# EDGAR Filing Document

**Accession Number:** 0001170152
**File Stem:** 0000897069-25-001387
**Filing Date:** 2025-8
**Character Count:** 84826
**Document Hash:** 66148ad04e9ba05f1557f15cdb117347
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897069-25-001387.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000897069-25-001387

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10174
- **FILM NUMBER:** 251264012

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001170152

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** LEUTHOLD GROUP, LLC

**Address:** 150 SOUTH FIFTH STREET, MINNEAPOLIS, MN 55402

**Telephone number:** 612-332-9141

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-10174

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                           | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                        | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ABBVIE INC.                              | 00287Y109 | 05/09/2025     | Say on Pay - An advisory vote on the approval of executive compensation                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             16 |                0 | FOR         |                                       16 | FOR                         |  |
| ACI WORLDWIDE, INC.                      | 004498101 | 06/03/2025     | To conduct an advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           5254 |                0 | FOR         |                                     5254 | FOR                         |  |
| ADT INC.                                 | 00090Q103 | 05/21/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          34859 |                0 | FOR         |                                    34859 | FOR                         |  |
| AGNICO EAGLE MINES LIMITED               | 008474108 | 04/25/2025     | Consideration of and, if deemed advisable, the passing of a non-binding, advisory resolution accepting the Company's approach to executive compensation.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          16065 |                0 | FOR         |                                    16065 | FOR                         |  |
| AKAMAI TECHNOLOGIES, INC.                | 00971T101 | 05/14/2025     | To approve, on an advisory basis, our named executive officer compensation.                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          17118 |                0 | FOR         |                                    17118 | FOR                         |  |
| ARCH CAPITAL GROUP LTD.                  | G0450A105 | 05/07/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          12761 |                0 | FOR         |                                    12761 | FOR                         |  |
| ASSURANT, INC.                           | 04621X108 | 05/21/2025     | Advisory approval of the 2024 compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           5482 |                0 | FOR         |                                     5482 | FOR                         |  |
| AT INC.                                  | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          81851 |                0 | FOR         |                                    81851 | FOR                         |  |
| AXIS CAPITAL HOLDINGS LIMITED            | G0692U109 | 05/16/2025     | To approve, by non-binding vote, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           3399 |                0 | FOR         |                                     3399 | FOR                         |  |
| BANK OF AMERICA CORPORATION              | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          53576 |                0 | FOR         |                                    53576 | FOR                         |  |
| BLOCK, INC.                              | 852234103 | 06/17/2025     | TO APPROVE, ON AN ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          12823 |                0 | FOR         |                                    12823 | FOR                         |  |
| CADENCE BANK                             | 12740C103 | 04/23/2025     | Non-Binding, Advisory Vote Regarding the Compensation of the Named Executive Officers.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          26232 |                0 | FOR         |                                    26232 | FOR                         |  |
| CANADIAN IMPERIAL BANK OF COMMERCE       | 136069101 | 04/03/2025     | Advisory resolution regarding our executive compensation approach                                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          30364 |                0 | FOR         |                                    30364 | FOR                         |  |
| CARDINAL HEALTH, INC.                    | 14149Y108 | 11/06/2024     | To approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          21871 |                0 | FOR         |                                    21871 | FOR                         |  |
| CARGURUS, INC.                           | 141788109 | 06/04/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for 2024.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          48354 |                0 | FOR         |                                    48354 | FOR                         |  |
| CARNIVAL CORPORATION                     | 143658300 | 04/16/2025     | To hold a (non-binding) advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          37660 |                0 | FOR         |                                    37660 | FOR                         |  |
| CENCORA, INC.                            | 03073E105 | 03/06/2025     | Advisory vote to approve the fiscal 2024 compensation of Cencora, Inc.'s named executive officers.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          10807 |                0 | FOR         |                                    10807 | FOR                         |  |
