Leuthold Group, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 6, 2026), Leuthold Group, LLC reported 211 stock positions worth $938.7 million. Its top holding was Dir DLY SP 500 BR 1X ETF-Usi (SPDN) at 3.3% of the portfolio, followed by Alphabet Class A (GOOGL, 2.0%) and SS SPDR BB Intl Treasury BD (BWX, 1.9%). Compared with Q4 2025, it opened 22 new positions, sold out of 18, added to 94 and reduced 84. The biggest buy was Dir DLY SP 500 BR 1X ETF-Usi (SPDN, shares +31%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001170152
- Portfolio Value
- $938.7M (Q1 2026)
- SEC Filing
- 0000897069-26-001031 ↗ filed May 6, 2026
Holdings Value
Holdings 211 stocks · $938.7M
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | 3.26% | 3,074,122 | $30.6M | Add +31.3% |
| GOOGL Alphabet Inc. Class A | 2.03% | 66,393 | $19.1M | Reduce -1.8% |
| BWX SS SPDR BB Intl Treasury BD | 1.94% | 829,138 | $18.2M | Reduce -0.5% |
| MSFT Microsoft Corp. | 1.90% | 48,171 | $17.8M | Reduce -5.0% |
| JBL Jabil Inc. | 1.67% | 58,946 | $15.7M | Reduce -5.4% |
| GS Goldman Sachs Group Inc. | 1.65% | 18,317 | $15.5M | Add +1.3% |
| SPIB SS SPDR P Int C Corp. ETF | 1.50% | 420,225 | $14.1M | No change |
| RWM Proshares Short RUSSELL2000 | 1.50% | 868,675 | $14.1M | Add +6.2% |
| MCK McKesson Corp. | 1.49% | 16,156 | $14.0M | Add +0.9% |
| KGC Kinross Gold Corp. | 1.49% | 457,878 | $14.0M | Reduce -3.9% |
| FDX FedEx Corp. | 1.46% | 38,460 | $13.7M | Add +2.0% |
| CAH Cardinal Health Inc. | 1.45% | 64,402 | $13.6M | Add +1.6% |
| FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD | 1.40% | 200,422 | $13.1M | Reduce -2.5% |
| SHY iShares 1-3 Year Treasury Bo | 1.38% | 157,002 | $13.0M | Add +1.3% |
| CSCO Cisco Systems Inc. | 1.30% | 157,564 | $12.2M | Add +1.7% |
| MS Morgan Stanley | 1.24% | 71,004 | $11.7M | Add +1.4% |
| META Meta Platforms Inc. Class A | 1.23% | 20,129 | $11.5M | Add +0.8% |
| IAG Iamgold Corp. | 1.16% | 580,474 | $10.9M | Reduce -5.4% |
| UPS United Parcel Service Class B | 1.14% | 108,545 | $10.7M | Add +2.1% |
| VTIP Vanguard Short-Term Tips | 1.11% | 208,699 | $10.4M | Reduce -0.3% |
| IGOV iShares International Treasu | 1.08% | 247,992 | $10.2M | Reduce -0.3% |
| COR Cencora Inc. | 1.05% | 31,265 | $9.8M | Add +1.2% |
| C Citigroup Inc. | 1.03% | 85,041 | $9.6M | Add +2.0% |
| JPM JPMorgan Chase & Co. | 1.03% | 32,725 | $9.6M | Add +1.7% |
| XLK SS Technology Select Sector | 0.99% | 70,273 | $9.3M | Reduce -6.1% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.97% | 811,438 | $9.1M | Add +2.1% |
| TEL Te Connectivity PLC | 0.91% | 40,987 | $8.6M | Add +1.6% |
| HCA HCA Healthcare Inc. | 0.91% | 18,055 | $8.5M | Add +0.7% |
