# EDGAR Filing Document

**Accession Number:** 0001170152
**File Stem:** 0000897069-26-000228
**Filing Date:** 2026-2
**Character Count:** 24536
**Document Hash:** c7fcafd05de93663c407bcbc32e1363f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897069-26-000228.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0000897069-26-000228

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEUTHOLD GROUP, LLC
- **CENTRAL INDEX KEY:** 0001170152

**ORGANIZATION NAME:**
- **EIN:** 411971243

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10174
- **FILM NUMBER:** 26603324

**BUSINESS ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123329141

**MAIL ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEUTHOLD WEEDEN CAPITAL MANAGEMENT
- **DATE OF NAME CHANGE:** 20100217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEUTHOLD WEEDEN CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20020328

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** LEUTHOLD GROUP LLC<br>**Address:** 150 SOUTH FIFTH STREET<br>SUITE 1700<br>MINNEAPOLIS, MN 55402

**Form 13F File Number:** 028-10174

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Glenn Larson<br>**Title:** Chief Compliance Officer<br>**Phone:** 612-332-9141

**Signature, Place, and Date of Signing:**

/s/ Glenn Larson  Minneapolis, MN  02-05-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 207

**Form 13F Information Table Value Total:** $926026917

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Aberdeen Standard Bloomberg Al | COM | 003261104 |  | 641385 | 32841 | SH |  | SOLE |  | 32841 | 0 | 0 |
| ACM Research Inc. Class A | COM | 00108J109 |  | 329881 | 8362 | SH |  | SOLE |  | 8362 | 0 | 0 |
| Adtalem Global Education Inc. | COM | 00737L103 |  | 4843534 | 46811 | SH |  | SOLE |  | 46811 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 2540735 | 26652 | SH |  | SOLE |  | 26652 | 0 | 0 |
| Agnico-Eagle Mines Ltd. | COM | 008474108 |  | 5098615 | 30075 | SH |  | SOLE |  | 30075 | 0 | 0 |
| Alcoa Inc. | COM | 013872106 |  | 2616879 | 49245 | SH |  | SOLE |  | 49245 | 0 | 0 |
| Allstate Corp. | COM | 020002101 |  | 4129280 | 19838 | SH |  | SOLE |  | 19838 | 0 | 0 |
| Alphabet Inc. Cl A | COM | 02079K305 |  | 21156922 | 67594 | SH |  | SOLE |  | 67594 | 0 | 0 |
| America Movil S.A.B. de C.V. A | COM | 02390A101 |  | 466005 | 22545 | SH |  | SOLE |  | 22545 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 7005089 | 21402 | SH |  | SOLE |  | 21402 | 0 | 0 |
| Amkor Technology Inc. | COM | 031652100 |  | 438386 | 11104 | SH |  | SOLE |  | 11104 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 626542 | 2438 | SH |  | SOLE |  | 2438 | 0 | 0 |
| Aptiv PLC | COM | G3265R107 |  | 6164355 | 81014 | SH |  | SOLE |  | 81014 | 0 | 0 |
