Advisory Research Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Advisory Research Inc. reported 149 stock positions worth $761.4 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 3.9% of the portfolio, followed by Openlane (OPLN, 3.8%) and Trimas (TRS, 3.8%). Compared with Q2 2025, it opened 12 new positions, sold out of 5, added to 71 and reduced 43. The biggest buy was a new position in Driven Brands (DRVN) and the biggest sale Bel Fuse Class B (BELFB, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000902584
- Portfolio Value
- $761.4M (Q3 2025)
- SEC Filing
- 0000902584-25-000004 ↗ filed Nov 13, 2025
Holdings Value
Holdings 149 stocks · $761.4M
| TSM Taiwan Semiconductor-SP ADR | 3.85% | 104,970 | $29.3M | Add +8.7% |
| OPLN Openlane Inc. | 3.85% | 1,017,631 | $29.3M | Add +21.3% |
| TRS Trimas Corp. | 3.81% | 750,588 | $29.0M | Reduce -28.3% |
| PM Philip Morris International | 3.73% | 175,267 | $28.4M | Add +19.3% |
| AVGO Broadcom Inc. | 3.71% | 85,729 | $28.3M | Add +0.8% |
| BELFB Bel Fuse Inc. Class B | 3.58% | 193,560 | $27.3M | Reduce -50.5% |
| DJCO Daily Journal Corp. | 3.51% | 57,467 | $26.7M | Add +51.9% |
| PRSU Pursuit Attractions and Hosp | 3.45% | 726,784 | $26.3M | Add +15.9% |
| TPR Tapestry Inc. | 3.39% | 228,107 | $25.8M | Add +30.1% |
| GOOGL Alphabet Inc. Class A | 2.93% | 91,920 | $22.3M | Add +47.3% |
| MSFT Microsoft Corp. | 2.84% | 41,750 | $21.6M | Add +28.7% |
| MTG Mgic Investment Corp. | 2.79% | 750,072 | $21.3M | Add +16.3% |
| JBTM JBT Marel Corp. | 2.44% | 132,071 | $18.5M | Reduce -1.3% |
| LEGH Legacy Housing Corp. | 2.38% | 658,371 | $18.1M | Reduce -0.0% |
| CME Cme Group Inc. | 2.17% | 61,097 | $16.5M | Add +19.3% |
| ABBV Abbvie Inc. | 2.13% | 70,001 | $16.2M | Add +16.4% |
| PHIN Phinia Inc. | 2.07% | 273,930 | $15.7M | Reduce -16.9% |
| AEP American Electric Power | 1.97% | 133,649 | $15.0M | Add +17.5% |
| PFGC Performance Food Group Co. | 1.93% | 141,175 | $14.7M | Reduce -2.1% |
| GSK GSK PLC-Spon ADR | 1.80% | 316,764 | $13.7M | Add +31.8% |
| META Meta Platforms Inc. Class A | 1.62% | 16,802 | $12.3M | Add +105.3% |
| MYE Myers Industries Inc. | 1.57% | 706,080 | $12.0M | Add +476.4% |
| DRVN Driven Brands Holdings Inc. | 1.41% | 665,753 | $10.7M | New |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 1.31% | 120,510 | $10.0M | Add +23.3% |
| HUBB Hubbell Inc. | 1.29% | 22,909 | $9.9M | Add +15.0% |
| KDP Keurig Dr Pepper Inc. | 1.27% | 377,730 | $9.6M | Add +14.0% |
| EEX Emerald Holding Inc. | 1.19% | 1,776,142 | $9.0M | No change |
| VZ Verizon Communications Inc. | 1.07% | 185,405 | $8.1M | Add +17.6% |
| FERG Ferguson Enterprises Inc. | 0.97% | 32,809 | $7.4M | Add +7.0% |