| IVV iShares Core S&P 500 ETF | 0.91% | 13,038 | $8.5M | Reduce -0.3% |
| MGA Magna International Inc. | 0.89% | 149,263 | $8.3M | Add +1.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.88% | 87,677 | $8.3M | Add +1.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.86% | 165,043 | $8.0M | Add +1.7% |
| JNJ Johnson & Johnson | 0.85% | 32,730 | $8.0M | Add +2.4% |
| NVDA Nvidia Corp. | 0.84% | 45,341 | $7.9M | New |
| IBND SS SPDR BB Intl Corp. BD ETF | 0.84% | 254,065 | $7.9M | Reduce -0.5% |
| DB Deutsche Bank AG-Registered | 0.84% | 264,515 | $7.9M | Add +1.3% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.84% | 147,727 | $7.9M | Reduce -0.7% |
| GILD Gilead Sciences Inc. | 0.83% | 56,091 | $7.8M | Add +1.9% |
| VMBS Vanguard Mortgage-Backed Sec | 0.83% | 165,106 | $7.8M | No change |
| MBB iShares MBS ETF | 0.82% | 81,447 | $7.7M | Reduce -0.6% |
| AMGN Amgen Inc. | 0.81% | 21,598 | $7.6M | Add +0.9% |
| REGN Regeneron Pharmaceuticals | 0.80% | 9,780 | $7.6M | Add +3.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.78% | 16,455 | $7.3M | Add +0.3% |
| PRIM Primoris Services Corp. | 0.78% | 50,904 | $7.3M | Add +2.9% |
| LAUR Laureate Education Inc. | 0.77% | 207,318 | $7.2M | Add +1.6% |
| IEF iShares 7-10 Year Treasury B | 0.77% | 75,440 | $7.2M | Reduce -2.2% |
| BCS Barclays PLC-Spons ADR | 0.75% | 333,080 | $7.0M | Add +1.4% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.74% | 134,524 | $6.9M | Add +2.0% |
| EME Emcor Group Inc. | 0.72% | 9,166 | $6.8M | Add +3.4% |
| BKR Baker Hughes Co. | 0.69% | 106,518 | $6.5M | Add +761.4% |
| UTHR United Therapeutics Corp. | 0.68% | 10,736 | $6.4M | Add +0.6% |
| THC Tenet Healthcare Corp. | 0.67% | 33,227 | $6.3M | Add +1.4% |
| BMY Bristol-Myers Squibb Co. | 0.67% | 103,233 | $6.3M | Add +2.2% |
| AEM Agnico Eagle Mines Ltd. | 0.66% | 30,707 | $6.2M | Add +2.1% |
| FFIV F5 Inc. | 0.66% | 21,459 | $6.2M | Add +3.6% |
| GTX Garrett Motion Inc. | 0.66% | 341,259 | $6.2M | Add +2.4% |
| MA Mastercard Inc. Class A | 0.66% | 12,330 | $6.2M | Reduce -21.1% |
| XLF SS Financial Select Sector | 0.65% | 123,612 | $6.1M | Reduce -26.3% |
| BIIB Biogen Inc. | 0.65% | 33,143 | $6.1M | Add +1.7% |
| MRK Merck & Co. Inc. | 0.65% | 50,410 | $6.1M | Add +2.3% |
| IEFA iShares Core MSCI Eafe ETF | 0.64% | 66,484 | $6.0M | Reduce -0.6% |
| EGO Eldorado Gold Corp. | 0.64% | 174,224 | $6.0M | Reduce -0.2% |
| LEA Lear Corp. | 0.62% | 48,222 | $5.8M | Add +1.5% |
| ALV Autoliv Inc. | 0.62% | 55,412 | $5.8M | Add +1.5% |
| NTCT Netscout Systems Inc. | 0.62% | 182,878 | $5.8M | Add +1.6% |
| APTV Aptiv PLC | 0.61% | 82,223 | $5.7M | Add +1.5% |
| DY Dycom Industries Inc. | 0.60% | 16,742 | $5.7M | Add +3.7% |