| ASML Holding N.V. | COM | N07059210 |  | 569166 | 532 | SH |  | SOLE |  | 532 | 0 | 0 |
| Assurant Inc. | COM | 04621X108 |  | 4191513 | 17403 | SH |  | SOLE |  | 17403 | 0 | 0 |
| Autoliv Inc. | COM | 052800109 |  | 6478527 | 54579 | SH |  | SOLE |  | 54579 | 0 | 0 |
| Axis Capital Holdings Ltd | COM | G0692U109 |  | 494327 | 4616 | SH |  | SOLE |  | 4616 | 0 | 0 |
| Baker Hughes Company Class A | COM | 05722G100 |  | 563148 | 12366 | SH |  | SOLE |  | 12366 | 0 | 0 |
| Banco Santander S.A. ADR | COM | 05964H105 |  | 796150 | 67873 | SH |  | SOLE |  | 67873 | 0 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 8925730 | 162286 | SH |  | SOLE |  | 162286 | 0 | 0 |
| Bank of Nova Scotia | COM | 064149107 |  | 250472 | 3399 | SH |  | SOLE |  | 3399 | 0 | 0 |
| Barclays PLC ADR | COM | 06738E204 |  | 8364219 | 328653 | SH |  | SOLE |  | 328653 | 0 | 0 |
| Benchmark Electronics Inc. | COM | 08160H101 |  | 2036488 | 47626 | SH |  | SOLE |  | 47626 | 0 | 0 |
| Biogen Inc. | COM | 09062X103 |  | 5735338 | 32589 | SH |  | SOLE |  | 32589 | 0 | 0 |
| Bread Financial Holdings Inc. | COM | 018581108 |  | 445661 | 6020 | SH |  | SOLE |  | 6020 | 0 | 0 |
| Bristol-Myers Squibb Co. | COM | 110122108 |  | 5449289 | 101025 | SH |  | SOLE |  | 101025 | 0 | 0 |
| C.H. Robinson Worldwide | COM | 12541W209 |  | 4928259 | 30656 | SH |  | SOLE |  | 30656 | 0 | 0 |
| Canadian Imperial Bank of Comm | COM | 136069101 |  | 7831422 | 86430 | SH |  | SOLE |  | 86430 | 0 | 0 |
| Cardinal Health Inc. | COM | 14149Y108 |  | 13030139 | 63407 | SH |  | SOLE |  | 63407 | 0 | 0 |
| CarGurus Inc. Class A | COM | 141788109 |  | 4969010 | 129570 | SH |  | SOLE |  | 129570 | 0 | 0 |
| Cencora Inc. | COM | 03073E105 |  | 10434111 | 30893 | SH |  | SOLE |  | 30893 | 0 | 0 |
| Cenovus Energy Inc. | COM | 15135U109 |  | 305575 | 18060 | SH |  | SOLE |  | 18060 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 391541 | 2569 | SH |  | SOLE |  | 2569 | 0 | 0 |
| Chubb Limited | COM | H1467J104 |  | 255938 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 11930175 | 154877 | SH |  | SOLE |  | 154877 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 9724711 | 83338 | SH |  | SOLE |  | 83338 | 0 | 0 |
| Comerica Inc. | COM | 200340107 |  | 381797 | 4392 | SH |  | SOLE |  | 4392 | 0 | 0 |
| Communication Services Select | COM | 81369Y852 |  | 4129264 | 35077 | SH |  | SOLE |  | 35077 | 0 | 0 |
| Concentrix Corporation | COM | 20602D101 |  | 2555632 | 61463 | SH |  | SOLE |  | 61463 | 0 | 0 |
| Copa Holdings S.A. Cl A | COM | P31076105 |  | 365086 | 3027 | SH |  | SOLE |  | 3027 | 0 | 0 |
| CRH public limited company | COM | G25508105 |  | 5449766 | 43668 | SH |  | SOLE |  | 43668 | 0 | 0 |
| CSG Systems International Inc. | COM | 126349109 |  | 3573907 | 46602 | SH |  | SOLE |  | 46602 | 0 | 0 |
