Top Institutional Investors

LEUTHOLD GROUP, LLC — 13F Holdings & Portfolio

CIK 1170152 · latest 13F-HR filed 2026-08-04

Backtest portfolio

LEUTHOLD GROUP, LLC manages $995.2M in 13F-reported U.S. long-equity assets across 237 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SPDN (2.64%), GOOGL (2.29%), FLEX (2.00%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 37 new positions and exited 11; 88 existing positions rose in reported value and 70 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$995.2M

Long-equity book

Holdings
237

Distinct positions

Period
2026-06-30

Filed 2026-08-04

Q/Q Activity
+37 / −11 / ↑88 / ↓70

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
SPDN2.6% · -1%GOOGL2.3% · -4%FLEX2.0% · -39%MSFT1.7% · -3%CSCO1.7% · -9%JBL1.6% · -31%CAH1.5% · -5%NVDA1.4% · +51%DELL1.3% · -12%XLK1.3% · -5%SHY1.2% · -4%GTX1.2% · -6%MCK1.2% · -5%FDX1.2% · -4%BWX1.2% · -36%RWM1.2% · -0%SPIB1.1% · -20%C1.1% · -5%UPS1.1% · -4%AMD1.1% · +137%META1.1% · -5%VTIP1.1% · +1%KGC1.0% · -4%JPM1.0% · -5%IGOV1.0% · -0%IVV1.0% · -0%CM1.0% · -5%MGA0.9% · -5%SANM0.9% · -5%HCA0.9% · +27%BAC0.9% · -5%IAG0.9% · -4%ERIC0.9% · -5%LRCX0.9% · -5%BCS0.9% · -5%DVN0.8% · +1298%FFIV0.8% · -6%COR0.8% · -5%DY0.8% · -6%JNJ0.8% · -5%VRTX0.8% · -5%MBB0.8% · -1%IGIB0.8% · -4%NTCT0.8% · -5%PLXS0.8% · -5%AMGN0.7% · -5%TIP0.7% · newEME0.7% · -5%LAUR0.7% · -5%IEF0.7% · -1%GVA0.7% · -5%BIIB0.7% · -5%GILD0.7% · -6%ELV0.7% · newSTIP0.7% · newVMI0.6% · -4%IEFA0.6% · -0%MA0.6% · -0%LEA0.6% · -5%MRK0.6% · -5%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 17.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jul 6, 2026.

