# EDGAR Filing Document

**Accession Number:** 0001170152
**File Stem:** 0000897069-25-001316
**Filing Date:** 2025-8
**Character Count:** 24351
**Document Hash:** 50c1dd734552f2e316f9e4d2465718d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897069-25-001316.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000897069-25-001316

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251209553

**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:** 06-30-2025

**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  08-13-2025<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:** 206

**Form 13F Information Table Value Total:** $837012664

      (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 |  | 760369 | 36609 | SH |  | SOLE |  | 36609 | 0 | 0 |
| ACI Worldwide Inc | COM | 004498101 |  | 327063 | 7124 | SH |  | SOLE |  | 7124 | 0 | 0 |
| ADT Inc. | COM | 00090Q103 |  | 3094235 | 365317 | SH |  | SOLE |  | 365317 | 0 | 0 |
| Adtalem Global Education Inc. | COM | 00737L103 |  | 6169128 | 48488 | SH |  | SOLE |  | 48488 | 0 | 0 |
| Agnico-Eagle Mines Ltd. | COM | 008474108 |  | 5566519 | 46805 | SH |  | SOLE |  | 46805 | 0 | 0 |
| Akamai Technologies Inc. | COM | 00971T101 |  | 3491654 | 43777 | SH |  | SOLE |  | 43777 | 0 | 0 |
| Allstate Corp. | COM | 020002101 |  | 3842807 | 19089 | SH |  | SOLE |  | 19089 | 0 | 0 |
| Alphabet Inc. Cl A | COM | 02079K305 |  | 11894291 | 67493 | SH |  | SOLE |  | 67493 | 0 | 0 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 3201682 | 35164 | SH |  | SOLE |  | 35164 | 0 | 0 |
| Asbury Automotive Group Inc. | COM | 043436104 |  | 2718163 | 11395 | SH |  | SOLE |  | 11395 | 0 | 0 |
| Assurant Inc. | COM | 04621X108 |  | 3313882 | 16780 | SH |  | SOLE |  | 16780 | 0 | 0 |
| AT Inc. | COM | 00206R102 |  | 6813981 | 235452 | SH |  | SOLE |  | 235452 | 0 | 0 |
| Autoliv Inc. | COM | 052800109 |  | 333014 | 2976 | SH |  | SOLE |  | 2976 | 0 | 0 |
| Axis Capital Holdings Ltd | COM | G0692U109 |  | 478506 | 4609 | SH |  | SOLE |  | 4609 | 0 | 0 |
| Banco Santander S.A. ADR | COM | 05964H105 |  | 571870 | 68900 | SH |  | SOLE |  | 68900 | 0 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 7394602 | 156268 | SH |  | SOLE |  | 156268 | 0 | 0 |
| Barclays PLC ADR | COM | 06738E204 |  | 5897547 | 317243 | SH |  | SOLE |  | 317243 | 0 | 0 |
| Benchmark Electronics Inc. | COM | 08160H101 |  | 1751117 | 45097 | SH |  | SOLE |  | 45097 | 0 | 0 |
| Canadian Imperial Bank of Comm | COM | 136069101 |  | 5905522 | 83376 | SH |  | SOLE |  | 83376 | 0 | 0 |
| Cardinal Health Inc. | COM | 14149Y108 |  | 10254048 | 61036 | SH |  | SOLE |  | 61036 | 0 | 0 |
| CarGurus Inc. Class A | COM | 141788109 |  | 4402945 | 131549 | SH |  | SOLE |  | 131549 | 0 | 0 |
| Carnival Corp. | COM | 143658300 |  | 3130515 | 111327 | SH |  | SOLE |  | 111327 | 0 | 0 |
| Cencora Inc. | COM | 03073E105 |  | 8952921 | 29858 | SH |  | SOLE |  | 29858 | 0 | 0 |
| Cenovus Energy Inc. | COM | 15135U109 |  | 243984 | 17940 | SH |  | SOLE |  | 17940 | 0 | 0 |