| CTS Corp | COM | 126501105 |  | 1833250 | 42763 | SH |  | SOLE |  | 42763 | 0 | 0 |
| CVS Health Corp. | COM | 126650100 |  | 3393275 | 42758 | SH |  | SOLE |  | 42758 | 0 | 0 |
| Delta Air Lines Inc. | COM | 247361702 |  | 623351 | 8982 | SH |  | SOLE |  | 8982 | 0 | 0 |
| Deutsche Bank AG | COM | D18190898 |  | 10072219 | 261209 | SH |  | SOLE |  | 261209 | 0 | 0 |
| Digi International Inc. | COM | 253798102 |  | 2456188 | 56738 | SH |  | SOLE |  | 56738 | 0 | 0 |
| Direxion Daily S Bear 1X | COM | 25460E869 |  | 22071236 | 2340534 | SH |  | SOLE |  | 2340534 | 0 | 0 |
| Dycom Industries Inc | COM | 267475101 |  | 5453368 | 16139 | SH |  | SOLE |  | 16139 | 0 | 0 |
| Ecopetrol SA Sponsored ADR | COM | 279158109 |  | 262965 | 26244 | SH |  | SOLE |  | 26244 | 0 | 0 |
| Eldorado Gold Corp. | COM | 284902509 |  | 6269513 | 174541 | SH |  | SOLE |  | 174541 | 0 | 0 |
| Elevance Health Inc. | COM | 036752103 |  | 7898242 | 22531 | SH |  | SOLE |  | 22531 | 0 | 0 |
| Emcor Group Inc | COM | 29084Q100 |  | 5425966 | 8869 | SH |  | SOLE |  | 8869 | 0 | 0 |
| Encompass Health Corporation | COM | 29261A100 |  | 3308172 | 31168 | SH |  | SOLE |  | 31168 | 0 | 0 |
| Equinor ASA Sponsored ADR | COM | 29446M102 |  | 231290 | 9788 | SH |  | SOLE |  | 9788 | 0 | 0 |
| Equinox Gold Corp. | COM | 29446Y502 |  | 3862811 | 275129 | SH |  | SOLE |  | 275129 | 0 | 0 |
| Expeditors International of Wa | COM | 302130109 |  | 4849530 | 32545 | SH |  | SOLE |  | 32545 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 815183 | 6774 | SH |  | SOLE |  | 6774 | 0 | 0 |
| F5 Networks Inc. | COM | 315616102 |  | 5286690 | 20711 | SH |  | SOLE |  | 20711 | 0 | 0 |
| FedEx Corp. | COM | 31428X106 |  | 10893777 | 37713 | SH |  | SOLE |  | 37713 | 0 | 0 |
| Financial Select Sector SPDR F | COM | 81369Y605 |  | 9191501 | 167820 | SH |  | SOLE |  | 167820 | 0 | 0 |
| Flex Ltd. | COM | Y2573F102 |  | 12418364 | 205534 | SH |  | SOLE |  | 205534 | 0 | 0 |
| FlexShares Disciplined Duratio | COM | 33939L779 |  | 276349 | 13302 | SH |  | SOLE |  | 13302 | 0 | 0 |
| Gap Inc. | COM | 364760108 |  | 3048192 | 119070 | SH |  | SOLE |  | 119070 | 0 | 0 |
| Garrett Motion Inc | COM | 366505105 |  | 5808234 | 333232 | SH |  | SOLE |  | 333232 | 0 | 0 |
| General Motors Co. | COM | 37045V100 |  | 686991 | 8448 | SH |  | SOLE |  | 8448 | 0 | 0 |
| Gilead Sciences Inc. | COM | 375558103 |  | 6757819 | 55058 | SH |  | SOLE |  | 55058 | 0 | 0 |
| Global Ship Lease Inc. Class | COM | Y27183600 |  | 261854 | 7473 | SH |  | SOLE |  | 7473 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 15894957 | 18083 | SH |  | SOLE |  | 18083 | 0 | 0 |
| Goodyear Tire  Rubber Co. | COM | 382550101 |  | 4906415 | 560093 | SH |  | SOLE |  | 560093 | 0 | 0 |
