Form N-CSRS LEUTHOLD FUNDS INC For: Mar 31

June 9, 2021 12:12 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number 811-09094



Leuthold Funds, Inc.
(Exact name of registrant as specified in charter)



150 South Fifth Street, Suite 1700, Minneapolis, MN 55402
 (Address of principal executive offices) (Zip code)


John Mueller
Leuthold Weeden Capital Management
150 South Fifth Street, Suite 1700, Minneapolis, MN 55402
 (Name and address of agent for service)



612-332-9141
Registrant's telephone number, including area code



Date of fiscal year end: September 30, 2021

Date of reporting period:  March 31, 2021



Item 1. Reports to Stockholders.

 

Semi-Annual Report

March 31, 2021

 

image

 

LEUTHOLD FUNDS

 

Leuthold Core Investment Fund

Retail Class Shares   LCORX

Institutional Class Shares   LCRIX

 

Leuthold Global Fund

Retail Class Shares   GLBLX

Institutional Class Shares   GLBIX

 

Leuthold Select Industries Fund

LSLTX

 

Grizzly Short Fund

GRZZX

 

Leuthold Core ETF

LCR

 

The Securities and Exchange Commission has not approved or disapproved these securities or determined if this semi-annual report is accurate or complete. Any representation to the contrary is a criminal offense. An investment in the Funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

 

 

 

Inside Cover - blank

 

 

  

Leuthold Funds

 

Table of Contents

 

Allocation of Portfolio Holdings

1

Schedules of Investments and Securities Sold Short

 

Leuthold Core Investment Fund

4

Leuthold Global Fund

10

Leuthold Select Industries Fund

17

Grizzly Short Fund

20

Leuthold Core ETF

23

Statements of Assets and Liabilities

24

Statements of Operations

28

Statements of Changes in Net Assets

32

Notes to the Financial Statements

37

Financial Highlights

50

Expense Examples

57

Investment Advisory Agreement Disclosures

61

Directors and Officers

66

 

 

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Leuthold Funds

 

(Unaudited)

 

Leuthold Core Investment Fund

Allocation of Portfolio Holdings

March 31, 2021

 

image

 

Leuthold Global Fund

Allocation of Portfolio Holdings

March 31, 2021

 

image

 

^ Amount is less than 0.05%.

Reflected as a percent of absolute value of investments and securities sold short.

 

 

Leuthold Funds - 2021 Semi-Annual Report

1

 

 

Leuthold Funds

 

(Unaudited)

 

Leuthold Select Industries Fund

Allocation of Portfolio Holdings

March 31, 2021*

 

image

 

Grizzly Short Fund

Allocation of Securities Sold Short

March 31, 2021

 

 

image

 

* Excludes short-term investments less than 5% of net assets.

Reflected as a percent of absolute value of investments and securities sold short.

 

2

Leuthold Funds - 2021 Semi-Annual Report

 

 

  

Leuthold Funds

 

(Unaudited)

 

Leuthold Core ETF

Allocation of Portfolio Holdings

March 31, 2021

 

image

 

 

 

Leuthold Funds - 2021 Semi-Annual Report

3

 

 

Leuthold Core Investment Fund 

 

Schedule of Investments
March 31, 2021 (Unaudited)

 

 

Shares

 

 

Fair Value

COMMON STOCKS - 61.52%

 

 

 

 

Air Freight & Logistics - 0.92%

 

 

 

 

Air Transport Services Group, Inc. (a)

51,525

 

$

1,507,622

Atlas Air Worldwide Holdings, Inc. (a)

32,523

 

 

1,965,690

Hub Group, Inc. - Class A (a)

28,869

 

 

1,942,306

 

 

 

 

5,415,618

Biotechnology - 2.56%

 

 

 

 

AbbVie, Inc.

30,696

 

 

3,321,921

Alexion Pharmaceuticals, Inc. (a)

25,580

 

 

3,911,438

Amgen, Inc.

17,540

 

 

4,364,127

Regeneron Pharmaceuticals, Inc. (a)

7,308

 

 

3,457,707

 

 

 

 

15,055,193

Capital Markets - 5.34%

 

 

 

 

Credit Suisse Group AG - ADR

191,483

 

 

2,029,720

Evercore, Inc. - Class A

31,427

 

 

4,140,193

The Goldman Sachs Group, Inc.

22,291

 

 

7,289,157

Morgan Stanley

79,297

 

 

6,158,205

Raymond James Financial, Inc.

29,965

 

 

3,672,510

Stifel Financial Corp.

58,103

 

 

3,722,078

UBS Group AG (b)

285,031

 

 

4,426,532

 

 

 

 

31,438,395

Chemicals - 0.00% (h)

 

 

 

 

China Lumena New Materials Corp. (a)(b)(d)(e)

20,950

 

 

6,468

 

 

 

 

 

Construction & Engineering - 0.91%

 

 

 

 

Comfort Systems USA, Inc.

30,330

 

 

2,267,774

MasTec, Inc. (a)

33,254

 

 

3,115,900

 

 

 

 

5,383,674

Consumer Finance - 0.33%

 

 

 

 

Ally Financial, Inc.

43,034

 

 

1,945,567

         

Containers & Packaging - 3.97%

 

 

 

 

Amcor PLC (b)

267,126

 

 

3,120,032

Berry Global Group, Inc. (a)

28,138

 

 

1,727,673

Graphic Packaging Holding Co.

194,406

 

 

3,530,413

International Paper Co.

62,853

 

 

3,398,462

O-I Glass, Inc.

99,761

 

 

1,470,477

Sealed Air Corp.

67,969

 

 

3,114,340

Sonoco Products Co.

52,987

 

 

3,354,077

Westrock Co.