| Charter Communications Inc. Cl | COM | 16119P108 |  | 2927897 | 7162 | SH |  | SOLE |  | 7162 | 0 | 0 |
| Check Point Software Technolog | COM | M22465104 |  | 7099470 | 32088 | SH |  | SOLE |  | 32088 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 366423 | 2559 | SH |  | SOLE |  | 2559 | 0 | 0 |
| Chubb Limited | COM | H1467J104 |  | 237281 | 819 | SH |  | SOLE |  | 819 | 0 | 0 |
| Cigna Corporation | COM | 125523100 |  | 2923319 | 8843 | SH |  | SOLE |  | 8843 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 8572732 | 123562 | SH |  | SOLE |  | 123562 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 6822198 | 80148 | SH |  | SOLE |  | 80148 | 0 | 0 |
| Clear Secure Inc. Class A | COM | 18467V109 |  | 408155 | 14703 | SH |  | SOLE |  | 14703 | 0 | 0 |
| Comcast Corp. (Cl A) | COM | 20030N101 |  | 3791170 | 106225 | SH |  | SOLE |  | 106225 | 0 | 0 |
| Comerica Inc. | COM | 200340107 |  | 261565 | 4385 | SH |  | SOLE |  | 4385 | 0 | 0 |
| Communication Services Select | COM | 81369Y852 |  | 9025572 | 83162 | SH |  | SOLE |  | 83162 | 0 | 0 |
| Concentrix Corporation | COM | 20602D101 |  | 3044659 | 57604 | SH |  | SOLE |  | 57604 | 0 | 0 |
| Copa Holdings S.A. Cl A | COM | P31076105 |  | 332439 | 3023 | SH |  | SOLE |  | 3023 | 0 | 0 |
| CSG Systems International Inc. | COM | 126349109 |  | 2847059 | 43593 | SH |  | SOLE |  | 43593 | 0 | 0 |
| CTS Corp | COM | 126501105 |  | 1721614 | 40404 | SH |  | SOLE |  | 40404 | 0 | 0 |
| CVS Health Corp. | COM | 126650100 |  | 2837837 | 41140 | SH |  | SOLE |  | 41140 | 0 | 0 |
| D.R. Horton Inc. | COM | 23331A109 |  | 7598287 | 58938 | SH |  | SOLE |  | 58938 | 0 | 0 |
| Delta Air Lines Inc. | COM | 247361702 |  | 441095 | 8969 | SH |  | SOLE |  | 8969 | 0 | 0 |
| Deutsche Bank AG | COM | D18190898 |  | 7384884 | 252216 | SH |  | SOLE |  | 252216 | 0 | 0 |
| Digi International Inc. | COM | 253798102 |  | 1701098 | 48798 | SH |  | SOLE |  | 48798 | 0 | 0 |
| DigitalOcean Holdings Inc. | COM | 25402D102 |  | 2098503 | 73477 | SH |  | SOLE |  | 73477 | 0 | 0 |
| Dillard's Inc. Cl A | COM | 254067101 |  | 283707 | 679 | SH |  | SOLE |  | 679 | 0 | 0 |
| Direxion Daily S Bear 1X | COM | 25460E869 |  | 17835161 | 1731569 | SH |  | SOLE |  | 1731569 | 0 | 0 |
| DocuSign Inc. | COM | 256163106 |  | 404093 | 5188 | SH |  | SOLE |  | 5188 | 0 | 0 |
| Dropbox Inc. Class A | COM | 26210C104 |  | 443672 | 15513 | SH |  | SOLE |  | 15513 | 0 | 0 |
| Dycom Industries Inc | COM | 267475101 |  | 3761895 | 15393 | SH |  | SOLE |  | 15393 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 548845 | 7371 | SH |  | SOLE |  | 7371 | 0 | 0 |
| Ecopetrol SA Sponsored ADR | COM | 279158109 |  | 230728 | 26071 | SH |  | SOLE |  | 26071 | 0 | 0 |
| Eldorado Gold Corp. | COM | 284902509 |  | 3482493 | 171214 | SH |  | SOLE |  | 171214 | 0 | 0 |
| Encompass Health Corporation | COM | 29261A100 |  | 3680862 | 30016 | SH |  | SOLE |  | 30016 | 0 | 0 |
| Equinor ASA Sponsored ADR | COM | 29446M102 |  | 244461 | 9724 | SH |  | SOLE |  | 9724 | 0 | 0 |