| CHUBB LIMITED                            | H1467J104 | 05/15/2025     | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            604 |                0 | FOR         |                                      604 | FOR                         |  |
| CITIGROUP INC.                           | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          25064 |                0 | FOR         |                                    25064 | FOR                         |  |
| CITIZENS FINANCIAL GROUP, INC.           | 174610105 | 04/24/2025     | Advisory Vote on Executive Compensation.                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          30950 |                0 | FOR         |                                    30950 | FOR                         |  |
| CLEAR SECURE, INC.                       | 18467V109 | 06/05/2025     | Approval of, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          10843 |                0 | FOR         |                                    10843 | FOR                         |  |
| COLUMBIA BANKING SYSTEM,INC.             | 197236102 | 05/15/2025     | To approve, on an advisory basis, the compensation of Columbia Banking System, Inc.'s named executive officers.                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          37411 |                0 | FOR         |                                    37411 | FOR                         |  |
| COMCAST CORPORATION                      | 20030N101 | 06/18/2025     | Advisory vote on executive compensation                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          34480 |                0 | FOR         |                                    34480 | FOR                         |  |
| COMERICA INCORPORATED                    | 200340107 | 04/29/2025     | Approval of a Non-Binding, Advisory Proposal Approving Executive Compensation                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           3234 |                0 | FOR         |                                     3234 | FOR                         |  |
| CONCENTRA GROUP HOLDINGS PARENT INC      | 20603L102 | 05/01/2025     | Hold a non-binding advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          27481 |                0 | FOR         |                                    27481 | FOR                         |  |
| CSG SYSTEMS INTERNATIONAL, INC.          | 126349109 | 05/14/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          13855 |                0 | FOR         |                                    13855 | FOR                         |  |
| D.R. HORTON, INC.                        | 23331A109 | 01/16/2025     | Approval of the advisory resolution on executive compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          22692 |                0 | FOR         |                                    22692 | FOR                         |  |
| DELTA AIR LINES, INC.                    | 247361702 | 06/19/2025     | To approve, on an advisory basis, the compensation of Delta's named executive officers.                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           6614 |                0 | FOR         |                                     6614 | FOR                         |  |
| DIGITALOCEAN HOLDINGS, INC.              | 25402D102 | 06/09/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          28289 |                0 | FOR         |                                    28289 | FOR                         |  |
| DOCUSIGN, INC.                           | 256163106 | 05/29/2025     | Approval, on an advisory basis, of our named executive officers' compensation                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           3826 |                0 | FOR         |                                     3826 | FOR                         |  |
| DROPBOX, INC.                            | 26210C104 | 05/15/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          11440 |                0 | FOR         |                                    11440 | FOR                         |  |
| EAGLE MATERIALS INC.                     | 26969P108 | 08/01/2024     | Advisory resolution to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           7457 |                0 | FOR         |                                     7457 | FOR                         |  |
| EBAY INC.                                | 278642103 | 06/25/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           5436 |                0 | FOR         |                                     5436 | FOR                         |  |
| ELDORADO GOLD CORPORATION                | 284902509 | 06/03/2025     | Advisory Vote on Executive Compensation Approve an ordinary resolution as set out in the Management Information Circular supporting the Company's approach to executive compensation on an advisory basis.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          55502 |                0 | FOR         |                                    55502 | FOR                         |  |
| ENCOMPASS HEALTH CORPORATION             | 29261A100 | 05/01/2025     | An advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          10293 |                0 | FOR         |                                    10293 | FOR                         |  |
| EQUINOX GOLD CORP.                       | 29446Y502 | 05/01/2025     | To consider, and if deemed advisable, to pass an ordinary resolution that the Company's shareholders accept the approach to executive compensation as more particularly described in the Company's Management Information Circular.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         173765 |                0 | FOR         |                                   173765 | FOR                         |  |
| EURONET WORLDWIDE, INC.                  | 298736109 | 05/14/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1562 |                0 | FOR         |                                     1562 | FOR                         |  |
