13F HOLDINGS REPORT
LEUTHOLD GROUP, LLC
Quarter ended Q3 2025 · Filed November 6, 2025 · Accession 0000897069-25-001644
Total Value
$914.0M
Positions
205
Other Managers
0
Confidential Omitted
No
Holdings (205)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Microsoft Corp. | MSFT | 52,037 | $27.0M | 2.95% |
| 2 | Meta Platforms Inc. Class A | META | 30,592 | $22.5M | 2.46% |
| 3 | SPDR Bloomberg Barclays Intern | 78464A516 | 838,032 | $19.3M | 2.11% |
| 4 | Oracle Corp. | ORCL-PD | 67,756 | $19.1M | 2.08% |
| 5 | Netflix Inc. | NFLX | 14,948 | $17.9M | 1.96% |
| 6 | Alphabet Inc. Cl A | GOOG | 69,857 | $17.0M | 1.86% |
| 7 | Direxion Daily S&P500 Bear 1X | 25460E869 | 1,738,823 | $16.7M | 1.83% |
| 8 | Kinross Gold Corporation | KGCRF | 609,931 | $15.2M | 1.66% |
| 9 | Goldman Sachs Group Inc. | GSCE | 17,953 | $14.3M | 1.56% |
| 10 | SPDR Intermediate Term Corpora | 78464A375 | 420,225 | $14.2M | 1.56% |
| 11 | Jabil Inc. | JBL | 62,003 | $13.5M | 1.47% |
| 12 | iShares 1-3 Year Treasury Bond | 464287457 | 160,399 | $13.3M | 1.46% |
| 13 | McKesson Corp. | MCK | 15,998 | $12.4M | 1.35% |
| 14 | United Rentals Inc. | URI | 12,865 | $12.3M | 1.34% |
| 15 | Flex Ltd. | FLEX | 204,860 | $11.9M | 1.30% |
| 16 | PulteGroup Inc. | 745867101 | 89,134 | $11.8M | 1.29% |
| 17 | Morgan Stanley | MS-PQ | 69,864 | $11.1M | 1.22% |
| 18 | Vanguard Short-Term Inflation- | 922020805 | 213,699 | $10.8M | 1.18% |
| 19 | iShares International Treasury | 464288117 | 252,048 | $10.7M | 1.17% |
| 20 | Iamgold Corporation | IAG | 822,615 | $10.6M | 1.16% |
| 21 | Technology Select Sector SPDR | 81369Y803 | 37,048 | $10.4M | 1.14% |
| 22 | ProShares Short Russell2000 | 74348A210 | 602,105 | $10.1M | 1.11% |
| 23 | JPMorgan Chase & Co. | VYLD | 31,963 | $10.1M | 1.10% |
| 24 | D.R. Horton Inc. | 23331A109 | 58,848 | $10.0M | 1.09% |
| 25 | Cardinal Health Inc. | CAH | 63,182 | $9.9M | 1.09% |
| 26 | T-Mobile US Inc | TMUSZ | 40,772 | $9.8M | 1.07% |
| 27 | Cencora Inc. | COR | 30,903 | $9.7M | 1.06% |
| 28 | iShares S&P 500 Fund | 464287200 | 14,298 | $9.6M | 1.05% |
| 29 | Financial Select Sector SPDR F | 81369Y605 | 173,211 | $9.3M | 1.02% |
| 30 | Cisco Systems Inc. | CSCO | 136,101 | $9.3M | 1.02% |
| 31 | Deutsche Bank AG | D18190898 | 260,333 | $9.2M | 1.01% |
| 32 | Mastercard Inc. Cl A | MA | 15,630 | $8.9M | 0.97% |
| 33 | TE Connectivity Ltd. | TEL | 40,174 | $8.8M | 0.96% |
| 34 | Communication Services Select | 81369Y852 | 72,247 | $8.6M | 0.94% |
| 35 | Citigroup Inc. | C-PR | 82,996 | $8.4M | 0.92% |
| 36 | Bank of America Corp. | 060505104 | 161,751 | $8.3M | 0.91% |
| 37 | SPDR Barclays International Co | 78464A151 | 256,868 | $8.3M | 0.91% |
| 38 | iShares 5-10yr Investment Grad | 464288638 | 152,802 | $8.3M | 0.90% |
| 39 | iShares MBS ETF | 464288588 | 84,496 | $8.0M | 0.88% |