| Graham Holdings Co. | COM | 384637104 |  | 343862 | 313 | SH |  | SOLE |  | 313 | 0 | 0 |
| Granite Construction Inc. | COM | 387328107 |  | 5216473 | 45223 | SH |  | SOLE |  | 45223 | 0 | 0 |
| Grupo Aeroportuario del Surest | COM | 40051E202 |  | 361885 | 1119 | SH |  | SOLE |  | 1119 | 0 | 0 |
| GSK plc Sponsored ADR | COM | 37733W204 |  | 4921556 | 100358 | SH |  | SOLE |  | 100358 | 0 | 0 |
| GXO Logistics Inc | COM | 36262G101 |  | 3223884 | 61244 | SH |  | SOLE |  | 61244 | 0 | 0 |
| Hanover Insurance Group Inc. | COM | 410867105 |  | 2594055 | 14193 | SH |  | SOLE |  | 14193 | 0 | 0 |
| Hartford Insurance Group Inc. | COM | 416515104 |  | 5002553 | 36303 | SH |  | SOLE |  | 36303 | 0 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 8369399 | 17927 | SH |  | SOLE |  | 17927 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369Y209 |  | 3638264 | 23503 | SH |  | SOLE |  | 23503 | 0 | 0 |
| Hub Group Inc (Cl A) | COM | 443320106 |  | 3163281 | 74238 | SH |  | SOLE |  | 74238 | 0 | 0 |
| HudBay Minerals Inc. | COM | 443628102 |  | 2753949 | 138738 | SH |  | SOLE |  | 138738 | 0 | 0 |
| Humana Inc. | COM | 444859102 |  | 4657980 | 18186 | SH |  | SOLE |  | 18186 | 0 | 0 |
| Iamgold Corporation | COM | 450913108 |  | 10120540 | 613738 | SH |  | SOLE |  | 613738 | 0 | 0 |
| Industrial Select Sector SPDR | COM | 81369Y704 |  | 975084 | 6286 | SH |  | SOLE |  | 6286 | 0 | 0 |
| Innovex International Inc. | COM | 457651107 |  | 282167 | 12902 | SH |  | SOLE |  | 12902 | 0 | 0 |
| Interactive Brokers Group Inc. | COM | 45841N107 |  | 457244 | 7110 | SH |  | SOLE |  | 7110 | 0 | 0 |
| Invesco Building  Constructio | COM | 46137V779 |  | 887012 | 9580 | SH |  | SOLE |  | 9580 | 0 | 0 |
| Invesco CurrencyShares Euro Tr | COM | 46138K103 |  | 4464550 | 41165 | SH |  | SOLE |  | 41165 | 0 | 0 |
| Invesco CurrencyShares Japanes | COM | 46138W107 |  | 5405032 | 92126 | SH |  | SOLE |  | 92126 | 0 | 0 |
| Invesco KBW Bank ETF | COM | 46138E628 |  | 721017 | 8554 | SH |  | SOLE |  | 8554 | 0 | 0 |
| Invesco S 500 Equal Weight C | COM | 46137V381 |  | 3762896 | 65981 | SH |  | SOLE |  | 65981 | 0 | 0 |
| iShares 1-3 Year Treasury Bond | COM | 464287457 |  | 12833704 | 154959 | SH |  | SOLE |  | 154959 | 0 | 0 |
| iShares 10-20 Year Treasury Bo | COM | 464288653 |  | 208220 | 2048 | SH |  | SOLE |  | 2048 | 0 | 0 |
| iShares 5-10yr Investment Grad | COM | 464288638 |  | 8014488 | 148747 | SH |  | SOLE |  | 148747 | 0 | 0 |
| iShares 7-10 Year Treasury Bon | COM | 464287440 |  | 7417494 | 77137 | SH |  | SOLE |  | 77137 | 0 | 0 |
| iShares Aaa-A Rated Corporate | COM | 46429B291 |  | 292724 | 6087 | SH |  | SOLE |  | 6087 | 0 | 0 |
| iShares Core Dividend Growth E | COM | 46434V621 |  | 228739 | 3295 | SH |  | SOLE |  | 3295 | 0 | 0 |