70,527

 

 

3,670,930

 

 

 

 

23,386,404

Distributors - 0.52%

 

 

 

 

LKQ Corp. (a)

73,085

 

 

3,093,688

         

Diversified Telecommunication Services - 0.63%

 

 

 

 

Verizon Communications, Inc.

63,949

 

 

3,718,634

         

Electronic Equipment, Instruments & Components - 1.54%

 

 

 

 

Arrow Electronics, Inc. (a)

17,175

 

 

1,903,333

Insight Enterprises, Inc. (a)

33,254

 

 

3,173,097

SYNNEX Corp.

34,715

 

 

3,986,671

 

 

 

 

9,063,101

Health Care Providers & Services - 7.57%

 

 

 

 

Anthem, Inc.

7,674

 

 

2,754,582

Centene Corp. (a)

66,507

 

 

4,250,462

Cigna Corp.

10,597

 

 

2,561,719

CVS Health Corp.

31,792

 

 

2,391,712

Encompass Health Corp.

42,024

 

 

3,441,766

Fresenius Medical Care AG & Co. KGaA - ADR

38,370

 

 

1,415,086

HCA Healthcare, Inc.

35,446

 

 

6,675,900

Humana, Inc.

10,963

 

 

4,596,238

Laboratory Corp. of America Holdings (a)

9,136

 

 

2,329,954

McKesson Corp.

9,136

 

 

1,781,885

Premier, Inc.

35,446

 

 

1,199,847

 

4

Leuthold Funds - 2021 Semi-Annual Report

See Notes to the Financial Statements.

 

 

 

Leuthold Core Investment Fund 

 

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

Shares

 

 

Fair Value

COMMON STOCKS - 61.52% (continued)

 

 

 

 

Health Care Providers & Services - 7.57%

 

 

 

 

(continued)

 

 

 

 

Quest Diagnostics, Inc.

13,886

 

$

1,782,129

UnitedHealth Group, Inc.

19,368

 

 

7,206,252

Universal Health Services, Inc. - Class B

16,444

 

 

2,193,465

 

 

 

 

44,580,997

Household Durables - 5.27%

 

 

 

 

D.R. Horton, Inc.

61,391

 

 

5,471,166

KB Home

45,313

 

 

2,108,414

La-Z-Boy, Inc.

44,582

 

 

1,893,843

Lennar Corp. - Class A

36,542

 

 

3,699,147

Meritage Homes Corp. (a)

26,311

 

 

2,418,507

Mohawk Industries, Inc. (a)

15,348

 

 

2,951,574

PulteGroup, Inc.

93,914

 

 

4,924,850

Sony Corp. - ADR

17,540

 

 

1,859,415

Toll Brothers, Inc.

56,641

 

 

3,213,244

Whirlpool Corp.

11,328

 

 

2,496,125

 

 

 

 

31,036,285

Insurance - 3.60%

 

 

 

 

Aflac, Inc.

68,458

 

 

3,503,680

American Equity Investment Life Holding Co.

90,602

 

 

2,856,681

Athene Holding, Ltd. (a)(b)

54,091

 

 

2,726,186

CNO Financial Group, Inc.

100,633

 

 

2,444,376

Manulife Financial Corp. (b)

168,858

 

 

3,630,447

MetLife, Inc.

57,587

 

 

3,500,714

Unum Group

91,778

 

 

2,554,182

 

 

 

 

21,216,266

Interactive Media & Services - 2.39%

 

 

 

 

Alphabet, Inc. - Class A (a)

4,751

 

 

9,799,032

Facebook, Inc. - Class A (a)

14,617

 

 

4,305,145

 

 

 

 

14,104,177

         

IT Services - 2.50%

 

 

 

 

Concentrix Corp. (a)

34,715

 

 

5,197,530

Mastercard, Inc. - Class A

14,982

 

 

5,334,341

Visa, Inc. - Class A

19,733

 

 

4,178,068

 

 

 

 

14,709,939

Media - 0.58%

 

 

 

 

Comcast Corp. - Class A

63,219

 

 

3,420,780

         

Metals & Mining - 0.34%

 

 

 

 

ArcelorMittal SA - NYRS

68,284

 

 

1,991,844

         

Multiline Retail - 4.13%

 

 

 

 

Dollar General Corp.

36,177

 

 

7,330,184

Dollar Tree, Inc. (a)

32,157

 

 

3,680,690

Target Corp.

67,238

 

 

13,317,831

 

 

 

 

24,328,705

Paper & Forest Products - 0.37%

 

 

 

 

Louisiana-Pacific Corp.

38,909

 

 

2,157,893

         

Professional Services - 2.70%

 

 

 

 

ASGN, Inc. (a)

36,908

 

 

3,522,500

Insperity, Inc.

28,503

 

 

2,386,841

Korn Ferry

38,735

 

 

2,415,902

ManpowerGroup, Inc.

26,311

 

 

2,602,158

Robert Half International, Inc.

43,120

 

 

3,366,378

TriNet Group, Inc. (a)

20,464

 

 

1,595,373

 

 

 

 

15,889,152

Semiconductors & Semiconductor Equipment - 6.78%

 

 

 

 

Applied Materials, Inc.

71,258

 

 

9,520,069

KLA Corp.

14,617

 

 

4,829,457

Lam Research Corp.

20,829

 

 

12,398,254

MKS Instruments, Inc.

27,041

 

 

5,013,942

SolarEdge Technologies, Inc. (a)(b)

28,503

 

 

8,192,902

 

 

 

 

39,954,624

 

See Notes to the Financial Statements.

Leuthold Funds - 2021 Semi-Annual Report

5

 

 

 

Leuthold Core Investment Fund 

 

Schedule of Investments (continued) 

March 31, 2021 (Unaudited)

 

 

Shares

 

 

Fair Value

COMMON STOCKS - 61.52% (continued)

 

 

 

 

Software - 2.54%

 

 

 

 

Adobe, Inc. (a)

8,039

 

$

3,821,499

Microsoft Corp.