Assets Under Management
$1.17B
Discretionary
$1.12B
Employees
17
Accounts
200
Address
100 NORTH 6TH STREET
SUITE 600A
MINNEAPOLIS, MN 55403
Phone
(612) 332-9141
Website
Name Title / Status Ownership Type
BOWER, WILLIAM, SCOTT ControlMEMBER
since Jun 2024
Less than 5%Individual
HOMME, DARRIN, JOSEPH ControlCHIEF TECHNOLOGY OFFICER
since Dec 2006
5–10%Individual
LARSON, GLENN, RODERICK ControlCHIEF COMPLIANCE OFFICER
since Jan 2024
Less than 5%Individual
LEADHOLM, JEFFREY, CHET ControlCO-CHIEF EXECUTIVE OFFICER, MANAGER
since Jul 2005
5–10%Individual
MUELLER, JOHN, CHRISTOPHER ControlCO-CHIEF EXECUTIVE OFFICER, MANAGER
since Jul 2005
10–25%Individual
OPSAL, SCOTT, D. ControlDIRECTOR OF INVESTMENT STRATEGIES AND PORTFOLIO MANAGER
since Jan 2026
Less than 5%Individual
SWENSON, GREG, MICHAELDIRECTOR OF EQUITIES AND PORTFOLIO MANAGER
since Jul 2006
5–10%Individual
TOWN LAKE PARTNERS, LLCMEMBER
since Jun 2024
10–25%Domestic Entity
WANG, CHUN, NMNDIRECTOR OF MULTI-ASSET STRATEGIES AND PORTFOLIO MANAGER
since Jun 2009
10–25%Individual
KENSINGTON INVESTMENT PARTNERS, LLC Control
Indirect owner via TOWN LAKE PARTNERS, LLC
OWNER
since Jul 2025
75% or moreDomestic Entity
Ownership & leadership changes · 16 filings with changes since Jan 31, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Jul 6, 2026 filing
  • AddedKENSINGTON INVESTMENT PARTNERS, LLC · OWNER · 75% or more · indirect via TOWN LAKE PARTNERS, LLC · control person
  • ChangedWANG, CHUN, NMN · ownership 5–10% → 10–25%
Mar 31, 2026 filing
  • No longer listedRAMSEY, DOUGLAS, RAYMOND · CHIEF INVESTMENT OFFICER AND PORTFOLIO MANAGER · 5–10% · control person · listed since Oct 2011
  • AddedOPSAL, SCOTT, D. · DIRECTOR OF INVESTMENT STRATEGIES AND PORTFOLIO MANAGER · Less than 5% · control person
  • ChangedSWENSON, GREG, MICHAEL · title MEMBER → DIRECTOR OF EQUITIES AND PORTFOLIO MANAGER
  • ChangedWANG, CHUN, NMN · title MEMBER → DIRECTOR OF MULTI-ASSET STRATEGIES AND PORTFOLIO MANAGER
Jul 19, 2024 filing
  • No longer listedCERVONI, ROBERT, ANGELO · MANAGER · Less than 5% · control person · listed since Jan 2011
  • No longer listedWEEDEN INVESTORS LP · MEMBER · 10–25% · listed since Mar 2000
  • No longer listedWEEDEN SECURITIES CORPORATION · GENERAL PARTNER · General partner, trustee or manager · indirect via WEEDEN INVESTORS L.P. · control person · listed since Mar 2000
  • AddedBOWER, WILLIAM, SCOTT · MEMBER · Less than 5% · control person
  • AddedTOWN LAKE PARTNERS, LLC · MEMBER · 10–25%
Jan 9, 2024 filing
  • No longer listedPETERS, ROGER, ALLEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Nov 2005
  • AddedLARSON, GLENN, RODERICK · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 30, 2023 filing
  • No longer listedLEUTHOLD, STEVEN, CARLOS · MEMBER · 5–10% · listed since Jan 2013
  • AddedSWENSON, GREG, MICHAEL · MEMBER · 5–10%
  • ChangedHOMME, DARRIN, JOSEPH · ownership Less than 5% → 5–10%
  • ChangedMUELLER, JOHN, CHRISTOPHER · ownership 5–10% → 10–25%
Jan 30, 2023 filing
  • No longer listedPAULSEN, JAMES, WILLIAM · CHIEF INVESTMENT STRATEGIST · Less than 5% · control person · listed since Jul 2017
May 19, 2022 filing
  • No longer listedWEISS, HOLLY, JO · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Aug 2011
Mar 31, 2022 filing
  • AddedWANG, CHUN, NMN · MEMBER · 5–10%
  • ChangedLEUTHOLD, STEVEN, CARLOS · ownership 10–25% → 5–10%
Mar 27, 2018 filing
  • No longer listedPASCHKE, MATTHEW, BERGH · MEMBER · Less than 5% · listed since Jun 2015
Aug 11, 2017 filing
  • AddedPAULSEN, JAMES, WILLIAM · CHIEF INVESTMENT STRATEGIST · Less than 5% · control person
Older changes (7 more filings)
Feb 9, 2017 filing
  • ChangedPASCHKE, MATTHEW, BERGH · ownership 5–10% → Less than 5%
Jul 1, 2015 filing
  • ChangedPASCHKE, MATTHEW, BERGH · title PORTFOLIO MANAGER → MEMBER
Mar 2, 2015 filing
  • AddedPASCHKE, MATTHEW, BERGH · PORTFOLIO MANAGER · 5–10%
  • ChangedLEUTHOLD, STEVEN, CARLOS · no longer a control person
  • ChangedRAMSEY, DOUGLAS, RAYMOND · ownership Less than 5% → 5–10%
Mar 4, 2014 filing
  • ChangedLEUTHOLD, STEVEN, CARLOS · ownership 25–50% → 10–25%
Jun 17, 2013 filing
  • AddedWEEDEN SECURITIES CORPORATION · GENERAL PARTNER · General partner, trustee or manager · indirect via WEEDEN INVESTORS L.P. · control person
Mar 4, 2013 filing
  • ChangedLEUTHOLD, STEVEN, CARLOS · title PORTFOLIO MANAGER, MANAGER → MEMBER
Jan 31, 2012 filing (earliest on record)
  • ListedCERVONI, ROBERT, ANGELO · MANAGER · Less than 5% · control person
  • ListedHOMME, DARRIN, JOSEPH · CHIEF TECHNOLOGY OFFICER · Less than 5% · control person
  • ListedLEADHOLM, JEFFREY, CHET · CO-CHIEF EXECUTIVE OFFICER, MANAGER · 5–10% · control person
  • ListedLEUTHOLD, STEVEN, CARLOS · PORTFOLIO MANAGER, MANAGER · 25–50% · control person
  • ListedMUELLER, JOHN, CHRISTOPHER · CO-CHIEF EXECUTIVE OFFICER, MANAGER · 5–10% · control person
  • ListedPETERS, ROGER, ALLEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedRAMSEY, DOUGLAS, RAYMOND · CHIEF INVESTMENT OFFICER AND PORTFOLIO MANAGER · Less than 5% · control person
  • ListedWEEDEN INVESTORS LP · MEMBER · 10–25%
  • ListedWEISS, HOLLY, JO · CHIEF FINANCIAL OFFICER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

