Advisory Research Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Advisory Research Inc. reported 152 stock positions worth $601.7 million. Its top holding was Bel Fuse Class B (BELFB) at 4.3% of the portfolio, followed by JBT Marel (JBTM, 3.9%) and Broadcom (AVGO, 3.7%). Compared with Q3 2024, it opened 9 new positions, sold out of 13, added to 72 and reduced 51. The biggest buy was JBT Marel (JBTM, shares +93%) and the biggest sale an exit from Merck (MRK).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0000902584
Portfolio Value
$601.7M (Q4 2024)
SEC Filing
0001085146-25-001329 ↗ filed Feb 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $502.9M Q1 2024 Q2 2024: $531.6M Q2 2024 Q3 2024: $562.9M Q3 2024 Q4 2024: $601.7M $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 152 stocks · $601.7M
BELFB Bel Fuse Inc. Class B 4.30% 313,446 $25.8M Add +27.4%
JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP 3.94% 186,540 $23.7M Add +93.0%
AVGO Broadcom Inc. 3.75% 97,296 $22.6M Reduce -0.8%
PHIN Phinia Inc. 3.32% 415,140 $20.0M Add +12.1%
TRS Trimas Corp. 3.08% 754,089 $18.5M Add +41.2%
PRSU Pursuit Attractions and Hosp filed as VIAD CORP 3.02% 427,259 $18.2M Reduce -1.9%
TSM Taiwan Semiconductor-SP ADR 2.96% 90,273 $17.8M Reduce -1.1%
MLR Miller Industries Inc. 2.95% 271,658 $17.8M Reduce -26.8%
TPR Tapestry Inc. 2.60% 239,007 $15.6M Reduce -1.0%
PM Philip Morris International 2.42% 120,785 $14.5M Add +29.1%
MTG Mgic Investment Corp. 2.39% 605,467 $14.4M Add +25.9%
SSB Southstate Bank Corp. 2.13% 129,104 $12.8M Add +269.8%
WAL Western Alliance Bancorp 2.11% 152,029 $12.7M Add +52.7%
PFGC Performance Food Group Co. 2.11% 150,131 $12.7M Add +1.2%
MSFT Microsoft Corp. 2.02% 28,854 $12.2M Reduce -0.7%
ESGR Enstar Group Ltd. 2.00% 37,402 $12.0M Reduce -16.4%
LEGH Legacy Housing Corp. 1.94% 472,935 $11.7M Add +34.0%
UNH Unitedhealth Group Inc. 1.88% 22,378 $11.3M Reduce -0.7%
GOOGL Alphabet Inc. Class A 1.81% 57,660 $10.9M Reduce -5.9%
AEP American Electric Power 1.63% 106,204 $9.8M Reduce -0.8%
OPLN Openlane Inc. 1.62% 492,011 $9.8M New
ABBV Abbvie Inc. 1.62% 54,930 $9.8M Reduce -0.9%
KDP Keurig Dr Pepper Inc. 1.59% 297,621 $9.6M Reduce -1.4%
HHH Howard Hughes Holdings Inc. 1.39% 109,020 $8.4M Add +10.1%
GSK GSK PLC-Spon ADR 1.36% 241,974 $8.2M Reduce -7.7%
VZ Verizon Communications Inc. 1.30% 195,904 $7.8M Reduce -0.4%
HUBB Hubbell Inc. 1.24% 17,824 $7.5M Reduce -1.1%
EME Emcor Group Inc. 1.23% 16,340 $7.4M Reduce -1.0%
CME Cme Group Inc. 1.21% 31,371 $7.3M Reduce -0.6%
EEX Emerald Holding Inc. 1.05% 1,309,139 $6.3M Add +15.4%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC 0.98% 103,575 $5.9M Reduce -1.3%
SHV iShares 0-1 Year Treasury Bo 0.95% 52,088 $5.7M Add +23.7%
FLUT Flutter Entertainment PLC-Di 0.94% 21,781 $5.6M Reduce -2.3%
LAMR Lamar Advertising Co. Class A 0.90% 44,279 $5.4M Reduce -0.7%
UL Unilever PLC 0.82% 87,503 $5.0M Reduce -1.1%
