LEUTHOLD GROUP, LLC Q4 2025 Filing

Filed February 5, 2026

Portfolio Value

$926.0M

Holdings

207

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (207 positions)

#StockSharesValue% PortfolioType
1
MSFTMicrosoft Corp.
50,686$24.5M2.65%
2
SPDNDirexion Daily S&P500 Bear 1X
2,340,534$22.1M2.38%
3
GOOGLAlphabet Inc. Cl A
67,594$21.2M2.28%
4
BWXSPDR Bloomberg Barclays Intern
832,892$18.8M2.03%
5
GSGoldman Sachs Group Inc.
18,083$15.9M1.72%
6
JBLJabil Inc.
62,315$14.2M1.53%
7
SPIBSPDR Intermediate Term Corpora
420,225$14.2M1.53%
8
KGCKinross Gold Corporation
476,291$13.4M1.45%
9
RWMProShares Short Russell2000
817,685$13.4M1.45%
10
METAMeta Platforms Inc. Class A
19,970$13.2M1.42%
11
MCKMcKesson Corp.
16,008$13.1M1.42%
12
CAHCardinal Health Inc.
63,407$13.0M1.41%
13
SHYiShares 1-3 Year Treasury Bond
154,959$12.8M1.39%
14
DWDMorgan Stanley
70,029$12.4M1.34%
15
FLEXFlex Ltd.
205,534$12.4M1.34%
16
CSCOCisco Systems Inc.
154,877$11.9M1.29%
17
FDXFedEx Corp.
37,713$10.9M1.18%
18
XLKTechnology Select Sector SPDR
74,835$10.8M1.16%
19
UPSUnited Parcel Service Inc. Cl
106,348$10.5M1.14%
20
ABGCencora Inc.
30,893$10.4M1.13%
21
JPMJPMorgan Chase & Co.
32,188$10.4M1.12%
22
IGOViShares International Treasury
248,737$10.4M1.12%
23
VTIPVanguard Short-Term Inflation-
209,416$10.4M1.12%
24
IMGIamgold Corporation
613,738$10.1M1.09%
25
DBDeutsche Bank AG
261,209$10.1M1.09%
26
TRVCCitigroup Inc.
83,338$9.7M1.05%
27
UNHUnitedHealth Group Inc.
28,134$9.3M1.00%
28
XLFFinancial Select Sector SPDR F
167,820$9.2M0.99%
29
TELTE Connectivity Ltd.
40,355$9.2M0.99%
30
IVViShares S&P 500 Fund
13,073$9.0M0.97%
31
BACBank of America Corp.
162,286$8.9M0.96%
32
MAMastercard Inc. Cl A
15,619$8.9M0.96%
33
HCAHCA Healthcare Inc
17,927$8.4M0.90%
34
BCSBarclays PLC ADR
328,653$8.4M0.90%
35
IBNDSPDR Barclays International Co
255,293$8.2M0.89%
36
IGIBiShares 5-10yr Investment Grad
148,747$8.0M0.87%
37
ELVElevance Health Inc.
22,531$7.9M0.85%
38
MGAMagna International Inc.
147,172$7.8M0.85%
39
CMCanadian Imperial Bank of Comm
86,430$7.8M0.85%
40
MBBiShares MBS ETF
81,963$7.8M0.84%
41
VMBSVanguard Mortgage-Backed Secur
165,106$7.8M0.84%
42
ERICTelefonaktiebolaget LM Ericsso
794,958$7.7M0.83%
43
VRTXVertex Pharmaceuticals Inc.
16,407$7.4M0.80%
44
IEFiShares 7-10 Year Treasury Bon
77,137$7.4M0.80%
45
VVisa Inc.
20,867$7.3M0.79%
46
REGNRegeneron Pharmaceuticals Inc.
9,439$7.3M0.79%
47
AMGNAmgen Inc.
21,402$7.0M0.76%
48
LAURLaureate Education Inc