| LAMR Lamar Advertising Co. Class A | 0.95% | 59,135 | $7.2M | Add +14.7% |
| HLLY Holley Inc. | 0.93% | 2,250,000 | $7.1M | New |
| UL Unilever PLC | 0.83% | 107,227 | $6.4M | Add +23.6% |
| NIC Nicolet Bankshares Inc. | 0.74% | 42,076 | $5.7M | Reduce -1.2% |
| SGOV iShares 0-3 Month Treasury B | 0.68% | 51,127 | $5.1M | Reduce -35.1% |
| SSB Southstate Bank Corp. | 0.62% | 47,870 | $4.7M | Reduce -67.4% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.59% | 144,865 | $4.5M | Add +16.0% |
| VGSH Vanguard Short-Term Treasury | 0.54% | 69,657 | $4.1M | No change |
| WAL Western Alliance Bancorp | 0.53% | 46,660 | $4.0M | Add +4.1% |
| HD Home Depot Inc. | 0.52% | 9,806 | $4.0M | Add +1.9% |
| SHV iShares 0-1 Year Treasury Bo | 0.52% | 35,758 | $4.0M | Reduce -15.1% |
| VCIT Vanguard Int-Term Corporate | 0.49% | 44,466 | $3.7M | Add +0.5% |
| LRCX Lam Research Corp. | 0.49% | 27,633 | $3.7M | Add +2.4% |
| ORCL Oracle Corp. | 0.47% | 12,676 | $3.6M | Add +5.3% |
| DAC Danaos Corp. | 0.46% | 38,727 | $3.5M | Add +5.2% |
| ALKT Alkami Technology Inc. | 0.45% | 137,205 | $3.4M | Add +121.2% |
| VOO Vanguard S&P 500 ETF | 0.44% | 5,529 | $3.4M | Reduce -10.0% |
| BELFA Bel Fuse Inc. Class A | 0.43% | 28,250 | $3.3M | No change |
| EXP Eagle Materials Inc. | 0.43% | 13,944 | $3.2M | Reduce -71.5% |
| ACA Arcosa Inc. | 0.41% | 33,625 | $3.2M | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.41% | 57,761 | $3.1M | No change |
| STLD Steel Dynamics Inc. | 0.41% | 22,353 | $3.1M | Add +3.2% |
| PBI Pitney Bowes Inc. | 0.41% | 272,687 | $3.1M | No change |
| ABG Asbury Automotive Group | 0.41% | 12,649 | $3.1M | Reduce -1.5% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.40% | 38,557 | $3.1M | Add +48.8% |
| AAPL Apple Inc. | 0.39% | 11,785 | $3.0M | Reduce -63.9% |
| LMT Lockheed Martin Corp. | 0.37% | 5,706 | $2.8M | Add +50.2% |
| REVG Rev Group Inc. | 0.37% | 49,955 | $2.8M | Reduce -31.2% |
| WBS Webster Financial Corp. | 0.37% | 47,532 | $2.8M | No change |
| BTI British American Tob-SP ADR | 0.36% | 51,468 | $2.7M | New |
| FRME First Merchants Corp. | 0.36% | 72,348 | $2.7M | Reduce -4.1% |
| ACN Accenture PLC Class A | 0.36% | 11,025 | $2.7M | Add +43.8% |
| VVV Valvoline Inc. | 0.36% | 75,299 | $2.7M | No change |
| ARES Ares Management Corp. Class A | 0.35% | 16,903 | $2.7M | Add +5.0% |
| AMGN Amgen Inc. | 0.35% | 9,444 | $2.7M | New |
| OSW Onespaworld Holdings Ltd. | 0.35% | 125,618 | $2.7M | No change |
| NTAP Netapp Inc. | 0.34% | 21,926 | $2.6M | Add +4.3% |
| VIG Vanguard Dividend Apprec ETF | 0.33% | 11,658 | $2.5M | Reduce -9.4% |
| EME Emcor Group Inc. | 0.33% | 3,857 | $2.5M | Add +6.3% |
| MCRI Monarch Casino & Resort Inc. | 0.33% | 23,567 | $2.5M | No change |