| EVEREST GROUP, LTD.                      | G3223R108 | 05/14/2025     | To approve, by non-binding advisory vote, 2024 compensation paid to the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           1389 |                0 | FOR         |                                     1389 | FOR                         |  |
| EXPEDIA GROUP, INC.                      | 30212P303 | 06/03/2025     | Approval, on an advisory basis, of the compensation of Expedia Group's named executive officers.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           5272 |                0 | FOR         |                                     5272 | FOR                         |  |
| F5, INC.                                 | 315616102 | 03/13/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           4510 |                0 | FOR         |                                     4510 | FOR                         |  |
| FIDELITY NAT'L INFORMATION SERVICES,INC. | 31620M106 | 06/12/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           3197 |                0 | FOR         |                                     3197 | FOR                         |  |
| FIFTH THIRD BANCORP                      | 316773100 | 04/15/2025     | An advisory vote on approval of the Company's compensation of its named executive officers.                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          24230 |                0 | FOR         |                                    24230 | FOR                         |  |
| FIRST CITIZENS BANCSHARES, INC.          | 31946M103 | 04/29/2025     | Non-binding advisory resolution ("say-on-pay" resolution) to approve compensation paid or provided to BancShares' named executive officers as disclosed in the proxy statement for the Annual Meeting.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            493 |                0 | FOR         |                                      493 | FOR                         |  |
| FISERV, INC.                             | 337738108 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers of Fiserv, Inc.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1954 |                0 | FOR         |                                     1954 | FOR                         |  |
| FLEX LTD.                                | Y2573F102 | 08/08/2024     | NON-BINDING, ADVISORY RESOLUTION. To approve the compensation of the Company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, set forth in "Compensation Discussion and Analysis" and in the compensation tables and the accompanying narrative disclosure under "Executive Compensation" in the Company's proxy statement relating to its 2024 Annual General Meeting. | SECTION 14A SAY-ON-PAY VOTES |          73068 |                0 | FOR         |                                    73068 | FOR                         |  |
| FORTINET, INC.                           | 34959E109 | 06/13/2025     | Advisory vote to approve named executive officer compensation, as disclosed in the Proxy Statement.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          20017 |                0 | FOR         |                                    20017 | FOR                         |  |
| FRONTDOOR, INC.                          | 35905A109 | 05/14/2025     | Advisory vote to approve the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           4481 |                0 | FOR         |                                     4481 | FOR                         |  |
| GENERAL MOTORS COMPANY                   | 37045V100 | 06/03/2025     | Advisory Approval of Named Executive Officer Compensation                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           6221 |                0 | FOR         |                                     6221 | FOR                         |  |
| GENPACT LIMITED                          | G3922B107 | 05/22/2025     | Approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          24776 |                0 | FOR         |                                    24776 | FOR                         |  |
| GLOBAL PAYMENTS INC.                     | 37940X102 | 04/24/2025     | Approval, on an advisory basis, of the compensation of the company's named executive officers for 2024.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          10544 |                0 | FOR         |                                    10544 | FOR                         |  |
| GMS INC.                                 | 36251C103 | 10/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          12400 |                0 | FOR         |                                    12400 | FOR                         |  |
| GODADDY INC.                             | 380237107 | 06/04/2025     | Company Proposal - Advisory, non-binding vote to approve named executive officer compensation                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           8350 |                0 | FOR         |                                     8350 | FOR                         |  |
| HCA HEALTHCARE, INC.                     | 40412C101 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           6805 |                0 | FOR         |                                     6805 | FOR                         |  |
| HUNTINGTON BANCSHARES INCORPORATED       | 446150104 | 04/16/2025     | An advisory resolution to approve, on a non-binding basis, the compensation of executives as disclosed in the accompanying proxy statement.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          87760 |                0 | FOR         |                                    87760 | FOR                         |  |
| HYATT HOTELS CORPORATION                 | 448579102 | 05/21/2025     | Approval, on an advisory basis, of the compensation paid to our named executive officers as disclosed pursuant to the Securities and Exchange Commission's compensation disclosure rules.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           5993 |                0 | FOR         |                                     5993 | FOR                         |  |
