LEUTHOLD GROUP, LLC

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CIK 1170152

13F portfolio (2026-Q1)

$939M

Positions

211

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

211

Top 5

10.8%

Top 10

18.4%

Effective N

105.0

HHI

0.010

This quarter

22 new · 0 exit →

By sector

Unclassified25.3%

Financials14.4%

Information Technology13.7%

Consumer Discretionary11.8%

Industrials11.2%

Health Care10.2%

Materials7.0%

Communication Services3.5%

Other2.8%

By market cap

Unknown34.8%

Large ($10–200B)30.1%

Mega (>$200B)18.5%

Mid ($2–10B)16.1%

Small ($300M–2B)0.6%

By region

North America71.1%

Other25.3%

Europe3.5%

Asia-Pacific0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	25.34%	54
Pharmaceuticals & Biotechnology	7.82%	11
Banks	6.83%	16
Metals & Mining	6.45%	11
Semiconductors & Semiconductor Equipment	6.23%	17
Distributors	4.93%	5
Software & IT Services	4.30%	4
Automobiles & Components	3.86%	7
Capital Markets	3.39%	5
Technology Hardware & Equipment	3.16%	7
Insurance	2.97%	11
Construction & Engineering	2.68%	4
Machinery	2.63%	8
Diversified Consumer Services	2.44%	5
Health Care Providers & Services	2.41%	6
Software	2.29%	2
Oil, Gas & Consumable Fuels	2.28%	11
Commercial Services & Supplies	2.08%	5
Airlines	1.96%	3
Transportation Infrastructure	1.70%	4
Road & Rail	1.14%	1
Communications Equipment	0.97%	1
Specialty Retail	0.59%	2
Construction Materials	0.53%	2
Food & Staples Retailing	0.33%	1
Professional Services	0.26%	1
Diversified Telecommunication Services	0.19%	3
Utilities	0.17%	3
Media & Publishing	0.08%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SPDN	DIREXION SHS ETF TR	Unclassified	3.26%
2	GOOGL	Alphabet Inc.	Communication Services	2.03%
3	BWX	SPDR SERIES TRUST	Unclassified	1.94%
4	MSFT	MICROSOFT CORP	Information Technology	1.90%
5	JBL	JABIL INC	Information Technology	1.67%
6	GS	GOLDMAN SACHS GROUP INC	Financials	1.65%
7	SPIB	SPDR SERIES TRUST	Unclassified	1.50%
8	RWM	PROSHARES TR	Unclassified	1.50%
9	MCK	MCKESSON CORP	Consumer Discretionary	1.49%
10	KGC	KINROSS GOLD CORP	Materials	1.49%

157/211 names classified · sector 74.7% of weight · industry 74.7% · mkt cap 65.2%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

FinancialsUNH, MA, V, ELV, GS · other

IndustrialsLRCX, PHM, DAL, AAL, JBLU · other

Consumer DiscretionaryTGT, DG, MCK, COST, WMT · other

Information TechnologyMSFT, AMAT, AAPL, SEDG, ORCL · other

Health CareHCA, UHS, GILD, REGN, MRK · other

Communication ServicesGOOGL, META, NFLX, TMUS, OMC · other

MaterialsKGC, LYB, IAG, RIO, CRH · other

EnergyXOM, SHEL, VLO, EOG, MPC · other

Consumer StaplesCVS, KR, SFM, ADM, ACI · other

UtilitiesAWK, SBS, UGI, SR, OGS · other

Real EstateVAC, JLL, OHI, HST, CDP · other

UnclassifiedBWX, MBB, SPDN, GLD, FXY · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 74.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (126 classified)LEUTHOLD GROUP, LLC centroid (Mid Core)

Information TechnologyFinancialsIndustrialsConsumer DiscretionaryHealth CareCommunication ServicesEnergyMaterialsConsumer StaplesUtilities

Style box summary for LEUTHOLD GROUP, LLC: centroid Mid Core. Heaviest cells: Large Growth 11.4%, Small Growth 9.2%, Large Core 8.1%.