| GSK GSK PLC-Spon ADR | 0.60% | 102,505 | $5.7M | Add +2.1% |
| DELL Dell Technologies -C | 0.60% | 34,161 | $5.6M | New |
| CVSA Covista Inc. | 0.58% | 47,562 | $5.5M | Add +1.6% |
| GVA Granite Construction Inc. | 0.58% | 45,579 | $5.5M | Add +0.8% |
| PLXS Plexus Corp. | 0.57% | 26,422 | $5.4M | Add +1.6% |
| OII Oceaneering Intl Inc. | 0.57% | 150,172 | $5.3M | Add +1.7% |
| FXY Invesco Currencyshares Japan | 0.57% | 91,849 | $5.3M | Reduce -0.3% |
| UTI Universal Technical Institut | 0.55% | 144,056 | $5.2M | Add +1.6% |
| CHRW C.H. Robinson Worldwide Inc. | 0.55% | 31,285 | $5.2M | Add +2.0% |
| PNC PNC Financial Services Group | 0.55% | 24,672 | $5.1M | Add +2.1% |
| USB US Bancorp | 0.54% | 97,348 | $5.1M | Add +2.1% |
| V Visa Inc. Class A | 0.53% | 16,576 | $5.0M | Reduce -20.6% |
| HIG Hartford Insurance Group Inc. | 0.53% | 36,823 | $5.0M | Add +1.4% |
| SANM Sanmina Corp. | 0.53% | 38,313 | $5.0M | Add +1.7% |
| TRV The Travelers Cos Inc. | 0.52% | 16,833 | $4.9M | Add +1.4% |
| TS Tenaris SA-ADR | 0.52% | 83,994 | $4.9M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.52% | 52,263 | $4.9M | Add +2.7% |
| EXPD Expeditors Intl Wash Inc. | 0.51% | 33,318 | $4.8M | Add +2.4% |
| CRH CRH PLC | 0.50% | 44,686 | $4.7M | Add +2.3% |
| VMI Valmont Industries | 0.49% | 11,620 | $4.6M | Add +1.1% |
| SNY Sanofi-ADR | 0.49% | 96,085 | $4.6M | Add +2.4% |
| LRCX Lam Research Corp. | 0.47% | 20,757 | $4.4M | New |
| PRDO Perdoceo Education Corp. | 0.47% | 117,983 | $4.4M | Add +6.5% |
| FXE Invesco Currencyshares Euro | 0.46% | 40,779 | $4.4M | Reduce -0.9% |
| DAL Delta Air Lines Inc. | 0.46% | 64,885 | $4.3M | Add +622.4% |
| AGG iShares Core U.S. Aggregate | 0.45% | 42,755 | $4.2M | No change |
| VONV Vanguard Russell 1000 Value | 0.45% | 45,234 | $4.2M | No change |
| ALL Allstate Corp. | 0.44% | 20,116 | $4.2M | Add +1.4% |
| EQX Equinox Gold Corp. | 0.44% | 282,460 | $4.1M | Add +2.7% |
| CARG Cargurus Inc. | 0.42% | 116,455 | $4.0M | Reduce -10.1% |
| NOV Nov Inc. | 0.42% | 208,123 | $3.9M | Add +675.1% |
| PSQ Proshares Short QQQ | 0.42% | 121,245 | $3.9M | Add +7.4% |
| AIZ Assurant Inc. | 0.41% | 17,723 | $3.9M | Add +1.8% |
Portfolio Sells Q4 2025 → Q1 2026
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.00 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.85 |
| MSFT Microsoft Corp. | Reduce -5.0% | 1.90% | −0.75 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.56 |
| GT Goodyear Tire & Rubber Co. | Sold out | 0.00% | −0.53 |
| HUM Humana Inc. | Sold out | 0.00% | −0.50 |
| RJF Raymond James Financial Inc. | Reduce -90.4% | 0.04% | −0.44 |
| CSGS CSG Systems Intl Inc. | Sold out | 0.00% | −0.39 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.38 |
