13F HOLDINGS REPORT
LEUTHOLD GROUP, LLC
Quarter ended Q4 2025 · Filed February 5, 2026 · Accession 0000897069-26-000228
Total Value
$926.0M
Positions
207
Other Managers
0
Confidential Omitted
No
Holdings (207)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Microsoft Corp. | MSFT | 50,686 | $24.5M | 2.65% |
| 2 | Direxion Daily S&P500 Bear 1X | 25460E869 | 2,340,534 | $22.1M | 2.38% |
| 3 | Alphabet Inc. Cl A | GOOG | 67,594 | $21.2M | 2.28% |
| 4 | SPDR Bloomberg Barclays Intern | 78464A516 | 832,892 | $18.8M | 2.03% |
| 5 | Goldman Sachs Group Inc. | GSCE | 18,083 | $15.9M | 1.72% |
| 6 | Jabil Inc. | JBL | 62,315 | $14.2M | 1.53% |
| 7 | SPDR Intermediate Term Corpora | 78464A375 | 420,225 | $14.2M | 1.53% |
| 8 | Kinross Gold Corporation | KGCRF | 476,291 | $13.4M | 1.45% |
| 9 | ProShares Short Russell2000 | 74348A210 | 817,685 | $13.4M | 1.45% |
| 10 | Meta Platforms Inc. Class A | META | 19,970 | $13.2M | 1.42% |
| 11 | McKesson Corp. | MCK | 16,008 | $13.1M | 1.42% |
| 12 | Cardinal Health Inc. | CAH | 63,407 | $13.0M | 1.41% |
| 13 | iShares 1-3 Year Treasury Bond | 464287457 | 154,959 | $12.8M | 1.39% |
| 14 | Morgan Stanley | MS-PQ | 70,029 | $12.4M | 1.34% |
| 15 | Flex Ltd. | FLEX | 205,534 | $12.4M | 1.34% |
| 16 | Cisco Systems Inc. | CSCO | 154,877 | $11.9M | 1.29% |
| 17 | FedEx Corp. | FDX | 37,713 | $10.9M | 1.18% |
| 18 | Technology Select Sector SPDR | 81369Y803 | 74,835 | $10.8M | 1.16% |
| 19 | United Parcel Service Inc. Cl | UPS | 106,348 | $10.5M | 1.14% |
| 20 | Cencora Inc. | COR | 30,893 | $10.4M | 1.13% |
| 21 | JPMorgan Chase & Co. | VYLD | 32,188 | $10.4M | 1.12% |
| 22 | iShares International Treasury | 464288117 | 248,737 | $10.4M | 1.12% |
| 23 | Vanguard Short-Term Inflation- | 922020805 | 209,416 | $10.4M | 1.12% |
| 24 | Iamgold Corporation | IAG | 613,738 | $10.1M | 1.09% |
| 25 | Deutsche Bank AG | D18190898 | 261,209 | $10.1M | 1.09% |
| 26 | Citigroup Inc. | C-PR | 83,338 | $9.7M | 1.05% |
| 27 | UnitedHealth Group Inc. | UNH | 28,134 | $9.3M | 1.00% |
| 28 | Financial Select Sector SPDR F | 81369Y605 | 167,820 | $9.2M | 0.99% |
| 29 | TE Connectivity Ltd. | TEL | 40,355 | $9.2M | 0.99% |
| 30 | iShares S&P 500 Fund | 464287200 | 13,073 | $9.0M | 0.97% |
| 31 | Bank of America Corp. | 060505104 | 162,286 | $8.9M | 0.96% |
| 32 | Mastercard Inc. Cl A | MA | 15,619 | $8.9M | 0.96% |
| 33 | HCA Healthcare Inc | HCA | 17,927 | $8.4M | 0.90% |
| 34 | Barclays PLC ADR | BCLYF | 328,653 | $8.4M | 0.90% |
| 35 | SPDR Barclays International Co | 78464A151 | 255,293 | $8.2M | 0.89% |
| 36 | iShares 5-10yr Investment Grad | 464288638 | 148,747 | $8.0M | 0.87% |
| 37 | Elevance Health Inc. | ELV | 22,531 | $7.9M | 0.85% |
| 38 | Magna International Inc. | 559222401 | 147,172 | $7.8M | 0.85% |
| 39 | Canadian Imperial Bank of Comm | CNDIF | 86,430 | $7.8M | 0.85% |