Classified: 62.2% of book weight (126/211 names) · unclassified 37.8%: SPDN, BWX, SPIB, RWM, KGC, SHY, IAG, VTIP, IGOV, XLK +75 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 211 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SPDNDIREXION SHS ETF TR	3,074,122	$31M	3.3%	ADD 31%
2	GOOGLALPHABET INC	66,393	$19M	2.0%	HOLD
3	BWXSPDR SERIES TRUST	829,138	$18M	1.9%	HOLD
4	MSFTMICROSOFT CORP	48,171	$18M	1.9%	TRIM −5%
5	JBLJabil Circuit, Inc.	58,946	$16M	1.7%	TRIM −5%
6	GSGOLDMAN SACHS GROUP INC	18,317	$15M	1.7%	HOLD
7	SPIBSPDR SERIES TRUST	420,225	$14M	1.5%	HOLD
8	RWMPROSHARES TR	868,675	$14M	1.5%	ADD 6%
9	MCKMCKESSON CORP	16,156	$14M	1.5%	HOLD
10	KGCKINROSS GOLD CORP	457,878	$14M	1.5%	TRIM −4%
11	FDXFEDEX CORP	38,460	$14M	1.5%	HOLD
12	CAHCARDINAL HEALTH INC	64,402	$14M	1.4%	HOLD
13	FLEXFlextronics Internat'l. Ltd.	200,422	$13M	1.4%	TRIM −2%
14	SHYISHARES TR	157,002	$13M	1.4%	HOLD
15	CSCOCISCO SYS INC	157,564	$12M	1.3%	HOLD
16	MSMORGAN STANLEY	71,004	$12M	1.2%	HOLD
17	METAMETA PLATFORMS INC	20,129	$12M	1.2%	HOLD
18	IAGIAMGOLD CORP	580,474	$11M	1.2%	TRIM −5%
19	UPSUNITED PARCEL SERVICE INC	108,545	$11M	1.1%	ADD 2%
20	VTIPVANGUARD MALVERN FDS	208,699	$10M	1.1%	HOLD
21	IGOVISHARES TR	247,992	$10M	1.1%	HOLD
22	CORCENCORA INC	31,265	$10M	1.0%	HOLD
23	CCITIGROUP INC	85,041	$10M	1.0%	ADD 2%
24	JPMJPMORGAN CHASE & CO	32,725	$10M	1.0%	HOLD
25	XLKSELECT SECTOR SPDR TR	70,273	$9M	1.0%	TRIM −6%
26	ERICERICSSON	811,438	$9M	1.0%	ADD 2%
27	TELTE CONNECTIVITY PLC	40,987	$9M	0.9%	HOLD
28	HCAHCA HEALTHCARE INC	18,055	$9M	0.9%	HOLD
29	IVVISHARES TR	13,038	$9M	0.9%	HOLD
30	MGAMAGNA INTL INC	149,263	$8M	0.9%	HOLD
31	CMCANADIAN IMPERIAL BANK OF CO	87,677	$8M	0.9%	HOLD
32	BACBANK AMERICA CORP	165,043	$8M	0.9%	HOLD
33	JNJJOHNSON & JOHNSON	32,730	$8M	0.9%	ADD 2%
34	NVDANVIDIA CORPORATION	45,341	$8M	0.8%	NEW
35	IBNDSPDR SER TR	254,065	$8M	0.8%	HOLD
36	DBDEUTSCHE BK AG	264,515	$8M	0.8%	HOLD
37	IGIBISHARES TR	147,727	$8M	0.8%	HOLD
38	GILDGILEAD SCIENCES INC	56,091	$8M	0.8%	HOLD
39	VMBSVANGUARD SCOTTSDALE FDS	165,106	$8M	0.8%	HOLD
40	MBBISHARES TR	81,447	$8M	0.8%	HOLD
41	AMGNAMGEN INC	21,598	$8M	0.8%	HOLD
42	REGNREGENERON PHARMACEUTICALS	9,780	$8M	0.8%	ADD 4%
43	VRTXVERTEX PHARMACEUTICALS INC	16,455	$7M	0.8%	HOLD
44	PRIMPRIMORIS SVCS CORP	50,904	$7M	0.8%	ADD 3%
45	LAURLAUREATE EDUCATION INC	207,318	$7M	0.8%	HOLD
46	IEFISHARES TR	75,440	$7M	0.8%	TRIM −2%
47	BCSBARCLAYS PLC	333,080	$7M	0.8%	HOLD
48	SLBSCHLUMBERGER LTD	134,524	$7M	0.7%	HOLD
49	EMEEMCOR GROUP INC	9,166	$7M	0.7%	ADD 3%
50	BKRBAKER HUGHES COMPANY	106,518	$7M	0.7%	ADD 761%
