Zuckerman Investment Group, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Zuckerman Investment Group, LLC reported 156 stock positions worth $1.1 billion. Its top holding was Vertiv Class A (VRT) at 9.2% of the portfolio, followed by Ulta Beauty (ULTA, 5.3%) and Alphabet Class A (GOOGL, 3.7%). Compared with Q2 2025, it opened 9 new positions, sold out of 6, added to 43 and reduced 60. The biggest buy was a new position in Salesforce (CRM) and the biggest sale Portillo's Class A (PTLO, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423296
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001423296-25-000015 ↗ filed Nov 13, 2025
Holdings Value
Holdings 156 stocks · $1.1B
| VRT Vertiv Holdings Co. Class A | 9.23% | 658,854 | $99.4M | Reduce -6.1% |
| ULTA Ulta Beauty Inc. | 5.34% | 105,145 | $57.5M | Reduce -5.2% |
| GOOGL Alphabet Inc. Class A | 3.69% | 163,454 | $39.7M | Reduce -3.6% |
| MCK McKesson Corp. | 3.39% | 47,278 | $36.5M | Reduce -5.3% |
| MSFT Microsoft Corp. | 3.24% | 67,245 | $34.8M | Reduce -1.5% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 3.00% | 1,553,649 | $32.3M | Reduce -4.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.75% | 58,831 | $29.6M | Reduce -1.6% |
| KKR KKR & Co. Inc. | 2.64% | 218,958 | $28.5M | Reduce -4.3% |
| META Meta Platforms Inc. Class A | 2.58% | 37,851 | $27.8M | Reduce -3.5% |
| VWO Vanguard Ftse Emerging Marke | 2.50% | 496,208 | $26.9M | Reduce -3.3% |
| DKS Dick's Sporting Goods Inc. | 2.50% | 120,974 | $26.9M | Reduce -3.8% |
| ICLR Icon PLC | 2.47% | 151,746 | $26.6M | Reduce -4.1% |
| PNR Pentair PLC | 2.38% | 231,506 | $25.6M | Reduce -4.7% |
| AAPL Apple Inc. | 2.32% | 98,144 | $25.0M | Reduce -0.9% |
| AEBI Aebi Schmidt Holding AG | 2.24% | 1,932,787 | $24.1M | Reduce -4.0% |
| VEA Vanguard Ftse Developed ETF | 2.19% | 394,226 | $23.6M | Reduce -3.1% |
| KVUE Kenvue Inc. | 2.08% | 1,380,266 | $22.4M | Add +44.5% |
| AVTR Avantor Inc. | 2.00% | 1,723,522 | $21.5M | Reduce -3.4% |
| AMZN Amazon.com Inc. | 1.89% | 92,695 | $20.4M | Reduce -2.5% |
| ABBV Abbvie Inc. | 1.81% | 84,380 | $19.5M | Add +7.2% |
| PGR Progressive Corp. | 1.78% | 77,714 | $19.2M | Reduce -5.7% |
| CSW CSW Industrials Inc. | 1.77% | 78,403 | $19.0M | Reduce -1.9% |
| CHWY Chewy Inc. Class A | 1.76% | 468,453 | $18.9M | Reduce -5.2% |
| JPM JPMorgan Chase & Co. | 1.74% | 59,483 | $18.8M | Reduce -4.0% |
| HSIC Henry Schein Inc. | 1.73% | 281,339 | $18.7M | Add +34.4% |
| VOO Vanguard S&P 500 ETF | 1.60% | 28,091 | $17.2M | Add +1.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.47% | 21 | $15.8M | No change |
| VDE Vanguard Energy ETF | 1.35% | 115,323 | $14.5M | Reduce -3.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.23% | 115,535 | $13.2M | Reduce -3.9% |
| LULU Lululemon Athletica Inc. | 1.21% | 72,948 | $13.0M | Add +68.3% |
| BCO The Brink's Co. | 1.16% | 106,427 | $12.4M | Reduce -6.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.12% | 40,872 | $12.0M | Add +2.0% |