47,140

 

 

11,114,198

 

 

 

 

14,935,697

Specialty Retail - 2.46%

 

 

 

 

AutoNation, Inc. (a)

24,849

 

 

2,316,424

Best Buy Co., Inc.

17,906

 

 

2,055,788

The Home Depot, Inc.

8,039

 

 

2,453,905

Penske Automotive Group, Inc.

29,965

 

 

2,404,392

Rent-A-Center, Inc.

39,466

 

 

2,275,609

Williams-Sonoma, Inc.

16,810

 

 

3,012,352

 

 

 

 

14,518,470

Technology Hardware, Storage & Peripherals - 1.15%

 

 

 

 

Apple, Inc.

40,928

 

 

4,999,355

Dell Technologies, Inc. - Class C (a)

20,264

 

 

1,786,272

 

 

 

 

6,785,627

Thrifts & Mortgage Finance - 0.60%

 

 

 

 

Flagstar Bancorp, Inc.

42,024

 

 

1,895,282

PennyMac Financial Services, Inc.

24,849

 

 

1,661,653

 

 

 

 

3,556,935

Trading Companies & Distributors - 1.50%

 

 

 

 

MSC Industrial Direct Co., Inc. - Class A

14,252

 

 

1,285,388

Triton International, Ltd. (b)

28,503

 

 

1,567,380

United Rentals, Inc. (a)

13,155

 

 

4,332,073

WESCO International, Inc. (a)

19,368

 

 

1,675,913

 

 

 

 

8,860,754

         

Wireless Telecommunication Services - 0.32%

 

 

 

 

T-Mobile US, Inc. (a)

14,982

 

 

1,877,095

TOTAL COMMON STOCKS

 

 

 

 

(Cost $207,219,654)

 

 

$

362,431,982

 

 

 

 

 

INVESTMENT COMPANIES - 19.39%

 

 

 

 

Exchange Traded Funds - 19.39%

 

 

 

 

Invesco CurrencyShares Japanese Yen Trust (a)(g)

145,298

 

$

12,373,578

iShares Core MSCI Emerging Markets ETF

238,801

 

 

15,369,232

iShares Floating Rate Bond ETF

228,111

 

 

11,583,477

iShares Gold Trust (a)

361,856

 

 

5,883,778

iShares International Treasury Bond ETF

218,724

 

 

11,358,337

iShares MBS ETF

121,040

 

 

13,123,157

SPDR Bloomberg Barclays Short-Term High Yield Bond ETF

482,378

 

 

13,183,391

SPDR Gold Shares (a)

116,964

 

 

18,709,561

VanEck Vectors ChinaAMC China

48,192

 

 

1,144,560

Vanguard Short-Term Inflation-Protected Securities ETF

223,614

 

 

11,525,066

TOTAL INVESTMENT COMPANIES
(Cost $101,757,951)

 

 

$

114,254,137

 

6

Leuthold Funds - 2021 Semi-Annual Report

See Notes to the Financial Statements.

 

 

 

Leuthold Core Investment Fund
 

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Principal Amount

 

 

Fair Value

 

CORPORATE BONDS - 1.68%

 

 

 

 

 

 

 

 

                 

Banks - 0.97%

 

 

 

 

 

 

 

 

JPMorgan Chase & Co. 1.500%,

01/27/2025

 

$

4,600,000

 

 

$

5,698,642

 

 

 

 

 

 

 

 

 

 

Technology Hardware, Storage

& Peripherals - 0.71%

 

 

 

 

 

 

 

 

Apple, Inc.

1.000%, 11/10/2022

 

 

3,500,000

 

 

 

4,193,080

 

TOTAL CORPORATE BONDS

(Cost $9,330,085)

 

 

 

 

 

$

9,891,722

 

 

 

 

 

 

 

 

 

 

FOREIGN GOVERNMENT BONDS - 2.96%

 

 

 

 

 

 

 

 

Canadian Government Bond

2.250%, 06/01/2025 (b)

 

 

 

 

 

 

 

 

CAD

 

 

8,100,000

 

 

$

6,833,985

 

French Republic Government Bond OAT

1.250%, 05/25/2034 (b)

 

 

 

 

 

 

 

 

EUR

 

 

7,930,000

 

 

 

10,576,371

 

TOTAL FOREIGN GOVERNMENT BONDS

(Cost $15,800,848)

 

 

 

 

 

$

17,410,356

 

 

 

 

Shares

 

 

Fair Value

 

SHORT-TERM INVESTMENTS - 12.78%

 

 

 

 

 

 

Money Market Funds - 12.78%

 

 

 

 

 

 

Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)(f)

 

 

75,307,277

 

 

$

75,307,277

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $75,307,277)

 

 

 

 

 

$

75,307,277

 

 

 

 

 

 

 

 

 

 

Total Investments
(Cost $409,415,815) - 98.33%

 

 

 

 

 

$

579,295,474

 

Other Assets in Excess of Liabilities - 1.67%

 

 

 

 

 

 

9,839,038

 

TOTAL NET ASSETS - 100.00%

 

 

 

 

 

$

589,134,512

 

 

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

CAD 

Canadian Dollar

EUR

Euro

NYRS

New York Registry Shares

 

(a)

Non-income producing security.

(b)

Foreign issued security.

(c)

The rate quoted is the annualized seven-day effective yield as of March 31, 2021.

(d)

Illiquid security. The fair value of this security totals $6,468 which represents an amount that rounds to 0.00% of total net assets.

(e)

This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs.

(f)

All or a portion of the assets have been committed as collateral for open securities sold short.

(g)

Affiliated security. At March 31, 2021, the market value of this security totals $12,373,578, which represents 2.10% of total net assets.

