami Technology Inc. | 0.28% | 50,286 | $1.6M | Reduce -22.5% |
| PZZA Papa John's Intl Inc. | 0.28% | 28,830 | $1.6M | Reduce -4.9% |
| IBTE iShares Ibonds Dec 2024 Term | 0.27% | 64,180 | $1.5M | No change |
| ATR Aptargroup Inc. | 0.27% | 9,410 | $1.5M | Reduce -4.6% |
| CPK Chesapeake Utilities Corp. | 0.26% | 11,946 | $1.5M | Reduce -6.1% |
| LMT Lockheed Martin Corp. | 0.26% | 2,532 | $1.5M | Reduce -49.6% |
| ALTG Alta Equipment Group Inc. | 0.26% | 215,240 | $1.5M | Reduce -4.9% |
| CVX Chevron Corp. | 0.26% | 9,781 | $1.4M | Add +8.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 12,144 | $1.4M | Reduce -6.0% |
| LRCX Lam Research Corp. | 0.25% | 1,749 | $1.4M | Reduce -4.1% |
| PI Impinj Inc. | 0.25% | 6,589 | $1.4M | Reduce -3.3% |
| SYBT Stock Yards Bancorp Inc. | 0.25% | 22,620 | $1.4M | New |
| EHC Encompass Health Corp. | 0.25% | 14,371 | $1.4M | Reduce -3.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.24% | 5,095 | $1.3M | No change |
| ORCL Oracle Corp. | 0.24% | 7,812 | $1.3M | Reduce -4.9% |
| IBTF iShares Ibonds Dec 2025 Term | 0.23% | 56,110 | $1.3M | New |
| GTES Gates Industrial Corp. UK Ltd. | 0.23% | 73,136 | $1.3M | Reduce -65.8% |
| ABT Abbott Laboratories | 0.22% | 11,023 | $1.3M | Reduce -6.0% |
| CTLP Cantaloupe Inc. | 0.22% | 168,850 | $1.2M | New |
Portfolio Sells Q2 2024 → Q3 2024
| GO Grocery Outlet Holding Corp. | Reduce -75.2% | 0.42% | −1.83 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −1.61 |
| MSFT Microsoft Corp. | Reduce -28.0% | 2.22% | −1.17 |
| MCRI Monarch Casino & Resort Inc. | Reduce -76.2% | 0.36% | −1.01 |
| VZ Verizon Communications Inc. | Reduce -35.3% | 1.57% | −0.79 |
| ESGR Enstar Group Ltd. | Reduce -22.7% | 2.56% | −0.77 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -65.8% | 0.23% | −0.41 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -27.8% | 0.83% | −0.38 |
| WSO Watsco Inc. | Reduce -82.4% | 0.08% | −0.37 |
| RS Reliance Inc. | Reduce -78.4% | 0.09% | −0.36 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.34 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -2.2% | 2.82% | −0.24 |
| BLKB Blackbaud Inc. | Sold out | 0.00% | −0.20 |
| LESLIES INC | Sold out | 0.00% | −0.18 |
| LMT Lockheed Martin Corp. | Reduce -49.6% | 0.26% | −0.18 |
| FERG Ferguson Enterprises Inc. | Reduce -13.5% | 0.90% | −0.17 |
| VET Vermilion Energy Inc. | Sold out | 0.00% | −0.17 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.15 |
| HUBB Hubbell Inc. | Reduce -18.4% | 1.37% | −0.15 |
| BRSL Brightstar Lottery PLC | Sold out | 0.00% | −0.12 |
| PRFT Perficient Inc. | Sold out | 0.00% | −0.12 |
| LRCX Lam Research Corp. | Reduce -4.1% | 0.25% | −0.11 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -5.2% | 0.81% | −0.09 |
| ALTG Alta Equipment Group Inc. | Reduce -4.9% | 0.26% | −0.08 |
| ESI Element Solutions Inc. | Reduce -5.1% | 0.71% | −0.08 |
| ABG Asbury Automotive Group | Reduce -5.0% | 1.21% | −0.08 |
| HQY Healthequity Inc. | Reduce -5.5% | 0.42% | −0.08 |
| BAC Bank of America Corp. | Reduce -15.5% | 0.29% | −0.07 |
| HRB H&R Block Inc. | Reduce -36.8% | 0.17% | −0.07 |
| ALKT Alkami Technology Inc. | Reduce -22.5% | 0.28% | −0.07 |
| EVRI Everi Holdings Inc. | Sold out | 0.00% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -14.2% | 0.33% | −0.06 |
| DAC Danaos Corp. | Reduce -3.9% | 0.35% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.06 |
| STLD Steel Dynamics Inc. | Reduce -5.4% | 0.32% | −0.05 |
| VVV Valvoline Inc. | Reduce -5.2% | 0.30% | −0.05 |
