# LEUTHOLD GROUP, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1170152. Source: https://holderbook.com/funds/1170152-leuthold-group-llc/

- Reported value: $995.2M
- Positions: 237
- Weight of the ten largest: 17.4%
- Filed: 2026-08-04

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DIREXION SHARES ETF TRUST | [SPDN](https://holderbook.com/stocks/SPDN/) | $26.3M | 3,035,510 | 2.6% | 25 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $22.8M | 63,893 | 2.3% | 14 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $19.9M | 123,091 | 2.0% | 14 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $17.4M | 46,640 | 1.7% | 30 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $16.9M | 143,885 | 1.7% | 7 |
| JABIL INC | [JBL](https://holderbook.com/stocks/JBL/) | $15.6M | 40,469 | 1.6% | 15 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $14.5M | 61,075 | 1.5% | 16 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $13.7M | 68,568 | 1.4% | 2 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $13.0M | 30,222 | 1.3% | 2 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $12.7M | 66,606 | 1.3% | 31 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $12.3M | 149,887 | 1.2% | 31 |
| GARRETT MOTION INC | [GTX](https://holderbook.com/stocks/GTX/) | $11.7M | 322,518 | 1.2% | 4 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $11.6M | 15,354 | 1.2% | 16 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $11.5M | 36,855 | 1.2% | 3 |
| SPDR SERIES TRUST | [BWX](https://holderbook.com/stocks/BWX/) | $11.5M | 531,295 | 1.2% | 31 |
| PROSHARES TR | [RWM](https://holderbook.com/stocks/RWM/) | $11.5M | 864,330 | 1.2% | 31 |
| SPDR SERIES TRUST | [SPIB](https://holderbook.com/stocks/SPIB/) | $11.3M | 337,668 | 1.1% | 10 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $11.3M | 80,600 | 1.1% | 11 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $11.2M | 103,834 | 1.1% | 3 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $10.8M | 18,545 | 1.1% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $10.8M | 19,101 | 1.1% | 14 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $10.5M | 209,972 | 1.1% | 22 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $10.3M | 438,079 | 1.0% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $10.2M | 31,099 | 1.0% | 9 |
| ISHARES TR | [IGOV](https://holderbook.com/stocks/IGOV/) | $10.1M | 246,891 | 1.0% | 31 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $9.8M | 13,036 | 1.0% | 17 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $9.6M | 83,342 | 1.0% | 9 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $9.3M | 141,976 | 0.9% | 5 |
| SANMINA CORP | [SANM](https://holderbook.com/stocks/SANM/) | $9.2M | 36,379 | 0.9% | 5 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $9.0M | 23,005 | 0.9% | 12 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $8.9M | 156,480 | 0.9% | 9 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $8.8M | 558,547 | 0.9% | 8 |
| TELEFONAKTIEBOLAGET LM ERICS | [ERIC](https://holderbook.com/stocks/ERIC/) | $8.6M | 767,612 | 0.9% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $8.5M | 19,702 | 0.9% | 2 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $8.5M | 316,950 | 0.9% | 15 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $8.4M | 204,176 | 0.8% | 2 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $8.4M | 20,249 | 0.8% | 7 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $8.4M | 29,647 | 0.8% | 16 |
| DYCOM INDS INC | [DY](https://holderbook.com/stocks/DY/) | $7.9M | 15,719 | 0.8% | 5 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $7.9M | 31,085 | 0.8% | 3 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $7.8M | 15,640 | 0.8% | 4 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $7.6M | 80,658 | 0.8% | 31 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $7.6M | 142,552 | 0.8% | 12 |
| NETSCOUT SYS INC | [NTCT](https://holderbook.com/stocks/NTCT/) | $7.6M | 173,744 | 0.8% | 4 |
| PLEXUS CORP | [PLXS](https://holderbook.com/stocks/PLXS/) | $7.5M | 25,054 | 0.8% | 5 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $7.4M | 20,512 | 0.7% | 4 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $7.2M | 66,153 | 0.7% | 1 |
| EMCOR GROUP INC | [EME](https://holderbook.com/stocks/EME/) | $7.2M | 8,701 | 0.7% | 3 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $7.1M | 196,485 | 0.7% | 6 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $7.1M | 74,708 | 0.7% | 16 |
| GRANITE CONSTR INC | [GVA](https://holderbook.com/stocks/GVA/) | $6.9M | 43,371 | 0.7% | 4 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $6.8M | 31,489 | 0.7% | 4 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $6.7M | 53,031 | 0.7% | 4 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $6.7M | 17,304 | 0.7% | 1 |