LEUTHOLD GROUP, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Direxion Daily S&P500 Bear 1X SPDN 25460E869 $26.3M 2.64% 3,035,510 SH
2 Alphabet Inc. Cl A GOOGL 02079K305 $22.8M 2.29% 63,893 SH
3 Flex Ltd. FLEX Y2573F102 $19.9M 2.00% 123,091 SH
4 Microsoft Corp. MSFT 594918104 $17.4M 1.75% 46,640 SH
5 Cisco Systems Inc. CSCO 17275R102 $16.9M 1.70% 143,885 SH
6 Jabil Inc. JBL 466313103 $15.6M 1.57% 40,469 SH
7 Cardinal Health Inc. CAH 14149Y108 $14.5M 1.46% 61,075 SH
8 NVIDIA Corp. NVDA 67066G104 $13.7M 1.38% 68,568 SH
9 Dell Technologies Inc. Class C DELL 24703L202 $13.0M 1.31% 30,222 SH
10 Technology Select Sector SPDR XLK 81369Y803 $12.7M 1.28% 66,606 SH
11 iShares 1-3 Year Treasury Bond SHY 464287457 $12.3M 1.24% 149,887 SH
12 Garrett Motion Inc GTX 366505105 $11.7M 1.17% 322,518 SH
13 McKesson Corp. MCK 58155Q103 $11.6M 1.17% 15,354 SH
14 FedEx Corp. FDX 31428X106 $11.5M 1.16% 36,855 SH
15 SPDR Bloomberg Barclays Intern BWX 78464A516 $11.5M 1.16% 531,295 SH
16 ProShares Short Russell2000 RWM 74348A210 $11.5M 1.15% 864,330 SH
17 SPDR Intermediate Term Corpora SPIB 78464A375 $11.3M 1.14% 337,668 SH
18 Citigroup Inc. C 172967424 $11.3M 1.13% 80,600 SH
19 United Parcel Service Inc. Cl UPS 911312106 $11.2M 1.12% 103,834 SH
20 Advanced Micro Devices Inc. AMD 007903107 $10.8M 1.08% 18,545 SH
21 Meta Platforms Inc. Class A META 30303M102 $10.8M 1.08% 19,101 SH
22 Vanguard Short-Term Inflation- VTIP 922020805 $10.5M 1.06% 209,972 SH
23 Kinross Gold Corporation KGC 496902404 $10.3M 1.04% 438,079 SH
24 JPMorgan Chase & Co. JPM 46625H100 $10.2M 1.02% 31,099 SH
25 iShares International Treasury IGOV 464288117 $10.1M 1.02% 246,891 SH
26 iShares S&P 500 Fund IVV 464287200 $9.8M 0.98% 13,036 SH
27 Canadian Imperial Bank of Comm CM 136069101 $9.6M 0.96% 83,342 SH
28 Magna International Inc. MGA 559222401 $9.3M 0.94% 141,976 SH
29 Sanmina Corporation SANM 801056102 $9.2M 0.93% 36,379 SH
30 HCA Healthcare Inc HCA 40412C101 $9.0M 0.90% 23,005 SH
31 Bank of America Corp. BAC 060505104 $8.9M 0.90% 156,480 SH
32 Iamgold Corporation IAG 450913108 $8.8M 0.89% 558,547 SH
33 Telefonaktiebolaget LM Ericsso ERIC 294821608 $8.6M 0.86% 767,612 SH
34 Lam Research Corp. LRCX 512807306 $8.5M 0.86% 19,702 SH
35 Barclays PLC ADR BCS 06738E204 $8.5M 0.86% 316,950 SH
36 Devon Energy Corp. DVN 25179M103 $8.4M 0.85% 204,176 SH
37 F5 Networks Inc. FFIV 315616102 $8.4M 0.85% 20,249 SH
38 Cencora Inc. COR 03073E105 $8.4M 0.84% 29,647 SH
39 Dycom Industries Inc DY 267475101 $7.9M 0.80% 15,719 SH
40 Johnson & Johnson JNJ 478160104 $7.9M 0.79% 31,085 SH
41 Vertex Pharmaceuticals Inc. VRTX 92532F100 $7.8M 0.78% 15,640 SH
42 iShares MBS ETF MBB 464288588 $7.6M 0.77% 80,658 SH
43 iShares 5-10yr Investment Grad IGIB 464288638 $7.6M 0.76% 142,552 SH
44 NetScout Systems, Inc. NTCT 64115T104 $7.6M 0.76% 173,744 SH
45 Plexus Corp. PLXS 729132100 $7.5M 0.76% 25,054 SH
46 Amgen Inc. AMGN 031162100 $7.4M 0.75% 20,512 SH
47 iShares TIPS Bond ETF TIP 464287176 $7.2M 0.73% 66,153 SH
48 Emcor Group Inc EME 29084Q100 $7.2M 0.73% 8,701 SH
49 Laureate Education Inc LAUR 518613203 $7.1M 0.72% 196,485 SH
50 iShares 7-10 Year Treasury Bon IEF 464287440 $7.1M 0.71% 74,708 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-04 $995.2M 237 0000897069-26-001570
2026-03-31 2026-05-06 $938.7M 211 0000897069-26-001031
2025-12-31 2026-02-05 $926.0M 207 0000897069-26-000228
Filer Information
Address
100 NORTH 6TH STREET, SUITE 600A
MINNEAPOLIS, MN 55403
Phone
(612) 332-9141
Filing Manager
LEUTHOLD GROUP, LLC
MINNEAPOLIS, MN
Signatory
Glenn R. Larson
Chief Compliance Officer