Zuckerman Investment Group, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Zuckerman Investment Group, LLC reported 136 stock positions worth $1.1 billion. Its top holding was Vertiv Class A (VRT) at 9.4% of the portfolio, followed by Ulta Beauty (ULTA, 5.7%) and Alphabet Class A (GOOGL, 4.5%). Compared with Q3 2025, it opened 12 new positions, sold out of 32, added to 51 and reduced 33. The biggest buy was Resolute Holdings Manag (RHLD, shares +0%) and the biggest sale Starbucks (SBUX, shares −95%).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001423296
Portfolio Value
$1.1B (Q4 2025)
SEC Filing
0001423296-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $866.0M Q1 2024 Q2 2024: $864.7M Q2 2024 Q3 2024: $971.6M Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $931.3M Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 136 stocks · $1.1B
VRT Vertiv Holdings Co. Class A 9.38% 646,548 $104.7M Reduce -1.9%
ULTA Ulta Beauty Inc. 5.74% 105,856 $64.0M Add +0.7%
GOOGL Alphabet Inc. Class A 4.49% 160,052 $50.1M Reduce -2.1%
MCK McKesson Corp. 3.53% 48,004 $39.4M Add +1.5%
MSFT Microsoft Corp. 2.99% 69,008 $33.4M Add +2.6%
GPGI Gpgi Inc. filed as COMPOSECURE INC 2.76% 1,595,473 $30.8M Add +2.7%
ABBV Abbvie Inc. 2.63% 128,484 $29.4M Add +52.3%
BRK.B Berkshire Hathaway Inc. Class B 2.60% 57,796 $29.1M Reduce -1.8%
KKR KKR & Co. Inc. 2.59% 226,770 $28.9M Add +3.6%
ICLR Icon PLC 2.54% 155,643 $28.4M Add +2.6%
VWO Vanguard Ftse Emerging Marke 2.49% 517,645 $27.8M Add +4.3%
META Meta Platforms Inc. Class A 2.39% 40,416 $26.7M Add +6.8%
AAPL Apple Inc. 2.35% 96,681 $26.3M Reduce -1.5%
VEA Vanguard Ftse Developed ETF 2.32% 415,225 $25.9M Add +5.3%
RHLD Resolute Holdings Manag 2.27% 122,517 $25.3M Add +0.4%
PNR Pentair PLC 2.20% 235,787 $24.6M Add +1.9%
DKS Dick's Sporting Goods Inc. 2.17% 122,300 $24.2M Add +1.1%
AEBI Aebi Schmidt Holding AG 2.11% 1,861,523 $23.5M Reduce -3.7%
CSW CSW Industrials Inc. 2.10% 79,860 $23.4M Add +1.9%
AMZN Amazon.com Inc. 2.01% 97,179 $22.4M Add +4.8%
HSIC Henry Schein Inc. 1.95% 287,843 $21.8M Add +2.3%
AVTR Avantor Inc. 1.80% 1,749,569 $20.1M Add +1.5%
JPM JPMorgan Chase & Co. 1.76% 60,993 $19.7M Add +2.5%
PGR Progressive Corp. 1.73% 84,965 $19.3M Add +9.3%
CRM Salesforce Inc. 1.65% 69,543 $18.4M Add +148.2%
VOO Vanguard S&P 500 ETF 1.62% 28,783 $18.1M Add +2.5%
KVUE Kenvue Inc. 1.45% 936,091 $16.1M Reduce -32.2%
BRK.A Berkshire Hathaway Inc. Class A 1.42% 21 $15.9M No change
CHWY Chewy Inc. Class A 1.40% 471,581 $15.6M Add +0.7%
LULU Lululemon Athletica Inc. 1.39% 74,838 $15.6M Add +2.6%
ABT Abbott Laboratories 1.37% 122,175 $15.3M Add +56.0%
VDE Vanguard Energy ETF 1.32% 117,426 $14.8M Add +1.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.26% 123,734 $14.1M Add +7.1%
OIH Vaneck Oil Services ETF 1.19% 46,549 $13.3M Add +3.4%
BCO The Brink's Co. 1.13% 107,932 $12.6M Add +1.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 1.11% 42,617 $12.4M Add +4.3%
