Advisory Research Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Advisory Research Inc. reported 148 stock positions worth $567.3 million. Its top holding was Bel Fuse Class B (BELFB) at 4.9% of the portfolio, followed by JBT Marel (JBTM, 4.2%) and Trimas (TRS, 4.1%). Compared with Q4 2024, it opened 4 new positions, sold out of 8, added to 62 and reduced 70. The biggest buy was a new position in Daily Journal (DJCO) and the biggest sale Miller Industries (MLR, shares −77%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000902584
- Portfolio Value
- $567.3M (Q1 2025)
- SEC Filing
- 0001085146-25-003120 ↗ filed May 14, 2025
Holdings Value
Holdings 148 stocks · $567.3M
| BELFB Bel Fuse Inc. Class B | 4.95% | 375,089 | $28.1M | Add +19.7% |
| JBTM JBT Marel Corp. | 4.22% | 196,081 | $24.0M | Add +5.1% |
| TRS Trimas Corp. | 4.10% | 992,778 | $23.3M | Add +31.6% |
| PM Philip Morris International | 3.65% | 130,533 | $20.7M | Add +8.1% |
| PHIN Phinia Inc. | 3.32% | 444,290 | $18.9M | Add +7.0% |
| PRSU Pursuit Attractions and Hosp | 3.01% | 481,960 | $17.1M | Add +12.8% |
| LEGH Legacy Housing Corp. | 2.83% | 637,052 | $16.1M | Add +34.7% |
| OPLN Openlane Inc. | 2.76% | 811,506 | $15.6M | Add +64.9% |
| TSM Taiwan Semiconductor-SP ADR | 2.45% | 83,870 | $13.9M | Reduce -7.1% |
| DJCO Daily Journal Corp. | 2.44% | 34,770 | $13.8M | New |
| MTG Mgic Investment Corp. | 2.30% | 527,071 | $13.1M | Reduce -12.9% |
| AVGO Broadcom Inc. | 2.15% | 72,902 | $12.2M | Reduce -25.1% |
| PFGC Performance Food Group Co. | 2.10% | 151,398 | $11.9M | Add +0.8% |
| ACWI iShares MSCI Acwi ETF | 2.06% | 100,374 | $11.7M | Add +430.9% |
| UNH Unitedhealth Group Inc. | 1.94% | 21,037 | $11.0M | Reduce -6.0% |
| ABBV Abbvie Inc. | 1.90% | 51,465 | $10.8M | Reduce -6.3% |
| AEP American Electric Power | 1.89% | 98,209 | $10.7M | Reduce -7.5% |
| TPR Tapestry Inc. | 1.88% | 151,445 | $10.7M | Reduce -36.6% |
| MSFT Microsoft Corp. | 1.83% | 27,597 | $10.4M | Reduce -4.4% |
| CME Cme Group Inc. | 1.82% | 38,831 | $10.3M | Add +23.8% |
| KDP Keurig Dr Pepper Inc. | 1.70% | 282,179 | $9.7M | Reduce -5.2% |
| SSB Southstate Bank Corp. | 1.69% | 103,215 | $9.6M | Reduce -20.1% |
| GSK GSK PLC-Spon ADR | 1.55% | 227,249 | $8.8M | Reduce -6.1% |
| VZ Verizon Communications Inc. | 1.49% | 186,635 | $8.5M | Reduce -4.7% |
| SGOV iShares 0-3 Month Treasury B | 1.31% | 73,559 | $7.4M | Add +159.5% |
| EEX Emerald Holding Inc. | 1.25% | 1,804,972 | $7.1M | Add +37.9% |
| GOOGL Alphabet Inc. Class A | 1.12% | 41,254 | $6.4M | Reduce -28.4% |
| AAPL Apple Inc. | 1.10% | 28,065 | $6.2M | Add +290.3% |
| HUBB Hubbell Inc. | 0.98% | 16,717 | $5.5M | Reduce -6.2% |