| 40 | iShares MBS ETF | 464288588 | 81,963 | $7.8M | 0.84% |
| 41 | Vanguard Mortgage-Backed Secur | 92206C771 | 165,106 | $7.8M | 0.84% |
| 42 | Telefonaktiebolaget LM Ericsso | 294821608 | 794,958 | $7.7M | 0.83% |
| 43 | Vertex Pharmaceuticals Inc. | VRTX | 16,407 | $7.4M | 0.80% |
| 44 | iShares 7-10 Year Treasury Bon | 464287440 | 77,137 | $7.4M | 0.80% |
| 45 | Visa Inc. | V | 20,867 | $7.3M | 0.79% |
| 46 | Regeneron Pharmaceuticals Inc. | REGN | 9,439 | $7.3M | 0.79% |
| 47 | Amgen Inc. | AMGN | 21,402 | $7.0M | 0.76% |
| 48 | Laureate Education Inc | LAUR | 204,037 | $6.9M | 0.74% |
| 49 | Gilead Sciences Inc. | GILD | 55,058 | $6.8M | 0.73% |
| 50 | Johnson & Johnson | JNJ | 31,963 | $6.6M | 0.71% |
| 51 | Tenet Healthcare Corporation | THC | 32,784 | $6.5M | 0.70% |
| 52 | Autoliv Inc. | ALV | 54,579 | $6.5M | 0.70% |
| 53 | Eldorado Gold Corp. | 284902509 | 174,541 | $6.3M | 0.68% |
| 54 | Aptiv PLC | APTV | 81,014 | $6.2M | 0.67% |
| 55 | Primoris Services Corporation | 74164F103 | 49,487 | $6.1M | 0.66% |
| 56 | iShares Core MSCI EAFE ETF | 46432F842 | 66,890 | $6.0M | 0.65% |
| 57 | Garrett Motion Inc | GTX | 333,232 | $5.8M | 0.63% |
| 58 | Biogen Inc. | BIIB | 32,589 | $5.7M | 0.62% |
| 59 | Sanmina Corporation | SANM | 37,660 | $5.7M | 0.61% |
| 60 | Dycom Industries Inc | 267475101 | 16,139 | $5.5M | 0.59% |
| 61 | CRH public limited company | CRH | 43,668 | $5.4M | 0.59% |
| 62 | Bristol-Myers Squibb Co. | CELG-RI | 101,025 | $5.4M | 0.59% |
| 63 | Lear Corp. | LEA | 47,513 | $5.4M | 0.59% |
| 64 | Emcor Group Inc | EME | 8,869 | $5.4M | 0.59% |
| 65 | Invesco CurrencyShares Japanes | 46138W107 | 92,126 | $5.4M | 0.58% |
| 66 | F5 Networks Inc. | FFIV | 20,711 | $5.3M | 0.57% |
| 67 | Granite Construction Inc. | GVA | 45,223 | $5.2M | 0.56% |
| 68 | Uber Technologies, Inc. | UBER | 63,823 | $5.2M | 0.56% |
| 69 | United Therapeutics Corp. | UTHR | 10,672 | $5.2M | 0.56% |
| 70 | Merck & Co. Inc. | MRK | 49,296 | $5.2M | 0.56% |
| 71 | Agnico-Eagle Mines Ltd. | AEM | 30,075 | $5.1M | 0.55% |
| 72 | U.S. Bancorp | USB-PS | 95,305 | $5.1M | 0.55% |
| 73 | SLB Limited | SLB | 131,906 | $5.1M | 0.55% |
| 74 | PNC Financial Services Group I | 693475105 | 24,169 | $5.0M | 0.54% |
| 75 | Hartford Insurance Group Inc. | HIG-PG | 36,303 | $5.0M | 0.54% |
| 76 | CarGurus, Inc. Class A | CARG | 129,570 | $5.0M | 0.54% |
| 77 | C.H. Robinson Worldwide | CHRW | 30,656 | $4.9M | 0.53% |
| 78 | GSK plc Sponsored ADR | GLAXF | 100,358 | $4.9M | 0.53% |
| 79 | Goodyear Tire & Rubber Co. | 382550101 | 560,093 | $4.9M | 0.53% |
| 80 | NetScout Systems, Inc. | NTCT | 179,984 | $4.9M | 0.53% |
| 81 | Expeditors International of Wa | 302130109 | 32,545 | $4.8M | 0.52% |
| 82 | Adtalem Global Education Inc. | ADT | 46,811 | $4.8M | 0.52% |
| 83 | Travelers Companies, Inc. | TRV | 16,592 | $4.8M | 0.52% |