| Equinox Gold Corp. | COM | 29446Y502 |  | 2906729 | 505518 | SH |  | SOLE |  | 505518 | 0 | 0 |
| Everest Group Ltd. | COM | G3223R108 |  | 639938 | 1883 | SH |  | SOLE |  | 1883 | 0 | 0 |
| Expedia Group Inc. | COM | 30212P303 |  | 2738182 | 16233 | SH |  | SOLE |  | 16233 | 0 | 0 |
| F5 Networks Inc. | COM | 315616102 |  | 5419314 | 18413 | SH |  | SOLE |  | 18413 | 0 | 0 |
| Financial Select Sector SPDR F | COM | 81369Y605 |  | 10287877 | 196446 | SH |  | SOLE |  | 196446 | 0 | 0 |
| Flex Ltd. | COM | Y2573F102 |  | 9879967 | 197916 | SH |  | SOLE |  | 197916 | 0 | 0 |
| Fortinet Inc. | COM | 34959E109 |  | 6526730 | 61736 | SH |  | SOLE |  | 61736 | 0 | 0 |
| Frontdoor Inc. | COM | 35905A109 |  | 3862397 | 65531 | SH |  | SOLE |  | 65531 | 0 | 0 |
| General Motors Co. | COM | 37045V100 |  | 415136 | 8436 | SH |  | SOLE |  | 8436 | 0 | 0 |
| GoDaddy Inc. Class A | COM | 380237107 |  | 3943134 | 21899 | SH |  | SOLE |  | 21899 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 12304234 | 17385 | SH |  | SOLE |  | 17385 | 0 | 0 |
| Graham Holdings Co. | COM | 384637104 |  | 509986 | 539 | SH |  | SOLE |  | 539 | 0 | 0 |
| Grupo Aeroportuario del Surest | COM | 40051E202 |  | 356178 | 1117 | SH |  | SOLE |  | 1117 | 0 | 0 |
| H Block Inc. | COM | 093671105 |  | 368751 | 6718 | SH |  | SOLE |  | 6718 | 0 | 0 |
| Hartford Insurance Group Inc. | COM | 416515104 |  | 4441719 | 35010 | SH |  | SOLE |  | 35010 | 0 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 5978659 | 15606 | SH |  | SOLE |  | 15606 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369Y209 |  | 2907286 | 21569 | SH |  | SOLE |  | 21569 | 0 | 0 |
| Hyatt Hotels Corp. | COM | 448579102 |  | 2528782 | 18108 | SH |  | SOLE |  | 18108 | 0 | 0 |
| Iamgold Corporation | COM | 450913108 |  | 6017717 | 818737 | SH |  | SOLE |  | 818737 | 0 | 0 |
| Industrial Select Sector SPDR | COM | 81369Y704 |  | 997235 | 6760 | SH |  | SOLE |  | 6760 | 0 | 0 |
| Interactive Brokers Group Inc. | COM | 45841N107 |  | 393411 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| InterDigital Inc. | COM | 45867G101 |  | 464380 | 2071 | SH |  | SOLE |  | 2071 | 0 | 0 |
| Invesco CurrencyShares Euro Tr | COM | 46138K103 |  | 4866721 | 44735 | SH |  | SOLE |  | 44735 | 0 | 0 |
| Invesco CurrencyShares Japanes | COM | 46138W107 |  | 8603191 | 134551 | SH |  | SOLE |  | 134551 | 0 | 0 |
| Invesco KBW Bank ETF | COM | 46138E628 |  | 659620 | 9210 | SH |  | SOLE |  | 9210 | 0 | 0 |
| Invesco Leisure and Entertainm | COM | 46137V720 |  | 446437 | 7846 | SH |  | SOLE |  | 7846 | 0 | 0 |
| Invesco S 500 Equal Weight C | COM | 46137V381 |  | 1266664 | 23805 | SH |  | SOLE |  | 23805 | 0 | 0 |
| iShares 1-3 Year Treasury Bond | COM | 464287457 |  | 13735868 | 165772 | SH |  | SOLE |  | 165772 | 0 | 0 |
| iShares 5-10yr Investment Grad | COM | 464288638 |  | 7624573 | 143077 | SH |  | SOLE |  | 143077 | 0 | 0 |
| iShares 7-10 Year Treasury Bon | COM | 464287440 |  | 7682861 | 80222 | SH |  | SOLE |  | 80222 | 0 | 0 |