| CNNE Cannae Holdings Inc. | 0.97% | 300,000 | $5.5M | New |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.88% | 92,698 | $5.0M | Reduce -10.5% |
| UL Unilever PLC | 0.86% | 82,264 | $4.9M | Reduce -6.0% |
| WAL Western Alliance Bancorp | 0.86% | 63,509 | $4.9M | Reduce -58.2% |
| LAMR Lamar Advertising Co. Class A | 0.85% | 42,393 | $4.8M | Reduce -4.3% |
| NIC Nicolet Bankshares Inc. | 0.85% | 44,114 | $4.8M | Reduce -1.4% |
| SHV iShares 0-1 Year Treasury Bo | 0.82% | 42,103 | $4.7M | Reduce -19.2% |
| FLUT Flutter Entertainment PLC-Di | 0.76% | 19,338 | $4.3M | Reduce -11.2% |
| FERG Ferguson Enterprises Inc. | 0.75% | 26,595 | $4.3M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.73% | 7,156 | $4.1M | Add +347.5% |
| VGSH Vanguard Short-Term Treasury | 0.72% | 69,657 | $4.1M | No change |
| VCIT Vanguard Int-Term Corporate | 0.63% | 43,678 | $3.6M | Add +1.7% |
| FRME First Merchants Corp. | 0.57% | 79,308 | $3.2M | Reduce -0.3% |
| VOO Vanguard S&P 500 ETF | 0.54% | 5,975 | $3.1M | Reduce -8.4% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.54% | 113,122 | $3.1M | Reduce -12.8% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.53% | 57,761 | $3.0M | No change |
| ABG Asbury Automotive Group | 0.53% | 13,525 | $3.0M | Reduce -8.7% |
| HD Home Depot Inc. | 0.49% | 7,572 | $2.8M | Add +1.2% |
| VVV Valvoline Inc. | 0.49% | 79,284 | $2.8M | Add +93.2% |
| ACA Arcosa Inc. | 0.48% | 35,195 | $2.7M | New |
| MLR Miller Industries Inc. | 0.48% | 63,794 | $2.7M | Reduce -76.5% |
| WBS Webster Financial Corp. | 0.47% | 52,102 | $2.7M | Reduce -0.5% |
| PBI Pitney Bowes Inc. | 0.46% | 288,676 | $2.6M | Reduce -0.1% |
| NCNO Ncino Inc. | 0.46% | 94,073 | $2.6M | Add +35.4% |
| HQY Healthequity Inc. | 0.45% | 29,068 | $2.6M | Reduce -0.1% |
| VIG Vanguard Dividend Apprec ETF | 0.44% | 12,868 | $2.5M | Reduce -8.0% |
| EXP Eagle Materials Inc. | 0.43% | 11,039 | $2.4M | Add +19.3% |
| DSGR Distribution Solutions Group | 0.43% | 87,016 | $2.4M | Reduce -1.2% |
| AZO AutoZone Inc. | 0.40% | 598 | $2.3M | Reduce -5.4% |
| OSW Onespaworld Holdings Ltd. | 0.39% | 133,222 | $2.2M | Reduce -0.1% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.35% | 25,342 | $2.0M | Add +4.8% |
| MCRI Monarch Casino & Resort Inc. | 0.34% | 25,162 | $2.0M | Reduce -1.1% |
| DAC Danaos Corp. | 0.34% | 24,474 | $1.9M | Add +5.9% |
| STLD Steel Dynamics Inc. | 0.32% | 14,696 | $1.8M | Add +5.6% |
| RSP Invesco S&P 500 Equal Weight | 0.32% | 10,392 | $1.8M | Reduce -5.5% |
| CASS Cass Information Systems Inc. | 0.32% | 41,389 | $1.8M | Reduce -1.7% |
| TTGT Techtarget Inc. | 0.31% | 118,620 | $1.8M | Reduce -0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 3,254 | $1.7M | Reduce -24.6% |
| ARES Ares Management Corp. Class A | 0.30% | 11,751 | $1.7M | Add +3.7% |