NIC Nicolet Bankshares Inc. 0.78% 44,723 $4.7M Add +0.3%
FERG Ferguson Enterprises Inc. 0.77% 26,648 $4.6M Add +4.3%
ESI Element Solutions Inc. 0.71% 167,029 $4.2M Add +14.0%
VGSH Vanguard Short-Term Treasury 0.67% 69,657 $4.1M No change
FA First Advantage Corp. 0.66% 212,446 $4.0M Add +0.6%
HMC Honda Motor Co. Ltd.-Spons ADR 0.62% 129,673 $3.7M Reduce -11.3%
ABG Asbury Automotive Group 0.60% 14,821 $3.6M Reduce -48.2%
VOO Vanguard S&P 500 ETF 0.58% 6,522 $3.5M Add +1.2%
VCIT Vanguard Int-Term Corporate 0.57% 42,929 $3.4M No change
FRME First Merchants Corp. 0.53% 79,515 $3.2M Reduce -0.2%
SKY Champion Homes Inc. 0.52% 35,687 $3.1M Reduce -0.6%
DSGR Distribution Solutions Group 0.50% 88,090 $3.0M Reduce -25.5%
IGIB iShares 5-10Y Inv Grade Corp. 0.49% 57,761 $3.0M No change
HD Home Depot Inc. 0.48% 7,481 $2.9M Add +0.1%
WBS Webster Financial Corp. 0.48% 52,362 $2.9M No change
SGOV iShares 0-3 Month Treasury B 0.47% 28,346 $2.8M New
HQY Healthequity Inc. 0.46% 29,085 $2.8M Add +0.1%
VIG Vanguard Dividend Apprec ETF 0.46% 13,985 $2.7M No change
OSW Onespaworld Holdings Ltd. 0.44% 133,316 $2.7M Reduce -0.3%
ALG Alamo Group Inc. 0.40% 12,830 $2.4M No change
TTGT Techtarget Inc. 0.39% 119,268 $2.4M New
NCNO Ncino Inc. 0.39% 69,477 $2.3M New
EXP Eagle Materials Inc. 0.38% 9,255 $2.3M Add +0.2%
ACWI iShares MSCI Acwi ETF 0.37% 18,907 $2.2M Add +571.4%
PBI Pitney Bowes Inc. 0.35% 288,860 $2.1M Add +0.3%
AZO AutoZone Inc. 0.34% 632 $2.0M Add +1.9%
MCRI Monarch Casino & Resort Inc. 0.33% 25,445 $2.0M Add +0.0%
ARES Ares Management Corp. Class A 0.33% 11,336 $2.0M Reduce -0.1%
GO Grocery Outlet Holding Corp. 0.33% 128,200 $2.0M Reduce -4.3%
BRK.B Berkshire Hathaway Inc. Class B 0.33% 4,318 $2.0M Add +0.7%
JPM JPMorgan Chase & Co. 0.32% 8,136 $2.0M Reduce -8.9%
RSP Invesco S&P 500 Equal Weight 0.32% 11,001 $1.9M Add +0.0%
CDW CDW Corp. 0.32% 10,984 $1.9M Add +17.2%
VCSH Vanguard S/T Corp. Bond ETF 0.31% 24,189 $1.9M No change
DAC Danaos Corp. 0.31% 23,116 $1.9M Add +0.9%
AAPL Apple Inc. 0.30% 7,190 $1.8M Reduce -0.1%
ACN Accenture PLC Class A 0.29% 5,038 $1.8M Reduce -0.6%
BELFA Bel Fuse Inc. Class A 0.29% 19,242 $1.7M No change
CASS Cass Information Systems Inc. 0.29% 42,110 $1.7M Reduce -28.3%
FND Floor & Decor Holdings Inc. Class A 0.29% 17,271 $1.7M Add +0.7%
AXP American Express Co. 0.28% 5,628 $1.7M Reduce -13.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 37,043 $1.6M Reduce -9.0%
SYBT Stock Yards Bancorp Inc. 0.27% 22,700 $1.6M Add +0.3%
BC Brunswick Corp. 0.27% 25,030 $1.6M Add +0.3%
AEO American Eagle Outfitters 0.27% 96,743 $1.6M Reduce -8.8%
MBB iShares MBS ETF 0.27% 17,518 $1.6M No change
STLD Steel Dynamics Inc. 0.26% 13,921 $1.6M Reduce -1.1%
NTAP Netapp Inc. 0.26% 13,433 $1.6M Reduce -0.6%
UNP Union Pacific Corp. 0.25% 6,650 $1.5M Add +1.6%
VVV Valvoline Inc. 0.25% 41,045 $1.5M Add +0.7%
ATR Aptargroup Inc. 0.25% 9,425 $1.5M Add +0.2%