| iShares Aaa-A Rated Corporate | COM | 46429B291 |  | 807635 | 16882 | SH |  | SOLE |  | 16882 | 0 | 0 |
| iShares Core MSCI EAFE ETF | COM | 46432F842 |  | 6591330 | 78957 | SH |  | SOLE |  | 78957 | 0 | 0 |
| iShares Core Total U.S. Bond M | COM | 464287226 |  | 4741264 | 47795 | SH |  | SOLE |  | 47795 | 0 | 0 |
| iShares Edge MSCI Min Vol USA | COM | 46429B697 |  | 411338 | 4382 | SH |  | SOLE |  | 4382 | 0 | 0 |
| iShares Edge MSCI USA Quality | COM | 46432F339 |  | 221029 | 1209 | SH |  | SOLE |  | 1209 | 0 | 0 |
| iShares Expanded Tech-Software | COM | 464287515 |  | 2280447 | 20826 | SH |  | SOLE |  | 20826 | 0 | 0 |
| iShares iBoxx $ Investment Gra | COM | 464287242 |  | 445345 | 4063 | SH |  | SOLE |  | 4063 | 0 | 0 |
| iShares International Treasury | COM | 464288117 |  | 12467494 | 289269 | SH |  | SOLE |  | 289269 | 0 | 0 |
| iShares MBS ETF | COM | 464288588 |  | 6274856 | 66832 | SH |  | SOLE |  | 66832 | 0 | 0 |
| iShares MSCI ACWI ETF | COM | 464288257 |  | 220678 | 1716 | SH |  | SOLE |  | 1716 | 0 | 0 |
| iShares MSCI Emerging Markets | COM | 46434G764 |  | 2086777 | 33050 | SH |  | SOLE |  | 33050 | 0 | 0 |
| iShares S 500 Fund | COM | 464287200 |  | 9101152 | 14658 | SH |  | SOLE |  | 14658 | 0 | 0 |
| iShares S Small Cap 600 Inde | COM | 464287804 |  | 345356 | 3160 | SH |  | SOLE |  | 3160 | 0 | 0 |
| iShares U.S. Healthcare Provid | COM | 464288828 |  | 1404039 | 28860 | SH |  | SOLE |  | 28860 | 0 | 0 |
| iShares U.S. Insurance ETF | COM | 464288786 |  | 982634 | 7308 | SH |  | SOLE |  | 7308 | 0 | 0 |
| iShares U.S. Telecommunication | COM | 464287713 |  | 1251177 | 42014 | SH |  | SOLE |  | 42014 | 0 | 0 |
| Jabil Inc. | COM | 466313103 |  | 13064190 | 59900 | SH |  | SOLE |  | 59900 | 0 | 0 |
| Janus Detroit Street Trust Jan | COM | 47103U845 |  | 635187 | 12516 | SH |  | SOLE |  | 12516 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 8953001 | 30882 | SH |  | SOLE |  | 30882 | 0 | 0 |
| Kemper Corporation | COM | 488401100 |  | 2119494 | 32840 | SH |  | SOLE |  | 32840 | 0 | 0 |
| Kinross Gold Corporation | COM | 496902404 |  | 9446709 | 604396 | SH |  | SOLE |  | 604396 | 0 | 0 |
| Laureate Education Inc | COM | 518613203 |  | 4970401 | 212592 | SH |  | SOLE |  | 212592 | 0 | 0 |
| Lear Corp. | COM | 521865204 |  | 256541 | 2701 | SH |  | SOLE |  | 2701 | 0 | 0 |
| Leuthold Select Industries ET | COM | 56167R705 |  | 862635 | 23464 | SH |  | SOLE |  | 23464 | 0 | 0 |
| Life Time Group Holdings Inc. | COM | 53190C102 |  | 2998272 | 98855 | SH |  | SOLE |  | 98855 | 0 | 0 |
| Lithia Motors Inc. | COM | 536797103 |  | 2790393 | 8260 | SH |  | SOLE |  | 8260 | 0 | 0 |
| Loews Corp. | COM | 540424108 |  | 366457 | 3998 | SH |  | SOLE |  | 3998 | 0 | 0 |
| M Bank Corp. | COM | 55261F104 |  | 286717 | 1478 | SH |  | SOLE |  | 1478 | 0 | 0 |
| Magna International Inc. | COM | 559222401 |  | 387722 | 10042 | SH |  | SOLE |  | 10042 | 0 | 0 |
| Markel Group Inc. | COM | 570535104 |  | 3615222 | 1810 | SH |  | SOLE |  | 1810 | 0 | 0 |