| JPM JPMorgan Chase & Co. | 0.30% | 7,006 | $1.7M | Reduce -13.9% |
| CDW CDW Corp. | 0.30% | 10,520 | $1.7M | Reduce -4.2% |
| MBB iShares MBS ETF | 0.29% | 17,518 | $1.6M | No change |
| ACN Accenture PLC Class A | 0.29% | 5,242 | $1.6M | Add +4.0% |
| CVX Chevron Corp. | 0.28% | 9,436 | $1.6M | Reduce -4.9% |
| SYBT Stock Yards Bancorp Inc. | 0.28% | 22,683 | $1.6M | Reduce -0.1% |
| UNP Union Pacific Corp. | 0.26% | 6,330 | $1.5M | Reduce -4.8% |
| CPK Chesapeake Utilities Corp. | 0.26% | 11,583 | $1.5M | Reduce -4.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 35,361 | $1.5M | Reduce -4.5% |
| EHC Encompass Health Corp. | 0.26% | 14,489 | $1.5M | Add +0.3% |
| ALG Alamo Group Inc. | 0.26% | 8,211 | $1.5M | Reduce -36.0% |
| AXP American Express Co. | 0.26% | 5,389 | $1.4M | Reduce -4.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 11,627 | $1.4M | Reduce -4.3% |
| SKY Champion Homes Inc. | 0.25% | 14,701 | $1.4M | Reduce -58.8% |
| MCD McDonald's Corp. | 0.25% | 4,457 | $1.4M | Reduce -4.5% |
| COP Conocophillips | 0.24% | 13,236 | $1.4M | Add +13.5% |
| BELFA Bel Fuse Inc. Class A | 0.24% | 19,242 | $1.4M | No change |
| ATR Aptargroup Inc. | 0.24% | 9,314 | $1.4M | Reduce -1.2% |
| FND Floor & Decor Holdings Inc. Class A | 0.24% | 17,044 | $1.4M | Reduce -1.3% |
| HHH Howard Hughes Holdings Inc. | 0.24% | 18,294 | $1.4M | Reduce -83.2% |
| LRCX Lam Research Corp. | 0.23% | 18,332 | $1.3M | Add +6.1% |
| BC Brunswick Corp. | 0.23% | 24,676 | $1.3M | Reduce -1.4% |
| AX Axos Financial Inc. | 0.23% | 20,370 | $1.3M | Add +0.3% |
| AEO American Eagle Outfitters | 0.23% | 111,694 | $1.3M | Add +15.4% |
| OUT Outfront Media Inc. | 0.23% | 79,080 | $1.3M | New |
| ESI Element Solutions Inc. | 0.22% | 55,772 | $1.3M | Reduce -66.6% |
| ABT Abbott Laboratories | 0.22% | 9,374 | $1.2M | Reduce -16.9% |
| NTAP Netapp Inc. | 0.22% | 14,146 | $1.2M | Add +5.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.21% | 4,688 | $1.2M | Reduce -8.0% |
| UNM Unum Group | 0.21% | 14,661 | $1.2M | Add +0.3% |
| VEA Vanguard Ftse Developed ETF | 0.21% | 23,344 | $1.2M | Add +2.3% |
| LMT Lockheed Martin Corp. | 0.21% | 2,651 | $1.2M | Add +4.7% |
Portfolio Sells Q4 2024 → Q1 2025
| MLR Miller Industries Inc. | Reduce -76.5% | 0.48% | −2.47 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −2.00 |
| AVGO Broadcom Inc. | Reduce -25.1% | 2.15% | −1.60 |
| WAL Western Alliance Bancorp | Reduce -58.2% | 0.86% | −1.25 |
| HHH Howard Hughes Holdings Inc. | Reduce -83.2% | 0.24% | −1.15 |
| EME Emcor Group Inc. | Reduce -85.1% | 0.16% | −1.07 |
| TPR Tapestry Inc. | Reduce -36.6% | 1.88% | −0.72 |
| GOOGL Alphabet Inc. Class A | Reduce -28.4% | 1.12% | −0.69 |
