Leuthold Group, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Leuthold Group, LLC reported 201 stock positions worth $770.1 million. Its top holding was Dir DLY SP 500 BR 1X ETF-Usi (SPDN) at 2.9% of the portfolio, followed by Microsoft (MSFT, 2.5%) and SS SPDR BB Intl Treasury BD (BWX, 2.3%). Compared with Q4 2024, it opened 51 new positions, sold out of 42, added to 18 and reduced 128. The biggest buy was SS SPDR BB Intl Treasury BD (BWX, shares +105%) and the biggest sale an exit from Reinsurance Group of America (RGA).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001170152
- Portfolio Value
- $770.1M (Q1 2025)
- SEC Filing
- 0000897069-25-000974 ↗ filed May 13, 2025
Holdings Value
Holdings 201 stocks · $770.1M
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | 2.86% | 1,899,136 | $22.0M | Add +32.4% |
| MSFT Microsoft Corp. | 2.49% | 51,053 | $19.2M | Reduce -6.5% |
| BWX SS SPDR BB Intl Treasury BD | 2.29% | 807,719 | $17.7M | Add +104.8% |
| META Meta Platforms Inc. Class A | 2.25% | 30,069 | $17.3M | Reduce -6.6% |
| PSQ Proshares Short QQQ | 1.80% | 340,862 | $13.8M | Add +21.1% |
| SHY iShares 1-3 Year Treasury Bo | 1.78% | 165,860 | $13.7M | Add +38.3% |
| NFLX Netflix Inc. | 1.78% | 14,670 | $13.7M | Reduce -6.6% |
| RWM Proshares Short RUSSELL2000 | 1.71% | 634,887 | $13.2M | Add +31.1% |
| SPIB SS SPDR P Int C Corp. ETF | 1.41% | 327,247 | $10.9M | Reduce -23.9% |
| TMUS T-Mobile US Inc. | 1.39% | 40,043 | $10.7M | Reduce -6.3% |
| MCK McKesson Corp. | 1.38% | 15,740 | $10.6M | Reduce -6.4% |
| GOOGL Alphabet Inc. Class A | 1.38% | 68,498 | $10.6M | Reduce -6.8% |
| PHM Pultegroup Inc. | 1.29% | 96,752 | $9.9M | Reduce -6.7% |
| GS Goldman Sachs Group Inc. | 1.25% | 17,652 | $9.6M | Reduce -5.7% |
| XLF SS Financial Select Sector | 1.24% | 192,476 | $9.6M | Reduce -20.9% |
| ORCL Oracle Corp. | 1.24% | 68,495 | $9.6M | Reduce -6.5% |
| JAAA Janus Henderson Aaa Clo ETF | 1.20% | 181,978 | $9.2M | Add +3.3% |
| URI United Rentals Inc. | 1.13% | 13,905 | $8.7M | Reduce -6.3% |
| CAH Cardinal Health Inc. | 1.11% | 61,954 | $8.5M | Reduce -6.6% |
| COR Cencora Inc. | 1.09% | 30,314 | $8.4M | Reduce -6.3% |
| MA Mastercard Inc. Class A | 1.09% | 15,346 | $8.4M | Reduce -6.8% |
| JBL Jabil Inc. | 1.08% | 60,847 | $8.3M | Reduce -6.6% |
| DHI D.R. Horton Inc. | 1.05% | 63,884 | $8.1M | Reduce -6.8% |
| IVV iShares Core S&P 500 ETF | 1.04% | 14,315 | $8.0M | Add +0.3% |
| MS Morgan Stanley | 1.04% | 68,662 | $8.0M | Reduce -7.2% |
| IGOV iShares International Treasu | 1.03% | 201,951 | $8.0M | Reduce -49.2% |
| XLC SS Comm Select Sector SPDR | 1.02% | 81,414 | $7.9M | Reduce -9.6% |
| KGC Kinross Gold Corp. | 1.01% | 613,891 | $7.7M | Reduce -3.9% |
| V Visa Inc. Class A | 1.00% | 22,062 | $7.7M | Reduce -6.4% |