| 40 | Agnico-Eagle Mines Ltd. | AEM | 46,837 | $7.9M | 0.86% |
| 41 | Vanguard Mortgage-Backed Secur | 92206C771 | 167,597 | $7.9M | 0.86% |
| 42 | Adtalem Global Education Inc. | ADT | 50,072 | $7.7M | 0.85% |
| 43 | iShares 7-10 Year Treasury Bon | 464287440 | 77,679 | $7.5M | 0.82% |
| 44 | Toll Brothers Inc. | TOL | 54,057 | $7.5M | 0.82% |
| 45 | Visa Inc. | V | 20,768 | $7.1M | 0.78% |
| 46 | Laureate Education Inc | LAUR | 219,483 | $6.9M | 0.76% |
| 47 | HCA Healthcare Inc | HCA | 16,155 | $6.9M | 0.75% |
| 48 | AT&T Inc. | T-PC | 243,714 | $6.9M | 0.75% |
| 49 | Canadian Imperial Bank of Comm | CNDIF | 86,142 | $6.9M | 0.75% |
| 50 | Barclays PLC ADR | BCLYF | 327,524 | $6.8M | 0.74% |
| 51 | Primoris Services Corporation | 74164F103 | 48,947 | $6.7M | 0.74% |
| 52 | F5 Networks Inc. | FFIV | 20,534 | $6.6M | 0.73% |
| 53 | iShares Core MSCI EAFE ETF | 46432F842 | 74,870 | $6.5M | 0.72% |
| 54 | Check Point Software Technolog | M22465104 | 30,725 | $6.4M | 0.70% |
| 55 | Uber Technologies, Inc. | UBER | 63,508 | $6.2M | 0.68% |
| 56 | Walt Disney Co. | 254687106 | 53,754 | $6.2M | 0.67% |
| 57 | Tenet Healthcare Corporation | THC | 29,872 | $6.1M | 0.66% |
| 58 | Invesco CurrencyShares Japanes | 46138W107 | 93,481 | $5.8M | 0.64% |
| 59 | VeriSign Inc. | VRSN | 20,427 | $5.7M | 0.62% |
| 60 | Stride, Inc. | LRN | 38,293 | $5.7M | 0.62% |
| 61 | Equinox Gold Corp. | EQX | 502,870 | $5.6M | 0.62% |
| 62 | Magna International Inc. | 559222401 | 116,279 | $5.5M | 0.60% |
| 63 | Fortinet Inc. | FTNT | 63,901 | $5.4M | 0.59% |
| 64 | Aptiv PLC | APTV | 61,713 | $5.3M | 0.58% |
| 65 | Telefonaktiebolaget LM Ericsso | 294821608 | 642,557 | $5.3M | 0.58% |
| 66 | Autoliv Inc. | ALV | 42,239 | $5.2M | 0.57% |
| 67 | Eldorado Gold Corp. | 284902509 | 174,370 | $5.0M | 0.55% |
| 68 | Vertex Pharmaceuticals Inc. | VRTX | 12,843 | $5.0M | 0.55% |
| 69 | CarGurus, Inc. Class A | CARG | 131,359 | $4.9M | 0.54% |
| 70 | Hartford Insurance Group Inc. | HIG-PG | 36,145 | $4.8M | 0.53% |
| 71 | PNC Financial Services Group I | 693475105 | 23,979 | $4.8M | 0.53% |
| 72 | Amgen Inc. | AMGN | 17,006 | $4.8M | 0.53% |
| 73 | iShares Core Total U.S. Bond M | 464287226 | 47,770 | $4.8M | 0.52% |
| 74 | Raymond James Financial Inc | 754730109 | 27,455 | $4.7M | 0.52% |
| 75 | Pan American Silver Corp. | 697900108 | 122,339 | $4.7M | 0.52% |
| 76 | Gilead Sciences Inc. | GILD | 42,636 | $4.7M | 0.52% |
| 77 | Dycom Industries Inc | 267475101 | 16,070 | $4.7M | 0.51% |
| 78 | Universal Technical Institute | UTI | 141,309 | $4.6M | 0.50% |
| 79 | Travelers Companies, Inc. | TRV | 16,466 | $4.6M | 0.50% |
| 80 | U.S. Bancorp | USB-PS | 94,679 | $4.6M | 0.50% |
| 81 | Vanguard Russell 1000 Value ET | 92206C714 | 50,819 | $4.5M | 0.50% |
| 82 | Invesco CurrencyShares Euro Tr | FXE | 41,706 | $4.5M | 0.49% |