| iShares Core MSCI EAFE ETF | COM | 46432F842 |  | 5983979 | 66890 | SH |  | SOLE |  | 66890 | 0 | 0 |
| iShares Core Total U.S. Bond M | COM | 464287226 |  | 4270369 | 42755 | SH |  | SOLE |  | 42755 | 0 | 0 |
| iShares Edge MSCI Min Vol USA | COM | 46429B697 |  | 220146 | 2338 | SH |  | SOLE |  | 2338 | 0 | 0 |
| iShares Edge MSCI USA Quality | COM | 46432F339 |  | 246090 | 1239 | SH |  | SOLE |  | 1239 | 0 | 0 |
| iShares International Treasury | COM | 464288117 |  | 10362383 | 248737 | SH |  | SOLE |  | 248737 | 0 | 0 |
| iShares MBS ETF | COM | 464288588 |  | 7804517 | 81963 | SH |  | SOLE |  | 81963 | 0 | 0 |
| iShares MSCI ACWI ETF | COM | 464288257 |  | 337878 | 2388 | SH |  | SOLE |  | 2388 | 0 | 0 |
| iShares MSCI Emerging Markets | COM | 46434G764 |  | 2161721 | 29743 | SH |  | SOLE |  | 29743 | 0 | 0 |
| iShares MSCI Global Metals  M | COM | 46434G848 |  | 936493 | 18241 | SH |  | SOLE |  | 18241 | 0 | 0 |
| iShares NASDAQ Biotechnology I | COM | 464287556 |  | 3069589 | 18188 | SH |  | SOLE |  | 18188 | 0 | 0 |
| iShares S 500 Fund | COM | 464287200 |  | 8954221 | 13073 | SH |  | SOLE |  | 13073 | 0 | 0 |
| iShares S Small Cap 600 Inde | COM | 464287804 |  | 210796 | 1754 | SH |  | SOLE |  | 1754 | 0 | 0 |
| iShares U.S. Healthcare Provid | COM | 464288828 |  | 2768459 | 57746 | SH |  | SOLE |  | 57746 | 0 | 0 |
| iShares U.S. Insurance ETF | COM | 464288786 |  | 925275 | 6796 | SH |  | SOLE |  | 6796 | 0 | 0 |
| iShares US Transportation ETF | COM | 464287192 |  | 1343341 | 18029 | SH |  | SOLE |  | 18029 | 0 | 0 |
| Jabil Inc. | COM | 466313103 |  | 14209066 | 62315 | SH |  | SOLE |  | 62315 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 6614743 | 31963 | SH |  | SOLE |  | 31963 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 10371617 | 32188 | SH |  | SOLE |  | 32188 | 0 | 0 |
| Kinross Gold Corporation | COM | 496902404 |  | 13412355 | 476291 | SH |  | SOLE |  | 476291 | 0 | 0 |
| Laureate Education Inc | COM | 518613203 |  | 6869926 | 204037 | SH |  | SOLE |  | 204037 | 0 | 0 |
| Lazard Ltd. | COM | 52110M109 |  | 2683960 | 55271 | SH |  | SOLE |  | 55271 | 0 | 0 |
| Lear Corp. | COM | 521865204 |  | 5444990 | 47513 | SH |  | SOLE |  | 47513 | 0 | 0 |
| Leuthold Select Industries ET | COM | 56167R705 |  | 932363 | 23222 | SH |  | SOLE |  | 23222 | 0 | 0 |
| Loews Corp. | COM | 540424108 |  | 421556 | 4003 | SH |  | SOLE |  | 4003 | 0 | 0 |
| M Bank Corp. | COM | 55261F104 |  | 298190 | 1480 | SH |  | SOLE |  | 1480 | 0 | 0 |
| Magna International Inc. | COM | 559222401 |  | 7844268 | 147172 | SH |  | SOLE |  | 147172 | 0 | 0 |
| Markel Group Inc. | COM | 570535104 |  | 4062839 | 1890 | SH |  | SOLE |  | 1890 | 0 | 0 |
| Mastercard Inc. Cl A | COM | 57636Q104 |  | 8916575 | 15619 | SH |  | SOLE |  | 15619 | 0 | 0 |