| FA First Advantage Corp. | Sold out | 0.00% | −0.66 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.1% | 2.45% | −0.51 |
| ESI Element Solutions Inc. | Reduce -66.6% | 0.22% | −0.48 |
| SSB Southstate Bank Corp. | Reduce -20.1% | 1.69% | −0.45 |
| GO Grocery Outlet Holding Corp. | Sold out | 0.00% | −0.33 |
| SKY Champion Homes Inc. | Reduce -58.8% | 0.25% | −0.28 |
| HUBB Hubbell Inc. | Reduce -6.2% | 0.98% | −0.27 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.20 |
| PZZA Papa John's Intl Inc. | Sold out | 0.00% | −0.20 |
| MSFT Microsoft Corp. | Reduce -4.4% | 1.83% | −0.20 |
| FLUT Flutter Entertainment PLC-Di | Reduce -11.2% | 0.76% | −0.18 |
| ALG Alamo Group Inc. | Reduce -36.0% | 0.26% | −0.14 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -19.2% | 0.82% | −0.13 |
| CTLP Cantaloupe Inc. | Reduce -49.7% | 0.09% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.10 |
| KB KB Financial Group Inc.-ADR | Reduce -10.5% | 0.88% | −0.10 |
| MTG Mgic Investment Corp. | Reduce -12.9% | 2.30% | −0.08 |
| TTGT Techtarget Inc. | Reduce -0.5% | 0.31% | −0.08 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -12.8% | 0.54% | −0.07 |
| DSGR Distribution Solutions Group | Reduce -1.2% | 0.43% | −0.07 |
| ABG Asbury Automotive Group | Reduce -8.7% | 0.53% | −0.07 |
| IEV iShares Europe ETF | Sold out | 0.00% | −0.05 |
| ALTG Alta Equipment Group Inc. | Reduce -1.4% | 0.15% | −0.05 |
| OSW Onespaworld Holdings Ltd. | Reduce -0.1% | 0.39% | −0.05 |
| LAMR Lamar Advertising Co. Class A | Reduce -4.3% | 0.85% | −0.05 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -1.3% | 0.24% | −0.04 |
| VOO Vanguard S&P 500 ETF | Reduce -8.4% | 0.54% | −0.04 |
| BC Brunswick Corp. | Reduce -1.4% | 0.23% | −0.03 |
| AXP American Express Co. | Reduce -4.3% | 0.26% | −0.02 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -4.8% | 0.20% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -13.9% | 0.30% | −0.02 |
| CDW CDW Corp. | Reduce -4.2% | 0.30% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -24.6% | 0.31% | −0.02 |
| FERG Ferguson Enterprises Inc. | Reduce -0.2% | 0.75% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -8.0% | 0.44% | −0.02 |
| HQY Healthequity Inc. | Reduce -0.1% | 0.45% | −0.01 |
| BAC Bank of America Corp. | Reduce -4.5% | 0.26% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -8.0% | 0.21% | −0.01 |
| WBS Webster Financial Corp. | Reduce -0.5% | 0.47% | −0.01 |
| NKGN Nkgen Biotech Inc. | Sold out | 0.00% | −0.00 |
| RSP Invesco S&P 500 Equal Weight | Reduce -5.5% | 0.32% | −0.00 |
| ATR Aptargroup Inc. | Reduce -1.2% | 0.24% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| DJCO Daily Journal Corp. | New | 2.44% | +2.44 |
| ACWI iShares MSCI Acwi ETF | Add +430.9% | 2.06% | +1.69 |