51	UTHRUnited Therapeutics Corp.	10,736	$6M	0.7%	HOLD
52	THCTenet Healthcare Corp.	33,227	$6M	0.7%	HOLD
53	BMYBRISTOL-MYERS SQUIBB CO	103,233	$6M	0.7%	ADD 2%
54	AEMAGNICO EAGLE MINES LTD	30,707	$6M	0.7%	ADD 2%
55	FFIVF5 INC	21,459	$6M	0.7%	ADD 4%
56	GTXGARRETT MOTION INC	341,259	$6M	0.7%	ADD 2%
57	MAMASTERCARD INCORPORATED	12,330	$6M	0.7%	TRIM −21%
58	XLFSELECT SECTOR SPDR TR	123,612	$6M	0.7%	TRIM −26%
59	BIIBBIOGEN INC	33,143	$6M	0.6%	HOLD
60	MRKMERCK & CO INC	50,410	$6M	0.6%	ADD 2%
61	IEFAISHARES TR	66,484	$6M	0.6%	HOLD
62	EGOELDORADO GOLD CORP NEW	174,224	$6M	0.6%	HOLD
63	LEALEAR CORP	48,222	$6M	0.6%	HOLD
64	ALVAUTOLIV INC	55,412	$6M	0.6%	HOLD
65	NTCTNETSCOUT SYS INC	182,878	$6M	0.6%	HOLD
66	APTVAPTIV PLC	82,223	$6M	0.6%	HOLD
67	DYDYCOM INDS INC	16,742	$6M	0.6%	ADD 4%
68	GSKGSK PLC	102,505	$6M	0.6%	ADD 2%
69	DELLDELL TECHNOLOGIES INC	34,161	$6M	0.6%	NEW
70	CVSAADTALEM GLOBAL ED INC	47,562	$5M	0.6%	HOLD
71	GVAGRANITE CONSTR INC	45,579	$5M	0.6%	HOLD
72	PLXSPLEXUS CORP	26,422	$5M	0.6%	HOLD
73	OIIOCEANEERING INTL INC	150,172	$5M	0.6%	HOLD
74	FXYINVESCO CURRENCYSHARES JAPAN	91,849	$5M	0.6%	HOLD
75	UTIUNIVERSAL TECHNICAL INST INC	144,056	$5M	0.6%	HOLD
76	CHRWC H ROBINSON WORLDWIDE INC	31,285	$5M	0.6%	ADD 2%
77	PNCPNC FINL SVCS GROUP INC	24,672	$5M	0.5%	ADD 2%
78	USBUS BANCORP	97,348	$5M	0.5%	ADD 2%
79	VVISA INC	16,576	$5M	0.5%	TRIM −21%
80	HIGHARTFORD INSURANCE GROUP INC	36,823	$5M	0.5%	HOLD
81	SANMSANMINA CORPORATION	38,313	$5M	0.5%	HOLD
82	TRVTRAVELERS COMPANIES INC	16,833	$5M	0.5%	HOLD
83	TSTENARIS S A	83,994	$5M	0.5%	NEW
84	RIORIO TINTO PLC	52,263	$5M	0.5%	ADD 3%
85	EXPDEXPEDITORS INTL WASH INC	33,318	$5M	0.5%	ADD 2%
86	CRHCRH PLC	44,686	$5M	0.5%	ADD 2%
87	VMIVALMONT INDS INC	11,620	$5M	0.5%	HOLD
88	SNYSANOFI SA	96,085	$5M	0.5%	ADD 2%
89	LRCXLAM RESEARCH CORP	20,757	$4M	0.5%	NEW
90	PRDOPERDOCEO ED CORP	117,983	$4M	0.5%	ADD 7%
91	FXEINVESCO CURRENCYSHARES EURO	40,779	$4M	0.5%	HOLD
92	DALDELTA AIR LINES INC	64,885	$4M	0.5%	ADD 622%
93	AGGISHARES TR	42,755	$4M	0.5%	HOLD
94	VONVVANGUARD SCOTTSDALE FDS	45,234	$4M	0.5%	HOLD
95	ALLALLSTATE CORP	20,116	$4M	0.4%	HOLD
96	EQXEQUINOX GOLD CORP	282,460	$4M	0.4%	ADD 3%
97	CARGCARGURUS INC	116,455	$4M	0.4%	TRIM −10%
98	NOVNOV INC	208,123	$4M	0.4%	ADD 675%
99	PSQPROSHARES TR	121,245	$4M	0.4%	ADD 7%
100	AIZASSURANT INC	17,723	$4M	0.4%	HOLD
101	WFRDWEATHERFORD INTL PLC	40,665	$4M	0.4%	ADD 647%
102	UHSUniversal Health Svcs., Cl. B	21,234	$4M	0.4%	HOLD
103	SNEXSTONEX GROUP INC	47,107	$4M	0.4%	ADD 55%
104	HALHALLIBURTON CO	96,735	$4M	0.4%	NEW