| 84 | Humana Inc. | HUM | 18,186 | $4.7M | 0.50% |
| 85 | Valmont Industries Inc. | 920253101 | 11,498 | $4.6M | 0.50% |
| 86 | Universal Health Services Inc. | 913903100 | 21,072 | $4.6M | 0.50% |
| 87 | Sanofi SA Sponsored ADR | SNYNF | 93,850 | $4.5M | 0.49% |
| 88 | Invesco CurrencyShares Euro Tr | FXE | 41,165 | $4.5M | 0.48% |
| 89 | SS&C Technologies Holdings, In | SSNC | 50,865 | $4.4M | 0.48% |
| 90 | Raymond James Financial Inc | 754730109 | 27,534 | $4.4M | 0.48% |
| 91 | iShares Core Total U.S. Bond M | 464287226 | 42,755 | $4.3M | 0.46% |
| 92 | Assurant Inc. | AIZN | 17,403 | $4.2M | 0.45% |
| 93 | Vanguard Russell 1000 Value ET | 92206C714 | 45,234 | $4.2M | 0.45% |
| 94 | Allstate Corp. | ALL-PJ | 19,838 | $4.1M | 0.45% |
| 95 | Communication Services Select | 81369Y852 | 35,077 | $4.1M | 0.45% |
| 96 | Rio Tinto PLC ADS | RTNTF | 50,899 | $4.1M | 0.44% |
| 97 | Markel Group Inc. | MKL | 1,890 | $4.1M | 0.44% |
| 98 | Netgear Inc | NTGR | 159,432 | $3.9M | 0.42% |
| 99 | Equinox Gold Corp. | EQX | 275,129 | $3.9M | 0.42% |
| 100 | Visteon Corp | VC | 40,502 | $3.9M | 0.42% |
| 101 | Plexus Corp. | PLXS | 26,004 | $3.8M | 0.41% |
| 102 | Invesco S&P 500 Equal Weight C | IVZ | 65,981 | $3.8M | 0.41% |
| 103 | Universal Technical Institute | UTI | 141,748 | $3.7M | 0.40% |
| 104 | Health Care Select Sector SPDR | 81369Y209 | 23,503 | $3.6M | 0.39% |
| 105 | CSG Systems International Inc. | 126349109 | 46,602 | $3.6M | 0.39% |
| 106 | Maximus Inc. | MMS | 41,228 | $3.6M | 0.38% |
| 107 | Oceaneering International, Inc | 675232102 | 147,639 | $3.5M | 0.38% |
| 108 | Molina Healthcare Inc. | MOH | 20,027 | $3.5M | 0.38% |
| 109 | ProShares Short QQQ | 74349Y837 | 112,873 | $3.4M | 0.37% |
| 110 | CVS Health Corp. | CVS | 42,758 | $3.4M | 0.37% |
| 111 | Encompass Health Corporation | EHC | 31,168 | $3.3M | 0.36% |
| 112 | Perdoceo Education Corporation | PRDO | 110,773 | $3.2M | 0.35% |
| 113 | GXO Logistics Inc | GXO | 61,244 | $3.2M | 0.35% |
| 114 | Pan American Silver Corp. | 697900108 | 62,115 | $3.2M | 0.35% |
| 115 | Hub Group Inc (Cl A) | HUBG | 74,238 | $3.2M | 0.34% |
| 116 | iShares NASDAQ Biotechnology I | 464287556 | 18,188 | $3.1M | 0.33% |
| 117 | Gap Inc. | GAP | 119,070 | $3.0M | 0.33% |
| 118 | Urban Outfitters Inc | URBN | 39,422 | $3.0M | 0.32% |
| 119 | StoneX Group Inc. | SNEX | 30,487 | $2.9M | 0.31% |
| 120 | ProShares Trust Short S&P500 | 74349Y753 | 77,821 | $2.8M | 0.30% |
| 121 | iShares U.S. Healthcare Provid | 464288828 | 57,746 | $2.8M | 0.30% |
| 122 | HudBay Minerals Inc. | HBM | 138,738 | $2.8M | 0.30% |
| 123 | VanEck Gold Miners ETF | 92189F106 | 31,317 | $2.7M | 0.29% |
| 124 | Lazard Ltd. | LAZ | 55,271 | $2.7M | 0.29% |
| 125 | Alcoa Inc. | AA | 49,245 | $2.6M | 0.28% |
| 126 | Hanover Insurance Group Inc. | 410867105 | 14,193 | $2.6M | 0.28% |