| JPM JPMorgan Chase & Co. | 1.00% | 31,398 | $7.7M | Reduce -6.6% |
| CHKP Check Point Software Tech | 0.96% | 32,530 | $7.4M | Reduce -6.1% |
| XLK SS Technology Select Sector | 0.94% | 35,157 | $7.3M | Reduce -19.5% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.93% | 136,656 | $7.2M | Reduce -57.4% |
| T AT&T Inc. | 0.88% | 239,192 | $6.8M | Reduce -7.1% |
| FLEX Flex Ltd. | 0.86% | 200,996 | $6.6M | Reduce -6.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.86% | 158,678 | $6.6M | Reduce -6.5% |
| IEF iShares 7-10 Year Treasury B | 0.86% | 69,157 | $6.6M | Add +53.4% |
| MTBA Simplify MBS ETF | 0.81% | 123,933 | $6.2M | Reduce -30.3% |
| TOL Toll Brothers Inc. | 0.81% | 58,731 | $6.2M | Reduce -12.1% |
| FXY Invesco Currencyshares Japan | 0.80% | 100,651 | $6.2M | Add +45.6% |
| HCA HCA Healthcare Inc. | 0.80% | 17,852 | $6.2M | Reduce -6.2% |
| DB Deutsche Bank AG-Registered | 0.79% | 255,844 | $6.1M | Reduce -5.2% |
| FTNT Fortinet Inc. | 0.78% | 62,729 | $6.0M | Reduce -6.5% |
| C Citigroup Inc. | 0.75% | 81,037 | $5.8M | Reduce -5.4% |
| MBB iShares MBS ETF | 0.74% | 60,708 | $5.7M | Reduce -52.3% |
| IEFA iShares Core MSCI Eafe ETF | 0.74% | 74,909 | $5.7M | Add +0.6% |
| TEL Te Connectivity PLC | 0.72% | 39,396 | $5.6M | Reduce -6.6% |
| VRSN Verisign Inc. | 0.71% | 21,670 | $5.5M | New |
| EMLC Vaneck JPM Em Local Curr BND | 0.68% | 219,399 | $5.2M | Reduce -10.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.68% | 52,750 | $5.2M | Reduce -6.1% |
| IAG Iamgold Corp. | 0.67% | 831,560 | $5.2M | Reduce -5.2% |
| CSCO Cisco Systems Inc. | 0.67% | 84,206 | $5.2M | Reduce -5.0% |
| AEM Agnico Eagle Mines Ltd. | 0.67% | 47,580 | $5.2M | Reduce -5.3% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.64% | 49,185 | $4.9M | Add +44.4% |
| BCS Barclays PLC-Spons ADR | 0.64% | 321,802 | $4.9M | Reduce -5.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.62% | 84,598 | $4.8M | Reduce -6.4% |
| LRN Stride Inc. | 0.62% | 37,568 | $4.8M | Add +29.8% |
| AGG iShares Core U.S. Aggregate | 0.61% | 47,795 | $4.7M | No change |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.61% | 26,106 | $4.7M | Reduce -5.7% |
| LAUR Laureate Education Inc. | 0.57% | 215,709 | $4.4M | New |
| THC Tenet Healthcare Corp. | 0.57% | 32,767 | $4.4M | Reduce -6.3% |
| HIG Hartford Insurance Group Inc. | 0.57% | 35,558 | $4.4M | Reduce -5.2% |
| GDDY GoDaddy Inc. Class A | 0.56% | 23,897 | $4.3M | New |
| TRV The Travelers Cos Inc. | 0.55% | 16,122 | $4.3M | Reduce -5.3% |
| VONV Vanguard Russell 1000 Value | 0.55% | 50,846 | $4.2M | No change |
| FXE Invesco Currencyshares Euro | 0.54% | 41,906 | $4.2M | Reduce -3.6% |
| CARG Cargurus Inc. | 0.54% | 142,039 | $4.1M | Reduce -6.4% |
| IBND SS SPDR BB Intl Corp. BD ETF | 0.53% | 137,278 | $4.0M | Reduce -22.7% |