| TAP Molson Coors Beverage Co. Class B | 0.32% | 54,195 | $2.5M | New |
| JEF Jefferies Financial Group Inc. | 0.31% | 35,660 | $2.3M | No change |
| AX Axos Financial Inc. | 0.31% | 27,469 | $2.3M | Add +3.9% |
| VUSB Vanguard Ultra Short Bond Et | 0.30% | 45,375 | $2.3M | Add +113.6% |
| NCNO Ncino Inc. | 0.30% | 83,668 | $2.3M | No change |
| AZO AutoZone Inc. | 0.29% | 520 | $2.2M | Reduce -11.9% |
| HQY Healthequity Inc. | 0.28% | 22,292 | $2.1M | No change |
| EHC Encompass Health Corp. | 0.27% | 16,183 | $2.1M | Add +4.1% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.26% | 36,890 | $2.0M | Add +106.9% |
| JPM JPMorgan Chase & Co. | 0.25% | 6,147 | $1.9M | Reduce -10.6% |
| RSP Invesco S&P 500 Equal Weight | 0.25% | 9,972 | $1.9M | Reduce -4.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.23% | 33,517 | $1.7M | Reduce -3.7% |
| NRG NRG Energy Inc. | 0.22% | 10,524 | $1.7M | Add +4.1% |
| AXP American Express Co. | 0.22% | 5,071 | $1.7M | Reduce -4.3% |
| MBB iShares MBS ETF | 0.22% | 17,518 | $1.7M | No change |
| MTN Vail Resorts Inc. | 0.22% | 11,080 | $1.7M | No change |
| CDW CDW Corp. | 0.21% | 9,983 | $1.6M | Reduce -3.6% |
| FLYW Flywire Corp.-Voting | 0.21% | 116,295 | $1.6M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.21% | 10,869 | $1.6M | Reduce -4.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.20% | 3,071 | $1.5M | Reduce -4.0% |
| ESI Element Solutions Inc. | 0.20% | 60,298 | $1.5M | Reduce -4.2% |
| SYBT Stock Yards Bancorp Inc. | 0.19% | 20,973 | $1.5M | No change |
| CPK Chesapeake Utilities Corp. | 0.19% | 10,840 | $1.5M | Reduce -4.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.19% | 4,966 | $1.5M | Add +1.3% |
| VEA Vanguard Ftse Developed ETF | 0.19% | 24,026 | $1.4M | Add +0.4% |
| UNP Union Pacific Corp. | 0.19% | 5,962 | $1.4M | Reduce -3.6% |
| GTES Gates Industrial Corp. UK Ltd. | 0.18% | 56,201 | $1.4M | Reduce -4.2% |
| CVX Chevron Corp. | 0.18% | 8,834 | $1.4M | Reduce -4.1% |
| GO Grocery Outlet Holding Corp. | 0.18% | 83,315 | $1.3M | New |
| UNM Unum Group | 0.17% | 16,410 | $1.3M | Add +4.2% |
| MCD McDonald's Corp. | 0.17% | 4,198 | $1.3M | Reduce -4.5% |
Portfolio Sells Q2 2025 → Q3 2025
| BELFB Bel Fuse Inc. Class B | Reduce -50.5% | 3.58% | −2.28 |
| SSB Southstate Bank Corp. | Reduce -67.4% | 0.62% | −1.46 |
| EXP Eagle Materials Inc. | Reduce -71.5% | 0.43% | −1.09 |
| UNH Unitedhealth Group Inc. | Reduce -89.2% | 0.12% | −1.03 |
| FLUT Flutter Entertainment PLC-Di | Reduce -96.2% | 0.03% | −0.90 |
| TRS Trimas Corp. | Reduce -28.3% | 3.81% | −0.79 |
| AAPL Apple Inc. | Reduce -63.9% | 0.39% | −0.63 |
| SGOV iShares 0-3 Month Treasury B | Reduce -35.1% | 0.68% | −0.54 |
