Advisory Research Inc.

Name: ADVISORY RESEARCH INC 13F holdings, Q1 2025
Creator: ADVISORY RESEARCH INC
Published: 2025-05-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
GTES Gates Industrial Corp. UK Ltd.	0.20%	61,937	$1.1M	Reduce -4.8%
ORCL Oracle Corp.	0.20%	8,077	$1.1M	Add +3.4%
BRBR Bellring Brands Inc.	0.20%	15,155	$1.1M	Add +0.3%
VUSB Vanguard Ultra Short Bond Et	0.19%	21,243	$1.1M	No change
ALSN Allison Transmission Holding	0.18%	10,807	$1.0M	Add +0.3%
XOM Exxon Mobil Corp.	0.18%	8,363	$995K	Reduce -4.8%
UFPI Ufp Industries Inc.	0.16%	8,725	$934K	Add +0.3%
IGSB iShares 1-5Y Inv Grade Corp.	0.16%	17,830	$934K	No change
SHY iShares 1-3 Year Treasury Bo	0.16%	11,171	$924K	Reduce -3.1%
RRX Regal Rexnord Corp.	0.16%	7,918	$901K	Add +18.0%
EME Emcor Group Inc.	0.16%	2,438	$901K	Reduce -85.1%
NRG NRG Energy Inc.	0.16%	9,422	$899K	Add +0.3%
ALTG Alta Equipment Group Inc.	0.15%	183,844	$862K	Reduce -1.4%
WSR Whitestone REIT	0.15%	57,052	$831K	Add +0.3%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.15%	15,116	$830K	Add +0.3%
XBI SS SPDR S&P Biotech ETF	0.14%	9,586	$777K	Add +0.3%
GENI Genius Sports Ltd.	0.13%	74,366	$744K	Add +0.3%
PRGS Progress Software Corp.	0.12%	13,661	$704K	Add +0.3%
ARCC Ares Capital Corp.	0.12%	31,526	$699K	Reduce -1.6%
BX Blackstone Inc.	0.12%	4,667	$652K	No change
PI Impinj Inc.	0.11%	6,626	$601K	Add +0.3%
SUPN Supernus Pharmaceuticals Inc.	0.10%	17,222	$564K	Add +0.3%
PATK Patrick Industries Inc.	0.10%	6,633	$561K	Add +0.3%
RYZ Ryerson Holding Corp.	0.10%	24,295	$558K	Add +0.3%
FUL H.B. Fuller Co. filed as FULLER H B CO	0.09%	9,544	$536K	Add +0.3%
RS Reliance Inc.	0.09%	1,823	$526K	Add +0.2%
NVT Nvent Electric PLC	0.09%	9,955	$522K	Add +0.3%
SAIC Science Applications Inte	0.09%	4,531	$509K	Add +0.3%
BYD Boyd Gaming Corp.	0.09%	7,651	$504K	Add +0.3%
CTLP Cantaloupe Inc.	0.09%	62,850	$495K	Reduce -49.7%
MTDR Matador Resources Co.	0.09%	9,499	$485K	Add +0.3%
HI Hillenbrand Inc.	0.08%	19,794	$478K	Add +0.3%
ADUS Addus Homecare Corp.	0.08%	4,791	$474K	Add +0.3%
NEE Nextera Energy Inc.	0.08%	6,485	$460K	No change
ORRF Orrstown Finl Services Inc.	0.08%	14,692	$441K	Add +0.3%
OC Owens Corning	0.07%	2,918	$417K	Add +0.3%
SR Spire Inc.	0.07%	5,309	$415K	Add +0.3%
AMPH Amphastar Pharmaceuticals Inc.	0.07%	13,889	$403K	Add +0.3%
BXSL Blackstone Secured Lending F	0.06%	9,922	$321K	Add +1.5%
MAIN Main Street Capital Corp.	0.04%	4,374	$247K	Reduce -5.4%
TSLX Sixth Street Specialty Lendi	0.04%	10,730	$240K	Reduce -5.8%
CUE Cue Biopharma Inc.	0.04%	257,225	$234K	No change
HTGC Hercules Capital Inc.	0.04%	12,035	$231K	Reduce -5.2%
NOBL Proshares S&P 500 Dividend A	0.04%	2,231	$228K	No change
FSK FS KKR Capital Corp.	0.04%	10,634	$223K	Reduce -2.9%
FDUS Fidus Investment Corp.	0.04%	9,962	$203K	Reduce -2.6%
BEAT Heartbeam Inc.	0.02%	50,000	$101K	No change
ATOM Atomera Inc.	0.01%	20,000	$80K	No change

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