| 127 | Concentrix Corporation | CNXC | 61,463 | $2.6M | 0.28% |
| 128 | AECOM | ACM | 26,652 | $2.5M | 0.27% |
| 129 | Digi International Inc. | 253798102 | 56,738 | $2.5M | 0.27% |
| 130 | White Mountains Insurance Grou | G9618E107 | 1,117 | $2.3M | 0.25% |
| 131 | iShares MSCI Emerging Markets | 46434G764 | 29,743 | $2.2M | 0.23% |
| 132 | Benchmark Electronics Inc. | 08160H101 | 47,626 | $2.0M | 0.22% |
| 133 | CTS Corp | CTS | 42,763 | $1.8M | 0.20% |
| 134 | iShares US Transportation ETF | 464287192 | 18,029 | $1.3M | 0.15% |
| 135 | Industrial Select Sector SPDR | 81369Y704 | 6,286 | $975,084 | 0.11% |
| 136 | iShares MSCI Global Metals & M | 46434G848 | 18,241 | $936,493 | 0.10% |
| 137 | Leuthold Select Industries ET | 56167R705 | 23,222 | $932,363 | 0.10% |
| 138 | iShares U.S. Insurance ETF | 464288786 | 6,796 | $925,275 | 0.10% |
| 139 | VanEck Vectors Pharmaceutical | 92189F692 | 8,779 | $905,729 | 0.10% |
| 140 | Invesco Building & Constructio | IVZ | 9,580 | $887,012 | 0.10% |
| 141 | SPDR S&P Retail ETF | 78464A714 | 10,286 | $877,293 | 0.09% |
| 142 | Vanguard Short-Term Corporate | 92206C409 | 10,259 | $817,950 | 0.09% |
| 143 | Exxon Mobil Corp. | XOM | 6,774 | $815,183 | 0.09% |
| 144 | Banco Santander S.A. ADR | BCDRF | 67,873 | $796,150 | 0.09% |
| 145 | Invesco KBW Bank ETF | IVZ | 8,554 | $721,017 | 0.08% |
| 146 | General Motors Co. | 37045V100 | 8,448 | $686,991 | 0.07% |
| 147 | VanEck Oil Services ETF | 92189H607 | 2,310 | $657,819 | 0.07% |
| 148 | Vanguard Short-Term Treasury E | 92206C102 | 11,151 | $654,898 | 0.07% |
| 149 | Aberdeen Standard Bloomberg Al | 003261104 | 32,841 | $641,385 | 0.07% |
| 150 | Applied Materials Inc. | 038222105 | 2,438 | $626,542 | 0.07% |
| 151 | Delta Air Lines Inc. | DAL | 8,982 | $623,351 | 0.07% |
| 152 | T-Mobile US Inc | TMUSZ | 3,065 | $622,318 | 0.07% |
| 153 | Vodafone Group PLC ADS | 92857W308 | 46,837 | $618,717 | 0.07% |
| 154 | SPDR S&P Capital Markets ETF | 78464A771 | 4,080 | $611,711 | 0.07% |
| 155 | Mizuho Financial Group Inc. AD | MZHOF | 82,158 | $601,397 | 0.06% |
| 156 | UBS Group AG (new) | UBS | 12,341 | $571,512 | 0.06% |
| 157 | ASML Holding N.V. | ASMLF | 532 | $569,166 | 0.06% |
| 158 | Baker Hughes Company Class A | BKR | 12,366 | $563,148 | 0.06% |
| 159 | Old Republic International Cor | 680223104 | 11,819 | $539,419 | 0.06% |
| 160 | Axis Capital Holdings Ltd | G0692U109 | 4,616 | $494,327 | 0.05% |
| 161 | America Movil S.A.B. de C.V. A | AMXOF | 22,545 | $466,005 | 0.05% |
| 162 | Select Medical Holdings Corpor | 81619Q105 | 31,264 | $464,270 | 0.05% |
| 163 | Interactive Brokers Group Inc. | 45841N107 | 7,110 | $457,244 | 0.05% |
| 164 | Bread Financial Holdings, Inc. | BFH-PA | 6,020 | $445,661 | 0.05% |
| 165 | Amkor Technology Inc. | AMKR | 11,104 | $438,386 | 0.05% |
| 166 | National HealthCare Corporatio | NHC | 3,155 | $432,519 | 0.05% |