| MLR Miller Industries Inc. | Sold out | 0.00% | −0.41 |
| DSGR Distribution Solutions Group | Sold out | 0.00% | −0.35 |
| CASS Cass Information Systems Inc. | Sold out | 0.00% | −0.26 |
| AEO American Eagle Outfitters | Sold out | 0.00% | −0.24 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -15.1% | 0.52% | −0.20 |
| PHIN Phinia Inc. | Reduce -16.9% | 2.07% | −0.18 |
| REVG Rev Group Inc. | Reduce -31.2% | 0.37% | −0.16 |
| VOO Vanguard S&P 500 ETF | Reduce -10.0% | 0.44% | −0.09 |
| FRME First Merchants Corp. | Reduce -4.1% | 0.36% | −0.09 |
| ORRF Orrstown Finl Services Inc. | Sold out | 0.00% | −0.08 |
| CDW CDW Corp. | Reduce -3.6% | 0.21% | −0.08 |
| VIG Vanguard Dividend Apprec ETF | Reduce -9.4% | 0.33% | −0.07 |
| ABG Asbury Automotive Group | Reduce -1.5% | 0.41% | −0.06 |
| NIC Nicolet Bankshares Inc. | Reduce -1.2% | 0.74% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -10.6% | 0.25% | −0.05 |
| RYZ Ryerson Holding Corp. | Reduce -51.2% | 0.04% | −0.05 |
| AZO AutoZone Inc. | Reduce -11.9% | 0.29% | −0.04 |
| RSP Invesco S&P 500 Equal Weight | Reduce -4.1% | 0.25% | −0.04 |
| AXP American Express Co. | Reduce -4.3% | 0.22% | −0.04 |
| JBTM JBT Marel Corp. | Reduce -1.3% | 2.44% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.0% | 0.20% | −0.04 |
| ABT Abbott Laboratories | Reduce -3.3% | 0.16% | −0.04 |
| PI Impinj Inc. | Reduce -48.4% | 0.09% | −0.03 |
| UNP Union Pacific Corp. | Reduce -3.6% | 0.19% | −0.03 |
| RRX Regal Rexnord Corp. | Reduce -4.1% | 0.14% | −0.03 |
| MCD McDonald's Corp. | Reduce -4.5% | 0.17% | −0.03 |
| BAC Bank of America Corp. | Reduce -3.7% | 0.23% | −0.03 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -4.2% | 0.18% | −0.02 |
| COP Conocophillips | Reduce -4.3% | 0.15% | −0.02 |
| CVX Chevron Corp. | Reduce -4.1% | 0.18% | −0.02 |
| ESI Element Solutions Inc. | Reduce -4.2% | 0.20% | −0.02 |
| CPK Chesapeake Utilities Corp. | Reduce -4.1% | 0.19% | −0.02 |
| FSK FS KKR Capital Corp. | Reduce -3.1% | 0.02% | −0.01 |
| TJX TJX Companies Inc. | Reduce -4.7% | 0.21% | −0.01 |
| PFGC Performance Food Group Co. | Reduce -2.1% | 1.93% | −0.01 |
| TSLX Sixth Street Specialty Lendi | Reduce -2.1% | 0.03% | −0.01 |
| FDUS Fidus Investment Corp. | Reduce -1.6% | 0.03% | −0.01 |
| HTGC Hercules Capital Inc. | Reduce -0.9% | 0.03% | −0.00 |
| MAIN Main Street Capital Corp. | Reduce -2.3% | 0.03% | −0.00 |
| LEGH Legacy Housing Corp. | Reduce -0.0% | 2.38% | +0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| DRVN Driven Brands Holdings Inc. | New | 1.41% | +1.41 |
| MYE Myers Industries Inc. | Add +476.4% | 1.57% | +1.30 |
| GOOGL Alphabet Inc. Class A | Add +47.3% | 2.93% | +1.24 |
| DJCO Daily Journal Corp. | Add +51.9% | 3.51% | +1.06 |