| Materials Select Sector SPDR F | COM | 81369Y100 |  | 227566 | 5018 | SH |  | SOLE |  | 5018 | 0 | 0 |
| Matson Inc. | COM | 57686G105 |  | 222266 | 1799 | SH |  | SOLE |  | 1799 | 0 | 0 |
| Maximus Inc. | COM | 577933104 |  | 3558801 | 41228 | SH |  | SOLE |  | 41228 | 0 | 0 |
| McKesson Corp. | COM | 58155Q103 |  | 13131202 | 16008 | SH |  | SOLE |  | 16008 | 0 | 0 |
| MDU Resources Group Inc. | COM | 552690109 |  | 311656 | 15966 | SH |  | SOLE |  | 15966 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 5188897 | 49296 | SH |  | SOLE |  | 49296 | 0 | 0 |
| Meta Platforms Inc. Class A | COM | 30303M102 |  | 13181997 | 19970 | SH |  | SOLE |  | 19970 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 24512763 | 50686 | SH |  | SOLE |  | 50686 | 0 | 0 |
| Mizuho Financial Group Inc. AD | COM | 60687Y109 |  | 601397 | 82158 | SH |  | SOLE |  | 82158 | 0 | 0 |
| MKS Instruments Inc. | COM | 55306N104 |  | 418356 | 2618 | SH |  | SOLE |  | 2618 | 0 | 0 |
| Molina Healthcare Inc. | COM | 60855R100 |  | 3475486 | 20027 | SH |  | SOLE |  | 20027 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 12432248 | 70029 | SH |  | SOLE |  | 70029 | 0 | 0 |
| National HealthCare Corporatio | COM | 635906100 |  | 432519 | 3155 | SH |  | SOLE |  | 3155 | 0 | 0 |
| Netgear Inc | COM | 64111Q104 |  | 3910867 | 159432 | SH |  | SOLE |  | 159432 | 0 | 0 |
| NetScout Systems Inc. | COM | 64115T104 |  | 4870367 | 179984 | SH |  | SOLE |  | 179984 | 0 | 0 |
| New Jersey Resources Corp. | COM | 646025106 |  | 245958 | 5333 | SH |  | SOLE |  | 5333 | 0 | 0 |
| NOV Inc. | COM | 62955J103 |  | 419681 | 26851 | SH |  | SOLE |  | 26851 | 0 | 0 |
| Oceaneering International Inc | COM | 675232102 |  | 3547765 | 147639 | SH |  | SOLE |  | 147639 | 0 | 0 |
| Old National Bancorp | COM | 680033107 |  | 277403 | 12434 | SH |  | SOLE |  | 12434 | 0 | 0 |
| Old Republic International Cor | COM | 680223104 |  | 539419 | 11819 | SH |  | SOLE |  | 11819 | 0 | 0 |
| Pan American Silver Corp. | COM | 697900108 |  | 3218178 | 62115 | SH |  | SOLE |  | 62115 | 0 | 0 |
| Pearson Plc Sp Adr | COM | 705015105 |  | 424415 | 30229 | SH |  | SOLE |  | 30229 | 0 | 0 |
| Perdoceo Education Corporation | COM | 71363P106 |  | 3248972 | 110773 | SH |  | SOLE |  | 110773 | 0 | 0 |
| Photronics Inc. | COM | 719405102 |  | 351520 | 10985 | SH |  | SOLE |  | 10985 | 0 | 0 |
| Plexus Corp. | COM | 729132100 |  | 3822588 | 26004 | SH |  | SOLE |  | 26004 | 0 | 0 |
| PNC Financial Services Group I | COM | 693475105 |  | 5044795 | 24169 | SH |  | SOLE |  | 24169 | 0 | 0 |
| Primoris Services Corporation | COM | 74164F103 |  | 6143316 | 49487 | SH |  | SOLE |  | 49487 | 0 | 0 |
| ProShares Short QQQ | COM | 74349Y837 |  | 3408765 | 112873 | SH |  | SOLE |  | 112873 | 0 | 0 |