| NTAP Netapp Inc. | Reduce -4.5% | 0.30% | −0.05 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -32.2% | 0.05% | −0.04 |
| STLA Stellantis NV | Sold out | 0.00% | −0.04 |
| COP Conocophillips | Reduce -6.2% | 0.17% | −0.04 |
| GSK GSK PLC-Spon ADR | Reduce -2.2% | 1.90% | −0.04 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -6.8% | 0.34% | −0.04 |
| CASS Cass Information Systems Inc. | Reduce -5.0% | 0.43% | −0.03 |
| CDW CDW Corp. | Reduce -2.9% | 0.38% | −0.03 |
| DINO HF Sinclair Corp. | Reduce -3.1% | 0.09% | −0.03 |
| MTDR Matador Resources Co. | Reduce -3.0% | 0.08% | −0.03 |
| NVT Nvent Electric PLC | Reduce -3.1% | 0.12% | −0.02 |
| HI Hillenbrand Inc. | Reduce -3.1% | 0.04% | −0.02 |
| AVGO Broadcom Inc. | Reduce -2.1% | 3.01% | −0.02 |
| AZO AutoZone Inc. | Reduce -6.1% | 0.35% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| WAL Western Alliance Bancorp | Add +624.5% | 1.53% | +1.37 |
| HHH Howard Hughes Holdings Inc. | New | 1.36% | +1.36 |
| CME Cme Group Inc. | New | 1.24% | +1.24 |
| MTG Mgic Investment Corp. | Add +57.6% | 2.19% | +0.95 |
| PHIN Phinia Inc. | Add +19.1% | 3.03% | +0.73 |
| AEP American Electric Power | Add +21.4% | 1.95% | +0.50 |
| BELFB Bel Fuse Inc. Class B | Add +2.8% | 3.43% | +0.49 |
| UL Unilever PLC | Add +59.5% | 1.02% | +0.45 |
| PRSU Pursuit Attractions and Hosp | Add +17.8% | 2.77% | +0.41 |
| DSGR Distribution Solutions Group | Add +47.4% | 0.81% | +0.36 |
| EME Emcor Group Inc. | Add +14.9% | 1.26% | +0.28 |
| SYBT Stock Yards Bancorp Inc. | New | 0.25% | +0.25 |
| IBTF iShares Ibonds Dec 2025 Term | New | 0.23% | +0.23 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +72.1% | 0.55% | +0.23 |
| VCIT Vanguard Int-Term Corporate | Add +54.9% | 0.64% | +0.22 |
| CTLP Cantaloupe Inc. | New | 0.22% | +0.22 |
| KDP Keurig Dr Pepper Inc. | Add +5.9% | 2.01% | +0.22 |
| AEO American Eagle Outfitters | Add +91.4% | 0.42% | +0.21 |
| FRME First Merchants Corp. | Add +54.4% | 0.53% | +0.20 |
| SSB Southstate Bank Corp. | Add +25.2% | 0.60% | +0.20 |
| EXP Eagle Materials Inc. | Add +34.4% | 0.47% | +0.19 |
| META Meta Platforms Inc. Class A | New | 0.16% | +0.16 |
| PBI Pitney Bowes Inc. | Add +23.8% | 0.36% | +0.14 |
| AX Axos Financial Inc. | New | 0.13% | +0.13 |
| ALG Alamo Group Inc. | Add +41.5% | 0.41% | +0.12 |
| LAMR Lamar Advertising Co. Class A | Add +6.2% | 1.06% | +0.11 |
| JBTM JBT Marel Corp. | Add +9.4% | 1.69% | +0.11 |
| NIC Nicolet Bankshares Inc. | Add +1.4% | 0.76% | +0.07 |
| AAPL Apple Inc. | Add +16.2% | 0.30% | +0.05 |
| UNP Union Pacific Corp. | Add +8.2% | 0.29% | +0.03 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Add +10.8% | 0.82% | +0.02 |
| XOM Exxon Mobil Corp. | Add +15.0% | 0.18% | +0.02 |
| SHY iShares 1-3 Year Treasury Bo | Add +15.7% | 0.17% | +0.02 |
| EEX Emerald Holding Inc. | Add +22.6% | 1.01% | +0.01 |
| RSP Invesco S&P 500 Equal Weight | Add +0.0% | 0.35% | +0.01 |
| SUPN Supernus Pharmaceuticals Inc. | Add +2.0% | 0.09% | +0.01 |
| FDUS Fidus Investment Corp. | Add +3.7% | 0.04% | −0.00 |
| WSR Whitestone REIT | Add +3.3% | 0.14% | −0.00 |
| BXSL Blackstone Secured Lending F | Add +8.0% | 0.05% | −0.00 |
| ARCC Ares Capital Corp. | Add +2.9% | 0.12% | −0.00 |
| CVX Chevron Corp. | Add +8.7% | 0.26% | −0.01 |
| GOOGL Alphabet Inc. Class A | Add +12.7% | 1.81% | −0.06 |
| TRS Trimas Corp. | Add +0.3% | 2.42% | −0.14 |
| MRK Merck & Co. Inc. | Add +3.4% | 2.09% | −0.24 |
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 |