Leuthold Group, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Leuthold Group, LLC reported 206 stock positions worth $837.0 million. Its top holding was Microsoft (MSFT) at 3.0% of the portfolio, followed by Meta Platforms Class A (META, 2.6%) and SS SPDR BB Intl Treasury BD (BWX, 2.4%). Compared with Q1 2025, it opened 38 new positions, sold out of 33, added to 49 and reduced 88. The biggest buy was Vanguard Short-Term Tips (VTIP, shares +808%) and the biggest sale Proshares Short QQQ (PSQ, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001170152
- Portfolio Value
- $837.0M (Q2 2025)
- SEC Filing
- 0000897069-25-001316 ↗ filed Aug 13, 2025
Holdings Value
Holdings 206 stocks · $837.0M
| MSFT Microsoft Corp. | 2.99% | 50,269 | $25.0M | Reduce -1.5% |
| META Meta Platforms Inc. Class A | 2.61% | 29,556 | $21.8M | Reduce -1.7% |
| BWX SS SPDR BB Intl Treasury BD | 2.35% | 839,145 | $19.7M | Add +3.9% |
| NFLX Netflix Inc. | 2.31% | 14,441 | $19.3M | Reduce -1.6% |
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | 2.13% | 1,731,569 | $17.8M | Reduce -8.8% |
| ORCL Oracle Corp. | 1.76% | 67,388 | $14.7M | Reduce -1.6% |
| SHY iShares 1-3 Year Treasury Bo | 1.64% | 165,772 | $13.7M | Reduce -0.1% |
| JBL Jabil Inc. | 1.56% | 59,900 | $13.1M | Reduce -1.6% |
| SPIB SS SPDR P Int C Corp. ETF | 1.56% | 388,529 | $13.0M | Add +18.7% |
| IGOV iShares International Treasu | 1.49% | 289,269 | $12.5M | Add +43.2% |
| GS Goldman Sachs Group Inc. | 1.47% | 17,385 | $12.3M | Reduce -1.5% |
| GOOGL Alphabet Inc. Class A | 1.42% | 67,493 | $11.9M | Reduce -1.5% |
| MCK McKesson Corp. | 1.35% | 15,453 | $11.3M | Reduce -1.8% |
| RWM Proshares Short RUSSELL2000 | 1.34% | 595,073 | $11.2M | Reduce -6.3% |
| VTIP Vanguard Short-Term Tips | 1.28% | 213,388 | $10.7M | Add +808.3% |
| XLF SS Financial Select Sector | 1.23% | 196,446 | $10.3M | Add +2.1% |
| CAH Cardinal Health Inc. | 1.23% | 61,036 | $10.3M | Reduce -1.5% |
| FLEX Flex Ltd. | 1.18% | 197,916 | $9.9M | Reduce -1.5% |
| XLK SS Technology Select Sector | 1.18% | 38,893 | $9.8M | Add +10.6% |
| URI United Rentals Inc. | 1.16% | 12,883 | $9.7M | Reduce -7.3% |
| MS Morgan Stanley | 1.14% | 67,646 | $9.5M | Reduce -1.5% |
| KGC Kinross Gold Corp. | 1.13% | 604,396 | $9.4M | Reduce -1.6% |
| PHM Pultegroup Inc. | 1.12% | 89,268 | $9.4M | Reduce -7.7% |
| TMUS T-Mobile US Inc. | 1.12% | 39,491 | $9.4M | Reduce -1.4% |
| IVV iShares Core S&P 500 ETF | 1.09% | 14,658 | $9.1M | Add +2.4% |
| XLC SS Comm Select Sector SPDR | 1.08% | 83,162 | $9.0M | Add +2.1% |
| JPM JPMorgan Chase & Co. | 1.07% | 30,882 | $9.0M | Reduce -1.6% |
| COR Cencora Inc. | 1.07% | 29,858 | $9.0M | Reduce -1.5% |
| FXY Invesco Currencyshares Japan | 1.03% | 134,551 | $8.6M | Add +33.7% |