(h)

 Rounds to less than 0.005%.


The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

See Notes to the Financial Statements.

Leuthold Funds - 2021 Semi-Annual Report

7

 

 

 

Leuthold Core Investment Fund

 

Schedule of Investments Sold Short - (a)

March 31, 2021 (Unaudited)

 

 

 

Shares

 

 

Fair Value

 

COMMON STOCKS - 1.76%

 

 

 

 

 

 

Aerospace & Defense - 0.12%

 

 

 

 

 

 

 

 

The Boeing Co.

 

 

1,073

 

 

$

273,315

 

HEICO Corp.

 

 

1,353

 

 

 

170,207

 

TransDigm Group, Inc.

 

 

477

 

 

 

280,438

 

 

 

 

 

 

 

 

723,960

 

Airlines - 0.07%

 

 

 

 

 

 

 

 

Alaska Air Group, Inc.

 

 

2,625

 

 

 

181,676

 

Southwest Airlines Co.

 

 

3,633

 

 

 

221,831

 

 

 

 

 

 

 

 

403,507

 

Banks - 0.01%

 

 

 

 

 

 

 

 

Community Bank System, Inc.

 

 

1,000

 

 

 

76,720

 

                 

Capital Markets - 0.10%

 

 

 

 

 

 

 

 

CME Group, Inc. - Class A

 

 

1,237

 

 

 

252,633

 

Hamilton Lane, Inc. - Class A

 

 

1,068

 

 

 

94,582

 

Intercontinental Exchange, Inc.

 

 

2,061

 

 

 

230,172

 

 

 

 

 

 

 

 

577,387

 

Chemicals - 0.11%

 

 

 

 

 

 

 

 

Air Products and Chemicals, Inc.

 

 

879

 

 

 

247,298

 

Ecolab, Inc.

 

 

1,102

 

 

 

235,905

 

International Flavors & Fragrances,Inc.

 

 

1,083

 

 

 

151,198

 

 

 

 

 

 

 

 

634,401

 

Commercial Services & Supplies - 0.05%

 

 

 

 

 

 

 

 

MSA Safety, Inc.

 

 

1,140

 

 

 

171,023

 

US Ecology, Inc.

 

 

2,421

 

 

 

100,810

 

 

 

 

 

 

 

 

271,833

 

Diversified Consumer Services - 0.01%

 

 

 

 

 

 

 

 

Bright Horizons Family Solutions, Inc.

 

 

464

 

 

 

79,553

 

                 

Electric Utilities - 0.09%

 

 

 

 

 

 

 

 

Edison International

 

 

4,536

 

 

 

265,809

 

PG&E Corp.

 

 

21,028

 

 

 

246,238

 

 

 

 

 

 

 

 

512,047

 

Entertainment - 0.02%

 

 

 

 

 

 

 

 

Madison Square Garden Sports Corp. - Class A

 

 

648

 

 

 

116,290

 

                 

Food & Staples Retailing - 0.02%

 

 

 

 

 

 

 

 

Sysco Corp.

 

 

1,899

 

 

 

149,527

 

                 

Health Care Equipment & Supplies - 0.22%

 

 

 

 

 

 

 

 

Alcon, Inc. (b)

 

 

3,115

 

 

 

218,611

 

Becton Dickinson and Co.

 

 

1,125

 

 

 

273,544

 

Boston Scientific Corp.

 

 

6,241

 

 

 

241,214

 

The Cooper Companies, Inc.

 

 

398

 

 

 

152,868

 

Insulet Corp.

 

 

845

 

 

 

220,477

 

Mesa Laboratories, Inc.

 

 

266

 

 

 

64,771

 

Zimmer Biomet Holdings, Inc.

 

 

937

 

 

 

149,995

 

 

 

 

 

 

 

 

1,321,480

 

Hotels, Restaurants & Leisure - 0.20%

 

 

 

 

 

 

 

 

Aramark

 

 

4,121

 

 

 

155,691

 

Choice Hotels International, Inc.

 

 

1,773

 

 

 

190,225

 

Hilton Worldwide Holdings, Inc.

 

 

1,828

 

 

 

221,042

 

Las Vegas Sands Corp.

 

 

4,069

 

 

 

247,233

 

Planet Fitness, Inc. - Class A

 

 

1,994

 

 

 

154,136

 

Restaurant Brands International,

Inc. (b)

 

 

3,521

 

 

 

228,865

 

 

 

 

 

 

 

 

1,197,192

 

Industrial Conglomerates - 0.07%

 

 

 

 

 

 

 

 

General Electric Co.

 

 

11,473

 

 

 

150,641

 

Roper Technologies, Inc.

 

 

604

 

 

 

243,617

 

 

 

 

 

 

 

 

394,258

 

Insurance - 0.02%

 

 

 

 

 

 

 

 

Arthur J. Gallagher & Co.

 

 

1,214

 

 

 

151,471

 

 

8

Leuthold Funds - 2021 Semi-Annual Report

See Notes to the Financial Statements.

 

 

 

Leuthold Core Investment Fund

 

Schedule of Investments Sold Short - (a) (continued)

March 31, 2021 (Unaudited)

 

 

 

Shares

 

 

Fair Value

 

COMMON STOCKS - 1.76% (continued)

 

 

 

 

 

 

IT Services - 0.08%

 

 

 

 

 

 

 

 

Fidelity National Information

Services, Inc.

 

 

1,624

 

 

$

228,351

 

Shopify, Inc. - Class A (b)

 

 

149

 

 

 

164,868

 

Switch, Inc. - Class A

 

 

5,523

 

 

 

89,804

 

 

 

 

 

 

 

 

483,023

 

Media - 0.04%

 

 

 

 

 

 

 

 

Liberty Broadband Corp. - Class C

 

 

1,509

 

 

 

226,576

 

                 

Metals & Mining - 0.04%

 

 

 

 

 

 

 

 

Franco-Nevada Corp. (b)

 

 

1,892

 

 

 

237,049

 

                 

Oil, Gas & Consumable Fuels - 0.04%

 

 

 

 

 

 

 

 

Occidental Petroleum Corp.

