Leuthold Group, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Leuthold Group, LLC reported 207 stock positions worth $926.0 million. Its top holding was Microsoft (MSFT) at 2.6% of the portfolio, followed by Dir DLY SP 500 BR 1X ETF-Usi (SPDN, 2.4%) and Alphabet Class A (GOOGL, 2.3%). Compared with Q3 2025, it opened 43 new positions, sold out of 41, added to 108 and reduced 50. The biggest buy was a new position in FedEx (FDX) and the biggest sale an exit from Oracle (ORCL).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001170152
- Portfolio Value
- $926.0M (Q4 2025)
- SEC Filing
- 0000897069-26-000228 ↗ filed Feb 5, 2026
Holdings Value
Holdings 207 stocks · $926.0M
| MSFT Microsoft Corp. | 2.65% | 50,686 | $24.5M | Reduce -2.6% |
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | 2.38% | 2,340,534 | $22.1M | Add +34.6% |
| GOOGL Alphabet Inc. Class A | 2.28% | 67,594 | $21.2M | Reduce -3.2% |
| BWX SS SPDR BB Intl Treasury BD | 2.03% | 832,892 | $18.8M | Reduce -0.6% |
| GS Goldman Sachs Group Inc. | 1.72% | 18,083 | $15.9M | Add +0.7% |
| JBL Jabil Inc. | 1.53% | 62,315 | $14.2M | Add +0.5% |
| SPIB SS SPDR P Int C Corp. ETF | 1.53% | 420,225 | $14.2M | No change |
| KGC Kinross Gold Corp. | 1.45% | 476,291 | $13.4M | Reduce -21.9% |
| RWM Proshares Short RUSSELL2000 | 1.45% | 817,685 | $13.4M | Add +35.8% |
| META Meta Platforms Inc. Class A | 1.42% | 19,970 | $13.2M | Reduce -34.7% |
| MCK McKesson Corp. | 1.42% | 16,008 | $13.1M | Add +0.1% |
| CAH Cardinal Health Inc. | 1.41% | 63,407 | $13.0M | Add +0.4% |
| SHY iShares 1-3 Year Treasury Bo | 1.39% | 154,959 | $12.8M | Reduce -3.4% |
| MS Morgan Stanley | 1.34% | 70,029 | $12.4M | Add +0.2% |
| FLEX Flex Ltd. | 1.34% | 205,534 | $12.4M | Add +0.3% |
| CSCO Cisco Systems Inc. | 1.29% | 154,877 | $11.9M | Add +13.8% |
| FDX FedEx Corp. | 1.18% | 37,713 | $10.9M | New |
| XLK SS Technology Select Sector | 1.16% | 74,835 | $10.8M | Add +1.0% |
| UPS United Parcel Service Class B | 1.14% | 106,348 | $10.5M | New |
| COR Cencora Inc. | 1.13% | 30,893 | $10.4M | Reduce -0.0% |
| JPM JPMorgan Chase & Co. | 1.12% | 32,188 | $10.4M | Add +0.7% |
| IGOV iShares International Treasu | 1.12% | 248,737 | $10.4M | Reduce -1.3% |
| VTIP Vanguard Short-Term Tips | 1.12% | 209,416 | $10.4M | Reduce -2.0% |
| IAG Iamgold Corp. | 1.09% | 613,738 | $10.1M | Reduce -25.4% |
| DB Deutsche Bank AG-Registered | 1.09% | 261,209 | $10.1M | Add +0.3% |
| C Citigroup Inc. | 1.05% | 83,338 | $9.7M | Add +0.4% |
| UNH Unitedhealth Group Inc. | 1.00% | 28,134 | $9.3M | New |
| XLF SS Financial Select Sector | 0.99% | 167,820 | $9.2M | Reduce -3.1% |
| TEL Te Connectivity PLC | 0.99% | 40,355 | $9.2M | Add +0.5% |
| IVV iShares Core S&P 500 ETF | 0.97% | 13,073 | $9.0M | Reduce -8.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.96% | 162,286 | $8.9M | Add +0.3% |
| MA Mastercard Inc. Class A | 0.96% | 15,619 | $8.9M | Reduce -0.1% |
| HCA HCA Healthcare Inc. | 0.90% | 17,927 | $8.4M | Add +11.0% |
| BCS Barclays PLC-Spons ADR | 0.90% | 328,653 | $8.4M | Add +0.3% |
| IBND SS SPDR BB Intl Corp. BD ETF | 0.89% | 255,293 | $8.2M | Reduce -0.6% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.87% | 148,747 | $8.0M | Reduce -2.6% |
| ELV Elevance Health Inc. | 0.85% | 22,531 | $7.9M | New |