| ALL Allstate Corp. | 0.52% | 19,398 | $4.0M | Reduce -5.4% |
| CMCSA Comcast Corp. Class A | 0.52% | 107,909 | $4.0M | New |
| SSNC Ss&c Technologies Holdings | 0.51% | 47,432 | $4.0M | New |
| TWLO Twilio Inc. Class A | 0.51% | 40,159 | $3.9M | New |
| HBAN Huntington Bancshares Inc. | 0.51% | 261,215 | $3.9M | Reduce -5.9% |
| UHS Universal Health Services-B | 0.51% | 20,812 | $3.9M | Reduce -5.9% |
| G Genpact Ltd. | 0.51% | 77,271 | $3.9M | New |
| NOK Nokia Corp.-Spon ADR | 0.50% | 735,579 | $3.9M | Reduce -4.3% |
| AKAM Akamai Technologies Inc. | 0.50% | 48,050 | $3.9M | New |
| CFG Citizens Financial Group | 0.49% | 92,120 | $3.8M | Reduce -5.9% |
| RJF Raymond James Financial Inc. | 0.49% | 27,008 | $3.8M | Reduce -5.2% |
| MTCH Match Group Inc. | 0.48% | 118,580 | $3.7M | Reduce -6.4% |
| MRK Merck & Co. Inc. | 0.48% | 40,970 | $3.7M | New |
| AIZ Assurant Inc. | 0.47% | 17,085 | $3.6M | Reduce -6.4% |
| UTI Universal Technical Institut | 0.46% | 138,616 | $3.6M | New |
| EQX Equinox Gold Corp. | 0.46% | 513,459 | $3.5M | Reduce -5.5% |
| STRA Strategic Education Inc. | 0.46% | 41,764 | $3.5M | New |
| MKL Markel Group Inc. | 0.45% | 1,854 | $3.5M | Reduce -6.2% |
| ACGL Arch Capital Group Ltd. | 0.45% | 35,650 | $3.4M | Reduce -5.1% |
| PYPL PayPal Holdings Inc. | 0.44% | 52,444 | $3.4M | Reduce -5.1% |
| FFIV F5 Inc. | 0.44% | 12,814 | $3.4M | Reduce -4.3% |
| OKTA Okta Inc. | 0.44% | 32,215 | $3.4M | New |
| ONB Old National Bancorp | 0.43% | 155,001 | $3.3M | Reduce -6.3% |
| PAAS Pan American Silver Corp. | 0.42% | 125,486 | $3.2M | Reduce -5.5% |
| SR Spire Inc. | 0.41% | 40,472 | $3.2M | New |
| CNXC Concentrix Corp. | 0.41% | 56,540 | $3.1M | New |
| OGS One Gas Inc. | 0.41% | 41,548 | $3.1M | New |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.41% | 404,152 | $3.1M | Reduce -4.3% |
| UGI Ugi Corp. | 0.40% | 93,388 | $3.1M | New |
| EHC Encompass Health Corp. | 0.40% | 30,466 | $3.1M | Reduce -6.5% |
| MDU Mdu Resources Group Inc. | 0.40% | 182,096 | $3.1M | New |
| NJR New Jersey Resources Corp. | 0.40% | 62,718 | $3.1M | New |
Portfolio Sells Q4 2024 → Q1 2025
| RGA Reinsurance Group of America | Sold out | 0.00% | −1.07 |
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -57.4% | 0.93% | −1.05 |
| RNR Renaissancere Holdings Ltd. | Sold out | 0.00% | −0.87 |
| DAL Delta Air Lines Inc. | Reduce -92.6% | 0.05% | −0.83 |
| IGOV iShares International Treasu | Reduce -49.2% | 1.03% | −0.80 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.80 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.73 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.72 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.72 |
| EG Everest Group Ltd. | Reduce -89.2% | 0.09% | −0.67 |
| MBB iShares MBS ETF | Reduce -52.3% | 0.74% | −0.66 |