CPK Chesapeake Utilities Corp. 0.25% 12,163 $1.5M Add +1.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.24% 12,149 $1.5M Add +0.0%
CVX Chevron Corp. 0.24% 9,923 $1.4M Add +1.4%
AX Axos Financial Inc. 0.24% 20,315 $1.4M Add +68.5%
MCD McDonald's Corp. 0.22% 4,668 $1.4M Add +19.3%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.22% 5,095 $1.3M No change
GTES Gates Industrial Corp. UK Ltd. 0.22% 65,048 $1.3M Reduce -11.1%
EHC Encompass Health Corp. 0.22% 14,449 $1.3M Add +0.5%
ORCL Oracle Corp. 0.22% 7,812 $1.3M No change
ABT Abbott Laboratories 0.21% 11,279 $1.3M Add +2.3%
LRCX Lam Research Corp. 0.21% 17,271 $1.2M Reduce -1.3%
LMT Lockheed Martin Corp. 0.20% 2,532 $1.2M No change
ALTG Alta Equipment Group Inc. 0.20% 186,480 $1.2M Reduce -13.4%
SMCI Super Micro Computer Inc. 0.20% 39,188 $1.2M New
CTLP Cantaloupe Inc. 0.20% 124,850 $1.2M Reduce -26.1%
PZZA Papa John's Intl Inc. 0.20% 28,830 $1.2M No change
ALSN Allison Transmission Holding 0.19% 10,778 $1.2M Add +0.5%
COP Conocophillips 0.19% 11,660 $1.2M Add +31.5%
BRBR Bellring Brands Inc. 0.19% 15,115 $1.1M Add +0.5%
VEA Vanguard Ftse Developed ETF 0.18% 22,817 $1.1M No change
UNM Unum Group 0.18% 14,621 $1.1M Add +0.5%
VUSB Vanguard Ultra Short Bond Et 0.18% 21,243 $1.1M Reduce -76.8%
RRX Regal Rexnord Corp. 0.17% 6,710 $1.0M Add +1.5%
UFPI Ufp Industries Inc. 0.16% 8,701 $980K Add +0.5%
PI Impinj Inc. 0.16% 6,609 $960K Add +0.3%
XOM Exxon Mobil Corp. 0.16% 8,786 $945K Add +1.8%
SHY iShares 1-3 Year Treasury Bo 0.16% 11,526 $945K Add +1.7%
META Meta Platforms Inc. Class A 0.16% 1,599 $936K Add +0.1%
IGSB iShares 1-5Y Inv Grade Corp. 0.15% 17,830 $922K No change
PRGS Progress Software Corp. 0.15% 13,623 $888K Add +0.5%
XBI SS SPDR S&P Biotech ETF 0.14% 9,560 $861K Add +0.5%
NRG NRG Energy Inc. 0.14% 9,396 $848K Add +0.6%
WSR Whitestone REIT 0.13% 56,902 $806K Add +0.5%
BX Blackstone Inc. 0.13% 4,667 $805K Reduce -24.3%
HRB H&R Block Inc. filed as BLOCK H & R INC 0.13% 15,075 $797K Add +0.6%
ARCC Ares Capital Corp. 0.12% 32,056 $702K Reduce -2.5%
NVT Nvent Electric PLC 0.11% 9,928 $677K Add +0.3%
FUL H.B. Fuller Co. filed as FULLER H B CO 0.11% 9,518 $642K Add +0.6%
GENI Genius Sports Ltd. 0.11% 74,156 $641K Add +0.4%
SUPN Supernus Pharmaceuticals Inc. 0.10% 17,179 $621K Add +0.5%
HI Hillenbrand Inc. 0.10% 19,739 $608K Add +155.1%
ADUS Addus Homecare Corp. 0.10% 4,778 $599K Add +0.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.10% 1,021 $598K New
BYD Boyd Gaming Corp. 0.09% 7,630 $553K Add +0.5%
PATK Patrick Industries Inc. 0.09% 6,614 $549K Add +0.5%
ORRF Orrstown Finl Services Inc. 0.09% 14,651 $536K New
MTDR Matador Resources Co. 0.09% 9,473 $533K Add +0.5%
AMPH Amphastar Pharmaceuticals Inc. 0.09% 13,853 $514K Add +0.3%
SAIC Science Applications Inte 0.08% 4,519 $505K Add +0.5%
OC Owens Corning 0.08% 2,910 $496K Add +0.5%
RS Reliance Inc. 0.08% 1,819 $490K Add +0.4%