| IAMGOLD CORPORATION                      | 450913108 | 05/06/2025     | Resolved that, on an advisory basis and not to diminish the role and responsibilities of the board of directors, the shareholders accept the approach to executive compensation disclosed in the management information circular of IAMGOLD Corporation dated April 3, 2025.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         266583 |                0 | FOR         |                                   266583 | FOR                         |  |
| INTERACTIVE BROKERS GROUP, INC.          | 45841N107 | 04/17/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1309 |                0 | FOR         |                                     1309 | FOR                         |  |
| INTERDIGITAL, INC.                       | 45867G101 | 06/11/2025     | Advisory resolution to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           1527 |                0 | FOR         |                                     1527 | FOR                         |  |
| JABIL INC.                               | 466313103 | 01/23/2025     | Approve (on an advisory basis) Jabil's executive compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          21489 |                0 | FOR         |                                    21489 | FOR                         |  |
| JPMORGAN CHASE  CO.                      | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          10207 |                0 | FOR         |                                    10207 | FOR                         |  |
| KEMPER CORPORATION                       | 488401100 | 05/07/2025     | Advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          11078 |                0 | FOR         |                                    11078 | FOR                         |  |
| KINROSS GOLD CORPORATION                 | 496902404 | 05/07/2025     | To consider and, if deemed appropriate, to pass an advisory resolution on Kinross' approach to executive compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         203561 |                0 | FOR         |                                   203561 | FOR                         |  |
| KLA CORPORATION                          | 482480100 | 11/06/2024     | To approve on a non-binding, advisory basis our named executive officer compensation.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2780 |                0 | FOR         |                                     2780 | FOR                         |  |
| LAM RESEARCH CORPORATION                 | 512807108 | 11/05/2024     | Advisory vote to approve the compensation of the named executive officers of Lam Research, or "Say on Pay."                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           5234 |                0 | FOR         |                                     5234 | FOR                         |  |
| LAUREATE EDUCATION, INC.                 | 518613203 | 05/22/2025     | To approve, by advisory vote, the compensation of the named executive officers.                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          75993 |                0 | FOR         |                                    75993 | FOR                         |  |
| LIFE TIME GROUP HOLDINGS, INC.           | 53190C102 | 04/25/2025     | To approve, by a non-binding vote, the named executive officer compensation as disclosed in the proxy statement.                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          33429 |                0 | FOR         |                                    33429 | FOR                         |  |
| LOEWS CORPORATION                        | 540424108 | 05/13/2025     | Approve, on an advisory basis, executive compensation                                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2948 |                0 | FOR         |                                     2948 | FOR                         |  |
| LOGITECH INTERNATIONAL S.A.              | H50430232 | 09/04/2024     | Advisory vote to approve Named Executive Officers Compensation for fiscal year 2024.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1612 |                0 | FOR         |                                     1612 | FOR                         |  |
| M BANK CORPORATION                       | 55261F104 | 04/15/2025     | TO APPROVE THE 2024 COMPENSATION OF M BANK CORPORATION'S NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           9357 |                0 | FOR         |                                     9357 | FOR                         |  |
| MARKEL GROUP INC.                        | 570535104 | 05/21/2025     | Advisory vote on approval of executive compensation.                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            681 |                0 | FOR         |                                      681 | FOR                         |  |
| MASTERCARD INCORPORATED                  | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           7896 |                0 | FOR         |                                     7896 | FOR                         |  |
| MATCH GROUP, INC.                        | 57667L107 | 06/18/2025     | To approve a non-binding advisory resolution on executive compensation.                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           4255 |                0 | FOR         |                                     4255 | FOR                         |  |
| MCKESSON CORPORATION                     | 58155Q103 | 07/31/2024     | Advisory vote on Executive Compensation.                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5660 |                0 | FOR         |                                     5660 | FOR                         |  |
| MERCK  CO., INC.                         | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          13136 |                0 | FOR         |                                    13136 | FOR                         |  |