105	VCVISTEON CORP	40,842	$4M	0.4%	HOLD
106	BRBROADRIDGE FINL SOLUTIONS IN	22,615	$4M	0.4%	NEW
107	SSNCSS&C TECHNOLOGIES HLDGS INC	53,973	$4M	0.4%	ADD 6%
108	MKLMARKEL GROUP INC	1,885	$4M	0.4%	HOLD
109	PAASPAN AMERN SILVER CORP	63,620	$3M	0.4%	ADD 2%
110	XLCSELECT SECTOR SPDR TR	30,879	$3M	0.4%	TRIM −12%
111	GXOGXO LOGISTICS INCORPORATED	62,708	$3M	0.3%	ADD 2%
112	XLVSELECT SECTOR SPDR TR	21,371	$3M	0.3%	TRIM −9%
113	CVSCVS HEALTH CORP	43,445	$3M	0.3%	HOLD
114	EHCENCOMPASS HEALTH CORP	31,556	$3M	0.3%	HOLD
115	RSPDINVESCO EXCHANGE TRADED FD T	56,148	$3M	0.3%	TRIM −15%
116	HBMHUDBAY MINERALS INC	141,717	$3M	0.3%	ADD 2%
117	AAAlcoa Upstream Corp.	44,476	$3M	0.3%	TRIM −10%
118	GAPGAP INC	121,892	$3M	0.3%	ADD 2%
119	MMSMAXIMUS INC	44,280	$3M	0.3%	ADD 7%
120	BHEBENCHMARK ELECTRS INC	50,065	$3M	0.3%	ADD 5%
121	DGIIDIGI INTL INC	57,257	$3M	0.3%	HOLD
122	HUBGHUB GROUP INC	75,869	$3M	0.3%	ADD 2%
123	URBNURBAN OUTFITTERS INC	40,328	$3M	0.3%	ADD 2%
124	THGHANOVER INS GROUP INC	14,316	$2M	0.3%	HOLD
125	GDXVANECK ETF TRUST GOLD MINERS ETF	26,640	$2M	0.3%	TRIM −15%
126	ACMAECOM	28,389	$2M	0.3%	ADD 7%
127	EMXCISHARES INC	29,743	$2M	0.2%	HOLD
128	WTMWHITE MTNS INS GROUP LTD	1,052	$2M	0.2%	TRIM −6%
129	IBBISHARES TR	13,262	$2M	0.2%	TRIM −27%
130	LSTLEUTHOLD SELECT INDUSTRIES ETF	54,596	$2M	0.2%	ADD 135%
131	CTSCTS CORP	45,072	$2M	0.2%	ADD 5%
132	KAMOKENSINGTON CREDIT OPPORTUNITIES ETF	81,551	$2M	0.2%	NEW
133	CNXCCONCENTRIX CORP	66,034	$2M	0.2%	ADD 7%
134	OIHVANECK ETF TRUST	4,294	$2M	0.2%	ADD 86%
135	AMDADVANCED MICRO DEVICES INC	7,836	$2M	0.2%	NEW
136	IBMINTERNATIONAL BUSINESS MACHS	6,130	$1M	0.2%	NEW
137	AVGOBROADCOM INC	4,616	$1M	0.2%	NEW
138	IHFISHARES TR	31,970	$1M	0.1%	TRIM −45%
139	PKBINVESCO EXCHANGE TRADED FD T	11,781	$1M	0.1%	ADD 23%
140	IYTISHARES TR	15,343	$1M	0.1%	TRIM −15%
141	XOMEXXON MOBIL CORP	6,577	$1M	0.1%	TRIM −3%
142	SHELSHELL PLC	11,991	$1M	0.1%	NEW
143	AROCARCHROCK INC	27,109	$943,393	0.1%	NEW
144	PICKISHARES INC	15,519	$878,220	0.1%	TRIM −15%
145	XLISELECT SECTOR SPDR TR	5,349	$865,094	0.1%	TRIM −15%
146	AMATAPPLIED MATLS INC	2,367	$809,017	0.1%	TRIM −3%
147	BCIETFS TR	32,841	$797,708	0.1%	HOLD
148	PSOPEARSON PLC	60,124	$789,428	0.1%	ADD 99%
149	PPHVANECK ETF TRUST	7,465	$775,464	0.1%	TRIM −15%
150	SANBANCO SANTANDER S.A.	66,999	$755,749	0.1%	HOLD
151	NTGRNETGEAR INC	34,565	$754,900	0.1%	TRIM −78%
152	VCSHVANGUARD SCOTTSDALE FDS	9,395	$744,742	0.1%	TRIM −8%
153	IAKISHARES TR	5,786	$742,286	0.1%	TRIM −15%
154	DVNDEVON ENERGY CORP NEW	14,606	$734,974	0.1%	NEW