| PM Philip Morris International | Add +8.1% | 3.65% | +1.24 |
| OPLN Openlane Inc. | Add +64.9% | 2.76% | +1.14 |
| TRS Trimas Corp. | Add +31.6% | 4.10% | +1.02 |
| CNNE Cannae Holdings Inc. | New | 0.97% | +0.97 |
| LEGH Legacy Housing Corp. | Add +34.7% | 2.83% | +0.89 |
| SGOV iShares 0-3 Month Treasury B | Add +159.5% | 1.31% | +0.83 |
| AAPL Apple Inc. | Add +290.3% | 1.10% | +0.80 |
| BELFB Bel Fuse Inc. Class B | Add +19.7% | 4.95% | +0.65 |
| CME Cme Group Inc. | Add +23.8% | 1.82% | +0.60 |
| META Meta Platforms Inc. Class A | Add +347.5% | 0.73% | +0.57 |
| ACA Arcosa Inc. | New | 0.48% | +0.48 |
| JBTM JBT Marel Corp. | Add +5.1% | 4.22% | +0.28 |
| VVV Valvoline Inc. | Add +93.2% | 0.49% | +0.24 |
| OUT Outfront Media Inc. | New | 0.23% | +0.23 |
| EEX Emerald Holding Inc. | Add +37.9% | 1.25% | +0.20 |
| NCNO Ncino Inc. | Add +35.4% | 0.46% | +0.07 |
| STLD Steel Dynamics Inc. | Add +5.6% | 0.32% | +0.06 |
| VCIT Vanguard Int-Term Corporate | Add +1.7% | 0.63% | +0.06 |
| COP Conocophillips | Add +13.5% | 0.24% | +0.05 |
| EXP Eagle Materials Inc. | Add +19.3% | 0.43% | +0.05 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +4.8% | 0.35% | +0.04 |
| EHC Encompass Health Corp. | Add +0.3% | 0.26% | +0.04 |
| UNM Unum Group | Add +0.3% | 0.21% | +0.03 |
| DAC Danaos Corp. | Add +5.9% | 0.34% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +2.3% | 0.21% | +0.03 |
| LRCX Lam Research Corp. | Add +6.1% | 0.23% | +0.03 |
| GENI Genius Sports Ltd. | Add +0.3% | 0.13% | +0.02 |
| RYZ Ryerson Holding Corp. | Add +0.3% | 0.10% | +0.02 |
| NRG NRG Energy Inc. | Add +0.3% | 0.16% | +0.02 |
| HRB H&R Block Inc. | Add +0.3% | 0.15% | +0.01 |
| SR Spire Inc. | Add +0.3% | 0.07% | +0.01 |
| WSR Whitestone REIT | Add +0.3% | 0.15% | +0.01 |
| RS Reliance Inc. | Add +0.2% | 0.09% | +0.01 |
| BRBR Bellring Brands Inc. | Add +0.3% | 0.20% | +0.01 |
| PATK Patrick Industries Inc. | Add +0.3% | 0.10% | +0.01 |
| SAIC Science Applications Inte | Add +0.3% | 0.09% | +0.01 |
| HD Home Depot Inc. | Add +1.2% | 0.49% | +0.01 |
| LMT Lockheed Martin Corp. | Add +4.7% | 0.21% | +0.00 |
| BXSL Blackstone Secured Lending F | Add +1.5% | 0.06% | +0.00 |
| UFPI Ufp Industries Inc. | Add +0.3% | 0.16% | +0.00 |
| PHIN Phinia Inc. | Add +7.0% | 3.32% | −0.00 |
| MTDR Matador Resources Co. | Add +0.3% | 0.09% | −0.00 |
| BYD Boyd Gaming Corp. | Add +0.3% | 0.09% | −0.00 |
| SUPN Supernus Pharmaceuticals Inc. | Add +0.3% | 0.10% | −0.00 |
| AX Axos Financial Inc. | Add +0.3% | 0.23% | −0.00 |
| XBI SS SPDR S&P Biotech ETF | Add +0.3% | 0.14% | −0.01 |
| ACN Accenture PLC Class A | Add +4.0% | 0.29% | −0.01 |
| OC Owens Corning | Add +0.3% | 0.07% | −0.01 |
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 |