| CSCO Cisco Systems Inc. | 1.02% | 123,562 | $8.6M | Add +46.7% |
| MA Mastercard Inc. Class A | 1.01% | 15,102 | $8.5M | Reduce -1.6% |
| IBND SS SPDR BB Intl Corp. BD ETF | 1.00% | 256,592 | $8.4M | Add +86.9% |
| IEF iShares 7-10 Year Treasury B | 0.92% | 80,222 | $7.7M | Add +16.0% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.91% | 143,077 | $7.6M | Add +4.7% |
| DHI D.R. Horton Inc. | 0.91% | 58,938 | $7.6M | Reduce -7.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.88% | 156,268 | $7.4M | Reduce -1.5% |
| DB Deutsche Bank AG-Registered | 0.88% | 252,216 | $7.4M | Reduce -1.4% |
| V Visa Inc. Class A | 0.85% | 20,066 | $7.1M | Reduce -9.1% |
| CHKP Check Point Software Tech | 0.85% | 32,088 | $7.1M | Reduce -1.4% |
| C Citigroup Inc. | 0.82% | 80,148 | $6.8M | Reduce -1.1% |
| T AT&T Inc. | 0.81% | 235,452 | $6.8M | Reduce -1.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.79% | 78,957 | $6.6M | Add +5.4% |
| TEL Te Connectivity PLC | 0.78% | 38,812 | $6.5M | Reduce -1.5% |
| FTNT Fortinet Inc. | 0.78% | 61,736 | $6.5M | Reduce -1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.77% | 51,931 | $6.4M | Reduce -1.6% |
| MBB iShares MBS ETF | 0.75% | 66,832 | $6.3M | Add +10.1% |
| TOL Toll Brothers Inc. | 0.74% | 54,139 | $6.2M | Reduce -7.8% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.74% | 48,488 | $6.2M | Reduce -1.4% |
| IAG Iamgold Corp. | 0.72% | 818,737 | $6.0M | Reduce -1.5% |
| HCA HCA Healthcare Inc. | 0.71% | 15,606 | $6.0M | Reduce -12.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.71% | 83,376 | $5.9M | Reduce -1.4% |
| BCS Barclays PLC-Spons ADR | 0.70% | 317,243 | $5.9M | Reduce -1.4% |
| UBER Uber Technologies Inc. | 0.68% | 61,335 | $5.7M | New |
| VRSN Verisign Inc. | 0.68% | 19,734 | $5.7M | Reduce -8.9% |
| AEM Agnico Eagle Mines Ltd. | 0.67% | 46,805 | $5.6M | Reduce -1.6% |
| NOK Nokia Corp.-Spon ADR | 0.65% | 1,048,613 | $5.4M | Add +42.6% |
| FFIV F5 Inc. | 0.65% | 18,413 | $5.4M | Add +43.7% |
| LRN Stride Inc. | 0.64% | 36,993 | $5.4M | Reduce -1.5% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.61% | 602,678 | $5.1M | Add +49.1% |
| THC Tenet Healthcare Corp. | 0.61% | 28,857 | $5.1M | Reduce -11.9% |
| MTBA Simplify MBS ETF | 0.60% | 99,986 | $5.0M | Reduce -19.3% |
| LAUR Laureate Education Inc. | 0.59% | 212,592 | $5.0M | Reduce -1.4% |
| FXE Invesco Currencyshares Euro | 0.58% | 44,735 | $4.9M | Add +6.8% |
| AGG iShares Core U.S. Aggregate | 0.57% | 47,795 | $4.7M | No change |
| UTI Universal Technical Institut | 0.55% | 136,521 | $4.6M | Reduce -1.5% |
| TWLO Twilio Inc. Class A | 0.54% | 36,638 | $4.6M | Reduce -8.8% |
| HIG Hartford Insurance Group Inc. | 0.53% | 35,010 | $4.4M | Reduce -1.5% |
