Leuthold Group, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Leuthold Group, LLC reported 205 stock positions worth $914.0 million. Its top holding was Microsoft (MSFT) at 2.9% of the portfolio, followed by Meta Platforms Class A (META, 2.5%) and SS SPDR BB Intl Treasury BD (BWX, 2.1%). Compared with Q2 2025, it opened 32 new positions, sold out of 33, added to 93 and reduced 47. The biggest buy was a new position in Vanguard Mortgage-Backed Sec (VMBS) and the biggest sale an exit from Nokia Corp.-Spon ADR (NOK).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001170152
- Portfolio Value
- $914.0M (Q3 2025)
- SEC Filing
- 0000897069-25-001644 ↗ filed Nov 6, 2025
Holdings Value
Holdings 205 stocks · $914.0M
| MSFT Microsoft Corp. | 2.95% | 52,037 | $27.0M | Add +3.5% |
| META Meta Platforms Inc. Class A | 2.46% | 30,592 | $22.5M | Add +3.5% |
| BWX SS SPDR BB Intl Treasury BD | 2.11% | 838,032 | $19.3M | Reduce -0.1% |
| ORCL Oracle Corp. | 2.08% | 67,756 | $19.1M | Add +0.6% |
| NFLX Netflix Inc. | 1.96% | 14,948 | $17.9M | Add +3.5% |
| GOOGL Alphabet Inc. Class A | 1.86% | 69,857 | $17.0M | Add +3.5% |
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | 1.83% | 1,738,823 | $16.7M | Add +0.4% |
| KGC Kinross Gold Corp. | 1.66% | 609,931 | $15.2M | Add +0.9% |
| GS Goldman Sachs Group Inc. | 1.56% | 17,953 | $14.3M | Add +3.3% |
| SPIB SS SPDR P Int C Corp. ETF | 1.56% | 420,225 | $14.2M | Add +8.2% |
| JBL Jabil Inc. | 1.47% | 62,003 | $13.5M | Add +3.5% |
| SHY iShares 1-3 Year Treasury Bo | 1.46% | 160,399 | $13.3M | Reduce -3.2% |
| MCK McKesson Corp. | 1.35% | 15,998 | $12.4M | Add +3.5% |
| URI United Rentals Inc. | 1.34% | 12,865 | $12.3M | Reduce -0.1% |
| FLEX Flex Ltd. | 1.30% | 204,860 | $11.9M | Add +3.5% |
| PHM Pultegroup Inc. | 1.29% | 89,134 | $11.8M | Reduce -0.1% |
| MS Morgan Stanley | 1.22% | 69,864 | $11.1M | Add +3.3% |
| VTIP Vanguard Short-Term Tips | 1.18% | 213,699 | $10.8M | Add +0.1% |
| IGOV iShares International Treasu | 1.17% | 252,048 | $10.7M | Reduce -12.9% |
| IAG Iamgold Corp. | 1.16% | 822,615 | $10.6M | Add +0.5% |
| XLK SS Technology Select Sector | 1.14% | 37,048 | $10.4M | Reduce -4.7% |
| RWM Proshares Short RUSSELL2000 | 1.11% | 602,105 | $10.1M | Add +1.2% |
| JPM JPMorgan Chase & Co. | 1.10% | 31,963 | $10.1M | Add +3.5% |
| DHI D.R. Horton Inc. | 1.09% | 58,848 | $10.0M | Reduce -0.1% |
| CAH Cardinal Health Inc. | 1.08% | 63,182 | $9.9M | Add +3.5% |
| TMUS T-Mobile US Inc. | 1.07% | 40,772 | $9.8M | Add +3.2% |
| COR Cencora Inc. | 1.06% | 30,903 | $9.7M | Add +3.5% |
| IVV iShares Core S&P 500 ETF | 1.05% | 14,298 | $9.6M | Reduce -2.5% |
| XLF SS Financial Select Sector | 1.02% | 173,211 | $9.3M | Reduce -11.8% |
| CSCO Cisco Systems Inc. | 1.02% | 136,101 | $9.3M | Add +10.2% |
| DB Deutsche Bank AG-Registered | 1.01% | 260,333 | $9.2M | Add +3.2% |
| MA Mastercard Inc. Class A | 0.97% | 15,630 | $8.9M | Add +3.5% |
| TEL Te Connectivity PLC | 0.96% | 40,174 | $8.8M | Add +3.5% |
| XLC SS Comm Select Sector SPDR | 0.94% | 72,247 | $8.6M | Reduce -13.1% |
| C Citigroup Inc. | 0.92% | 82,996 | $8.4M | Add +3.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.91% | 161,751 | $8.3M | Add +3.5% |
| IBND SS SPDR BB Intl Corp. BD ETF | 0.91% | 256,868 | $8.3M | Add +0.1% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.90% | 152,802 | $8.3M | Add +6.8% |