 

 

8,694

 

 

 

231,434

 

                 

Pharmaceuticals - 0.03%

 

 

 

 

 

 

 

 

Elanco Animal Health, Inc.

 

 

5,193

 

 

 

152,934

 

                 

Professional Services - 0.08%

 

 

 

 

 

 

 

 

CoStar Group, Inc.

 

 

293

 

 

 

240,814

 

Thomson Reuters Corp. (b)

 

 

2,602

 

 

 

227,857

 

 

 

 

 

 

 

 

468,671

 

Real Estate Investment Trusts (REITs) - 0.09%

 

 

 

 

 

 

 

 

Sun Communities, Inc.

 

 

1,013

 

 

 

151,990

 

UDR, Inc.

 

 

4,577

 

 

 

200,747

 

Welltower, Inc.

 

 

2,079

 

 

 

148,919

 

 

 

 

 

 

 

 

501,656

 

Software - 0.15%

 

 

 

 

 

 

 

 

Alteryx, Inc. - Class A

 

 

904

 

 

 

74,996

 

Coupa Software, Inc.

 

 

650

 

 

 

165,412

 

Intuit, Inc.

 

 

412

 

 

 

157,821

 

PROS Holdings, Inc.

 

 

2,558

 

 

 

108,715

 

RingCentral, Inc. - Class A

 

 

607

 

 

 

180,813

 

Splunk, Inc.

 

 

1,336

 

 

 

181,001

 

 

 

 

 

 

 

 

868,758

 

                 

Specialty Retail - 0.03%

 

 

 

 

 

 

 

 

Burlington Stores, Inc.

 

 

507

 

 

 

151,492

 

                 

Textiles, Apparel & Luxury Goods - 0.04%

 

 

 

 

 

 

 

 

VF Corp.

 

 

3,342

 

 

 

267,093

 

                 

Water Utilities - 0.03%

 

 

 

 

 

 

 

 

Essential Utilities, Inc.

 

 

3,664

 

 

 

163,964

 

TOTAL COMMON STOCKS

 

 

 

 

 

 

 

 

(Proceeds $9,583,465)

 

 

 

 

 

$

10,362,276

 

 

 

 

 

 

 

 

 

 

INVESTMENT COMPANIES - 5.63%

 

 

 

 

 

 

 

 

Exchange Traded Funds - 5.63%

 

 

 

 

 

 

 

 

Energy Select Sector SPDR Fund

 

 

2,266

 

 

$

111,170

 

Financial Select Sector SPDR Fund

 

 

14,153

 

 

 

481,910

 

Invesco QQQ Trust Series 1

 

 

3,230

 

 

 

1,030,790

 

iShares Expanded Tech-Software Sector ETF

 

 

1,193

 

 

 

407,314

 

iShares Russell 1000 Growth ETF

 

 

2,400

 

 

 

583,296

 

iShares S&P 100 ETF

 

 

4,661

 

 

 

838,188

 

SPDR S&P 500 ETF Trust

 

 

73,764

 

 

 

29,234,886

 

Utilities Select Sector SPDR Fund

 

 

7,346

 

 

 

470,438

 

TOTAL INVESTMENT COMPANIES

 

 

 

(Proceeds $26,499,833)

 

 

 

 

 

$

33,157,992

 

 

 

 

 

 

 

 

 

 

TOTAL SECURITIES SOLD SHORT

 

 

 

(Proceeds $36,083,298) - 7.39%

$

43,520,268

 

 

Percentages are stated as a percent of net assets.

(a)   Non-income producing security.

(b)   Foreign issued security. 

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.  

 

See Notes to the Financial Statements.

Leuthold Funds - 2021 Semi-Annual Report

9

 

 

 

Leuthold Global Fund

Schedule of Investments
March 31, 2021 (Unaudited)


 

 

 

Shares

 

 

Fair Value

 

COMMON STOCKS - 65.72%

 

 

 

 

 

 

 

Air Freight & Logistics - 0.85%

 

 

 

 

 

 

 

Atlas Air Worldwide Holdings, Inc. (a)

 

 

1,607

 

$

97,127

 

FedEx Corp.

 

 

504

 

 

143,156

 

 

 

 

 

 

 

240,283

 

Banks - 4.48%

 

 

 

 

 

 

 

Ameris Bancorp

 

 

1,973

 

 

103,602

 

Associated Banc-Corp.

 

 

4,806

 

 

102,560

 

BancorpSouth Bank

 

 

2,938

 

 

95,426

 

Bank Tabungan Negara Persero Tbk PT (b)

 

 

669,200

 

 

79,401

 

FNB Corp.

 

 

8,634

 

 

109,652

 

Investors Bancorp, Inc.

 

 

7,568

 

 

111,174

 

Mebuki Financial Group, Inc. (b)

 

 

43,300

 

 

102,173

 

People’s United Financial, Inc.

 

 

8,889

 

 

159,113

 

The PNC Financial Services Group, Inc.

 

 

1,161

 

 

203,651

 

Simmons First National Corp.

 

 

3,056

 

 

90,671

 

Valley National Bancorp

 

 

8,145

 

 

111,912

 

 

 

 

 

 

 

1,269,335

 

Capital Markets - 5.28%

 

 

 

 

 

 

 

Evercore, Inc. - Class A

 

 

1,032

 

 

135,956

 

The Goldman Sachs Group, Inc.

 

 

995

 

 

325,365

 

Haitong Securities Co., Ltd. - H Shares (b)

 

 

79,600

 

 

73,914

 

LPL Financial Holdings, Inc.