| ProShares Short Russell2000 | COM | 74348A210 |  | 13385503 | 817685 | SH |  | SOLE |  | 817685 | 0 | 0 |
| ProShares Trust Short S | COM | 74349Y753 |  | 2803891 | 77821 | SH |  | SOLE |  | 77821 | 0 | 0 |
| Raymond James Financial Inc | COM | 754730109 |  | 4421685 | 27534 | SH |  | SOLE |  | 27534 | 0 | 0 |
| Regeneron Pharmaceuticals Inc. | COM | 75886F107 |  | 7285681 | 9439 | SH |  | SOLE |  | 9439 | 0 | 0 |
| Rio Tinto PLC ADS | COM | 767204100 |  | 4073447 | 50899 | SH |  | SOLE |  | 50899 | 0 | 0 |
| Sanmina Corporation | COM | 801056102 |  | 5651636 | 37660 | SH |  | SOLE |  | 37660 | 0 | 0 |
| Sanofi SA Sponsored ADR | COM | 80105N105 |  | 4547971 | 93850 | SH |  | SOLE |  | 93850 | 0 | 0 |
| Schwab Fundamental Internation | COM | 808524755 |  | 261359 | 5781 | SH |  | SOLE |  | 5781 | 0 | 0 |
| Select Medical Holdings Corpor | COM | 81619Q105 |  | 464270 | 31264 | SH |  | SOLE |  | 31264 | 0 | 0 |
| SLB Limited | COM | 806857108 |  | 5062552 | 131906 | SH |  | SOLE |  | 131906 | 0 | 0 |
| SPDR Barclays International Co | COM | 78464A151 |  | 8197458 | 255293 | SH |  | SOLE |  | 255293 | 0 | 0 |
| SPDR Bloomberg Barclays Intern | COM | 78464A516 |  | 18765057 | 832892 | SH |  | SOLE |  | 832892 | 0 | 0 |
| SPDR Intermediate Term Corpora | COM | 78464A375 |  | 14207807 | 420225 | SH |  | SOLE |  | 420225 | 0 | 0 |
| SPDR S Capital Markets ETF | COM | 78464A771 |  | 611711 | 4080 | SH |  | SOLE |  | 4080 | 0 | 0 |
| SPDR S Retail ETF | COM | 78464A714 |  | 877293 | 10286 | SH |  | SOLE |  | 10286 | 0 | 0 |
| SS Technologies Holdings In | COM | 78467J100 |  | 4446618 | 50865 | SH |  | SOLE |  | 50865 | 0 | 0 |
| StoneX Group Inc. | COM | 861896108 |  | 2900228 | 30487 | SH |  | SOLE |  | 30487 | 0 | 0 |
| Suncor Energy Inc. | COM | 867224107 |  | 429937 | 9692 | SH |  | SOLE |  | 9692 | 0 | 0 |
| T-Mobile US Inc | COM | 872590104 |  | 622318 | 3065 | SH |  | SOLE |  | 3065 | 0 | 0 |
| TE Connectivity Ltd. | COM | G87052109 |  | 9181166 | 40355 | SH |  | SOLE |  | 40355 | 0 | 0 |
| Technology Select Sector SPDR | COM | 81369Y803 |  | 10773995 | 74835 | SH |  | SOLE |  | 74835 | 0 | 0 |
| Telefonaktiebolaget LM Ericsso | COM | 294821608 |  | 7671345 | 794958 | SH |  | SOLE |  | 794958 | 0 | 0 |
| Tenet Healthcare Corporation | COM | 88033G407 |  | 6514836 | 32784 | SH |  | SOLE |  | 32784 | 0 | 0 |
| TIM S.A. Sponsored ADR | COM | 88706T108 |  | 406972 | 20924 | SH |  | SOLE |  | 20924 | 0 | 0 |
| TotalEnergies SE Sponsored ADR | COM | 89151E109 |  | 386501 | 5908 | SH |  | SOLE |  | 5908 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 4812676 | 16592 | SH |  | SOLE |  | 16592 | 0 | 0 |
| U.S. Bancorp | COM | 902973304 |  | 5085475 | 95305 | SH |  | SOLE |  | 95305 | 0 | 0 |