| SITE Siteone Landscape Supply Inc. | 1.11% | 92,683 | $11.9M | Reduce -3.8% |
| PTLO Portillo's Inc. Class A | 1.11% | 1,849,225 | $11.9M | Reduce -1.3% |
| OIH Vaneck Oil Services ETF | 1.09% | 45,020 | $11.7M | Reduce -5.1% |
| ADBE Adobe Inc. | 1.00% | 30,377 | $10.7M | Add +71.2% |
| ABT Abbott Laboratories | 0.97% | 78,319 | $10.5M | Add +7.7% |
| VTWO Vanguard Russell 2000 ETF | 0.91% | 100,335 | $9.8M | Add +3.8% |
| SBUX Starbucks Corp. | 0.86% | 109,738 | $9.3M | Reduce -4.9% |
| CSWC Capital Southwest Corp. | 0.84% | 415,436 | $9.1M | Reduce -9.8% |
| IWF iShares Russell 1000 Growth | 0.84% | 19,287 | $9.0M | Add +0.8% |
| XLF SS Financial Select Sector | 0.84% | 166,944 | $9.0M | Reduce -2.8% |
| RHLD Resolute Holdings Manag | 0.82% | 122,020 | $8.8M | Reduce -4.5% |
| IUSV iShares Core S&P U.S. Value | 0.72% | 77,503 | $7.7M | Add +2.2% |
| PLTR Palantir Technologies Inc. Class A | 0.67% | 39,821 | $7.3M | Reduce -20.3% |
| CRM Salesforce Inc. | 0.62% | 28,015 | $6.6M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.53% | 9,530 | $5.7M | Add +0.0% |
| HRMY Harmony Biosciences Holdings | 0.32% | 123,255 | $3.4M | New |
| V Visa Inc. Class A | 0.29% | 9,244 | $3.2M | Add +3.0% |
| IEMG iShares Core MSCI Emerging | 0.27% | 44,557 | $2.9M | Reduce -0.0% |
| PEP Pepsico Inc. | 0.26% | 19,855 | $2.8M | Add +2.9% |
| JNJ Johnson & Johnson | 0.24% | 13,909 | $2.6M | Reduce -5.2% |
| GOOG Alphabet Inc. Class C | 0.22% | 9,674 | $2.4M | No change |
| HD Home Depot Inc. | 0.22% | 5,786 | $2.3M | Add +1.9% |
| ORCL Oracle Corp. | 0.22% | 8,271 | $2.3M | Add +4.5% |
| XLB SS Materials Select Sector | 0.20% | 24,022 | $2.2M | Add +0.2% |
| CBOE Cboe Global Markets Inc. | 0.19% | 8,415 | $2.1M | No change |
| VZ Verizon Communications Inc. | 0.19% | 46,802 | $2.1M | Reduce -1.5% |
| MA Mastercard Inc. Class A | 0.19% | 3,586 | $2.0M | Add +11.9% |
| MRK Merck & Co. Inc. | 0.19% | 23,770 | $2.0M | Reduce -71.4% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.18% | 22,719 | $2.0M | Reduce -11.1% |
| BMY Bristol-Myers Squibb Co. | 0.18% | 42,550 | $1.9M | Add +0.8% |
| TSLA Tesla Inc. | 0.18% | 4,250 | $1.9M | Reduce -32.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 6,595 | $1.9M | No change |
| NVDA Nvidia Corp. | 0.15% | 8,731 | $1.6M | Add +7.5% |
| XLRE SS Real Estate Select Sector | 0.15% | 37,975 | $1.6M | Reduce -0.3% |
| AMD Advanced Micro Devices | 0.15% | 9,735 | $1.6M | Add +2.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.14% | 30,229 | $1.6M | Add +100.7% |
| UNH Unitedhealth Group Inc. | 0.14% | 4,431 | $1.5M | Add +10.9% |
| DELL Dell Technologies -C | 0.13% | 10,010 | $1.4M | No change |
| CEG Constellation Energy | 0.13% | 4,277 | $1.4M | No change |
| ATR Aptargroup Inc. | 0.13% | 10,521 | $1.4M | Add +0.0% |
| ARCC Ares Capital Corp. | 0.13% | 68,017 | $1.4M | Reduce -20.0% |
| PFE Pfizer Inc. | 0.12% | 51,522 | $1.3M | Reduce -0.1% |