| CARG Cargurus Inc. | 0.53% | 131,549 | $4.4M | Reduce -7.4% |
| VONV Vanguard Russell 1000 Value | 0.52% | 50,846 | $4.3M | No change |
| PNC PNC Financial Services Group | 0.52% | 23,140 | $4.3M | New |
| TRV The Travelers Cos Inc. | 0.51% | 15,907 | $4.3M | Reduce -1.3% |
| USB US Bancorp | 0.49% | 91,347 | $4.1M | New |
| PSQ Proshares Short QQQ | 0.49% | 122,369 | $4.1M | Reduce -64.1% |
| RJF Raymond James Financial Inc. | 0.49% | 26,616 | $4.1M | Reduce -1.4% |
| SSNC Ss&c Technologies Holdings | 0.47% | 48,012 | $4.0M | Add +1.2% |
| GDDY GoDaddy Inc. Class A | 0.47% | 21,899 | $3.9M | Reduce -8.4% |
| FTDR Frontdoor Inc. | 0.46% | 65,531 | $3.9M | Add +978.5% |
| ALL Allstate Corp. | 0.46% | 19,089 | $3.8M | Reduce -1.6% |
| UGI Ugi Corp. | 0.46% | 105,215 | $3.8M | Add +12.7% |
| CMCSA Comcast Corp. Class A | 0.45% | 106,225 | $3.8M | Reduce -1.6% |
| DY Dycom Industries Inc. | 0.45% | 15,393 | $3.8M | New |
| EHC Encompass Health Corp. | 0.44% | 30,016 | $3.7M | Reduce -1.5% |
| MKL Markel Group Inc. | 0.43% | 1,810 | $3.6M | Reduce -2.4% |
| SANM Sanmina Corp. | 0.42% | 36,208 | $3.5M | New |
| PAAS Pan American Silver Corp. | 0.42% | 123,572 | $3.5M | Reduce -1.5% |
| STRA Strategic Education Inc. | 0.42% | 41,196 | $3.5M | Reduce -1.4% |
| AKAM Akamai Technologies Inc. | 0.42% | 43,777 | $3.5M | Reduce -8.9% |
| EGO Eldorado Gold Corp. | 0.42% | 171,214 | $3.5M | Reduce -1.5% |
| PYPL PayPal Holdings Inc. | 0.41% | 45,786 | $3.4M | Reduce -12.7% |
| PLXS Plexus Corp. | 0.41% | 25,081 | $3.4M | New |
| MDU Mdu Resources Group Inc. | 0.40% | 202,649 | $3.4M | Add +11.3% |
| RCL Royal Caribbean Cruises Ltd. | 0.40% | 10,775 | $3.4M | Reduce -1.4% |
| VIRT Virtu Financial Inc. Class A | 0.40% | 74,840 | $3.4M | Reduce -1.6% |
| QLYS Qualys Inc. | 0.40% | 23,410 | $3.3M | Reduce -1.7% |
| AIZ Assurant Inc. | 0.40% | 16,780 | $3.3M | Reduce -1.8% |
| UHS Universal Health Services-B | 0.39% | 18,069 | $3.3M | Reduce -13.2% |
| ACGL Arch Capital Group Ltd. | 0.38% | 35,164 | $3.2M | Reduce -1.4% |
| OKTA Okta Inc. | 0.38% | 31,697 | $3.2M | Reduce -1.6% |
| CCL Carnival Corp. | 0.37% | 111,327 | $3.1M | Reduce -1.6% |
| NJR New Jersey Resources Corp. | 0.37% | 69,635 | $3.1M | Add +11.0% |
Portfolio Sells Q1 2025 → Q2 2025
| PSQ Proshares Short QQQ | Reduce -64.1% | 0.49% | −1.31 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -93.1% | 0.08% | −1.12 |
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | Reduce -8.8% | 2.13% | −0.73 |
| EMLC Vaneck JPM Em Local Curr BND | Sold out | 0.00% | −0.68 |
| MTB M & T Bank Corp. | Reduce -94.3% | 0.03% | −0.57 |
| HBAN Huntington Bancshares Inc. | Sold out | 0.00% | −0.51 |