| Mastercard Inc. Cl A | COM | 57636Q104 |  | 8486418 | 15102 | SH |  | SOLE |  | 15102 | 0 | 0 |
| Matson Inc. | COM | 57686G105 |  | 200207 | 1798 | SH |  | SOLE |  | 1798 | 0 | 0 |
| Maximus Inc. | COM | 577933104 |  | 2709369 | 38595 | SH |  | SOLE |  | 38595 | 0 | 0 |
| McKesson Corp. | COM | 58155Q103 |  | 11323649 | 15453 | SH |  | SOLE |  | 15453 | 0 | 0 |
| MDU Resources Group Inc. | COM | 552690109 |  | 3378159 | 202649 | SH |  | SOLE |  | 202649 | 0 | 0 |
| Meta Platforms Inc. Class A | COM | 30303M102 |  | 21814988 | 29556 | SH |  | SOLE |  | 29556 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 25004303 | 50269 | SH |  | SOLE |  | 50269 | 0 | 0 |
| Millrose Properties Inc | COM | 601137102 |  | 501234 | 17581 | SH |  | SOLE |  | 17581 | 0 | 0 |
| Mizuho Financial Group Inc. AD | COM | 60687Y109 |  | 456131 | 82038 | SH |  | SOLE |  | 82038 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 9528616 | 67646 | SH |  | SOLE |  | 67646 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 19338376 | 14441 | SH |  | SOLE |  | 14441 | 0 | 0 |
| New Jersey Resources Corp. | COM | 646025106 |  | 3121041 | 69635 | SH |  | SOLE |  | 69635 | 0 | 0 |
| Nokia Corp. (ADR) | COM | 654902204 |  | 5431815 | 1048613 | SH |  | SOLE |  | 1048613 | 0 | 0 |
| Norwegian Cruise Line Holdings | COM | G66721104 |  | 2170386 | 107021 | SH |  | SOLE |  | 107021 | 0 | 0 |
| Okta Inc. Class A | COM | 679295105 |  | 3168749 | 31697 | SH |  | SOLE |  | 31697 | 0 | 0 |
| Old National Bancorp | COM | 680033107 |  | 264957 | 12416 | SH |  | SOLE |  | 12416 | 0 | 0 |
| Old Republic International Cor | COM | 680223104 |  | 453630 | 11801 | SH |  | SOLE |  | 11801 | 0 | 0 |
| ONE Gas Inc. | COM | 68235P108 |  | 3053978 | 42499 | SH |  | SOLE |  | 42499 | 0 | 0 |
| Opera Limited Sponsored ADR | COM | 68373M107 |  | 261104 | 13815 | SH |  | SOLE |  | 13815 | 0 | 0 |
| Oracle Corp. | COM | 68389X105 |  | 14733038 | 67388 | SH |  | SOLE |  | 67388 | 0 | 0 |
| Pan American Silver Corp. | COM | 697900108 |  | 3509445 | 123572 | SH |  | SOLE |  | 123572 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 3402816 | 45786 | SH |  | SOLE |  | 45786 | 0 | 0 |
| Perdoceo Education Corporation | COM | 71363P106 |  | 545596 | 16690 | SH |  | SOLE |  | 16690 | 0 | 0 |
| Plexus Corp. | COM | 729132100 |  | 3393710 | 25081 | SH |  | SOLE |  | 25081 | 0 | 0 |
| PNC Financial Services Group I | COM | 693475105 |  | 4313759 | 23140 | SH |  | SOLE |  | 23140 | 0 | 0 |
| Primoris Services Corporation | COM | 74164F103 |  | 263048 | 3375 | SH |  | SOLE |  | 3375 | 0 | 0 |
| ProShares Short QQQ | COM | 74349Y837 |  | 4118941 | 122369 | SH |  | SOLE |  | 122369 | 0 | 0 |
| ProShares Short Russell2000 | COM | 74348A210 |  | 11199274 | 595073 | SH |  | SOLE |  | 595073 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 9414203 | 89268 | SH |  | SOLE |  | 89268 | 0 | 0 |
| Qualys Inc. | COM | 74758T303 |  | 3344587 | 23410 | SH |  | SOLE |  | 23410 | 0 | 0 |