| 167 | Suncor Energy Inc. | SU | 9,692 | $429,937 | 0.05% |
| 168 | Weatherford International plc | G48833118 | 5,446 | $426,204 | 0.05% |
| 169 | Pearson Plc Sp Adr | PSORF | 30,229 | $424,415 | 0.05% |
| 170 | Loews Corp. | L | 4,003 | $421,556 | 0.05% |
| 171 | NOV Inc. | NOV | 26,851 | $419,681 | 0.05% |
| 172 | MKS Instruments Inc. | MKSI | 2,618 | $418,356 | 0.05% |
| 173 | TIM S.A. Sponsored ADR | TIMB | 20,924 | $406,972 | 0.04% |
| 174 | Wells Fargo & Co. | 949746101 | 4,334 | $403,929 | 0.04% |
| 175 | Viavi Solutions Inc. | VIAV | 22,009 | $392,200 | 0.04% |
| 176 | Chevron Corp. | CVX | 2,569 | $391,541 | 0.04% |
| 177 | TotalEnergies SE Sponsored ADR | TTE | 5,908 | $386,501 | 0.04% |
| 178 | Comerica Inc. | 200340107 | 4,392 | $381,797 | 0.04% |
| 179 | Copa Holdings S.A. Cl A | CPA | 3,027 | $365,086 | 0.04% |
| 180 | Grupo Aeroportuario del Surest | 40051E202 | 1,119 | $361,885 | 0.04% |
| 181 | UGI Corp. | 902681105 | 9,553 | $357,569 | 0.04% |
| 182 | Photronics Inc. | PLAB | 10,985 | $351,520 | 0.04% |
| 183 | Graham Holdings Co. | GHM | 313 | $343,862 | 0.04% |
| 184 | iShares MSCI ACWI ETF | 464288257 | 2,388 | $337,878 | 0.04% |
| 185 | ACM Research, Inc. Class A | 00108J109 | 8,362 | $329,881 | 0.04% |
| 186 | MDU Resources Group, Inc. | 552690109 | 15,966 | $311,656 | 0.03% |
| 187 | Cenovus Energy Inc. | CVE | 18,060 | $305,575 | 0.03% |
| 188 | M&T Bank Corp. | 55261F104 | 1,480 | $298,190 | 0.03% |
| 189 | iShares Aaa-A Rated Corporate | 46429B291 | 6,087 | $292,724 | 0.03% |
| 190 | Innovex International, Inc. | INVX | 12,902 | $282,167 | 0.03% |
| 191 | Old National Bancorp | 680033107 | 12,434 | $277,403 | 0.03% |
| 192 | FlexShares Disciplined Duratio | FLEX | 13,302 | $276,349 | 0.03% |
| 193 | ZIM Integrated Shipping Servic | ZIM | 12,777 | $271,256 | 0.03% |
| 194 | Ecopetrol SA Sponsored ADR | EC | 26,244 | $262,965 | 0.03% |
| 195 | Global Ship Lease, Inc. Class | GSL-PB | 7,473 | $261,854 | 0.03% |
| 196 | Schwab Fundamental Internation | 808524755 | 5,781 | $261,359 | 0.03% |
| 197 | Chubb Limited | CB | 820 | $255,938 | 0.03% |
| 198 | Bank of Nova Scotia | 064149107 | 3,399 | $250,472 | 0.03% |
| 199 | iShares Edge MSCI USA Quality | 46432F339 | 1,239 | $246,090 | 0.03% |
| 200 | New Jersey Resources Corp. | NJR | 5,333 | $245,958 | 0.03% |
| 201 | Equinor ASA Sponsored ADR | STOHF | 9,788 | $231,290 | 0.02% |
| 202 | iShares Core Dividend Growth E | 46434V621 | 3,295 | $228,739 | 0.02% |
| 203 | Materials Select Sector SPDR F | 81369Y100 | 5,018 | $227,566 | 0.02% |
| 204 | Matson, Inc. | MATX | 1,799 | $222,266 | 0.02% |
| 205 | iShares Edge MSCI Min Vol USA | 46429B697 | 2,338 | $220,146 | 0.02% |
| 206 | iShares S&P Small Cap 600 Inde | 464287804 | 1,754 | $210,796 | 0.02% |
| 207 | iShares 10-20 Year Treasury Bo | 464288653 | 2,048 | $208,220 | 0.02% |