| VYM Vanguard High DVD Yield ETF | 0.12% | 9,256 | $1.3M | Reduce -0.3% |
| MNR Mach Natural Resources LP | 0.12% | 95,000 | $1.3M | Add +5.6% |
| GS Goldman Sachs Group Inc. | 0.12% | 1,570 | $1.3M | Reduce -0.2% |
| ARKK ARK Innovation ETF | 0.10% | 12,250 | $1.1M | No change |
| DVN Devon Energy Corp. | 0.09% | 29,000 | $1.0M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 1,483 | $988K | No change |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.09% | 20,008 | $981K | No change |
| RTX RTX Corp. | 0.09% | 5,828 | $975K | Reduce -3.0% |
| GSBD Goldman Sachs BDC Inc. | 0.09% | 92,800 | $944K | Add +9.2% |
| IBIT iShares Bitcoin Trust ETF | 0.08% | 12,931 | $841K | Add +35.3% |
| WFC Wells Fargo & Co. | 0.08% | 9,968 | $836K | No change |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.08% | 19,157 | $830K | Add +2.4% |
| HYBB iShares BB Rated Corp. Bond | 0.07% | 16,855 | $797K | Add +2.6% |
| IVV iShares Core S&P 500 ETF | 0.07% | 1,180 | $790K | Add +1.6% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.07% | 9,872 | $789K | Add +2.7% |
| BIV Vanguard Intermediate-Term B | 0.07% | 9,969 | $778K | Add +2.6% |
| TMO Thermo Fisher Scientific Inc. | 0.07% | 1,600 | $776K | No change |
| ETN Eaton Corp. PLC | 0.07% | 2,001 | $749K | Add +0.1% |
| MSDL Morgan Stanley Direct Lendin | 0.07% | 46,000 | $740K | Add +4.5% |
| TEVA Teva Pharmaceutical-SP ADR | 0.07% | 36,406 | $735K | No change |
| AVGO Broadcom Inc. | 0.07% | 2,220 | $732K | Add +17.8% |
| LLY Eli Lilly & Co. | 0.07% | 942 | $719K | Add +1.6% |
| J Jacobs Solutions Inc. | 0.07% | 4,730 | $709K | No change |
| UBER Uber Technologies Inc. | 0.06% | 6,935 | $679K | No change |
| NMRK Newmark Group Inc. Class A | 0.06% | 36,250 | $676K | No change |
| AAP Advance Auto Parts Inc. | 0.06% | 10,913 | $670K | Reduce -93.5% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 4,101,000 | $3.7M | No change |
| CXAIW Kins Tech Group Class A -CW25 | *W EXP 99/99/999 | 36,870 | $3K | Reduce -7.8% |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 2025
| PTLO Portillo's Inc. Class A | Reduce -1.3% | 1.11% | −1.02 |
| HLMN Hillman Solutions Corp. | Reduce -99.0% | 0.01% | −0.79 |
| AAP Advance Auto Parts Inc. | Reduce -93.5% | 0.06% | −0.70 |
| CSW CSW Industrials Inc. | Reduce -1.9% | 1.77% | −0.46 |
| MRK Merck & Co. Inc. | Reduce -71.4% | 0.19% | −0.45 |
| PGR Progressive Corp. | Reduce -5.7% | 1.78% | −0.36 |
| AVTR Avantor Inc. | Reduce -3.4% | 2.00% | −0.34 |
| KKR KKR & Co. Inc. | Reduce -4.3% | 2.64% | −0.32 |
| CHWY Chewy Inc. Class A | Reduce -5.2% | 1.76% | −0.29 |
| META Meta Platforms Inc. Class A | Reduce -3.5% | 2.58% | −0.23 |
| DIS The Walt Disney Co. | Reduce -3.9% | 1.23% | −0.22 |
| SBUX Starbucks Corp. | Reduce -4.9% | 0.86% | −0.17 |
| MCK McKesson Corp. | Reduce -5.3% | 3.39% | −0.16 |
| CSWC Capital Southwest Corp. | Reduce -9.8% | 0.84% | −0.14 |