| MGA Magna International Inc. | 0.85% | 147,172 | $7.8M | Add +26.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.85% | 86,430 | $7.8M | Add +0.3% |
| MBB iShares MBS ETF | 0.84% | 81,963 | $7.8M | Reduce -3.0% |
| VMBS Vanguard Mortgage-Backed Sec | 0.84% | 165,106 | $7.8M | Reduce -1.5% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.83% | 794,958 | $7.7M | Add +23.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.80% | 16,407 | $7.4M | Add +27.8% |
| IEF iShares 7-10 Year Treasury B | 0.80% | 77,137 | $7.4M | Reduce -0.7% |
| V Visa Inc. Class A | 0.79% | 20,867 | $7.3M | Add +0.5% |
| REGN Regeneron Pharmaceuticals | 0.79% | 9,439 | $7.3M | Add +56.2% |
| AMGN Amgen Inc. | 0.76% | 21,402 | $7.0M | Add +25.9% |
| LAUR Laureate Education Inc. | 0.74% | 204,037 | $6.9M | Reduce -7.0% |
| GILD Gilead Sciences Inc. | 0.73% | 55,058 | $6.8M | Add +29.1% |
| JNJ Johnson & Johnson | 0.71% | 31,963 | $6.6M | New |
| THC Tenet Healthcare Corp. | 0.70% | 32,784 | $6.5M | Add +9.8% |
| ALV Autoliv Inc. | 0.70% | 54,579 | $6.5M | Add +29.2% |
| EGO Eldorado Gold Corp. | 0.68% | 174,541 | $6.3M | Add +0.1% |
| APTV Aptiv PLC | 0.67% | 81,014 | $6.2M | Add +31.3% |
| PRIM Primoris Services Corp. | 0.66% | 49,487 | $6.1M | Add +1.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.65% | 66,890 | $6.0M | Reduce -10.7% |
| GTX Garrett Motion Inc. | 0.63% | 333,232 | $5.8M | Add +36.3% |
| BIIB Biogen Inc. | 0.62% | 32,589 | $5.7M | Add +38.6% |
| SANM Sanmina Corp. | 0.61% | 37,660 | $5.7M | Add +0.5% |
| DY Dycom Industries Inc. | 0.59% | 16,139 | $5.5M | Add +0.4% |
| CRH CRH PLC | 0.59% | 43,668 | $5.4M | New |
| BMY Bristol-Myers Squibb Co. | 0.59% | 101,025 | $5.4M | New |
| LEA Lear Corp. | 0.59% | 47,513 | $5.4M | Add +41.5% |
| EME Emcor Group Inc. | 0.59% | 8,869 | $5.4M | New |
| FXY Invesco Currencyshares Japan | 0.58% | 92,126 | $5.4M | Reduce -1.4% |
| FFIV F5 Inc. | 0.57% | 20,711 | $5.3M | Add +0.9% |
| GVA Granite Construction Inc. | 0.56% | 45,223 | $5.2M | Add +1591.8% |
| UBER Uber Technologies Inc. | 0.56% | 63,823 | $5.2M | Add +0.5% |
| UTHR United Therapeutics Corp. | 0.56% | 10,672 | $5.2M | Add +41.4% |
| MRK Merck & Co. Inc. | 0.56% | 49,296 | $5.2M | New |
| AEM Agnico Eagle Mines Ltd. | 0.55% | 30,075 | $5.1M | Reduce -35.8% |
| USB US Bancorp | 0.55% | 95,305 | $5.1M | Add +0.7% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.55% | 131,906 | $5.1M | New |
| PNC PNC Financial Services Group | 0.54% | 24,169 | $5.0M | Add +0.8% |
| HIG Hartford Insurance Group Inc. | 0.54% | 36,303 | $5.0M | Add +0.4% |
| CARG Cargurus Inc. | 0.54% | 129,570 | $5.0M | Reduce -1.4% |
| CHRW C.H. Robinson Worldwide Inc. | 0.53% | 30,656 | $4.9M | New |
| GSK GSK PLC-Spon ADR | 0.53% | 100,358 | $4.9M | New |
| GT Goodyear Tire & Rubber Co. | 0.53% | 560,093 | $4.9M | Add +48.5% |
| NTCT Netscout Systems Inc. | 0.53% | 179,984 | $4.9M | Add +45.3% |
| EXPD Expeditors Intl Wash Inc. | 0.52% | 32,545 | $4.8M | New |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.52% | 46,811 | $4.8M | Reduce -6.5% |
| TRV The Travelers Cos Inc. | 0.52% | 16,592 | $4.8M | Add +0.8% |
| HUM Humana Inc. | 0.50% | 18,186 | $4.7M | New |
| VMI Valmont Industries | 0.50% | 11,498 | $4.6M | Add +983.7% |
| UHS Universal Health Services-B | 0.50% | 21,072 | $4.6M | Add +12.7% |
| SNY Sanofi-ADR | 0.49% | 93,850 | $4.5M | New |