| G Genpact Ltd. | Sold out | 0.00% | −0.51 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.49 |
| MTCH Match Group Inc. | Sold out | 0.00% | −0.48 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.48 |
| ONB Old National Bancorp | Reduce -92.0% | 0.03% | −0.39 |
| VOYA Voya Financial Inc. | Sold out | 0.00% | −0.39 |
| RWM Proshares Short RUSSELL2000 | Reduce -6.3% | 1.34% | −0.37 |
| FITB Fifth Third Bancorp | Sold out | 0.00% | −0.37 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −0.36 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.35 |
| FCNCA First Citizens Bcshs Class A | Sold out | 0.00% | −0.35 |
| PPLI People Inc. | Sold out | 0.00% | −0.33 |
| CADE Cadence Bank | Sold out | 0.00% | −0.31 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.30 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.28 |
| TMUS T-Mobile US Inc. | Reduce -1.4% | 1.12% | −0.26 |
| XYZ Block Inc. | Sold out | 0.00% | −0.25 |
| MTBA Simplify MBS ETF | Reduce -19.3% | 0.60% | −0.21 |
| CON Concentra Group Holdings Par | Sold out | 0.00% | −0.20 |
| SEM Select Medical Holdings Corp. | Sold out | 0.00% | −0.19 |
| ITB iShares U.S. Home Constructi | Sold out | 0.00% | −0.17 |
| PHM Pultegroup Inc. | Reduce -7.7% | 1.12% | −0.17 |
| V Visa Inc. Class A | Reduce -9.1% | 0.85% | −0.15 |
| DHI D.R. Horton Inc. | Reduce -7.7% | 0.91% | −0.15 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -0.1% | 1.64% | −0.14 |
| UHS Universal Health Services-B | Reduce -13.2% | 0.39% | −0.12 |
| CHKP Check Point Software Tech | Reduce -1.4% | 0.85% | −0.11 |
| EQX Equinox Gold Corp. | Reduce -1.6% | 0.35% | −0.11 |
| DOCN Digitalocean Holdings Inc. | Reduce -8.9% | 0.25% | −0.10 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.10 |
| GDDY GoDaddy Inc. Class A | Reduce -8.4% | 0.47% | −0.09 |
| HCA HCA Healthcare Inc. | Reduce -12.6% | 0.71% | −0.09 |
| AKAM Akamai Technologies Inc. | Reduce -8.9% | 0.42% | −0.09 |
| MA Mastercard Inc. Class A | Reduce -1.6% | 1.01% | −0.08 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.08 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.08 |
| AIZ Assurant Inc. | Reduce -1.8% | 0.40% | −0.07 |
| TOL Toll Brothers Inc. | Reduce -7.8% | 0.74% | −0.07 |
| T AT&T Inc. | Reduce -1.6% | 0.81% | −0.06 |
| CMCSA Comcast Corp. Class A | Reduce -1.6% | 0.45% | −0.06 |
| ACGL Arch Capital Group Ltd. | Reduce -1.4% | 0.38% | −0.06 |
| ALL Allstate Corp. | Reduce -1.6% | 0.46% | −0.06 |
| WIX Wix.com Ltd. | Reduce -12.2% | 0.23% | −0.06 |
| OKTA Okta Inc. | Reduce -1.6% | 0.38% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| VTIP Vanguard Short-Term Tips | Add +808.3% | 1.28% | +1.13 |
| UBER Uber Technologies Inc. | New | 0.68% | +0.68 |
| PNC PNC Financial Services Group | New | 0.52% | +0.52 |