| AMZN Amazon.com Inc. | Reduce -2.5% | 1.89% | −0.14 |
| AEBI Aebi Schmidt Holding AG | Reduce -4.0% | 2.24% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.6% | 2.75% | −0.08 |
| MSFT Microsoft Corp. | Reduce -1.5% | 3.24% | −0.07 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.06 |
| VEA Vanguard Ftse Developed ETF | Reduce -3.1% | 2.19% | −0.06 |
| ARCC Ares Capital Corp. | Reduce -20.0% | 0.13% | −0.05 |
| PNR Pentair PLC | Reduce -4.7% | 2.38% | −0.04 |
| JEPQ JPM Nasdaq Equity Premium | Sold out | 0.00% | −0.04 |
| XLF SS Financial Select Sector | Reduce -2.8% | 0.84% | −0.04 |
| DKL Delek Logistics Partners LP | Sold out | 0.00% | −0.03 |
| VDE Vanguard Energy ETF | Reduce -3.1% | 1.35% | −0.03 |
| SITE Siteone Landscape Supply Inc. | Reduce -3.8% | 1.11% | −0.02 |
| AI C3.AI Inc. Class A | Reduce -24.6% | 0.02% | −0.02 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −0.02 |
| AIG American International Group | Sold out | 0.00% | −0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -11.1% | 0.18% | −0.02 |
| TSLA Tesla Inc. | Reduce -32.5% | 0.18% | −0.02 |
| LB Landbridge Co. LLC-A | Reduce -2.3% | 0.04% | −0.02 |
| OSCR Oscar Health Inc. Class A | Reduce -21.5% | 0.03% | −0.01 |
| GERN Geron Corp. | Sold out | 0.00% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -1.5% | 0.19% | −0.01 |
| XLRE SS Real Estate Select Sector | Reduce -0.3% | 0.15% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -4.0% | 1.74% | −0.00 |
| KO The Coca-Cola Co. | Reduce -1.0% | 0.03% | −0.00 |
| COST Costco Wholesale Corp. | Reduce -1.8% | 0.02% | −0.00 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.2% | 0.02% | −0.00 |
| CME Cme Group Inc. | Reduce -3.1% | 0.02% | −0.00 |
| SLB SLB Ltd. | Reduce -7.0% | 0.02% | −0.00 |
| DHR Danaher Corp. | Reduce -2.0% | 0.02% | −0.00 |
| XOM Exxon Mobil Corp. | Reduce -2.0% | 0.04% | −0.00 |
| MSOS Advisorshares Pure US Cann | Reduce -49.2% | 0.02% | −0.00 |
| PFE Pfizer Inc. | Reduce -0.1% | 0.12% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.3% | 0.12% | +0.00 |
| BABA Alibaba Group Holding-SP ADR | Reduce -22.3% | 0.02% | +0.00 |
| BX Blackstone Inc. | Reduce -0.1% | 0.05% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| CRM Salesforce Inc. | New | 0.62% | +0.62 |
| ABBV Abbvie Inc. | Add +7.2% | 1.81% | +0.39 |
| ADBE Adobe Inc. | Add +71.2% | 1.00% | +0.33 |
| HRMY Harmony Biosciences Holdings | New | 0.32% | +0.32 |
| HSIC Henry Schein Inc. | Add +34.4% | 1.73% | +0.25 |
| LULU Lululemon Athletica Inc. | Add +68.3% | 1.21% | +0.20 |
| KVUE Kenvue Inc. | Add +44.5% | 2.08% | +0.14 |
| VTWO Vanguard Russell 2000 ETF | Add +3.8% | 0.91% | +0.09 |
| BAC Bank of America Corp. | Add +100.7% | 0.14% | +0.08 |
| VOO Vanguard S&P 500 ETF | Add +1.0% | 1.60% | +0.06 |
| IWF iShares Russell 1000 Growth | Add +0.8% | 0.84% | +0.05 |
| ORCL Oracle Corp. | Add +4.5% | 0.22% | +0.05 |
| ACI Albertsons Cos Inc. Class A | New | 0.04% | +0.04 |