 

 

1,342

 

 

190,779

 

Meritz Securities Co., Ltd. (b)

 

 

16,885

 

 

68,960

 

Morgan Stanley

 

 

4,876

 

 

378,670

 

Raymond James Financial, Inc.

 

 

1,310

 

 

160,553

 

Stifel Financial Corp.

 

 

2,531

 

 

162,136

 

 

 

 

 

 

 

1,496,333

 

               

Communications Equipment - 3.85%

 

 

 

 

 

 

 

Ciena Corp. (a)

 

 

2,208

 

 

120,822

 

Cisco Systems, Inc.

 

 

4,509

 

 

233,160

 

Juniper Networks, Inc.

 

 

4,059

 

 

102,814

 

Lumentum Holdings, Inc. (a)

 

 

1,368

 

 

124,967

 

NETGEAR, Inc. (a)

 

 

2,659

 

 

109,285

 

Spirent Communications PLC (b)

 

 

33,200

 

 

109,139

 

Telefonaktiebolaget LM Ericsson - Class B - ADR (a)

 

 

13,706

 

 

180,782

 

Wistron NeWeb Corp. (a)(b)

 

 

42,000

 

 

110,028

 

 

 

 

 

 

 

1,090,997

 

Construction Materials - 3.27%

 

 

 

 

 

 

 

Asia Cement Corp. (b)

 

 

49,000

 

 

82,284

 

Buzzi Unicem SpA (b)

 

 

2,905

 

 

75,458

 

China National Building Material Co., Ltd. - H Shares (b)

 

 

76,000

 

 

110,102

 

China Resources Cement Holdings, Ltd. (b)

 

 

54,000

 

 

60,913

 

CRH PLC - ADR

 

 

3,090

 

 

145,168

 

HeidelbergCement AG (b)

 

 

1,445

 

 

131,290

 

LafargeHolcim, Ltd. (b)

 

 

2,135

 

 

125,549

 

Martin Marietta Materials, Inc.

 

 

394

 

 

132,313

 

Taiheiyo Cement Corp. (b)

 

 

2,400

 

 

63,239

 

 

 

 

 

 

 

926,316

 

Containers & Packaging - 3.22%

 

 

 

 

 

 

 

Berry Global Group, Inc. (a)

 

 

2,860

 

 

175,604

 

Cheng Loong Corp. (b)

 

 

55,000

 

 

67,260

 

DS Smith PLC (b)

 

 

24,594

 

 

138,201

 

O-I Glass, Inc.

 

 

6,443

 

 

94,970

 

Rengo Co., Ltd. (b)

 

 

7,600

 

 

66,097

 

Sealed Air Corp.

 

 

3,469

 

 

158,950

 

Silgan Holdings, Inc.

 

 

1,770

 

 

74,393

 

Sonoco Products Co.

 

 

2,159

 

 

136,665

 

 

 

 

 

 

 

912,140

 

 

10

Leuthold Funds - 2021 Semi-Annual Report

See Notes to the Financial Statements.

 

 

 

Leuthold Global Fund

Schedule of Investments (continued)
March 31, 2021 (Unaudited)


 

 

 

Shares

 

 

Fair Value

 

COMMON STOCKS - 65.72% (continued)

 

 

 

 

 

 

 

Distributors - 0.34%

 

 

 

 

 

 

 

LKQ Corp. (a)

 

 

2,309

 

$

97,740

 

Health Care Providers & Services - 2.71%

 

 

 

 

 

 

 

Anthem, Inc.

 

 

767

 

 

275,315

 

Centene Corp. (a)

 

 

2,093

 

 

133,764

 

Humana, Inc.

 

 

519

 

 

217,591

 

Molina Healthcare, Inc. (a)

 

 

610

 

 

142,593

 

 

 

 

 

 

 

769,263

 

Household Durables - 7.80%

 

 

 

 

 

 

 

Barratt Developments PLC (b)

 

 

12,837

 

 

132,042

 

Electrolux AB - Class B (b)

 

 

3,625

 

 

100,779

 

Forbo Holding AG (b)

 

 

30

 

 

54,456

 

Haier Smart Home Co., Ltd. - H Class (a)(b)

 

 

33,200

 

 

133,777

 

Hanssem Co., Ltd. (b)

 

 

574

 

 

59,396

 

Haseko Corp. (b)

 

 

8,700

 

 

121,688

 

KB Home

 

 

3,918

 

 

182,305

 

La-Z-Boy, Inc.

 

 

1,224

 

 

51,996

 

Lennar Corp. - Class A

 

 

2,545

 

 

257,630

 

Meritage Homes Corp. (a)

 

 

2,409

 

 

221,435

 

Mohawk Industries, Inc. (a)

 

 

579

 

 

111,347

 

Redrow PLC (b)

 

 

12,987

 

 

112,440

 

Sony Corp. - ADR

 

 

1,706

 

 

180,853

 

TCL Electronics Holdings, Ltd. (b)

 

 

58,000

 

 

45,012

 

Toll Brothers, Inc.

 

 

3,435

 

 

194,868

 

Tri Pointe Homes, Inc. (a)

 

 

7,574

 

 

154,207

 

Whirlpool Corp.

 

 

434

 

 

95,632

 

 

 

 

 

 

 

2,209,863

 

               

Insurance - 3.04%

 

 

 

 

 

 

 

American Equity Investment Life Holding Co.

 

 

3,331

 

 

105,026

 

CNO Financial Group, Inc.

 

 

4,306

 

 

104,593

 

Legal & General Group PLC (b)

 

 

32,052

 

 

123,065

 

Medibank Pvt, Ltd. (b)

 

 

38,240

 

 

81,508

 

MetLife, Inc.