| USB US Bancorp | New | 0.49% | +0.49 |
| IBND SS SPDR BB Intl Corp. BD ETF | Add +86.9% | 1.00% | +0.47 |
| IGOV iShares International Treasu | Add +43.2% | 1.49% | +0.46 |
| DY Dycom Industries Inc. | New | 0.45% | +0.45 |
| FTDR Frontdoor Inc. | Add +978.5% | 0.46% | +0.43 |
| SANM Sanmina Corp. | New | 0.42% | +0.42 |
| PLXS Plexus Corp. | New | 0.41% | +0.41 |
| CSCO Cisco Systems Inc. | Add +46.7% | 1.02% | +0.35 |
| CI The Cigna Group | New | 0.35% | +0.35 |
| CVS CVS Health Corp. | New | 0.34% | +0.34 |
| LAD Lithia Motors Inc. | New | 0.33% | +0.33 |
| ABG Asbury Automotive Group | New | 0.32% | +0.32 |
| ADT Adt Inc. | Add +672.9% | 0.37% | +0.32 |
| XLK SS Technology Select Sector | Add +10.6% | 1.18% | +0.23 |
| FXY Invesco Currencyshares Japan | Add +33.7% | 1.03% | +0.22 |
| BHE Benchmark Electronics Inc. | New | 0.21% | +0.21 |
| CTS CTS Corp. | New | 0.21% | +0.21 |
| FFIV F5 Inc. | Add +43.7% | 0.65% | +0.20 |
| ERIC Ericsson (lm) Tel-SP ADR | Add +49.1% | 0.61% | +0.20 |
| SPIB SS SPDR P Int C Corp. ETF | Add +18.7% | 1.56% | +0.15 |
| NOK Nokia Corp.-Spon ADR | Add +42.6% | 0.65% | +0.15 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +80.1% | 0.27% | +0.11 |
| LST Leuthold Sel Ind | Add +199.1% | 0.10% | +0.07 |
| QLTA iShares Aaa - A Rated Corpor | Add +207.8% | 0.10% | +0.06 |
| BWX SS SPDR BB Intl Treasury BD | Add +3.9% | 2.35% | +0.06 |
| IEF iShares 7-10 Year Treasury B | Add +16.0% | 0.92% | +0.06 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +62.5% | 0.18% | +0.06 |
| XLC SS Comm Select Sector SPDR | Add +2.1% | 1.08% | +0.06 |
| AGGY Wisdomtree Yield Enhanced US | New | 0.06% | +0.06 |
| UGI Ugi Corp. | Add +12.7% | 0.46% | +0.06 |
| PEJ Invesco Leisure & Entertainm | New | 0.05% | +0.05 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | New | 0.05% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | Add +5.4% | 0.79% | +0.05 |
| TIMB Tim SA-ADR | New | 0.05% | +0.05 |
| USMV iShares MSCI USA Min Vol Fac | New | 0.05% | +0.05 |
| MGA Magna International Inc. | New | 0.05% | +0.05 |
| SAP Sap SE-Sponsored ADR | New | 0.05% | +0.05 |
| SKM SK Telecom Co. Ltd.-Spon ADR | New | 0.04% | +0.04 |
| TTE Totalenergies SE -Spon ADR | New | 0.04% | +0.04 |
| CVX Chevron Corp. | New | 0.04% | +0.04 |
| SU Suncor Energy Inc. | New | 0.04% | +0.04 |
| IVV iShares Core S&P 500 ETF | Add +2.4% | 1.09% | +0.04 |
| IJR iShares Core S&P Small-Cap E | New | 0.04% | +0.04 |
| ALV Autoliv Inc. | New | 0.04% | +0.04 |
| IGV iShares Expanded Tech-Softwa | Add +2.6% | 0.27% | +0.04 |
| FXE Invesco Currencyshares Euro | Add +6.8% | 0.58% | +0.04 |
| PRIM Primoris Services Corp. | New | 0.03% | +0.03 |
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 |