| XLF SS Financial Select Sector | Reduce -26.3% | 0.65% | −0.34 |
| NTGR Netgear Inc. | Reduce -78.3% | 0.08% | −0.34 |
| MA Mastercard Inc. Class A | Reduce -21.1% | 0.66% | −0.31 |
| SH Proshares Short S&P500 | Sold out | 0.00% | −0.30 |
| LAZ Lazard Inc. | Sold out | 0.00% | −0.29 |
| V Visa Inc. Class A | Reduce -20.6% | 0.53% | −0.26 |
| GOOGL Alphabet Inc. Class A | Reduce -1.8% | 2.03% | −0.25 |
| XLK SS Technology Select Sector | Reduce -6.1% | 0.99% | −0.17 |
| IHF iShares U.S. Healthcare Prov | Reduce -44.6% | 0.14% | −0.16 |
| CARG Cargurus Inc. | Reduce -10.1% | 0.42% | −0.11 |
| IBB iShares Biotechnology ETF | Reduce -27.1% | 0.24% | −0.09 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -0.5% | 1.94% | −0.09 |
| RSPD Invesco S&P 500 Equal Weight | Reduce -14.9% | 0.32% | −0.09 |
| XLC SS Comm Select Sector SPDR | Reduce -12.0% | 0.36% | −0.08 |
| IVV iShares Core S&P 500 ETF | Reduce -0.3% | 0.91% | −0.06 |
| XLV SS Health Care Select Sector | Reduce -9.1% | 0.33% | −0.06 |
| MKL Markel Group Inc. | Reduce -0.3% | 0.38% | −0.05 |
| BFH Bread Financial Holdings Inc. | Sold out | 0.00% | −0.05 |
| IBND SS SPDR BB Intl Corp. BD ETF | Reduce -0.5% | 0.84% | −0.04 |
| CMA Comerica Inc. | Sold out | 0.00% | −0.04 |
| EGO Eldorado Gold Corp. | Reduce -0.2% | 0.64% | −0.04 |
| ACWI iShares MSCI Acwi ETF | Sold out | 0.00% | −0.04 |
| IGOV iShares International Treasu | Reduce -0.3% | 1.08% | −0.03 |
| IEF iShares 7-10 Year Treasury B | Reduce -2.2% | 0.77% | −0.03 |
| GDX Vaneck Gold Miners ETF | Reduce -14.9% | 0.26% | −0.03 |
| ZIM Zim Integrated Shipping Serv | Sold out | 0.00% | −0.03 |
| GSL Global Ship Lease Inc. Class A | Sold out | 0.00% | −0.03 |
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -0.7% | 0.84% | −0.03 |
| MATX Matson Inc. | Sold out | 0.00% | −0.02 |
| USMV iShares MSCI USA Min Vol Fac | Sold out | 0.00% | −0.02 |
| IYT iShares US Transportation Et | Reduce -14.9% | 0.12% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Sold out | 0.00% | −0.02 |
| TLH iShares 10-20 Year Treasury | Sold out | 0.00% | −0.02 |
| IAK iShares U.S. Insurance ETF | Reduce -14.9% | 0.08% | −0.02 |
| XRT SS SPDR S&P Retail ETF | Reduce -14.9% | 0.07% | −0.02 |
| MBB iShares MBS ETF | Reduce -0.6% | 0.82% | −0.02 |
| FXE Invesco Currencyshares Euro | Reduce -0.9% | 0.46% | −0.02 |
| FXY Invesco Currencyshares Japan | Reduce -0.3% | 0.57% | −0.02 |
| KBWB Invesco KBW Bank ETF | Reduce -14.9% | 0.06% | −0.02 |
| KCE SS SPDR S&P Cap MKTS ETF | Reduce -14.9% | 0.05% | −0.02 |
| PPH Vaneck Pharmaceutical ETF | Reduce -15.0% | 0.08% | −0.02 |
Portfolio Buys Q4 2025 → Q1 2026
| SPDN Dir DLY SP 500 BR 1X ETF-Usi | Add +31.3% | 3.26% | +0.87 |