SITE Siteone Landscape Supply Inc. 1.10% 98,181 $12.2M Add +5.9%
ADBE Adobe Inc. 0.95% 30,196 $10.6M Reduce -0.6%
VTWO Vanguard Russell 2000 ETF 0.92% 103,332 $10.3M Add +3.0%
IWF iShares Russell 1000 Growth 0.85% 20,006 $9.5M Add +3.7%
XLF SS Financial Select Sector 0.83% 169,663 $9.3M Add +1.6%
PTLO Portillo's Inc. Class A 0.80% 1,963,750 $8.9M Add +6.2%
IUSV iShares Core S&P U.S. Value 0.76% 83,056 $8.5M Add +7.2%
PG The Procter & Gamble Co. 0.66% 51,382 $7.4M New
QQQ Invesco QQQ Trust Series 1 0.51% 9,227 $5.7M Reduce -3.2%
PLTR Palantir Technologies Inc. Class A 0.35% 22,121 $3.9M Reduce -44.5%
V Visa Inc. Class A 0.29% 9,099 $3.2M Reduce -1.6%
IEMG iShares Core MSCI Emerging 0.27% 45,255 $3.0M Add +1.6%
PEP Pepsico Inc. 0.26% 20,561 $3.0M Add +3.6%
JNJ Johnson & Johnson 0.26% 13,844 $2.9M Reduce -0.5%
HRMY Harmony Biosciences Holdings 0.25% 75,461 $2.8M Reduce -38.8%
GOOG Alphabet Inc. Class C 0.22% 7,874 $2.5M Reduce -18.6%
MA Mastercard Inc. Class A 0.20% 3,906 $2.2M Add +8.9%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.19% 50,850 $2.2M Add +11.9%
XLB SS Materials Select Sector 0.19% 46,726 $2.1M Reduce -2.7%
CBOE Cboe Global Markets Inc. 0.19% 8,415 $2.1M No change
HD Home Depot Inc. 0.18% 5,834 $2.0M Add +0.8%
TSLA Tesla Inc. 0.16% 3,947 $1.8M Reduce -7.1%
VZ Verizon Communications Inc. 0.16% 43,333 $1.8M Reduce -7.4%
ORCL Oracle Corp. 0.15% 8,879 $1.7M Add +7.3%
NVDA Nvidia Corp. 0.14% 8,494 $1.6M Reduce -2.7%
CEG Constellation Energy 0.14% 4,277 $1.5M No change
XLRE SS Real Estate Select Sector 0.13% 35,965 $1.5M Reduce -5.3%
GLD SPDR Gold Shares 0.13% 3,541 $1.4M Add +463.0%
UNH Unitedhealth Group Inc. 0.12% 4,164 $1.4M Reduce -6.0%
MRK Merck & Co. Inc. 0.12% 12,908 $1.4M Reduce -45.7%
VYM Vanguard High DVD Yield ETF 0.12% 9,256 $1.3M No change
ATR Aptargroup Inc. 0.11% 10,521 $1.3M No change
GS Goldman Sachs Group Inc. 0.11% 1,345 $1.2M Reduce -14.3%
RTX RTX Corp. 0.10% 5,828 $1.1M No change
AVGO Broadcom Inc. 0.09% 3,015 $1.0M Add +35.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.09% 1,489 $1.0M Add +0.4%
LLY Eli Lilly & Co. 0.09% 942 $1.0M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.09% 18,229 $1.0M Reduce -39.7%
CSWC Capital Southwest Corp. 0.09% 44,930 $995K Reduce -89.2%
TSM Taiwan Semiconductor-SP ADR 0.08% 3,110 $945K Add +44.6%
ARKK ARK Innovation ETF 0.08% 12,250 $942K No change
WFC Wells Fargo & Co. 0.08% 9,968 $929K No change
TMO Thermo Fisher Scientific Inc. 0.08% 1,600 $927K No change
ACHR Archer Aviation Inc. Class A 0.08% 112,216 $844K New
BMY Bristol-Myers Squibb Co. 0.07% 15,390 $830K Reduce -63.8%
SHYG iShares 0-5 YR HY Corp. Bond 0.07% 18,905 $810K Reduce -1.3%
HYBB iShares BB Rated Corp. Bond 0.07% 17,153 $808K Add +1.8%
VCSH Vanguard S/T Corp. Bond ETF 0.07% 10,050 $801K Add +1.8%
IVV iShares Core S&P 500 ETF 0.07% 1,166 $799K Reduce -1.2%