| TPR Tapestry Inc. | Add +30.1% | 3.39% | +1.03 |
| HLLY Holley Inc. | New | 0.93% | +0.93 |
| OPLN Openlane Inc. | Add +21.3% | 3.85% | +0.69 |
| META Meta Platforms Inc. Class A | Add +105.3% | 1.62% | +0.69 |
| PRSU Pursuit Attractions and Hosp | Add +15.9% | 3.45% | +0.68 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.7% | 3.85% | +0.49 |
| ABBV Abbvie Inc. | Add +16.4% | 2.13% | +0.41 |
| GSK GSK PLC-Spon ADR | Add +31.8% | 1.80% | +0.38 |
| MSFT Microsoft Corp. | Add +28.7% | 2.84% | +0.36 |
| BTI British American Tob-SP ADR | New | 0.36% | +0.36 |
| AMGN Amgen Inc. | New | 0.35% | +0.35 |
| TAP Molson Coors Beverage Co. Class B | New | 0.32% | +0.32 |
| FLYW Flywire Corp.-Voting | New | 0.21% | +0.21 |
| GO Grocery Outlet Holding Corp. | New | 0.18% | +0.18 |
| AEP American Electric Power | Add +17.5% | 1.97% | +0.16 |
| ALKT Alkami Technology Inc. | Add +121.2% | 0.45% | +0.16 |
| VUSB Vanguard Ultra Short Bond Et | Add +113.6% | 0.30% | +0.14 |
| ACMR Acm Research Inc. Class A | New | 0.13% | +0.13 |
| AVGO Broadcom Inc. | Add +0.8% | 3.71% | +0.11 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +106.9% | 0.26% | +0.11 |
| G Genpact Ltd. | New | 0.11% | +0.11 |
| LMT Lockheed Martin Corp. | Add +50.2% | 0.37% | +0.10 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +48.8% | 0.40% | +0.09 |
| LRCX Lam Research Corp. | Add +2.4% | 0.49% | +0.08 |
| KB KB Financial Group Inc.-ADR | Add +23.3% | 1.31% | +0.07 |
| ACIW Aci Worldwide Inc. | New | 0.06% | +0.06 |
| ORCL Oracle Corp. | Add +5.3% | 0.47% | +0.06 |
| SGHC Super Group SGHC Ltd. | New | 0.06% | +0.06 |
| ACWI iShares MSCI Acwi ETF | New | 0.05% | +0.05 |
| HUBB Hubbell Inc. | Add +15.0% | 1.29% | +0.04 |
| MTG Mgic Investment Corp. | Add +16.3% | 2.79% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +90.6% | 0.08% | +0.03 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Add +16.0% | 0.59% | +0.03 |
| EME Emcor Group Inc. | Add +6.3% | 0.33% | +0.03 |
| SUPN Supernus Pharmaceuticals Inc. | Add +3.6% | 0.12% | +0.03 |
| HI Hillenbrand Inc. | Add +10.7% | 0.13% | +0.03 |
| NVT Nvent Electric PLC | Add +4.3% | 0.14% | +0.02 |
| VZ Verizon Communications Inc. | Add +17.6% | 1.07% | +0.02 |
| UL Unilever PLC | Add +23.6% | 0.83% | +0.02 |
| XBI SS SPDR S&P Biotech ETF | Add +4.0% | 0.14% | +0.01 |
| GENI Genius Sports Ltd. | Add +3.7% | 0.13% | +0.01 |
| ACN Accenture PLC Class A | Add +43.8% | 0.36% | +0.00 |
| AMPH Amphastar Pharmaceuticals Inc. | Add +3.8% | 0.05% | +0.00 |
| SR Spire Inc. | Add +4.2% | 0.06% | −0.00 |
| PATK Patrick Industries Inc. | Add +3.9% | 0.10% | −0.00 |
| CME Cme Group Inc. | Add +19.3% | 2.17% | −0.00 |
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 |