NEE Nextera Energy Inc. 0.08% 6,485 $465K No change
RYZ Ryerson Holding Corp. 0.07% 24,228 $448K Add +0.5%
SR Spire Inc. 0.06% 5,294 $359K Add +0.6%
BXSL Blackstone Secured Lending F 0.05% 9,779 $316K Reduce -5.8%
IEV iShares Europe ETF 0.05% 5,938 $309K New
CUE Cue Biopharma Inc. 0.05% 257,225 $280K No change
MAIN Main Street Capital Corp. 0.04% 4,623 $271K Reduce -10.4%
HTGC Hercules Capital Inc. 0.04% 12,695 $255K Reduce -1.1%
TSLX Sixth Street Specialty Lendi 0.04% 11,391 $243K Reduce -4.0%
FSK FS KKR Capital Corp. 0.04% 10,952 $238K Reduce -3.4%
ATOM Atomera Inc. 0.04% 20,000 $232K No change
NOBL Proshares S&P 500 Dividend A 0.04% 2,231 $222K No change
FDUS Fidus Investment Corp. 0.04% 10,229 $215K Reduce -4.5%
BEAT Heartbeam Inc. 0.02% 50,000 $115K No change
NKGN Nkgen Biotech Inc. 0.00% 43,088 $28K New

Portfolio Sells Q3 2024 → Q4 2024
MRK Merck & Co. Inc. Sold out 0.00% −2.09
MLR Miller Industries Inc. Reduce -26.8% 2.95% −1.07
VUSB Vanguard Ultra Short Bond Et Reduce -76.8% 0.18% −0.64
ABG Asbury Automotive Group Reduce -48.2% 0.60% −0.61
ESGR Enstar Group Ltd. Reduce -16.4% 2.00% −0.55
GSK GSK PLC-Spon ADR Reduce -7.7% 1.36% −0.54
UNH Unitedhealth Group Inc. Reduce -0.7% 1.88% −0.46
KDP Keurig Dr Pepper Inc. Reduce -1.4% 1.59% −0.42
AEP American Electric Power Reduce -0.8% 1.63% −0.32
ABBV Abbvie Inc. Reduce -0.9% 1.62% −0.32
DSGR Distribution Solutions Group Reduce -25.5% 0.50% −0.30
ALKT Alkami Technology Inc. Sold out 0.00% −0.28
IBTE iShares Ibonds Dec 2024 Term Sold out 0.00% −0.27
VZ Verizon Communications Inc. Reduce -0.4% 1.30% −0.27
IBTF iShares Ibonds Dec 2025 Term Sold out 0.00% −0.23
HMC Honda Motor Co. Ltd.-Spons ADR Reduce -11.3% 0.62% −0.21
MSFT Microsoft Corp. Reduce -0.7% 2.02% −0.20
UL Unilever PLC Reduce -1.1% 0.82% −0.20
KB KB Financial Group Inc.-ADR Reduce -1.3% 0.98% −0.17
HSY The Hershey Co. Sold out 0.00% −0.17
LAMR Lamar Advertising Co. Class A Reduce -0.7% 0.90% −0.16
AEO American Eagle Outfitters Reduce -8.8% 0.27% −0.15
CASS Cass Information Systems Inc. Reduce -28.3% 0.29% −0.15
HUBB Hubbell Inc. Reduce -1.1% 1.24% −0.13
ARW Arrow Electronics Inc. Sold out 0.00% −0.13
INSE Inspired Entertainment Inc. Sold out 0.00% −0.12
DINO HF Sinclair Corp. Sold out 0.00% −0.09
GO Grocery Outlet Holding Corp. Reduce -4.3% 0.33% −0.09
SKY Champion Homes Inc. Reduce -0.6% 0.52% −0.08
WSO Watsco Inc. Sold out 0.00% −0.08
MSTR Strategy Inc. Sold out 0.00% −0.06
ALTG Alta Equipment Group Inc. Reduce -13.4% 0.20% −0.06
STLD Steel Dynamics Inc. Reduce -1.1% 0.26% −0.05
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.05
LRCX Lam Research Corp. Reduce -1.3% 0.21% −0.05
NTAP Netapp Inc. Reduce -0.6% 0.26% −0.04
OCSL Oaktree Specialty Lending Co. Sold out 0.00% −0.04
AXP American Express Co. Reduce -13.1% 0.28% −0.03
BX Blackstone Inc. Reduce -24.3% 0.13% −0.03
EME Emcor Group Inc. Reduce -1.0% 1.23% −0.03
CME Cme Group Inc. Reduce -0.6% 1.21% −0.03