BIV Vanguard Intermediate-Term B 0.07% 10,125 $789K Add +1.6%
BCTK Baron Technology ETF 0.07% 30,683 $771K New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.07% 20,008 $760K No change
CSCO Cisco Systems Inc. 0.06% 8,759 $675K No change
ETN Eaton Corp. PLC 0.06% 2,001 $637K No change
NMRK Newmark Group Inc. Class A 0.06% 36,250 $629K No change
J Jacobs Solutions Inc. 0.06% 4,730 $627K No change
BKR Baker Hughes Co. 0.05% 12,692 $578K Reduce -3.5%
MMM 3M Co. 0.05% 3,600 $576K No change
UBER Uber Technologies Inc. 0.05% 6,935 $567K No change
DE Deere & Co. 0.04% 1,060 $494K Add +13.4%
SBUX Starbucks Corp. 0.04% 5,724 $482K Reduce -94.8%
XOM Exxon Mobil Corp. 0.04% 3,994 $481K No change
PCAR Paccar Inc. 0.04% 4,173 $457K Reduce -30.4%
BX Blackstone Inc. 0.04% 2,956 $456K No change
TYL Tyler Technologies Inc. 0.04% 1,001 $454K No change
ASML ASML Holding NV-NY Reg SHS 0.04% 404 $432K New
LB Landbridge Co. LLC-A 0.04% 8,700 $426K No change
FTNT Fortinet Inc. 0.04% 5,000 $397K No change
IJH iShares Core S&P Midcap ETF 0.03% 4,735 $313K No change
IVW iShares S&P 500 Growth ETF 0.03% 2,485 $306K No change
IWM iShares Russell 2000 ETF 0.03% 1,243 $306K Reduce -1.7%
NVO Novo-Nordisk A/S-Spons ADR 0.03% 5,952 $303K No change
KO The Coca-Cola Co. 0.03% 4,163 $291K Reduce -7.5%
SLV iShares Silver Trust 0.03% 4,456 $287K New
CRWV Coreweave Inc. Class A 0.03% 4,000 $286K No change
IAU iShares Gold Trust 0.03% 3,457 $281K No change
RSI Rush Street Interactive Inc. 0.02% 14,250 $277K No change
HPQ HP Inc. 0.02% 12,400 $276K No change
HWC Hancock Whitney Corp. 0.02% 4,333 $276K No change
SII Sprott Inc. 0.02% 2,707 $265K No change
DHR Danaher Corp. 0.02% 1,100 $252K No change
NTR Nutrien Ltd. 0.02% 3,940 $243K No change
CDNL Cardinal Infrastructure GR-A 0.02% 10,000 $242K New
COF Capital One Financial Corp. 0.02% 976 $237K New
MPC Marathon Petroleum Corp. 0.02% 1,434 $233K Add +2.4%
FBTC Fidelity Wise Origin Bitcoin 0.02% 3,043 $232K New
CME Cme Group Inc. 0.02% 847 $231K No change
IBIT iShares Bitcoin Trust ETF 0.02% 4,652 $231K Reduce -64.0%
SLB SLB Ltd. filed as SLB LIMITED 0.02% 5,982 $230K Add +1.9%
AAXJ iShares MSCI All Country Asi 0.02% 2,457 $229K No change
DEO Diageo PLC-Sponsored ADR 0.02% 2,555 $220K No change
AIG American International Group 0.02% 2,500 $214K New
MOH Molina Healthcare Inc. 0.02% 1,205 $209K No change
ZBRA Zebra Technologies Corp. Class A 0.02% 850 $206K No change
XBI SS SPDR S&P Biotech ETF 0.02% 1,691 $206K New
BABA Alibaba Group Holding-SP ADR 0.02% 1,386 $203K Reduce -5.5%
INTC Intel Corp. 0.02% 5,496 $203K New
RYAM Rayonier Advanced Materials 0.02% 34,154 $201K New
ESRT Empire State Realty Trust-A 0.02% 30,000 $196K No change
EOSE Eos Energy Enterprises Inc. 0.02% 15,321 $176K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.8M (not counted above)
SecurityClassShares / PrincipalValueChange
