A Closer Look at Leuthold Group's Q3 vs. Q4 2022 13F Holdings Comparison

The Leuthold Group, LLC is a leading institutional investment advisor that provides asset management services to a wide range of clients. In this blog post, we will take a deeper look into their Q3 2022 vs. Q4 2022 13F holdings comparison to identify significant changes in their investments.

Firstly, it is essential to understand the structure of the data we are analyzing. The CSV provides data for several different stocks, including their issuer name, option type, Q3 2022 (SHARES), Q4 2022 (SHARES), Q3 2022 VALUE ($000), Q4 2022 VALUE ($000), and CHG %. By comparing the data between the two quarters, we can identify which stocks the Leuthold Group invested in or divested from, and the magnitude of such changes.

Starting with their top holdings, we see that the Leuthold Group increased its stake in BWX, a SPDR Bloomberg Barclays International ETF, by 42.1%. This represents a considerable investment, considering that the value of their holdings in BWX increased from $12.8 million in Q3 2022 to $18.3 million in Q4 2022. In contrast, their holdings in SPDN, a Direxion Daily S&P500 Bear 1X ETF, decreased by 4.1% during the same period.

Interestingly, the Leuthold Group increased its holdings in the VanEck Vectors J.P. Morgan EM ETF (EMLC) by 132%, the highest percentage change among all the stocks listed in the CSV. The value of their holdings in EMLC went from $5.1 million in Q3 2022 to $11.9 million in Q4 2022.

Another stock that saw a significant increase in the Leuthold Group's investment is the iShares International Treasury ETF (IGOV). They increased their stake from 72,892 shares in Q3 2022 to 257,613 shares in Q4 2022, representing a 277.9% growth in investment. This translates to an increase in their holdings' value from $2.7 million to $10.1 million over the same period.

While the Leuthold Group increased its holdings in many stocks, some stocks saw a decline. For instance, their holdings in the iShares 0-5 Year TIPS Bond ETF (STIP) decreased by 28.4% in value, from $11.2 million in Q3 2022 to $8.0 million in Q4 2022. Similarly, their holdings in BJ's Wholesale Club Holdings (BJ) decreased by 11.2% in value, from $7.7 million in Q3 2022 to $6.8 million in Q4 2022.

It is essential to note that some stocks remained constant between Q3 2022 and Q4 2022. For example, the holdings of Vanguard Mortgage-Backed Securities ETF (VMBS) and Republic Services, Inc. (RSG) remained at 177,568 shares and 37,328 shares, respectively.

One notable addition to the Leuthold Group's portfolio in Q4 2022 is Waste Management, Inc. (WM), with the company buying 30,941 shares worth $4.9 million. This investment in WM represents a growth opportunity, given the company's projected growth outlook and strong fundamentals.

Overall, the Leuthold Group made some significant investments in Q4 2022, with increases in holdings in BWX, EMLC, and IGOV, among others. However, other stocks saw a decline in their holdings' value, such as STIP and BJ. By analyzing these changes in holdings, we can infer the Leuthold Group's investment strategy and identify potential investment opportunities.