| MBB iShares MBS ETF | 0.88% | 84,496 | $8.0M | Add +26.4% |
| AEM Agnico Eagle Mines Ltd. | 0.86% | 46,837 | $7.9M | Add +0.1% |
| VMBS Vanguard Mortgage-Backed Sec | 0.86% | 167,597 | $7.9M | New |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.85% | 50,072 | $7.7M | Add +3.3% |
| IEF iShares 7-10 Year Treasury B | 0.82% | 77,679 | $7.5M | Reduce -3.2% |
| TOL Toll Brothers Inc. | 0.82% | 54,057 | $7.5M | Reduce -0.1% |
| V Visa Inc. Class A | 0.78% | 20,768 | $7.1M | Add +3.5% |
| LAUR Laureate Education Inc. | 0.76% | 219,483 | $6.9M | Add +3.2% |
| HCA HCA Healthcare Inc. | 0.75% | 16,155 | $6.9M | Add +3.5% |
| T AT&T Inc. | 0.75% | 243,714 | $6.9M | Add +3.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.75% | 86,142 | $6.9M | Add +3.3% |
| BCS Barclays PLC-Spons ADR | 0.74% | 327,524 | $6.8M | Add +3.2% |
| PRIM Primoris Services Corp. | 0.74% | 48,947 | $6.7M | Add +1350.3% |
| FFIV F5 Inc. | 0.73% | 20,534 | $6.6M | Add +11.5% |
| IEFA iShares Core MSCI Eafe ETF | 0.72% | 74,870 | $6.5M | Reduce -5.2% |
| CHKP Check Point Software Tech | 0.70% | 30,725 | $6.4M | Reduce -4.3% |
| UBER Uber Technologies Inc. | 0.68% | 63,508 | $6.2M | Add +3.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.67% | 53,754 | $6.2M | Add +3.5% |
| THC Tenet Healthcare Corp. | 0.66% | 29,872 | $6.1M | Add +3.5% |
| FXY Invesco Currencyshares Japan | 0.64% | 93,481 | $5.8M | Reduce -30.5% |
| VRSN Verisign Inc. | 0.62% | 20,427 | $5.7M | Add +3.5% |
| LRN Stride Inc. | 0.62% | 38,293 | $5.7M | Add +3.5% |
| EQX Equinox Gold Corp. | 0.62% | 502,870 | $5.6M | Reduce -0.5% |
| MGA Magna International Inc. | 0.60% | 116,279 | $5.5M | Add +1057.9% |
| FTNT Fortinet Inc. | 0.59% | 63,901 | $5.4M | Add +3.5% |
| APTV Aptiv PLC | 0.58% | 61,713 | $5.3M | New |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.58% | 642,557 | $5.3M | Add +6.6% |
| ALV Autoliv Inc. | 0.57% | 42,239 | $5.2M | Add +1319.3% |
| EGO Eldorado Gold Corp. | 0.55% | 174,370 | $5.0M | Add +1.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.55% | 12,843 | $5.0M | New |
| CARG Cargurus Inc. | 0.54% | 131,359 | $4.9M | Reduce -0.1% |
| HIG Hartford Insurance Group Inc. | 0.53% | 36,145 | $4.8M | Add +3.2% |
| PNC PNC Financial Services Group | 0.53% | 23,979 | $4.8M | Add +3.6% |
| AMGN Amgen Inc. | 0.53% | 17,006 | $4.8M | New |
| AGG iShares Core U.S. Aggregate | 0.52% | 47,770 | $4.8M | Reduce -0.1% |
| RJF Raymond James Financial Inc. | 0.52% | 27,455 | $4.7M | Add +3.1% |
| PAAS Pan American Silver Corp. | 0.52% | 122,339 | $4.7M | Reduce -1.0% |
| GILD Gilead Sciences Inc. | 0.52% | 42,636 | $4.7M | New |
| DY Dycom Industries Inc. | 0.51% | 16,070 | $4.7M | Add +4.4% |
| UTI Universal Technical Institut | 0.50% | 141,309 | $4.6M | Add +3.5% |
| TRV The Travelers Cos Inc. | 0.50% | 16,466 | $4.6M | Add +3.5% |
| USB US Bancorp | 0.50% | 94,679 | $4.6M | Add +3.6% |
| VONV Vanguard Russell 1000 Value | 0.50% | 50,819 | $4.5M | Reduce -0.1% |
| FXE Invesco Currencyshares Euro | 0.49% | 41,706 | $4.5M | Reduce -6.8% |
| PRDO Perdoceo Education Corp. | 0.49% | 119,330 | $4.5M | Add +615.0% |
| SSNC Ss&c Technologies Holdings | 0.49% | 50,387 | $4.5M | Add +5.0% |
| SANM Sanmina Corp. | 0.47% | 37,492 | $4.3M | Add +3.5% |
| ALL Allstate Corp. | 0.46% | 19,756 | $4.2M | Add +3.5% |
| FTDR Frontdoor Inc. | 0.45% | 61,594 | $4.1M | Reduce -6.0% |