| Raymond James Financial Inc | COM | 754730109 |  | 4082096 | 26616 | SH |  | SOLE |  | 26616 | 0 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 3374084 | 10775 | SH |  | SOLE |  | 10775 | 0 | 0 |
| Salesforce.com Inc. | COM | 79466L302 |  | 549743 | 2016 | SH |  | SOLE |  | 2016 | 0 | 0 |
| Sanmina Corporation | COM | 801056102 |  | 3542229 | 36208 | SH |  | SOLE |  | 36208 | 0 | 0 |
| SAP SE Sponsored ADR | COM | 803054204 |  | 379517 | 1248 | SH |  | SOLE |  | 1248 | 0 | 0 |
| Schwab Fundamental Internation | COM | 808524755 |  | 208744 | 5216 | SH |  | SOLE |  | 5216 | 0 | 0 |
| Schwab US Dividend Equity ETF | COM | 808524797 |  | 233916 | 8827 | SH |  | SOLE |  | 8827 | 0 | 0 |
| Simplify MBS ETF | COM | 82889N525 |  | 5008299 | 99986 | SH |  | SOLE |  | 99986 | 0 | 0 |
| SK Telecom Co. Ltd. ADS | COM | 78440P306 |  | 369560 | 15827 | SH |  | SOLE |  | 15827 | 0 | 0 |
| SPDR Barclays International Co | COM | 78464A151 |  | 8362333 | 256592 | SH |  | SOLE |  | 256592 | 0 | 0 |
| SPDR Bloomberg Barclays Intern | COM | 78464A516 |  | 19711516 | 839145 | SH |  | SOLE |  | 839145 | 0 | 0 |
| SPDR Intermediate Term Corpora | COM | 78464A375 |  | 13046804 | 388529 | SH |  | SOLE |  | 388529 | 0 | 0 |
| SPDR S Capital Markets ETF | COM | 78464A771 |  | 637982 | 4402 | SH |  | SOLE |  | 4402 | 0 | 0 |
| Spire Inc. | COM | 84857L101 |  | 3028355 | 41490 | SH |  | SOLE |  | 41490 | 0 | 0 |
| SS Technologies Holdings In | COM | 78467J100 |  | 3975394 | 48012 | SH |  | SOLE |  | 48012 | 0 | 0 |
| Strategic Education Inc. | COM | 86272C103 |  | 3507015 | 41196 | SH |  | SOLE |  | 41196 | 0 | 0 |
| Stride Inc. | COM | 86333M108 |  | 5371014 | 36993 | SH |  | SOLE |  | 36993 | 0 | 0 |
| Suncor Energy Inc. | COM | 867224107 |  | 361505 | 9653 | SH |  | SOLE |  | 9653 | 0 | 0 |
| Synopsys Inc | COM | 871607107 |  | 451158 | 880 | SH |  | SOLE |  | 880 | 0 | 0 |
| T-Mobile US Inc | COM | 872590104 |  | 9409126 | 39491 | SH |  | SOLE |  | 39491 | 0 | 0 |
| TE Connectivity Ltd. | COM | G87052109 |  | 6546420 | 38812 | SH |  | SOLE |  | 38812 | 0 | 0 |
| Technology Select Sector SPDR | COM | 81369Y803 |  | 9848874 | 38893 | SH |  | SOLE |  | 38893 | 0 | 0 |
| Telefonaktiebolaget LM Ericsso | COM | 294821608 |  | 5110709 | 602678 | SH |  | SOLE |  | 602678 | 0 | 0 |
| Tenet Healthcare Corporation | COM | 88033G407 |  | 5078832 | 28857 | SH |  | SOLE |  | 28857 | 0 | 0 |
| The Hanover Insurance Group In | COM | 410867105 |  | 2335882 | 13751 | SH |  | SOLE |  | 13751 | 0 | 0 |
| TIM S.A. Sponsored ADR | COM | 88706T108 |  | 420359 | 20903 | SH |  | SOLE |  | 20903 | 0 | 0 |
| Toll Brothers Inc. | COM | 889478103 |  | 6178884 | 54139 | SH |  | SOLE |  | 54139 | 0 | 0 |
| TotalEnergies SE Sponsored ADR | COM | 89151E109 |  | 367235 | 5982 | SH |  | SOLE |  | 5982 | 0 | 0 |
| Travel Leisure Co. | COM | 894164102 |  | 2730840 | 52913 | SH |  | SOLE |  | 52913 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 4255759 | 15907 | SH |  | SOLE |  | 15907 | 0 | 0 |
| Twilio Inc | COM | 90138F102 |  | 4556302 | 36638 | SH |  | SOLE |  | 36638 | 0 | 0 |