204,037$6.9M0.74%
49
GILDGilead Sciences Inc.
55,058$6.8M0.73%
50
JNJJohnson & Johnson
31,963$6.6M0.71%
51
THCTenet Healthcare Corporation
32,784$6.5M0.70%
52
ALVAutoliv Inc.
54,579$6.5M0.70%
53
ELDEldorado Gold Corp.
174,541$6.3M0.68%
54
APTVAptiv PLC
81,014$6.2M0.67%
55
PRIMPrimoris Services Corporation
49,487$6.1M0.66%
56
AQLTiShares Core MSCI EAFE ETF
66,890$6.0M0.65%
57
GTXGarrett Motion Inc
333,232$5.8M0.63%
58
BIIBBiogen Inc.
32,589$5.7M0.62%
59
SANMSanmina Corporation
37,660$5.7M0.61%
60
DYDycom Industries Inc
16,139$5.5M0.59%
61
BMYBristol-Myers Squibb Co.
101,025$5.4M0.59%
62
RHCRH public limited company
43,668$5.4M0.59%
63
LEALear Corp.
47,513$5.4M0.59%
64
EMEEmcor Group Inc
8,869$5.4M0.59%
65
FXYInvesco CurrencyShares Japanes
92,126$5.4M0.58%
66
FFIVF5 Networks Inc.
20,711$5.3M0.57%
67
GVAGranite Construction Inc.
45,223$5.2M0.56%
68
UBERUber Technologies, Inc.
63,823$5.2M0.56%
69
UTHUnited Therapeutics Corp.
10,672$5.2M0.56%
70
MRKMerck & Co. Inc.
49,296$5.2M0.56%
71
AEMAgnico-Eagle Mines Ltd.
30,075$5.1M0.55%
72
USBU.S. Bancorp
95,305$5.1M0.55%
73
SLBSLB Limited
131,906$5.1M0.55%
74
PNCPNC Financial Services Group I
24,169$5.0M0.54%
75
HIGHartford Insurance Group Inc.
36,303$5.0M0.54%
76
CARGCarGurus, Inc. Class A
129,570$5.0M0.54%
77
CHRWC.H. Robinson Worldwide
30,656$4.9M0.53%
78
GSKGSK plc Sponsored ADR
100,358$4.9M0.53%
79
GTGoodyear Tire & Rubber Co.
560,093$4.9M0.53%
80
NSZNetScout Systems, Inc.
179,984$4.9M0.53%
81
EXPDExpeditors International of Wa
32,545$4.8M0.52%
82
ATGEAdtalem Global Education Inc.
46,811$4.8M0.52%
83
TRVTravelers Companies, Inc.
16,592$4.8M0.52%
84
HUMHumana Inc.
18,186$4.7M0.50%
85
VMIValmont Industries Inc.
11,498$4.6M0.50%
86
UHSUniversal Health Services Inc.
21,072$4.6M0.50%
87
SNYSanofi SA Sponsored ADR
93,850$4.5M0.49%
88
FXEInvesco CurrencyShares Euro Tr
41,165$4.5M0.48%
89
SSNCSS&C Technologies Holdings, In
50,865$4.4M0.48%
90
RJFRaymond James Financial Inc
27,534$4.4M0.48%
91
AGGiShares Core Total U.S. Bond M
42,755$4.3M0.46%
92
AIZAssurant Inc.
17,403$4.2M0.45%
93
VONVVanguard Russell 1000 Value ET
45,234$4.2M0.45%
94
ALSAllstate Corp.
19,838$4.1M0.45%
95
XLCCommunication Services Select
35,077$4.1M0.45%
96
RIORio Tinto PLC ADS
50,899$4.1M0.44%
97
MKLMarkel Group Inc.
1,890$4.1M0.44%
98
NTGRNetgear Inc
159,432$3.9M0.42%
99
EQXEquinox Gold Corp.
275,129$3.9M0.42%
100
VCVisteon Corp
40,502$3.9M0.42%
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