| NVDA Nvidia Corp. | Add +7.5% | 0.15% | +0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +2.0% | 1.12% | +0.02 |
| MSIF MSC Income Fund Inc. | New | 0.02% | +0.02 |
| UA Under Armour Inc. Class C | New | 0.02% | +0.02 |
| IUSV iShares Core S&P U.S. Value | Add +2.2% | 0.72% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | Add +35.3% | 0.08% | +0.02 |
| SII Sprott Inc. | New | 0.02% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +10.9% | 0.14% | +0.02 |
| GLD SPDR Gold Shares | New | 0.02% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.0% | 0.53% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +25.2% | 0.06% | +0.02 |
| AVGO Broadcom Inc. | Add +17.8% | 0.07% | +0.02 |
| MRVL Marvell Technology Inc. | Add +44.3% | 0.05% | +0.02 |
| HD Home Depot Inc. | Add +1.9% | 0.22% | +0.02 |
| AMD Advanced Micro Devices | Add +2.1% | 0.15% | +0.01 |
| MA Mastercard Inc. Class A | Add +11.9% | 0.19% | +0.01 |
| TLRY Tilray Brands Inc. | New | 0.01% | +0.01 |
| DUOT Duos Technologies Group Inc. | New | 0.01% | +0.01 |
| ABT Abbott Laboratories | Add +7.7% | 0.97% | +0.01 |
| PEP Pepsico Inc. | Add +2.9% | 0.26% | +0.01 |
| BWAY Brainsway Ltd.-ADR | Add +5.3% | 0.06% | +0.01 |
| NMFC New Mountain Finance Corp. | Add +66.7% | 0.02% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +1.6% | 0.07% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +1.1% | 0.03% | +0.00 |
| ETN Eaton Corp. PLC | Add +0.1% | 0.07% | +0.00 |
| BIV Vanguard Intermediate-Term B | Add +2.6% | 0.07% | −0.00 |
| HYBB iShares BB Rated Corp. Bond | Add +2.6% | 0.07% | −0.00 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +2.7% | 0.07% | −0.00 |
| KBDC Kayne Anderson BDC Inc. | Add +16.7% | 0.04% | −0.00 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +2.4% | 0.08% | −0.00 |
| LLY Eli Lilly & Co. | Add +1.6% | 0.07% | −0.00 |
| XLB SS Materials Select Sector | Add +0.2% | 0.20% | −0.00 |
| GSBD Goldman Sachs BDC Inc. | Add +9.2% | 0.09% | −0.01 |
| TYL Tyler Technologies Inc. | Add +0.1% | 0.05% | −0.01 |
| MNR Mach Natural Resources LP | Add +5.6% | 0.12% | −0.01 |
| MSDL Morgan Stanley Direct Lendin | Add +4.5% | 0.07% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Add +0.8% | 0.18% | −0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| CXAIW Kins Tech Group Class A -CW25 | *W EXP 99/99/999 | Reduce -7.8% | 36,870 | $3K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 137 | $1.2B | VRT, GOOGL, ICLR, ULTA, KKR |
| Q1 2026 | 134 | $1.1B | VRT, GOOGL, ULTA, MCK, CRM |
| Q4 2025 | 136 | $1.1B | VRT, ULTA, GOOGL, MCK, MSFT |
| Q3 2025 | 156 | $1.1B | VRT, ULTA, GOOGL, MCK, MSFT |
| Q2 2025 | 153 | $1.0B | VRT, ULTA, MCK, MSFT, KKR |
| Q1 2025 | 162 | $931.3M | VRT, ULTA, MCK, BRK.B, KVUE |
| Q4 2024 | 151 | $1.0B | VRT, ULTA, MCK, GOOGL, KKR |
| Q3 2024 | 143 | $971.6M | VRT, ULTA, PNR, CSW, MCK |
| Q2 2024 | 146 | $864.7M | VRT, ULTA, MCK, DKS, MSFT |
| Q1 2024 | 145 | $866.0M | VRT, ULTA, MCK, PNR, DKS |