| CB Chubb Ltd. | Reduce -95.9% | 0.03% | −0.63 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −0.63 |
| ROST Ross Stores Inc. | Sold out | 0.00% | −0.61 |
| WCC Wesco International Inc. | Sold out | 0.00% | −0.61 |
| MTH Meritage Homes Corp. | Sold out | 0.00% | −0.59 |
| TMHC Taylor Morrison Home Corp. | Sold out | 0.00% | −0.57 |
| CAT Caterpillar Inc. | Sold out | 0.00% | −0.56 |
| SMFG Sumitomo Mitsui-Spons ADR | Sold out | 0.00% | −0.52 |
| ALSN Allison Transmission Holding | Sold out | 0.00% | −0.51 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.50 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.49 |
| KBH KB Home | Sold out | 0.00% | −0.45 |
| LDOS Leidos Holdings Inc. | Sold out | 0.00% | −0.44 |
| HRB H&R Block Inc. | Reduce -90.9% | 0.05% | −0.42 |
| URBN Urban Outfitters Inc. | Sold out | 0.00% | −0.41 |
| GAP The Gap Inc. | Sold out | 0.00% | −0.37 |
| RUSHA Rush Enterprises Inc. Class A | Sold out | 0.00% | −0.36 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.36 |
| FIS Fidelity National Info Serv | Reduce -88.9% | 0.04% | −0.34 |
| SAIC Science Applications Inte | Sold out | 0.00% | −0.33 |
| CACI Caci International Inc. Class A | Sold out | 0.00% | −0.32 |
| GMS GMS Inc. | Sold out | 0.00% | −0.31 |
| BCC Boise Cascade Co. | Sold out | 0.00% | −0.30 |
| GOOGL Alphabet Inc. Class A | Reduce -6.8% | 1.38% | −0.30 |
| CPA Copa Holdings SA Class A | Reduce -90.3% | 0.04% | −0.29 |
| CMI Cummins Inc. | Sold out | 0.00% | −0.29 |
| ITB iShares U.S. Home Constructi | Reduce -62.6% | 0.17% | −0.29 |
| KBR KBR Inc. | Sold out | 0.00% | −0.28 |
| SPIB SS SPDR P Int C Corp. ETF | Reduce -23.9% | 1.41% | −0.28 |
| XLK SS Technology Select Sector | Reduce -19.5% | 0.94% | −0.28 |
| MSFT Microsoft Corp. | Reduce -6.5% | 2.49% | −0.28 |
| HLIT Harmonic Inc. | Sold out | 0.00% | −0.28 |
| XLI SS Industrial Select Sector | Reduce -72.1% | 0.11% | −0.26 |
| MTBA Simplify MBS ETF | Reduce -30.3% | 0.81% | −0.25 |
| XRT SS SPDR S&P Retail ETF | Sold out | 0.00% | −0.24 |
| TEX Terex Corp. | Sold out | 0.00% | −0.22 |
| ORCL Oracle Corp. | Reduce -6.5% | 1.24% | −0.22 |
| TOL Toll Brothers Inc. | Reduce -12.1% | 0.81% | −0.21 |
| XLF SS Financial Select Sector | Reduce -20.9% | 1.24% | −0.17 |
Portfolio Buys Q4 2024 → Q1 2025
| BWX SS SPDR BB Intl Treasury BD | Add +104.8% | 2.29% | +1.28 |
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | Add +32.4% | 2.86% | +0.96 |
| VRSN Verisign Inc. | New | 0.71% | +0.71 |
| RWM Proshares Short RUSSELL2000 | Add +31.1% | 1.71% | +0.62 |
| SHY iShares 1-3 Year Treasury Bo | Add +38.3% | 1.78% | +0.60 |
| LAUR Laureate Education Inc. | New | 0.57% | +0.57 |
| GDDY GoDaddy Inc. Class A | New | 0.56% | +0.56 |
| PSQ Proshares Short QQQ | Add +21.1% | 1.80% | +0.53 |
| CMCSA Comcast Corp. Class A | New | 0.52% | +0.52 |