 

 

3,931

 

 

238,966

 

Phoenix Group Holdings PLC (b)

 

 

9,073

 

 

91,729

 

Unum Group

 

 

4,171

 

 

116,079

 

 

 

 

 

 

 

860,966

 

Interactive Media & Services - 3.52%

 

 

 

 

 

 

 

Alphabet, Inc. - Class A (a)

 

 

194

 

 

400,129

 

Auto Trader Group PLC (b)

 

 

10,396

 

 

79,488

 

Facebook, Inc. - Class A (a)

 

 

794

 

 

233,857

 

Twitter, Inc. (a)

 

 

2,497

 

 

158,884

 

Yandex NV - Class A (a)(b)

 

 

1,945

 

 

124,597

 

 

 

 

 

 

 

996,955

 

IT Services - 2.92%

 

 

 

 

 

 

 

Accenture PLC - Class A (b)

 

 

907

 

 

250,559

 

Atos SE (b)

 

 

1,223

 

 

95,351

 

Bechtle AG (b)

 

 

830

 

 

155,705

 

NS Solutions Corp. (b)

 

 

2,800

 

 

89,007

 

TIS, Inc. (b)

 

 

4,600

 

 

110,129

 

Wipro, Ltd. - ADR

 

 

19,915

 

 

126,261

 

 

 

 

 

 

 

827,012

 

Life Sciences Tools & Services - 3.39%

 

 

 

 

 

 

 

Charles River Laboratories International, Inc. (a)

 

 

556

 

 

161,145

 

Eurofins Scientific SE (b)

 

 

1,252

 

 

119,667

 

Gerresheimer AG (b)

 

 

842

 

 

83,625

 

Medpace Holdings, Inc. (a)

 

 

893

 

 

146,497

 

PRA Health Sciences, Inc. (a)

 

 

854

 

 

130,944

 

Siegfried Holding AG (b)

 

 

128

 

 

105,473

 

Syneos Health, Inc. (a)

 

 

1,551

 

 

117,643

 

Waters Corp. (a)

 

 

339

 

 

96,334

 

 

 

 

 

 

 

961,328

 

 

See Notes to the Financial Statements.

Leuthold Funds - 2021 Semi-Annual Report

11

 

 

 

Leuthold Global Fund

Schedule of Investments (continued)
March 31, 2021 (Unaudited)


 

 

 

Shares

 

 

Fair Value

 

COMMON STOCKS - 65.72% (continued)

 

 

 

 

 

 

 

Marine - 0.92%

 

 

 

 

 

 

 

AP Moller - Maersk A/S - Class B (b)

 

 

63

 

$

146,256

 

Evergreen Marine Corp Taiwan, Ltd. (a)(b)

 

 

71,000

 

 

113,961

 

 

 

 

 

 

 

260,217

 

Metals & Mining - 4.35%

 

 

 

 

 

 

 

Anglo American PLC (b)

 

 

4,279

 

 

167,600

 

BHP Group, Ltd. - ADR

 

 

3,372

 

 

233,983

 

Boliden AB (b)

 

 

2,538

 

 

94,168

 

Grupo Mexico SAB de CV (b)

 

 

41,200

 

 

217,172

 

KAZ Minerals PLC (b)

 

 

9,803

 

 

117,143

 

Korea Zinc Co., Ltd. (b)

 

 

214

 

 

77,486

 

Rio Tinto PLC - LN Shares - ADR

 

 

2,927

 

 

227,282

 

Sumitomo Metal Mining Co., Ltd. (b)

 

 

2,300

 

 

99,671

 

 

 

 

 

 

 

1,234,505

 

Multiline Retail - 0.75%

 

 

 

 

 

 

 

B&M European Value Retail SA (b)

 

 

14,600

 

 

106,224

 

Harvey Norman Holdings, Ltd. (b)

 

 

24,300

 

 

106,204

 

 

 

 

 

 

 

212,428

 

Paper & Forest Products - 0.17%

 

 

 

 

 

 

 

China Forestry Holdings Co., Ltd. (a)(b)(d)(e)

 

 

2,484,000

 

 

47,928

 

               

Professional Services - 0.92%

 

 

 

 

 

 

 

CACI International, Inc. (a)

 

 

602

 

 

148,489

 

ManTech International Corp. - Class A

 

 

1,282

 

 

111,470

 

 

 

 

 

 

 

259,959

 

               

Semiconductors & Semiconductor Equipment - 9.74%

 

 

 

 

 

 

 

Amkor Technology, Inc.

 

 

5,631

 

 

133,511

 

Applied Materials, Inc.

 

 

2,309

 

 

308,482

 

ASM International NV (b)

 

 

909

 

 

263,560

 

Diodes, Inc. (a)

 

 

1,710

 

 

136,526

 

Globalwafers Co., Ltd. (b)

 

 

7,000

 

 

185,584

 

Intel Corp.

 

 

3,377

 

 

216,128

 

Lam Research Corp.

 

 

669

 

 

398,216

 

Marvell Technology Group, Ltd.

 

 

3,499

 

 

171,381

 

Sino-American Silicon Products, Inc. (b)

 

 

29,000

 

 

172,823

 

SK Hynix, Inc. (b)

 

 

1,621

 

 

191,378

 

Skyworks Solutions, Inc.

 

 

1,230

 

 

225,680

 

SUMCO Corp. (b)

 

 

7,000

 

 

160,421

 

Taiwan Surface Mounting Technology Corp. (b)

 

 

22,000

 

 

90,659

 

UniTest, Inc. (b)

 

 

5,413

 

 

106,583

 

 

 

 

 

 

 

2,760,932

 

Specialty Retail - 0.44%

 

 

 

 

 

 

 

Penske Automotive Group, Inc.

 

 

1,552

 

 

124,533

 

Technology Hardware, Storage & Peripherals - 1.01%

 

 

 

 

 

 

 

HP, Inc.