155	VIAVVIAVI SOLUTIONS INC	21,371	$711,227	0.1%	TRIM −3%
156	XRTSPDR SERIES TRUST	8,749	$704,032	0.1%	TRIM −15%
157	VODVODAFONE GROUP PLC	45,478	$683,080	0.1%	TRIM −3%
158	ASMLASML HOLDING N V	517	$682,869	0.1%	TRIM −3%
159	GHCGRAHAM HLDGS CO	609	$643,871	0.1%	ADD 95%
160	MFGMIZUHO FINANCIAL GROUP INC	79,775	$633,414	0.1%	TRIM −3%
161	SUSUNCOR ENERGY INC NEW	9,411	$622,161	0.1%	TRIM −3%
162	VGSHVANGUARD SHORT-TERM TREASURY ETF	10,598	$620,407	0.1%	TRIM −5%
163	GMGENERAL MTRS CO	8,203	$611,124	0.1%	TRIM −3%
164	MKSIMKS INSTRUMENT INC	2,542	$584,177	0.1%	TRIM −3%
165	TMUST-MOBILE US INC	2,761	$579,893	0.1%	TRIM −10%
166	KBWBINVESCO EXCH TRADED FD TR II	7,281	$576,073	0.1%	TRIM −15%
167	AMXAMERICA MOVIL SAB DE CV	21,891	$557,783	0.1%	TRIM −3%
168	TIMBTIM S A	20,317	$538,197	0.1%	TRIM −3%
169	TOTALENERGIES SE	5,832	$530,595	0.1%	HOLD
170	CVXCHEVRON CORP NEW	2,495	$516,216	0.1%	TRIM −3%
171	SEMSELECT MED HLDGS CORP	30,357	$494,516	0.1%	TRIM −3%
172	NHCNATIONAL HEALTHCARE CORP	3,063	$489,161	0.1%	TRIM −3%
173	AMKRAMKOR TECHNOLOGY INC	10,782	$485,513	0.1%	TRIM −3%
174	KCESPDR SERIES TRUST	3,470	$477,472	0.1%	TRIM −15%
175	UBSUBS GROUP AG	11,983	$468,176	0.0%	TRIM −3%
176	CVECENOVUS ENERGY INC	17,536	$465,230	0.0%	TRIM −3%
177	IBKRINTERACTIVE BROKERS GROUP IN	6,904	$463,051	0.0%	TRIM −3%
178	ORIOld Republic Nat'l. Corp.	11,476	$457,892	0.0%	TRIM −3%
179	AXSAXIS CAP HLDGS LTD	4,482	$454,520	0.0%	TRIM −3%
180	PLABPHOTRONICS INC	10,666	$431,013	0.0%	TRIM −3%
181	LLOEWS CORP	3,887	$414,898	0.0%	TRIM −3%
182	EQNREQUINOR ASA	9,504	$401,069	0.0%	TRIM −3%
183	RJFRAYMOND JAMES FINL INC	2,642	$382,535	0.0%	TRIM −90%
184	ECECOPETROL S A	25,483	$381,990	0.0%	TRIM −3%
185	XLESELECT SECTOR SPDR TR	6,047	$370,439	0.0%	NEW
186	FITBFIFTH THIRD BANCORP	7,958	$369,729	0.0%	NEW
187	ASRGRUPO AEROPORTUARIO DEL SURE	1,087	$365,373	0.0%	TRIM −3%
188	WFCWELLS FARGO CO NEW	4,334	$345,030	0.0%	HOLD
189	MRVLMARVELL TECHNOLOGY INC	3,435	$340,237	0.0%	NEW
190	UGIUGI CORP NEW	9,276	$337,832	0.0%	TRIM −3%
191	CPACOPA HOLDINGS SA	2,939	$333,900	0.0%	TRIM −3%
192	MDUMDU RES GROUP INC	15,503	$321,222	0.0%	TRIM −3%
193	ACMRACM RESH INC	8,120	$319,522	0.0%	TRIM −3%
194	INVXINNOVEX INTERNATIONAL INC	12,528	$305,558	0.0%	TRIM −3%
195	MTBM & T BK CORP	1,437	$297,057	0.0%	TRIM −3%
196	NJRNEW JERSEY RES CORP	5,178	$284,376	0.0%	TRIM −3%
197	FNDFSCHWAB STRATEGIC TR	5,781	$282,864	0.0%	HOLD
198	MBSDFLEXSHARES TR	13,302	$275,422	0.0%	HOLD
199	ONBOLD NATL BANCORP IND	12,073	$266,813	0.0%	TRIM −3%
200	CBCHUBB LIMITED	796	$259,440	0.0%	TRIM −3%