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal 4,086,000$3.8MReduce -0.4%

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q3 2025 → Q4 2025
SBUX Starbucks Corp. Reduce -94.8% 0.04% −0.82
CSWC Capital Southwest Corp. Reduce -89.2% 0.09% −0.75
KVUE Kenvue Inc. Reduce -32.2% 1.45% −0.63
PLTR Palantir Technologies Inc. Class A Reduce -44.5% 0.35% −0.32
IBM Intl Business Machines Corp. Sold out 0.00% −0.17
AMD Advanced Micro Devices Sold out 0.00% −0.15
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.8% 2.60% −0.15
DELL Dell Technologies -C Sold out 0.00% −0.13
AEBI Aebi Schmidt Holding AG Reduce -3.7% 2.11% −0.13
ARCC Ares Capital Corp. Sold out 0.00% −0.13
PFE Pfizer Inc. Sold out 0.00% −0.12
MNR Mach Natural Resources LP Sold out 0.00% −0.12
BMY Bristol-Myers Squibb Co. Reduce -63.8% 0.07% −0.10
DVN Devon Energy Corp. Sold out 0.00% −0.09
GSBD Goldman Sachs BDC Inc. Sold out 0.00% −0.09
MSDL Morgan Stanley Direct Lendin Sold out 0.00% −0.07
TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −0.07
MRK Merck & Co. Inc. Reduce -45.7% 0.12% −0.06
HRMY Harmony Biosciences Holdings Reduce -38.8% 0.25% −0.06
AAP Advance Auto Parts Inc. Sold out 0.00% −0.06
HPE Hewlett Packard Enterprise Sold out 0.00% −0.06
IBIT iShares Bitcoin Trust ETF Reduce -64.0% 0.02% −0.06
BWAY Brainsway Ltd.-ADR Sold out 0.00% −0.06
BAC Bank of America Corp. Reduce -39.7% 0.09% −0.06
ETHE Grayscale Ethereum Staking E Sold out 0.00% −0.05
MRVL Marvell Technology Inc. Sold out 0.00% −0.05
ADBE Adobe Inc. Reduce -0.6% 0.95% −0.05
KBDC Kayne Anderson BDC Inc. Sold out 0.00% −0.04
ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.04
VZ Verizon Communications Inc. Reduce -7.4% 0.16% −0.03
CHW Calamos Global Dynamic Incom Sold out 0.00% −0.03
OSCR Oscar Health Inc. Class A Sold out 0.00% −0.03
ARKG ARK Genomic Revolution ETF Sold out 0.00% −0.03
AI C3.AI Inc. Class A Sold out 0.00% −0.02
MSIF MSC Income Fund Inc. Sold out 0.00% −0.02
QQQ Invesco QQQ Trust Series 1 Reduce -3.2% 0.51% −0.02
NMFC New Mountain Finance Corp. Sold out 0.00% −0.02
UA Under Armour Inc. Class C Sold out 0.00% −0.02
UNH Unitedhealth Group Inc. Reduce -6.0% 0.12% −0.02
COST Costco Wholesale Corp. Sold out 0.00% −0.02
XLRE SS Real Estate Select Sector Reduce -5.3% 0.13% −0.02
TSLA Tesla Inc. Reduce -7.1% 0.16% −0.02
FDMT 4D Molecular Therapeutics Inc. Sold out 0.00% −0.02
RXRX Recursion Pharmaceuticals-A Sold out 0.00% −0.02
MSOS Advisorshares Pure US Cann Sold out 0.00% −0.02
AMST Amesite Inc. Sold out 0.00% −0.01
PCAR Paccar Inc. Reduce -30.4% 0.04% −0.01
TLRY Tilray Brands Inc. Sold out 0.00% −0.01
DUOT Duos Technologies Group Inc. Sold out 0.00% −0.01
GS Goldman Sachs Group Inc. Reduce -14.3% 0.11% −0.01

Portfolio Buys Q3 2025 → Q4 2025
RHLD Resolute Holdings Manag Add +0.4% 2.27% +1.45
CRM Salesforce Inc. Add +148.2% 1.65% +1.03
ABBV Abbvie Inc. Add +52.3% 2.63% +0.81
PG The Procter & Gamble Co. New 0.66% +0.66