| META PLATFORMS, INC.                     | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           9639 |                0 | FOR         |                                     9639 | FOR                         |  |
| MICROSOFT CORPORATION                    | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          17983 |                0 | FOR         |                                    17983 | FOR                         |  |
| MORGAN STANLEY                           | 617446448 | 05/15/2025     | To approve the compensation of executives as disclosed in the proxy statement (non-binding advisory vote)                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          25290 |                0 | FOR         |                                    25290 | FOR                         |  |
| NATIONAL HEALTHCARE CORPORATION          | 635906100 | 05/08/2025     | To consider an advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           2021 |                0 | FOR         |                                     2021 | FOR                         |  |
| NETFLIX, INC.                            | 64110L106 | 06/05/2025     | Advisory approval of named executive officer compensation.                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           4704 |                0 | FOR         |                                     4704 | FOR                         |  |
| NEXTRACKER INC.                          | 65290E101 | 08/19/2024     | The approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          12586 |                0 | FOR         |                                    12586 | FOR                         |  |
| NORDSTROM, INC.                          | 655664100 | 05/16/2025     | To approve, on a non-binding, advisory basis, certain compensation that will or may become payable by Nordstrom to its named executive officers in connection with the merger of Navy Acquisition Co. Inc., a wholly owned subsidiary of Norse Holdings, Inc., with and into Nordstrom.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           9757 |                0 | AGAINST     |                                     9757 | AGAINST                     |  |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.      | G66721104 | 06/12/2025     | Approval, on a non-binding, advisory basis, of the compensation of our named executive officers                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          34854 |                0 | FOR         |                                    34854 | FOR                         |  |
| OKTA, INC.                               | 679295105 | 06/24/2025     | To approve, on an advisory non-binding basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          10117 |                0 | FOR         |                                    10117 | FOR                         |  |
| OLD NATIONAL BANCORP                     | 680033107 | 05/14/2025     | Approval of a non-binding advisory proposal on the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          55502 |                0 | FOR         |                                    55502 | FOR                         |  |
| OLD REPUBLIC INTERNATIONAL CORPORATION   | 680223104 | 05/22/2025     | To provide an advisory approval on executive compensation.                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           8703 |                0 | FOR         |                                     8703 | FOR                         |  |
| ONE GAS, INC.                            | 68235P108 | 05/22/2025     | Advisory vote to approve the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          13529 |                0 | FOR         |                                    13529 | FOR                         |  |
| ORACLE CORPORATION                       | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          24142 |                0 | FOR         |                                    24142 | FOR                         |  |
| PAN AMERICAN SILVER CORP.                | 697900108 | 05/07/2025     | To consider and, if thought appropriate, to pass an ordinary, non-binding "say on pay" resolution approving the Company's approach to executive compensation, the complete text of which is set out in the management information circular for the Meeting.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          42118 |                0 | FOR         |                                    42118 | FOR                         |  |
| PAYONEER GLOBAL INC.                     | 70451X104 | 06/16/2025     | Non-binding advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          16182 |                0 | FOR         |                                    16182 | FOR                         |  |
| PAYPAL HOLDINGS, INC.                    | 70450Y103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          19252 |                0 | FOR         |                                    19252 | FOR                         |  |
| PERDOCEO EDUCATION CORPORATION           | 71363P106 | 05/22/2025     | Advisory Vote to approve executive compensation paid by the Company to its Named Executive Officers.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           7687 |                0 | FOR         |                                     7687 | FOR                         |  |
| PINTEREST, INC.                          | 72352L106 | 05/22/2025     | Approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          23841 |                0 | FOR         |                                    23841 | FOR                         |  |
| PULTEGROUP, INC.                         | 745867101 | 04/30/2025     | Say-on-pay: Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          32817 |                0 | FOR         |                                    32817 | FOR                         |  |