| Uber Technologies Inc. | COM | 90353T100 |  | 5214977 | 63823 | SH |  | SOLE |  | 63823 | 0 | 0 |
| UBS Group AG (new) | COM | H42097107 |  | 571512 | 12341 | SH |  | SOLE |  | 12341 | 0 | 0 |
| UGI Corp. | COM | 902681105 |  | 357569 | 9553 | SH |  | SOLE |  | 9553 | 0 | 0 |
| United Parcel Service Inc. Cl | COM | 911312106 |  | 10548658 | 106348 | SH |  | SOLE |  | 106348 | 0 | 0 |
| United Therapeutics Corp. | COM | 91307C102 |  | 5199932 | 10672 | SH |  | SOLE |  | 10672 | 0 | 0 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 9287315 | 28134 | SH |  | SOLE |  | 28134 | 0 | 0 |
| Universal Health Services Inc. | COM | 913903100 |  | 4594117 | 21072 | SH |  | SOLE |  | 21072 | 0 | 0 |
| Universal Technical Institute | COM | 913915104 |  | 3703875 | 141748 | SH |  | SOLE |  | 141748 | 0 | 0 |
| Urban Outfitters Inc | COM | 917047102 |  | 2966900 | 39422 | SH |  | SOLE |  | 39422 | 0 | 0 |
| Valmont Industries Inc. | COM | 920253101 |  | 4625875 | 11498 | SH |  | SOLE |  | 11498 | 0 | 0 |
| VanEck Gold Miners ETF | COM | 92189F106 |  | 2686059 | 31317 | SH |  | SOLE |  | 31317 | 0 | 0 |
| VanEck Oil Services ETF | COM | 92189H607 |  | 657819 | 2310 | SH |  | SOLE |  | 2310 | 0 | 0 |
| VanEck Vectors Pharmaceutical | COM | 92189F692 |  | 905729 | 8779 | SH |  | SOLE |  | 8779 | 0 | 0 |
| Vanguard Mortgage-Backed Secur | COM | 92206C771 |  | 7773190 | 165106 | SH |  | SOLE |  | 165106 | 0 | 0 |
| Vanguard Russell 1000 Value ET | COM | 92206C714 |  | 4175098 | 45234 | SH |  | SOLE |  | 45234 | 0 | 0 |
| Vanguard Short-Term Corporate | COM | 92206C409 |  | 817950 | 10259 | SH |  | SOLE |  | 10259 | 0 | 0 |
| Vanguard Short-Term Inflation- | COM | 922020805 |  | 10357715 | 209416 | SH |  | SOLE |  | 209416 | 0 | 0 |
| Vanguard Short-Term Treasury E | COM | 92206C102 |  | 654898 | 11151 | SH |  | SOLE |  | 11151 | 0 | 0 |
| Vertex Pharmaceuticals Inc. | COM | 92532F100 |  | 7438278 | 16407 | SH |  | SOLE |  | 16407 | 0 | 0 |
| Viavi Solutions Inc. | COM | 925550105 |  | 392200 | 22009 | SH |  | SOLE |  | 22009 | 0 | 0 |
| Visa Inc. | COM | 92826C839 |  | 7318266 | 20867 | SH |  | SOLE |  | 20867 | 0 | 0 |
| Visteon Corp | COM | 92839U206 |  | 3851740 | 40502 | SH |  | SOLE |  | 40502 | 0 | 0 |
| Vodafone Group PLC ADS | COM | 92857W308 |  | 618717 | 46837 | SH |  | SOLE |  | 46837 | 0 | 0 |
| Weatherford International plc | COM | G48833118 |  | 426204 | 5446 | SH |  | SOLE |  | 5446 | 0 | 0 |
| Wells Fargo  Co. | COM | 949746101 |  | 403929 | 4334 | SH |  | SOLE |  | 4334 | 0 | 0 |
| White Mountains Insurance Grou | COM | G9618E107 |  | 2321160 | 1117 | SH |  | SOLE |  | 1117 | 0 | 0 |
| ZIM Integrated Shipping Servic | COM | M9T951109 |  | 271256 | 12777 | SH |  | SOLE |  | 12777 | 0 | 0 |

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