ABT Abbott Laboratories Add +56.0% 1.37% +0.40
ULTA Ulta Beauty Inc. Add +0.7% 5.74% +0.40
CSW CSW Industrials Inc. Add +1.9% 2.10% +0.33
HSIC Henry Schein Inc. Add +2.3% 1.95% +0.21
LULU Lululemon Athletica Inc. Add +2.6% 1.39% +0.19
MCK McKesson Corp. Add +1.5% 3.53% +0.13
VEA Vanguard Ftse Developed ETF Add +5.3% 2.32% +0.13
AMZN Amazon.com Inc. Add +4.8% 2.01% +0.12
GLD SPDR Gold Shares Add +463.0% 0.13% +0.10
OIH Vaneck Oil Services ETF Add +3.4% 1.19% +0.10
ACHR Archer Aviation Inc. Class A New 0.08% +0.08
ICLR Icon PLC Add +2.6% 2.54% +0.07
BCTK Baron Technology ETF New 0.07% +0.07
IUSV iShares Core S&P U.S. Value Add +7.2% 0.76% +0.04
ASML ASML Holding NV-NY Reg SHS New 0.04% +0.04
DIS The Walt Disney Co. Add +7.1% 1.26% +0.03
TSM Taiwan Semiconductor-SP ADR Add +44.6% 0.08% +0.03
SLV iShares Silver Trust New 0.03% +0.03
AVGO Broadcom Inc. Add +35.8% 0.09% +0.03
CDNL Cardinal Infrastructure GR-A New 0.02% +0.02
COF Capital One Financial Corp. New 0.02% +0.02
FBTC Fidelity Wise Origin Bitcoin New 0.02% +0.02
AIG American International Group New 0.02% +0.02
VOO Vanguard S&P 500 ETF Add +2.5% 1.62% +0.02
XBI SS SPDR S&P Biotech ETF New 0.02% +0.02
INTC Intel Corp. New 0.02% +0.02
RYAM Rayonier Advanced Materials New 0.02% +0.02
JPM JPMorgan Chase & Co. Add +2.5% 1.76% +0.02
XLU St Sr Utl SL SE SPDR ETF-Usd Add +11.9% 0.19% +0.01
MA Mastercard Inc. Class A Add +8.9% 0.20% +0.01
VTWO Vanguard Russell 2000 ETF Add +3.0% 0.92% +0.01
IWF iShares Russell 1000 Growth Add +3.7% 0.85% +0.01
PEP Pepsico Inc. Add +3.6% 0.26% +0.01
DE Deere & Co. Add +13.4% 0.04% +0.00
SLB SLB Ltd. Add +1.9% 0.02% +0.00
IEMG iShares Core MSCI Emerging Add +1.6% 0.27% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.4% 0.09% −0.00
VCSH Vanguard S/T Corp. Bond ETF Add +1.8% 0.07% −0.00
HYBB iShares BB Rated Corp. Bond Add +1.8% 0.07% −0.00
BIV Vanguard Intermediate-Term B Add +1.6% 0.07% −0.00
XLF SS Financial Select Sector Add +1.6% 0.83% −0.00
MPC Marathon Petroleum Corp. Add +2.4% 0.02% −0.00
VWO Vanguard Ftse Emerging Marke Add +4.3% 2.49% −0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +4.3% 1.11% −0.01
SITE Siteone Landscape Supply Inc. Add +5.9% 1.10% −0.01
VDE Vanguard Energy ETF Add +1.8% 1.32% −0.02

Notes & Other Activity Q3 2025 → Q4 2025
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal Reduce -0.4% 4,086,000 $3.8M
CXAIW Kins Tech Group Class A -CW25 *W EXP 99/99/999 Sold out 36,870 $3Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 137$1.2BVRT, GOOGL, ICLR, ULTA, KKR
Q1 2026 134$1.1BVRT, GOOGL, ULTA, MCK, CRM
Q4 2025 136$1.1BVRT, ULTA, GOOGL, MCK, MSFT
Q3 2025 156$1.1BVRT, ULTA, GOOGL, MCK, MSFT
Q2 2025 153$1.0BVRT, ULTA, MCK, MSFT, KKR
Q1 2025 162$931.3MVRT, ULTA, MCK, BRK.B, KVUE
Q4 2024 151$1.0BVRT, ULTA, MCK, GOOGL, KKR
Q3 2024 143$971.6MVRT, ULTA, PNR, CSW, MCK
Q2 2024 146$864.7MVRT, ULTA, MCK, DKS, MSFT
Q1 2024 145$866.0MVRT, ULTA, MCK, PNR, DKS