| 83 | Perdoceo Education Corporation | PRDO | 119,330 | $4.5M | 0.49% |
| 84 | SS&C Technologies Holdings, In | SSNC | 50,387 | $4.5M | 0.49% |
| 85 | Sanmina Corporation | SANM | 37,492 | $4.3M | 0.47% |
| 86 | Allstate Corp. | ALL-PJ | 19,756 | $4.2M | 0.46% |
| 87 | Frontdoor, Inc. | FTDR | 61,594 | $4.1M | 0.45% |
| 88 | Invesco S&P 500 Equal Weight C | IVZ | 68,409 | $3.9M | 0.43% |
| 89 | Encompass Health Corporation | EHC | 31,064 | $3.9M | 0.43% |
| 90 | ProShares Short QQQ | 74349Y837 | 124,115 | $3.9M | 0.42% |
| 91 | Universal Health Services Inc. | 913903100 | 18,698 | $3.8M | 0.42% |
| 92 | Assurant Inc. | AIZN | 17,371 | $3.8M | 0.41% |
| 93 | Plexus Corp. | PLXS | 25,974 | $3.8M | 0.41% |
| 94 | Maximus Inc. | MMS | 40,707 | $3.7M | 0.41% |
| 95 | Royal Caribbean Cruises Ltd | V7780T103 | 11,149 | $3.6M | 0.39% |
| 96 | Expedia Group, Inc. | EXPE | 16,800 | $3.6M | 0.39% |
| 97 | Markel Group Inc. | MKL | 1,867 | $3.6M | 0.39% |
| 98 | AECOM | ACM | 26,265 | $3.4M | 0.37% |
| 99 | Regeneron Pharmaceuticals Inc. | REGN | 6,044 | $3.4M | 0.37% |
| 100 | Lear Corp. | LEA | 33,576 | $3.4M | 0.37% |
| 101 | WNS (Holdings) Limited Sponsor | G98196101 | 43,904 | $3.3M | 0.37% |
| 102 | Carnival Corp. | CUKPF | 115,230 | $3.3M | 0.36% |
| 103 | Garrett Motion Inc | GTX | 244,565 | $3.3M | 0.36% |
| 104 | Netgear Inc | NTGR | 102,166 | $3.3M | 0.36% |
| 105 | Biogen Inc. | BIIB | 23,517 | $3.3M | 0.36% |
| 106 | Travel Leisure Co. | 894164102 | 54,772 | $3.3M | 0.36% |
| 107 | CVS Health Corp. | CVS | 42,617 | $3.2M | 0.35% |
| 108 | Qualys, Inc. | QLYS | 24,234 | $3.2M | 0.35% |
| 109 | NetScout Systems, Inc. | NTCT | 123,840 | $3.2M | 0.35% |
| 110 | United Therapeutics Corp. | UTHR | 7,546 | $3.2M | 0.35% |
| 111 | Visteon Corp | VC | 26,183 | $3.1M | 0.34% |
| 112 | Verizon Communications Inc. | VZ | 67,821 | $3.0M | 0.33% |
| 113 | CSG Systems International Inc. | 126349109 | 46,012 | $3.0M | 0.32% |
| 114 | ADT, Inc. | ADT | 335,077 | $2.9M | 0.32% |
| 115 | United Parks & Resorts, Inc. | PRKS | 55,977 | $2.9M | 0.32% |
| 116 | Asbury Automotive Group Inc. | ABG | 11,800 | $2.9M | 0.32% |
| 117 | Health Care Select Sector SPDR | 81369Y209 | 20,300 | $2.8M | 0.31% |
| 118 | Life Time Group Holdings, Inc. | LTH | 102,322 | $2.8M | 0.31% |
| 119 | Goodyear Tire & Rubber Co. | 382550101 | 377,119 | $2.8M | 0.31% |
| 120 | Concentrix Corporation | CNXC | 60,708 | $2.8M | 0.31% |
| 121 | Norwegian Cruise Line Holdings | NCLH | 110,778 | $2.7M | 0.30% |
| 122 | The Hanover Insurance Group In | 410867105 | 14,229 | $2.6M | 0.28% |
| 123 | VanEck Gold Miners ETF | 92189F106 | 32,485 | $2.5M | 0.27% |
| 124 | iShares Expanded Tech-Software | 464287515 | 20,069 | $2.3M | 0.25% |
| 125 | iShares MSCI Emerging Markets | 46434G764 | 33,033 | $2.2M | 0.24% |