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

SPDNDIREXION SHS ETF TR

1.4M

1.9M

1.7M

2.3M

3.1M

$31M

GOOGLALPHABET INC

73K

68K

67K

70K

68K

66K

$19M

BWXSPDR SERIES TRUST

394K

808K

839K

838K

833K

829K

$18M

MSFTMICROSOFT CORP

55K

51K

50K

52K

51K

48K

$18M

JBLJabil Circuit, Inc.

65K

61K

60K

62K

59K

$16M

GSGOLDMAN SACHS GROUP INC

19K

18K

17K

18K

$15M

SPIBSPDR SERIES TRUST

430K

327K

389K

420K

$14M

RWMPROSHARES TR

484K

635K

595K

602K

818K

869K

$14M

MCKMCKESSON CORP

17K

16K

15K

16K

$14M

KGCKINROSS GOLD CORP

639K

614K

604K

610K

476K

458K

$14M

FDXFEDEX CORP

—

38K

$14M

CAHCARDINAL HEALTH INC

66K

62K

61K

63K

64K

$14M

FLEXFlextronics Internat'l. Ltd.

215K

201K

198K

205K

206K

200K

$13M

SHYISHARES TR

120K

166K

160K

155K

157K

$13M

CSCOCISCO SYS INC

89K

84K

124K

136K

155K

158K

$12M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆LEUTHOLD GROUP, LLC

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 211 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

LEUTHOLD GROUP, LLC