| RSPD Invesco S&P 500 Equal Weight | 0.43% | 68,409 | $3.9M | Add +187.4% |
| EHC Encompass Health Corp. | 0.43% | 31,064 | $3.9M | Add +3.5% |
| PSQ Proshares Short QQQ | 0.42% | 124,115 | $3.9M | Add +1.4% |
| UHS Universal Health Services-B | 0.42% | 18,698 | $3.8M | Add +3.5% |
| AIZ Assurant Inc. | 0.41% | 17,371 | $3.8M | Add +3.5% |
| PLXS Plexus Corp. | 0.41% | 25,974 | $3.8M | Add +3.6% |
| MMS Maximus Inc. | 0.41% | 40,707 | $3.7M | Add +5.5% |
| RCL Royal Caribbean Cruises Ltd. | 0.39% | 11,149 | $3.6M | Add +3.5% |
| EXPE Expedia Group Inc. | 0.39% | 16,800 | $3.6M | Add +3.5% |
| MKL Markel Group Inc. | 0.39% | 1,867 | $3.6M | Add +3.1% |
| ACM Aecom | 0.37% | 26,265 | $3.4M | New |
| REGN Regeneron Pharmaceuticals | 0.37% | 6,044 | $3.4M | New |
| LEA Lear Corp. | 0.37% | 33,576 | $3.4M | Add +1143.1% |
Portfolio Sells Q2 2025 → Q3 2025
| NOK Nokia Corp.-Spon ADR | Sold out | 0.00% | −0.65 |
| MTBA Simplify MBS ETF | Sold out | 0.00% | −0.60 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.54 |
| GDDY GoDaddy Inc. Class A | Sold out | 0.00% | −0.47 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.45 |
| UGI Ugi Corp. | Reduce -91.0% | 0.03% | −0.42 |
| STRA Strategic Education Inc. | Sold out | 0.00% | −0.42 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.42 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.41 |
| VIRT Virtu Financial Inc. Class A | Sold out | 0.00% | −0.40 |
| FXY Invesco Currencyshares Japan | Reduce -30.5% | 0.64% | −0.39 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.38 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.38 |
| MDU Mdu Resources Group Inc. | Reduce -92.2% | 0.03% | −0.37 |
| OGS One Gas Inc. | Sold out | 0.00% | −0.36 |
| SR Spire Inc. | Sold out | 0.00% | −0.36 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.35 |
| CI The Cigna Group | Sold out | 0.00% | −0.35 |
| NJR New Jersey Resources Corp. | Reduce -92.4% | 0.03% | −0.34 |
| LAD Lithia Motors Inc. | Sold out | 0.00% | −0.33 |
| IGOV iShares International Treasu | Reduce -12.9% | 1.17% | −0.31 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.30 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.27 |
| KMPR Kemper Corp. | Sold out | 0.00% | −0.25 |
| DOCN Digitalocean Holdings Inc. | Sold out | 0.00% | −0.25 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -0.1% | 2.11% | −0.25 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.23 |
| XLF SS Financial Select Sector | Reduce -11.8% | 1.02% | −0.21 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -3.2% | 1.46% | −0.19 |
| CHKP Check Point Software Tech | Reduce -4.3% | 0.70% | −0.15 |
| XLC SS Comm Select Sector SPDR | Reduce -13.1% | 0.94% | −0.14 |
| IEF iShares 7-10 Year Treasury B | Reduce -3.2% | 0.82% | −0.10 |
| FXE Invesco Currencyshares Euro | Reduce -6.8% | 0.49% | −0.09 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -39.8% | 0.10% | −0.08 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -5.2% | 0.72% | −0.07 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.07 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -64.4% | 0.03% | −0.06 |
| AGGY Wisdomtree Yield Enhanced US | Sold out | 0.00% | −0.06 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -67.6% | 0.02% | −0.05 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.05 |
| DBX Dropbox Inc. Class A | Sold out | 0.00% | −0.05 |