| SSNC Ss&c Technologies Holdings | New | 0.51% | +0.51 |
| TWLO Twilio Inc. Class A | New | 0.51% | +0.51 |
| G Genpact Ltd. | New | 0.51% | +0.51 |
| AKAM Akamai Technologies Inc. | New | 0.50% | +0.50 |
| MRK Merck & Co. Inc. | New | 0.48% | +0.48 |
| UTI Universal Technical Institut | New | 0.46% | +0.46 |
| STRA Strategic Education Inc. | New | 0.46% | +0.46 |
| OKTA Okta Inc. | New | 0.44% | +0.44 |
| SR Spire Inc. | New | 0.41% | +0.41 |
| CNXC Concentrix Corp. | New | 0.41% | +0.41 |
| OGS One Gas Inc. | New | 0.41% | +0.41 |
| UGI Ugi Corp. | New | 0.40% | +0.40 |
| MDU Mdu Resources Group Inc. | New | 0.40% | +0.40 |
| NJR New Jersey Resources Corp. | New | 0.40% | +0.40 |
| LTH Life Time Group Holdings Inc. | New | 0.39% | +0.39 |
| VOYA Voya Financial Inc. | New | 0.39% | +0.39 |
| FITB Fifth Third Bancorp | New | 0.37% | +0.37 |
| EXPE Expedia Group Inc. | New | 0.36% | +0.36 |
| IEF iShares 7-10 Year Treasury B | Add +53.4% | 0.86% | +0.36 |
| CHTR Charter Communications Inc. Class A | New | 0.35% | +0.35 |
| DOCN Digitalocean Holdings Inc. | New | 0.35% | +0.35 |
| FCNCA First Citizens Bcshs Class A | New | 0.35% | +0.35 |
| MMS Maximus Inc. | New | 0.34% | +0.34 |
| CSGS CSG Systems Intl Inc. | New | 0.33% | +0.33 |
| WNS WNS Holdings Ltd. | New | 0.33% | +0.33 |
| PRKS United Parks & Resorts Inc. | New | 0.32% | +0.32 |
| TNL Travel + Leisure Co. | New | 0.32% | +0.32 |
| FXY Invesco Currencyshares Japan | Add +45.6% | 0.80% | +0.32 |
| THG Hanover Insurance Group Inc./ | New | 0.31% | +0.31 |
| PINS Pinterest Inc. Class A | New | 0.30% | +0.30 |
| H Hyatt Hotels Corp. Class A | New | 0.29% | +0.29 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.29% | +0.29 |
| KMPR Kemper Corp. | New | 0.29% | +0.29 |
| WIX Wix.com Ltd. | New | 0.29% | +0.29 |
| CCL Carnival Corp. | New | 0.29% | +0.29 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.28% | +0.28 |
| CVSA Covista Inc. | Add +44.4% | 0.64% | +0.27 |
| NCLH Norwegian Cruise Line Holdin | New | 0.27% | +0.27 |
| LRN Stride Inc. | Add +29.8% | 0.62% | +0.26 |
| IGV iShares Expanded Tech-Softwa | New | 0.23% | +0.23 |
| DGII Digi International Inc. | New | 0.18% | +0.18 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 237 | $995.2M | SPDN, GOOGL, FLEX, MSFT, CSCO |
| Q1 2026 | 211 | $938.7M | SPDN, GOOGL, BWX, MSFT, JBL |
| Q4 2025 | 207 | $926.0M | MSFT, SPDN, GOOGL, BWX, GS |
| Q3 2025 | 205 | $914.0M | MSFT, META, BWX, ORCL, NFLX |
| Q2 2025 | 206 | $837.0M | MSFT, META, BWX, NFLX, SPDN |
| Q1 2025 | 201 | $770.1M | SPDN, MSFT, BWX, META, PSQ |
| Q4 2024 | 191 | $832.6M | MSFT, META, IGIB, SPDN, IGOV |
| Q3 2024 | 172 | $899.6M | MSFT, IGIB, META, AAPL, SPDN |
| Q2 2024 | 180 | $865.2M | MSFT, LRCX, META, SPDN, IGIB |
| Q1 2024 | 178 | $888.0M | MSFT, LRCX, SPDN, IGIB, META |