| NVDA Nvidia Corp. | New | 0.84% | +0.84 |
| BKR Baker Hughes Co. | Add +761.4% | 0.69% | +0.63 |
| DELL Dell Technologies -C | New | 0.60% | +0.60 |
| TS Tenaris SA-ADR | New | 0.52% | +0.52 |
| LRCX Lam Research Corp. | New | 0.47% | +0.47 |
| HAL Halliburton Co. | New | 0.40% | +0.40 |
| DAL Delta Air Lines Inc. | Add +622.4% | 0.46% | +0.39 |
| BR Broadridge Financial Solutio | New | 0.39% | +0.39 |
| NOV Nov Inc. | Add +675.1% | 0.42% | +0.37 |
| WFRD Weatherford International PL | Add +646.7% | 0.41% | +0.36 |
| FDX FedEx Corp. | Add +2.0% | 1.46% | +0.28 |
| KAMO Kensington Credit Opport ETF | New | 0.21% | +0.21 |
| SLB SLB Ltd. | Add +2.0% | 0.74% | +0.19 |
| OII Oceaneering Intl Inc. | Add +1.7% | 0.57% | +0.18 |
| AMD Advanced Micro Devices | New | 0.17% | +0.17 |
| IBM Intl Business Machines Corp. | New | 0.16% | +0.16 |
| PLXS Plexus Corp. | Add +1.6% | 0.57% | +0.16 |
| UTI Universal Technical Institut | Add +1.6% | 0.55% | +0.15 |
| AVGO Broadcom Inc. | New | 0.15% | +0.15 |
| ERIC Ericsson (lm) Tel-SP ADR | Add +2.1% | 0.97% | +0.15 |
| JNJ Johnson & Johnson | Add +2.4% | 0.85% | +0.14 |
| EME Emcor Group Inc. | Add +3.4% | 0.72% | +0.13 |
| LST Leuthold Sel Ind | Add +135.1% | 0.24% | +0.13 |
| SHEL Shell PLC-ADR | New | 0.12% | +0.12 |
| PRDO Perdoceo Education Corp. | Add +6.5% | 0.47% | +0.12 |
| UTHR United Therapeutics Corp. | Add +0.6% | 0.68% | +0.12 |
| OIH Vaneck Oil Services ETF | Add +85.9% | 0.18% | +0.11 |
| AEM Agnico Eagle Mines Ltd. | Add +2.1% | 0.66% | +0.11 |
| PRIM Primoris Services Corp. | Add +2.9% | 0.78% | +0.11 |
| GILD Gilead Sciences Inc. | Add +1.9% | 0.83% | +0.10 |
| AROC Archrock Inc. | New | 0.10% | +0.10 |
| NTCT Netscout Systems Inc. | Add +1.6% | 0.62% | +0.09 |
| SNEX Stonex Group Inc. | Add +54.5% | 0.40% | +0.09 |
| FFIV F5 Inc. | Add +3.6% | 0.66% | +0.09 |
| MRK Merck & Co. Inc. | Add +2.3% | 0.65% | +0.09 |
| RIO Rio Tinto PLC-Spon ADR | Add +2.7% | 0.52% | +0.08 |
| BHE Benchmark Electronics Inc. | Add +5.1% | 0.30% | +0.08 |
| BMY Bristol-Myers Squibb Co. | Add +2.2% | 0.67% | +0.08 |
| DVN Devon Energy Corp. | New | 0.08% | +0.08 |
| MCK McKesson Corp. | Add +0.9% | 1.49% | +0.07 |
| GSK GSK PLC-Spon ADR | Add +2.1% | 0.60% | +0.07 |
| CVSA Covista Inc. | Add +1.6% | 0.58% | +0.06 |
| RWM Proshares Short RUSSELL2000 | Add +6.2% | 1.50% | +0.06 |
| AMGN Amgen Inc. | Add +0.9% | 0.81% | +0.05 |
| PSQ Proshares Short QQQ | Add +7.4% | 0.42% | +0.05 |
| CAH Cardinal Health Inc. | Add +1.6% | 1.45% | +0.04 |
| MGA Magna International Inc. | Add +1.4% | 0.89% | +0.04 |
| XLE SS Energy Select Sector | New | 0.04% | +0.04 |
| FITB Fifth Third Bancorp | New | 0.04% | +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 |