| QUALYS, INC.                             | 74758T303 | 06/11/2025     | To approve, on an advisory and non-binding basis, the compensation of Qualys, Inc.'s named executive officers as described in the Proxy Statement.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           7598 |                0 | FOR         |                                     7598 | FOR                         |  |
| RAYMOND JAMES FINANCIAL, INC.            | 754730109 | 02/20/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          10380 |                0 | FOR         |                                    10380 | FOR                         |  |
| ROYAL CARIBBEAN CRUISES LTD.             | V7780T103 | 05/28/2025     | Advisory approval of the Company's compensation of its named executive officers.                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           3490 |                0 | FOR         |                                     3490 | FOR                         |  |
| SALESFORCE, INC.                         | 79466L302 | 06/05/2025     | Approval, on an advisory basis, of the fiscal 2025 compensation of our named executive officers.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           1487 |                0 | FOR         |                                     1487 | FOR                         |  |
| SELECT MEDICAL HOLDINGS CORPORATION      | 81619Q105 | 04/24/2025     | Non-binding advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          34073 |                0 | FOR         |                                    34073 | FOR                         |  |
| SHOPIFY INC.                             | 82509L107 | 06/17/2025     | Non-binding Advisory Vote on Executive Compensation Non-binding advisory vote that the shareholders accept Shopify Inc.'s approach to executive compensation as disclosed in the Management Information Circular for the Meeting.                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           3147 |                0 | FOR         |                                     3147 | FOR                         |  |
| SKYWEST, INC.                            | 830879102 | 05/06/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           9342 |                0 | FOR         |                                     9342 | FOR                         |  |
| SS TECHNOLOGIES HOLDINGS, INC.           | 78467J100 | 05/21/2025     | To approve, on an advisory basis, the compensation of SS's named executive officers.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          15209 |                0 | FOR         |                                    15209 | FOR                         |  |
| STRATEGIC EDUCATION, INC.                | 86272C103 | 04/23/2025     | To approve, on an advisory basis, the compensation of the named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          15027 |                0 | FOR         |                                    15027 | FOR                         |  |
| SUMMIT MATERIALS, INC.                   | 86614U100 | 02/05/2025     | Approve on an advisory (non-binding) basis the compensation that may be paid or become payable to Summit's named executive officers that is based on or otherwise relates to the merger (referred to as the "merger-related compensation proposal").                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1040 |                0 | FOR         |                                     1040 | FOR                         |  |
| SYNOPSYS, INC.                           | 871607107 | 04/10/2025     | To approve, on an advisory basis, the compensation of our named executive officers, as disclosed in the attached Proxy Statement.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |            649 |                0 | FOR         |                                      649 | FOR                         |  |
| TE CONNECTIVITY PLC                      | G87052109 | 03/12/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          14068 |                0 | FOR         |                                    14068 | FOR                         |  |
| TENET HEALTHCARE CORPORATION             | 88033G407 | 05/22/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          11959 |                0 | FOR         |                                    11959 | FOR                         |  |
| THE ALLSTATE CORPORATION                 | 020002101 | 05/29/2025     | Advisory vote to approve the compensation of the named executives.                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           6221 |                0 | FOR         |                                     6221 | FOR                         |  |
| THE BANK OF NOVA SCOTIA                  | 064149107 | 04/08/2025     | Advisory vote on non-binding resolution on executive compensation approach.                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           2503 |                0 | FOR         |                                     2503 | FOR                         |  |
| THE GOLDMAN SACHS GROUP, INC.            | 38141G104 | 04/23/2025     | Advisory Vote to Approve Executive Compensation (Say on Pay)                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           6383 |                0 | FOR         |                                     6383 | FOR                         |  |
| THE HANOVER INSURANCE GROUP, INC.        | 410867105 | 05/13/2025     | The advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           4530 |                0 | FOR         |                                     4530 | FOR                         |  |
| THE HARTFORD INSURANCE GROUP, INC.       | 416515104 | 05/21/2025     | Management proposal to approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's proxy statement                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          12645 |                0 | FOR         |                                    12645 | FOR                         |  |