| FXE Invesco Currencyshares Euro | 0.48% | 41,165 | $4.5M | Reduce -1.3% |
| SSNC Ss&c Technologies Holdings | 0.48% | 50,865 | $4.4M | Add +0.9% |
| RJF Raymond James Financial Inc. | 0.48% | 27,534 | $4.4M | Add +0.3% |
| AGG iShares Core U.S. Aggregate | 0.46% | 42,755 | $4.3M | Reduce -10.5% |
| AIZ Assurant Inc. | 0.45% | 17,403 | $4.2M | Add +0.2% |
| VONV Vanguard Russell 1000 Value | 0.45% | 45,234 | $4.2M | Reduce -11.0% |
| ALL Allstate Corp. | 0.45% | 19,838 | $4.1M | Add +0.4% |
| XLC SS Comm Select Sector SPDR | 0.45% | 35,077 | $4.1M | Reduce -51.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.44% | 50,899 | $4.1M | New |
| MKL Markel Group Inc. | 0.44% | 1,890 | $4.1M | Add +1.2% |
| NTGR Netgear Inc. | 0.42% | 159,432 | $3.9M | Add +56.0% |
| EQX Equinox Gold Corp. | 0.42% | 275,129 | $3.9M | Reduce -45.3% |
| VC Visteon Corp. | 0.42% | 40,502 | $3.9M | Add +54.7% |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Sold out | 0.00% | −2.08 |
| NFLX Netflix Inc. | Sold out | 0.00% | −1.96 |
| URI United Rentals Inc. | Sold out | 0.00% | −1.34 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −1.29 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −1.09 |
| META Meta Platforms Inc. Class A | Reduce -34.7% | 1.42% | −1.03 |
| TMUS T-Mobile US Inc. | Reduce -92.5% | 0.07% | −1.00 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.82 |
| T AT&T Inc. | Sold out | 0.00% | −0.75 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −0.70 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.67 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.62 |
| LRN Stride Inc. | Sold out | 0.00% | −0.62 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.59 |
| XLC SS Comm Select Sector SPDR | Reduce -51.5% | 0.45% | −0.49 |
| FTDR Frontdoor Inc. | Sold out | 0.00% | −0.45 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.39 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.39 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.37 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.36 |
| TNL Travel + Leisure Co. | Sold out | 0.00% | −0.36 |
| QLYS Qualys Inc. | Sold out | 0.00% | −0.35 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.33 |
| CVSA Covista Inc. | Reduce -6.5% | 0.52% | −0.32 |
| ADT Adt Inc. | Sold out | 0.00% | −0.32 |
| PRKS United Parks & Resorts Inc. | Sold out | 0.00% | −0.32 |
| ABG Asbury Automotive Group | Sold out | 0.00% | −0.32 |
| AEM Agnico Eagle Mines Ltd. | Reduce -35.8% | 0.55% | −0.31 |
| LTH Life Time Group Holdings Inc. | Sold out | 0.00% | −0.31 |
| MSFT Microsoft Corp. | Reduce -2.6% | 2.65% | −0.30 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.30 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −0.25 |
| KGC Kinross Gold Corp. | Reduce -21.9% | 1.45% | −0.21 |
| EQX Equinox Gold Corp. | Reduce -45.3% | 0.42% | −0.20 |
| PAAS Pan American Silver Corp. | Reduce -49.2% | 0.35% | −0.17 |
| IYZ iShares US Telecommunication | Sold out | 0.00% | −0.14 |
| PRDO Perdoceo Education Corp. | Reduce -7.2% | 0.35% | −0.14 |
| JETS US Global Jets ETF | Sold out | 0.00% | −0.14 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -0.6% | 2.03% | −0.08 |
| IVV iShares Core S&P 500 ETF | Reduce -8.6% | 0.97% | −0.08 |
| IDCC Interdigital Inc. | Sold out | 0.00% | −0.08 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.07 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.07 |