| U.S. Bancorp | COM | 902973304 |  | 4133452 | 91347 | SH |  | SOLE |  | 91347 | 0 | 0 |
| U.S. Global Jets ETF | COM | 26922A842 |  | 1227999 | 53461 | SH |  | SOLE |  | 53461 | 0 | 0 |
| Uber Technologies Inc. | COM | 90353T100 |  | 5722556 | 61335 | SH |  | SOLE |  | 61335 | 0 | 0 |
| UBS Group AG (new) | COM | H42097107 |  | 416764 | 12323 | SH |  | SOLE |  | 12323 | 0 | 0 |
| UGI Corp. | COM | 902681105 |  | 3831930 | 105215 | SH |  | SOLE |  | 105215 | 0 | 0 |
| United Parks  Resorts Inc. | COM | 81282V100 |  | 2550013 | 54083 | SH |  | SOLE |  | 54083 | 0 | 0 |
| United Rentals Inc. | COM | 911363109 |  | 9706052 | 12883 | SH |  | SOLE |  | 12883 | 0 | 0 |
| Universal Health Services Inc. | COM | 913903100 |  | 3273199 | 18069 | SH |  | SOLE |  | 18069 | 0 | 0 |
| Universal Technical Institute | COM | 913915104 |  | 4626697 | 136521 | SH |  | SOLE |  | 136521 | 0 | 0 |
| Utilities Select Sector SPDR F | COM | 81369Y886 |  | 2247773 | 27526 | SH |  | SOLE |  | 27526 | 0 | 0 |
| Valmont Industries Inc. | COM | 920253101 |  | 219782 | 673 | SH |  | SOLE |  | 673 | 0 | 0 |
| VanEck Gold Miners ETF | COM | 92189F106 |  | 2262528 | 43460 | SH |  | SOLE |  | 43460 | 0 | 0 |
| Vanguard Russell 1000 Value ET | COM | 92206C714 |  | 4332588 | 50846 | SH |  | SOLE |  | 50846 | 0 | 0 |
| Vanguard Short-Term Corporate | COM | 92206C409 |  | 1471784 | 18513 | SH |  | SOLE |  | 18513 | 0 | 0 |
| Vanguard Short-Term Inflation- | COM | 922020805 |  | 10727015 | 213388 | SH |  | SOLE |  | 213388 | 0 | 0 |
| Vanguard Short-Term Treasury E | COM | 92206C102 |  | 1045461 | 17786 | SH |  | SOLE |  | 17786 | 0 | 0 |
| VeriSign Inc. | COM | 92343E102 |  | 5699179 | 19734 | SH |  | SOLE |  | 19734 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 2835180 | 65523 | SH |  | SOLE |  | 65523 | 0 | 0 |
| Virtu Financial Inc. Class A | COM | 928254101 |  | 3352084 | 74840 | SH |  | SOLE |  | 74840 | 0 | 0 |
| Visa Inc. | COM | 92826C839 |  | 7124433 | 20066 | SH |  | SOLE |  | 20066 | 0 | 0 |
| Vodafone Group PLC ADS | COM | 92857W308 |  | 498558 | 46769 | SH |  | SOLE |  | 46769 | 0 | 0 |
| Walt Disney Co. | COM | 254687106 |  | 6439963 | 51931 | SH |  | SOLE |  | 51931 | 0 | 0 |
| Wells Fargo  Co. | COM | 949746101 |  | 347240 | 4334 | SH |  | SOLE |  | 4334 | 0 | 0 |
| White Mountains Insurance Grou | COM | G9618E107 |  | 2092014 | 1165 | SH |  | SOLE |  | 1165 | 0 | 0 |
| WisdomTree Yield Enhanced U.S. | COM | 97717X511 |  | 476963 | 10932 | SH |  | SOLE |  | 10932 | 0 | 0 |
| Wix.com Ltd. | COM | M98068105 |  | 1893755 | 11951 | SH |  | SOLE |  | 11951 | 0 | 0 |
| WNS (Holdings) Limited Sponsor | COM | G98196101 |  | 2633567 | 41644 | SH |  | SOLE |  | 41644 | 0 | 0 |
| YPF SA Sponsored ADR Class D | COM | 984245100 |  | 228516 | 7266 | SH |  | SOLE |  | 7266 | 0 | 0 |
| ZIM Integrated Shipping Servic | COM | M9T951109 |  | 205421 | 12767 | SH |  | SOLE |  | 12767 | 0 | 0 |
| Zoom Communications Inc. Clas | COM | 98980L101 |  | 415477 | 5328 | SH |  | SOLE |  | 5328 | 0 | 0 |

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