| 126 | Digi International Inc. | 253798102 | 56,474 | $2.1M | 0.23% |
| 127 | White Mountains Insurance Grou | G9618E107 | 1,206 | $2.0M | 0.22% |
| 128 | iShares NASDAQ Biotechnology I | 464287556 | 12,903 | $1.9M | 0.20% |
| 129 | Benchmark Electronics Inc. | 08160H101 | 47,209 | $1.8M | 0.20% |
| 130 | CTS Corp | CTS | 42,300 | $1.7M | 0.18% |
| 131 | iShares U.S. Healthcare Provid | 464288828 | 27,810 | $1.4M | 0.15% |
| 132 | iShares U.S. Telecommunication | 464287713 | 40,487 | $1.3M | 0.14% |
| 133 | U.S. Global Jets ETF | 26922A842 | 51,516 | $1.3M | 0.14% |
| 134 | Industrial Select Sector SPDR | 81369Y704 | 6,516 | $1.0M | 0.11% |
| 135 | iShares U.S. Insurance ETF | 464288786 | 7,043 | $943,982 | 0.10% |
| 136 | Leuthold Select Industries ET | 56167R705 | 22,904 | $913,556 | 0.10% |
| 137 | Vanguard Short-Term Corporate | 92206C409 | 11,155 | $891,619 | 0.10% |
| 138 | Aberdeen Standard Bloomberg Al | 003261104 | 36,590 | $788,149 | 0.09% |
| 139 | Graham Holdings Co. | GHM | 638 | $751,124 | 0.08% |
| 140 | Vanguard Short-Term Treasury E | 92206C102 | 12,411 | $730,387 | 0.08% |
| 141 | Banco Santander S.A. ADR | BCDRF | 68,900 | $722,072 | 0.08% |
| 142 | InterDigital Inc. | IDCC | 2,071 | $714,971 | 0.08% |
| 143 | Invesco KBW Bank ETF | IVZ | 8,877 | $694,270 | 0.08% |
| 144 | eBay Inc. | EBAY | 7,371 | $670,392 | 0.07% |
| 145 | Everest Group Ltd. | EG | 1,883 | $659,483 | 0.07% |
| 146 | SPDR S&P Capital Markets ETF | 78464A771 | 4,243 | $648,543 | 0.07% |
| 147 | Millrose Properties Inc | 601137102 | 17,555 | $590,024 | 0.06% |
| 148 | Mizuho Financial Group Inc. AD | MZHOF | 82,038 | $549,655 | 0.06% |
| 149 | Vodafone Group PLC ADS | 92857W308 | 46,769 | $542,520 | 0.06% |
| 150 | General Motors Co. | 37045V100 | 8,436 | $514,343 | 0.06% |
| 151 | ASML Holding N.V. | ASMLF | 526 | $509,215 | 0.06% |
| 152 | Delta Air Lines Inc. | DAL | 8,969 | $508,991 | 0.06% |
| 153 | UBS Group AG (new) | UBS | 12,323 | $505,243 | 0.06% |
| 154 | Old Republic International Cor | 680223104 | 11,801 | $501,188 | 0.05% |
| 155 | Applied Materials Inc. | 038222105 | 2,411 | $493,628 | 0.05% |
| 156 | Clear Secure, Inc. Class A | YOU | 14,703 | $490,786 | 0.05% |
| 157 | Interactive Brokers Group Inc. | 45841N107 | 7,100 | $488,551 | 0.05% |
| 158 | TIM S.A. Sponsored ADR | TIMB | 20,903 | $466,555 | 0.05% |
| 159 | Invesco Leisure and Entertainm | IVZ | 7,562 | $458,106 | 0.05% |
| 160 | Axis Capital Holdings Ltd | G0692U109 | 4,609 | $441,542 | 0.05% |
| 161 | Synopsys Inc | SNPS | 880 | $434,183 | 0.05% |
| 162 | Dillard's Inc. Cl A | 254067101 | 679 | $417,232 | 0.05% |
| 163 | Valmont Industries Inc. | 920253101 | 1,061 | $411,382 | 0.05% |
| 164 | Suncor Energy Inc. | SU | 9,653 | $403,592 | 0.04% |
| 165 | Loews Corp. | L | 3,998 | $401,359 | 0.04% |