| IAG Iamgold Corp. | Reduce -25.4% | 1.09% | −0.07 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -3.4% | 1.39% | −0.07 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -10.7% | 0.65% | −0.07 |
| VTIP Vanguard Short-Term Tips | Reduce -2.0% | 1.12% | −0.07 |
| MRP Millrose Properties | Sold out | 0.00% | −0.06 |
| AGG iShares Core U.S. Aggregate | Reduce -10.5% | 0.46% | −0.06 |
| IGOV iShares International Treasu | Reduce -1.3% | 1.12% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| FDX FedEx Corp. | New | 1.18% | +1.18 |
| UPS United Parcel Service Class B | New | 1.14% | +1.14 |
| UNH Unitedhealth Group Inc. | New | 1.00% | +1.00 |
| ELV Elevance Health Inc. | New | 0.85% | +0.85 |
| JNJ Johnson & Johnson | New | 0.71% | +0.71 |
| BMY Bristol-Myers Squibb Co. | New | 0.59% | +0.59 |
| CRH CRH PLC | New | 0.59% | +0.59 |
| EME Emcor Group Inc. | New | 0.59% | +0.59 |
| MRK Merck & Co. Inc. | New | 0.56% | +0.56 |
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | Add +34.6% | 2.38% | +0.56 |
| SLB SLB Ltd. | New | 0.55% | +0.55 |
| CHRW C.H. Robinson Worldwide Inc. | New | 0.53% | +0.53 |
| GSK GSK PLC-Spon ADR | New | 0.53% | +0.53 |
| GVA Granite Construction Inc. | Add +1591.8% | 0.56% | +0.53 |
| EXPD Expeditors Intl Wash Inc. | New | 0.52% | +0.52 |
| HUM Humana Inc. | New | 0.50% | +0.50 |
| SNY Sanofi-ADR | New | 0.49% | +0.49 |
| VMI Valmont Industries | Add +983.7% | 0.50% | +0.45 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.44% | +0.44 |
| REGN Regeneron Pharmaceuticals | Add +56.2% | 0.79% | +0.41 |
| OII Oceaneering Intl Inc. | New | 0.38% | +0.38 |
| MOH Molina Healthcare Inc. | New | 0.38% | +0.38 |
| GXO Gxo Logistics Inc. | New | 0.35% | +0.35 |
| HUBG Hub Group Inc. Class A | New | 0.34% | +0.34 |
| RWM Proshares Short RUSSELL2000 | Add +35.8% | 1.45% | +0.34 |
| GAP The Gap Inc. | New | 0.33% | +0.33 |
| CAH Cardinal Health Inc. | Add +0.4% | 1.41% | +0.32 |
| URBN Urban Outfitters Inc. | New | 0.32% | +0.32 |
| SH Proshares Short S&P500 | New | 0.30% | +0.30 |
| HBM Hudbay Minerals Inc. | New | 0.30% | +0.30 |
| AA Alcoa Corp. | New | 0.28% | +0.28 |
| SNEX Stonex Group Inc. | Add +834.0% | 0.31% | +0.28 |
| CSCO Cisco Systems Inc. | Add +13.8% | 1.29% | +0.27 |
| GTX Garrett Motion Inc. | Add +36.3% | 0.63% | +0.26 |
| BIIB Biogen Inc. | Add +38.6% | 0.62% | +0.26 |
| LAZ Lazard Inc. | Add +888.0% | 0.29% | +0.26 |
| VRTX Vertex Pharmaceuticals Inc. | Add +27.8% | 0.80% | +0.25 |
| ERIC Ericsson (lm) Tel-SP ADR | Add +23.7% | 0.83% | +0.25 |
| MGA Magna International Inc. | Add +26.6% | 0.85% | +0.24 |
| AMGN Amgen Inc. | Add +25.9% | 0.76% | +0.23 |
| GT Goodyear Tire & Rubber Co. | Add +48.5% | 0.53% | +0.22 |
| LEA Lear Corp. | Add +41.5% | 0.59% | +0.22 |
| UTHR United Therapeutics Corp. | Add +41.4% | 0.56% | +0.22 |
| GILD Gilead Sciences Inc. | Add +29.1% | 0.73% | +0.21 |
| NTCT Netscout Systems Inc. | Add +45.3% | 0.53% | +0.18 |
| BCS Barclays PLC-Spons ADR | Add +0.3% | 0.90% | +0.16 |
| GS Goldman Sachs Group Inc. | Add +0.7% | 1.72% | +0.15 |
| HCA HCA Healthcare Inc. | Add +11.0% | 0.90% | +0.15 |
| IHF iShares U.S. Healthcare Prov | Add +107.6% | 0.30% | +0.15 |
| IYT iShares US Transportation Et | New | 0.15% | +0.15 |
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 |