| ISHARES TR | [STIP](https://holderbook.com/stocks/STIP/) | $6.5M | 64,077 | 0.7% | 1 |
| VALMONT INDS INC | [VMI](https://holderbook.com/stocks/VMI/) | $6.4M | 11,137 | 0.6% | 5 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $6.4M | 66,478 | 0.6% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $6.3M | 12,303 | 0.6% | 31 |
| LEAR CORP | [LEA](https://holderbook.com/stocks/LEA/) | $6.1M | 45,864 | 0.6% | 5 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $6.1M | 47,803 | 0.6% | 3 |
| AUTOLIV INC | [ALV](https://holderbook.com/stocks/ALV/) | $6.1M | 52,689 | 0.6% | 5 |
| TE CONNECTIVITY PLC | [TEL](https://holderbook.com/stocks/TEL/) | $6.1M | 30,305 | 0.6% | 7 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $5.9M | 127,482 | 0.6% | 3 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $5.9M | 31,675 | 0.6% | 12 |
| UNIVERSAL TECHNICAL INST INC | [UTI](https://holderbook.com/stocks/UTI/) | $5.8M | 136,531 | 0.6% | 6 |
| OCEANEERING INTL INC | [OII](https://holderbook.com/stocks/OII/) | $5.8M | 142,936 | 0.6% | 3 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $5.8M | 9,265 | 0.6% | 4 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $5.8M | 23,386 | 0.6% | 5 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $5.7M | 16,544 | 0.6% | 31 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $5.6M | 29,954 | 0.6% | 3 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $5.6M | 97,869 | 0.6% | 3 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $5.6M | 101,551 | 0.6% | 3 |
| COVISTA INC | [CVSA](https://holderbook.com/stocks/CVSA/) | $5.6M | 45,106 | 0.6% | 7 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $5.6M | 92,155 | 0.6% | 5 |
| UNITED THERAPEUTICS CORP DEL | [UTHR](https://holderbook.com/stocks/UTHR/) | $5.5M | 10,184 | 0.6% | 4 |
| VANGUARD SCOTTSDALE FDS | [VMBS](https://holderbook.com/stocks/VMBS/) | $5.5M | 117,868 | 0.6% | 4 |
| RENAISSANCERE HLDGS LTD | [RNR](https://holderbook.com/stocks/RNR/) | $5.5M | 17,278 | 0.6% | 1 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $5.3M | 16,008 | 0.5% | 8 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $5.2M | 31,852 | 0.5% | 3 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $5.2M | 166,267 | 0.5% | 7 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $5.1M | 97,182 | 0.5% | 3 |
| HF SINCLAIR CORP | [DINO](https://holderbook.com/stocks/DINO/) | $5.1M | 72,580 | 0.5% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $4.9M | 202,967 | 0.5% | 1 |
| VANGUARD SCOTTSDALE FDS | [VONV](https://holderbook.com/stocks/VONV/) | $4.8M | 45,234 | 0.5% | 17 |
| PRIMORIS SVCS CORP | [PRIM](https://holderbook.com/stocks/PRIM/) | $4.8M | 48,040 | 0.5% | 5 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $4.7M | 49,942 | 0.5% | 3 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $4.6M | 35,067 | 0.5% | 10 |
| BENCHMARK ELECTRS INC | [BHE](https://holderbook.com/stocks/BHE/) | $4.6M | 46,811 | 0.5% | 5 |
| NXP SEMICONDUCTORS N V | [NXPI](https://holderbook.com/stocks/NXPI/) | $4.6M | 16,370 | 0.5% | 1 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $4.6M | 85,223 | 0.5% | 12 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $4.5M | 19,112 | 0.5% | 8 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $4.5M | 42,361 | 0.5% | 3 |
| ASSURANT INC | [AIZ](https://holderbook.com/stocks/AIZ/) | $4.5M | 16,846 | 0.5% | 10 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $4.5M | 29,057 | 0.5% | 7 |
| TENARIS S A | [TS](https://holderbook.com/stocks/TS/) | $4.5M | 80,367 | 0.4% | 2 |
| SPDR SERIES TRUST | [WIP](https://holderbook.com/stocks/WIP/) | $4.3M | 110,143 | 0.4% | 1 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $4.3M | 41,189 | 0.4% | 5 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $4.2M | 42,755 | 0.4% | 17 |
| MANAGED PORTFOLIO SER | [LST](https://holderbook.com/stocks/LST/) | $4.2M | 89,271 | 0.4% | 6 |
| DIGI INTL INC | [DGII](https://holderbook.com/stocks/DGII/) | $4.1M | 54,570 | 0.4% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +10.9% | +14.8% | -3.9% | 100% |
| Q1 2026 | -0.4% | -4.6% | +4.2% | 100% |
| Q4 2025 | +0.8% | +2.4% | -1.5% | 100% |
| Q3 2025 | +6.9% | +7.8% | -1.0% | 100% |
| Q2 2025 | +9.6% | +10.5% | -0.8% | 100% |
| Q1 2025 | -0.3% | -4.6% | +4.3% | 100% |
| Q4 2024 | -3.0% | +2.1% | -5.1% | 101% |
| Q3 2024 | +6.4% | +5.4% | +1.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $995.2M | 237 |
| Q1 2026 | $938.7M | 211 |
| Q4 2025 | $926.0M | 207 |
| Q3 2025 | $914.0M | 205 |
| Q2 2025 | $837.0M | 206 |
| Q1 2025 | $770.1M | 201 |
| Q4 2024 | $832.6M | 191 |
| Q3 2024 | $899.6M | 172 |
| Q2 2024 | $865.2M | 180 |
| Q1 2024 | $888.0M | 178 |
| Q4 2023 | $799.2M | 174 |
| Q3 2023 | $713.0M | 182 |