| ADT Adt Inc. | Reduce -8.3% | 0.32% | −0.05 |
| ZM Zoom Communications Inc. | Sold out | 0.00% | −0.05 |
| DOCU Docusign Inc. | Sold out | 0.00% | −0.05 |
| SAP Sap SE-Sponsored ADR | Sold out | 0.00% | −0.05 |
| VGSH Vanguard Short-Term Treasury | Reduce -30.2% | 0.08% | −0.04 |
| AGG iShares Core U.S. Aggregate | Reduce -0.1% | 0.52% | −0.04 |
| IVV iShares Core S&P 500 ETF | Reduce -2.5% | 1.05% | −0.04 |
| ACIW Aci Worldwide Inc. | Sold out | 0.00% | −0.04 |
| XLV SS Health Care Select Sector | Reduce -5.9% | 0.31% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| VMBS Vanguard Mortgage-Backed Sec | New | 0.86% | +0.86 |
| PRIM Primoris Services Corp. | Add +1350.3% | 0.74% | +0.70 |
| APTV Aptiv PLC | New | 0.58% | +0.58 |
| MGA Magna International Inc. | Add +1057.9% | 0.60% | +0.56 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.55% | +0.55 |
| ALV Autoliv Inc. | Add +1319.3% | 0.57% | +0.53 |
| KGC Kinross Gold Corp. | Add +0.9% | 1.66% | +0.53 |
| AMGN Amgen Inc. | New | 0.53% | +0.53 |
| GILD Gilead Sciences Inc. | New | 0.52% | +0.52 |
| IAG Iamgold Corp. | Add +0.5% | 1.16% | +0.44 |
| GOOGL Alphabet Inc. Class A | Add +3.5% | 1.86% | +0.44 |
| PRDO Perdoceo Education Corp. | Add +615.0% | 0.49% | +0.43 |
| ACM Aecom | New | 0.37% | +0.37 |
| REGN Regeneron Pharmaceuticals | New | 0.37% | +0.37 |
| GTX Garrett Motion Inc. | New | 0.36% | +0.36 |
| NTGR Netgear Inc. | New | 0.36% | +0.36 |
| BIIB Biogen Inc. | New | 0.36% | +0.36 |
| NTCT Netscout Systems Inc. | New | 0.35% | +0.35 |
| UTHR United Therapeutics Corp. | New | 0.35% | +0.35 |
| VC Visteon Corp. | New | 0.34% | +0.34 |
| LEA Lear Corp. | Add +1143.1% | 0.37% | +0.34 |
| ORCL Oracle Corp. | Add +0.6% | 2.08% | +0.32 |
| GT Goodyear Tire & Rubber Co. | New | 0.31% | +0.31 |
| RSPD Invesco S&P 500 Equal Weight | Add +187.4% | 0.43% | +0.28 |
| IBB iShares Biotechnology ETF | New | 0.20% | +0.20 |
| AEM Agnico Eagle Mines Ltd. | Add +0.1% | 0.86% | +0.20 |
| TEL Te Connectivity PLC | Add +3.5% | 0.96% | +0.18 |
| LAUR Laureate Education Inc. | Add +3.2% | 0.76% | +0.16 |
| EGO Eldorado Gold Corp. | Add +1.8% | 0.55% | +0.14 |
| MBB iShares MBS ETF | Add +26.4% | 0.88% | +0.13 |
| DB Deutsche Bank AG-Registered | Add +3.2% | 1.01% | +0.13 |
| FLEX Flex Ltd. | Add +3.5% | 1.30% | +0.12 |
| CVSA Covista Inc. | Add +3.3% | 0.85% | +0.11 |
| C Citigroup Inc. | Add +3.5% | 0.92% | +0.11 |
| GS Goldman Sachs Group Inc. | Add +3.3% | 1.56% | +0.09 |
| MMS Maximus Inc. | Add +5.5% | 0.41% | +0.08 |
| FFIV F5 Inc. | Add +11.5% | 0.73% | +0.08 |
| MS Morgan Stanley | Add +3.3% | 1.22% | +0.08 |
| EXPE Expedia Group Inc. | Add +3.5% | 0.39% | +0.07 |
| DY Dycom Industries Inc. | Add +4.4% | 0.51% | +0.06 |
| THC Tenet Healthcare Corp. | Add +3.5% | 0.66% | +0.06 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.06% | +0.06 |
| AMAT Applied Materials Inc. | New | 0.05% | +0.05 |
| WNS WNS Holdings Ltd. | Add +5.4% | 0.37% | +0.05 |
| SANM Sanmina Corp. | Add +3.5% | 0.47% | +0.05 |
| CM Can Imperial BK of Commerce | Add +3.3% | 0.75% | +0.05 |
| XLY SS Consumer Disc Select Sect | New | 0.04% | +0.04 |
| PSO Pearson PLC-Sponsored ADR | New | 0.04% | +0.04 |
| NCLH Norwegian Cruise Line Holdin | Add +3.5% | 0.30% | +0.04 |
| HCA HCA Healthcare Inc. | Add +3.5% | 0.75% | +0.04 |
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 |