 

 

4,600

 

 

146,050

 

Logitech International SA (b)

 

 

1,346

 

 

140,657

 

 

 

 

 

 

 

286,707

 

Trading Companies & Distributors - 2.75%

 

 

 

 

 

 

 

Air Lease Corp.

 

 

1,923

 

 

94,227

 

Indutrade AB (b)

 

 

8,035

 

 

185,529

 

ITOCHU Corp. (b)

 

 

3,900

 

 

126,617

 

Mitsui & Co., Ltd. (b)

 

 

4,900

 

 

102,265

 

Triton International, Ltd. (b)

 

 

2,359

 

 

129,721

 

WESCO International, Inc. (a)

 

 

1,652

 

 

142,948

 

 

 

 

 

 

 

781,307

 

TOTAL COMMON STOCKS (Cost $14,039,259)

 

 

 

 

$

18,627,047

 

 

12

Leuthold Funds - 2021 Semi-Annual Report

See Notes to the Financial Statements.

 

 

 

Leuthold Global Fund

Schedule of Investments (continued)
March 31, 2021 (Unaudited)


 

 

 

Shares

 

 

Fair Value

 

INVESTMENT COMPANIES - 16.07%

 

 

 

 

 

 

 

               

Exchange Traded Funds - 16.07%

 

 

 

 

 

 

 

Invesco CurrencyShares Japanese Yen Trust (a)

 

 

8,531

 

$

726,500

 

iShares Floating Rate Bond ETF

 

 

11,774

 

 

597,884

 

iShares Gold Trust (a)

 

 

16,511

 

 

268,469

 

iShares International Treasury Bond ETF

 

 

3,376

 

 

175,316

 

iShares MBS ETF

 

 

6,215

 

 

673,830

 

SPDR Bloomberg Barclays Short- Term High Yield Bond ETF

 

 

25,404

 

 

694,291

 

SPDR Gold Shares (a)

 

 

5,337

 

 

853,706

 

VanEck Vectors ChinaAMC China

 

 

2,277

 

 

54,079

 

Vanguard Short-Term Inflation- Protected Securities ETF

 

 

9,933

 

 

511,947

 

TOTAL INVESTMENT COMPANIES (Cost $4,315,993)

 

 

 

 

 

4,556,022

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

Amount

 

 

Fair Value

 

 

 

 

 

 

 

 

 

CORPORATE BONDS - 2.05%

 

 

 

 

 

 

 

Banks - 2.05%

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

 

 

 

 

 

1.500%, 01/27/2025

 

$

470,000

 

$

582,252

 

TOTAL CORPORATE BONDS (Cost $517,809)

 

 

 

 

$

582,252

 

               

FOREIGN GOVERNMENT BONDS - 4.05%

 

 

 

 

 

 

 

Canadian Government Bond 2.250%, 06/01/2025 (b) CAD

 

 

610,000

 

$

514,658

 

French Republic Government Bond OAT 1.250%, 05/25/2034 (b) EUR

 

 

474,000

 

 

632,182

 

TOTAL FOREIGN GOVERNMENT BONDS (Cost $1,042,145)

 

 

 

 

$

1,146,840

 


 

 

 

Shares

 

 

Fair Value

 

SHORT-TERM INVESTMENTS - 9.45%

 

 

 

 

 

 

 

Money Market Funds - 9.45%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)(f)

 

 

2,678,724

 

$

2,678,724

 

TOTAL SHORT-TERM INVESTMENTS (Cost $2,678,724)

 

 

 

 

$

2,678,724

 

 

 

 

 

 

 

 

 

Total Investments (Cost $22,593,930) - 97.34%

 

 

 

 

$

27,590,885

 

Other Assets in Excess of Liabilities - 2.66%

 

 

 

 

 

752,669

 

TOTAL NET ASSETS - 100.00%

 

 

 

 

$

28,343,554

 


Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

CAD

Canadian Dollar

EUR

Euro


(a)

Non-income producing security.

(b)

Foreign issued security.

(c)

The rate quoted is the annualized seven-day effective yield as of March 31, 2021.

(d)

Illiquid security.  The fair value of these securities total $47,928 which represents 0.17% of total net assets.

(e)

This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs.

(f)

All or a portion of the assets have been committed as collateral for open securities sold short.


The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been  licensed for use by U.S. Bancorp Fund Services, LLC. 

 

See Notes to the Financial Statements.

Leuthold Funds - 2021 Semi-Annual Report

13

 

 

 

Leuthold Global Fund

Schedule of Investments (continued)
March 31, 2021 (Unaudited)


 

 

Fair
Value

 

Percentage
of Total
Investments

 

CURRENCY EXPOSURE

 

 

 

 

 

 

 

Australian Dollar

 

$

187,712

 

 

0.68

%

British Pound

 

 

1,177,071

 

 

4.27

 

Canadian Dollar

 

 

514,658

 

 

1.86

 

Danish Krone

 

 

146,256

 

 

0.53

 

Euro

 

 

2,139,090

 

 

7.75

 

Hong Kong Dollar

 

 

471,646

 

 

1.71

 

Indonesian Rupiah

 

 

79,401

 

 

0.29

 

Japanese Yen

 

 

1,041,307

 

 

3.77

 

Mexican Peso

 

 

217,172

 

 

0.79

 

South Korean Won

 

 

503,803

 

 

1.83

 

Swedish Krona

 

 

380,476

 

 

1.38

 

Swiss Franc

 

 

285,478

 

 

1.03

 

Taiwan New Dollar

 

 

822,599

 

 

2.98

 

US Dollar

 

 

19,624,216

 

 

71.13

 

Total Investments

 

$

27,590,885

 

 

100.00

%
               

PORTFOLIO DIVERSIFICATION