| 166 | Chevron Corp. | CVX | 2,559 | $397,387 | 0.04% |
| 167 | Consumer Discretionary Select | 81369Y407 | 1,564 | $374,797 | 0.04% |
| 168 | Pearson Plc Sp Adr | PSORF | 25,779 | $365,031 | 0.04% |
| 169 | Wells Fargo & Co. | 949746101 | 4,334 | $363,276 | 0.04% |
| 170 | Grupo Aeroportuario del Surest | 40051E202 | 1,117 | $361,160 | 0.04% |
| 171 | Copa Holdings S.A. Cl A | CPA | 3,023 | $359,193 | 0.04% |
| 172 | TotalEnergies SE Sponsored ADR | TTE | 5,982 | $357,066 | 0.04% |
| 173 | SK Telecom Co. Ltd. ADS | SKM | 15,827 | $341,863 | 0.04% |
| 174 | H&R Block, Inc. | BSQKZ | 6,718 | $339,729 | 0.04% |
| 175 | StoneX Group Inc. | SNEX | 3,264 | $329,403 | 0.04% |
| 176 | MKS Instruments Inc. | MKSI | 2,589 | $320,441 | 0.04% |
| 177 | UGI Corp. | 902681105 | 9,454 | $314,440 | 0.03% |
| 178 | Amkor Technology Inc. | AMKR | 10,981 | $311,860 | 0.03% |
| 179 | Cenovus Energy Inc. | CVE | 17,940 | $304,801 | 0.03% |
| 180 | Comerica Inc. | 200340107 | 4,385 | $300,460 | 0.03% |
| 181 | Lazard Ltd. | LAZ | 5,594 | $295,251 | 0.03% |
| 182 | Granite Construction Inc. | GVA | 2,673 | $293,094 | 0.03% |
| 183 | M&T Bank Corp. | 55261F104 | 1,478 | $292,082 | 0.03% |
| 184 | iShares Aaa-A Rated Corporate | 46429B291 | 6,005 | $291,062 | 0.03% |
| 185 | Bread Financial Holdings, Inc. | BFH-PA | 5,144 | $286,881 | 0.03% |
| 186 | MDU Resources Group, Inc. | 552690109 | 15,816 | $281,683 | 0.03% |
| 187 | Viavi Solutions Inc. | VIAV | 21,780 | $276,388 | 0.03% |
| 188 | Old National Bancorp | 680033107 | 12,416 | $272,531 | 0.03% |
| 189 | iShares MSCI ACWI ETF | 464288257 | 1,905 | $263,347 | 0.03% |
| 190 | New Jersey Resources Corp. | NJR | 5,314 | $255,869 | 0.03% |
| 191 | Photronics Inc. | PLAB | 10,870 | $249,467 | 0.03% |
| 192 | Schwab Fundamental Internation | 808524755 | 5,781 | $248,352 | 0.03% |
| 193 | iShares Edge MSCI USA Quality | 46432F339 | 1,239 | $240,986 | 0.03% |
| 194 | Ecopetrol SA Sponsored ADR | EC | 26,071 | $240,114 | 0.03% |
| 195 | Equinor ASA Sponsored ADR | STOHF | 9,724 | $237,071 | 0.03% |
| 196 | Chubb Limited | CB | 819 | $231,163 | 0.03% |
| 197 | Global Ship Lease, Inc. Class | GSL-PB | 7,467 | $229,237 | 0.03% |
| 198 | iShares Edge MSCI Min Vol USA | 46429B697 | 2,383 | $226,719 | 0.02% |
| 199 | iShares Core Dividend Growth E | 46434V621 | 3,295 | $224,324 | 0.02% |
| 200 | Bank of Nova Scotia | 064149107 | 3,394 | $219,422 | 0.02% |
| 201 | iShares S&P Small Cap 600 Inde | 464287804 | 1,784 | $211,993 | 0.02% |
| 202 | iShares 10-20 Year Treasury Bo | 464288653 | 2,048 | $210,924 | 0.02% |
| 203 | Janus Detroit Street Trust Jan | 47103U845 | 4,057 | $206,014 | 0.02% |
| 204 | Match Group, Inc. | MTCH | 5,770 | $203,796 | 0.02% |
| 205 | ZIM Integrated Shipping Servic | ZIM | 12,767 | $172,993 | 0.02% |