| THE TRAVELERS COMPANIES, INC.            | 89417E109 | 05/21/2025     | Non-binding vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           5240 |                0 | FOR         |                                     5240 | FOR                         |  |
| THE WALT DISNEY COMPANY                  | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          17941 |                0 | FOR         |                                    17941 | FOR                         |  |
| TOLL BROTHERS, INC.                      | 889478103 | 03/11/2025     | The approval, in an advisory and non-binding vote, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          22918 |                0 | FOR         |                                    22918 | FOR                         |  |
| TRAVEL + LEISURE CO.                     | 894164102 | 05/21/2025     | A non-binding, advisory resolution to approve our executive compensation program.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          17233 |                0 | FOR         |                                    17233 | FOR                         |  |
| TWILIO INC.                              | 90138F102 | 06/10/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          14071 |                0 | FOR         |                                    14071 | FOR                         |  |
| UBS GROUP AG                             | H42097107 | 04/10/2025     | Approval of the maximum aggregate amount of compensation for the members of the Board of Directors from the 2025 AGM to the 2026 AGM                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           9088 |                0 | FOR         |                                     9088 | FOR                         |  |
| UBS GROUP AG                             | H42097107 | 04/10/2025     | Approval of the aggregate amount of variable compensation for the members of the Group Executive Board for the 2024 financial year                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           9088 |                0 | FOR         |                                     9088 | FOR                         |  |
| UBS GROUP AG                             | H42097107 | 04/10/2025     | Approval of the maximum aggregate amount of fixed compensation for the members of the Group Executive Board for the 2026 financial year                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           9088 |                0 | FOR         |                                     9088 | FOR                         |  |
| UNITED PARKS  RESORTS INC.               | 81282V100 | 06/13/2025     | Approval, in a non-binding advisory vote, of the compensation paid to the named executive officers.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          17528 |                0 | FOR         |                                    17528 | FOR                         |  |
| UNITED RENTALS, INC.                     | 911363109 | 05/08/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           4695 |                0 | FOR         |                                     4695 | FOR                         |  |
| VERISIGN, INC.                           | 92343E102 | 05/22/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           7633 |                0 | FOR         |                                     7633 | FOR                         |  |
| VERIZON COMMUNICATIONS INC.              | 92343V104 | 05/22/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          21631 |                0 | FOR         |                                    21631 | FOR                         |  |
| VIRTU FINANCIAL INC                      | 928254101 | 06/02/2025     | Advisory Vote to Approve Compensation of Named Executive Officers.                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          24304 |                0 | FOR         |                                    24304 | FOR                         |  |
| VISA INC.                                | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           7239 |                0 | FOR         |                                     7239 | FOR                         |  |
| VOYA FINANCIAL, INC.                     | 929089100 | 05/22/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          14347 |                0 | FOR         |                                    14347 | FOR                         |  |
| WELLS FARGO  COMPANY                     | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           4904 |                0 | FOR         |                                     4904 | FOR                         |  |
| WHITE MOUNTAINS INSURANCE GROUP, LTD.    | G9618E107 | 05/22/2025     | Approval of the advisory resolution on executive compensation                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            381 |                0 | FOR         |                                      381 | FOR                         |  |
| YELP INC.                                | 985817105 | 06/13/2025     | To approve, on an advisory basis, the compensation of Yelp's named executive officers, as disclosed in the accompanying Proxy Statement.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           3448 |                0 | FOR         |                                     3448 | FOR                         |  |
| ZOOM COMMUNICATIONS, INC.                | 98980L101 | 06/12/2025     | Approve, on an advisory non-binding basis, the compensation of our named executive officers as disclosed in our proxy statement.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           3929 |                0 | FOR         |                                     3929 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** LEUTHOLD GROUP, LLC

**By (Signature):** Glenn Larson

**By (Printed Signature):** Glenn Larson

**By (Title):** Chief Compliance Officer

**Date:** 08/27/2025