CTLP Cantaloupe Inc. Reduce -26.1% 0.20% −0.02
RWAY Runway Growth Finance Corp. Sold out 0.00% −0.02
ACN Accenture PLC Class A Reduce -0.6% 0.29% −0.02
BAC Bank of America Corp. Reduce -9.0% 0.27% −0.02
JPM JPMorgan Chase & Co. Reduce -8.9% 0.32% −0.01
ARCC Ares Capital Corp. Reduce -2.5% 0.12% −0.01
GTES Gates Industrial Corp. UK Ltd. Reduce -11.1% 0.22% −0.01
FLUT Flutter Entertainment PLC-Di Reduce -2.3% 0.94% −0.00
TSLX Sixth Street Specialty Lendi Reduce -4.0% 0.04% −0.00

Portfolio Buys Q3 2024 → Q4 2024
JBTM JBT Marel Corp. Add +93.0% 3.94% +2.25
OPLN Openlane Inc. New 1.62% +1.62
SSB Southstate Bank Corp. Add +269.8% 2.13% +1.53
BELFB Bel Fuse Inc. Class B Add +27.4% 4.30% +0.87
TRS Trimas Corp. Add +41.2% 3.08% +0.66
WAL Western Alliance Bancorp Add +52.7% 2.11% +0.58
SGOV iShares 0-3 Month Treasury B New 0.47% +0.47
PM Philip Morris International Add +29.1% 2.42% +0.40
TTGT Techtarget Inc. New 0.39% +0.39
NCNO Ncino Inc. New 0.39% +0.39
ACWI iShares MSCI Acwi ETF Add +571.4% 0.37% +0.31
PHIN Phinia Inc. Add +12.1% 3.32% +0.29
LEGH Legacy Housing Corp. Add +34.0% 1.94% +0.23
MTG Mgic Investment Corp. Add +25.9% 2.39% +0.20
SMCI Super Micro Computer Inc. New 0.20% +0.20
SHV iShares 0-1 Year Treasury Bo Add +23.7% 0.95% +0.13
AX Axos Financial Inc. Add +68.5% 0.24% +0.10
SPY SS SPDR S&P 500 ETF Trust-US New 0.10% +0.10
ORRF Orrstown Finl Services Inc. New 0.09% +0.09
HI Hillenbrand Inc. Add +155.1% 0.10% +0.06
IEV iShares Europe ETF New 0.05% +0.05
PFGC Performance Food Group Co. Add +1.2% 2.11% +0.04
EEX Emerald Holding Inc. Add +15.4% 1.05% +0.04
HQY Healthequity Inc. Add +0.1% 0.46% +0.04
HHH Howard Hughes Holdings Inc. Add +10.1% 1.39% +0.03
BRBR Bellring Brands Inc. Add +0.5% 0.19% +0.03
COP Conocophillips Add +31.5% 0.19% +0.03
UNM Unum Group Add +0.5% 0.18% +0.02
NIC Nicolet Bankshares Inc. Add +0.3% 0.78% +0.02
SYBT Stock Yards Bancorp Inc. Add +0.3% 0.27% +0.02
MCD McDonald's Corp. Add +19.3% 0.22% +0.01
ALSN Allison Transmission Holding Add +0.5% 0.19% +0.01
SUPN Supernus Pharmaceuticals Inc. Add +0.5% 0.10% +0.01
MTDR Matador Resources Co. Add +0.5% 0.09% +0.01
BYD Boyd Gaming Corp. Add +0.5% 0.09% +0.00
NKGN Nkgen Biotech Inc. New 0.00% +0.00
GENI Genius Sports Ltd. Add +0.4% 0.11% +0.00
ESI Element Solutions Inc. Add +14.0% 0.71% −0.00
WSR Whitestone REIT Add +0.5% 0.13% −0.00
SR Spire Inc. Add +0.6% 0.06% −0.00
META Meta Platforms Inc. Class A Add +0.1% 0.16% −0.01
OC Owens Corning Add +0.5% 0.08% −0.01
TJX TJX Companies Inc. Add +0.0% 0.24% −0.01
SHY iShares 1-3 Year Treasury Bo Add +1.7% 0.16% −0.01
NRG NRG Energy Inc. Add +0.6% 0.14% −0.01
AZO AutoZone Inc. Add +1.9% 0.34% −0.01
RYZ Ryerson Holding Corp. Add +0.5% 0.07% −0.01
NVT Nvent Electric PLC Add +0.3% 0.11% −0.01
ABT Abbott Laboratories Add +2.3% 0.21% −0.01
RS Reliance Inc. Add +0.4% 0.08% −0.01

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