9AT: LEUTHOLD WEEDEN CAPITAL MANAGEMENT

other names

LEUTHOLD WEEDEN CAPITAL MANAGEMENT
THE LEUTHOLD GROUP, LLC
LEUTHOLD WEEDEN HEDGE LLC
LEUTHOLD WEEDEN CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 10/16/1987
ADV Location	MINNEAPOLIS, MN, United States
Contact Info	612 xxxxxxx
Websites

AUM^*	1,168,984,227 5%
of that, discretionary	1,121,238,494 5%
Private Fund GAV^*	41,576,724 28%
Avg Account Size	5,844,921 -33%
% High Net Worth	30.00% -27%
SMA’s	Yes
Private Funds	1

Adviser Type

- Large advisory firm

Number of Employees 17

of those in investment advisory functions 7 -13%

Client Types

- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Publication of periodicals or newsletters

Compensation Arrangments

- A percentage of assets under your management
- Subscription fees (for a newsletter or periodical)
- Fixed fees (other than subscription fees)

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count1	GAV$41,576,724

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser TRUE PARTNER CAPITAL USA	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM145.6m	#Funds-
Adviser CAVALRY MANAGEMENT GROUP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.1b	#Funds-
Adviser CAIUS CAPITAL LLP	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM1.8b	#Funds3
Adviser QTRON INVESTMENTS LLC	Hedge Fund431.5k	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV431.5k	AUM1.2b	#Funds2
Adviser OPTI CAPITAL MANAGEMENT LP	Hedge Fund657.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV657.4m	AUM1.8b	#Funds3
Adviser SHREWSBURY RIVER CAPITAL LP	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM757.5m	#Funds3
Adviser IRON TRIANGLE PARTNERS LP	Hedge Fund264.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV264.7m	AUM1.1b	#Funds4
Adviser QUENT CAPITAL, LLC	Hedge Fund123.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV123.6m	AUM2.1b	#Funds1
Adviser WILLING CAPITAL MANAGEMENT LIMITED	Hedge Fund623.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV623.5m	AUM806.3m	#Funds4
Adviser CURIAM CAPITAL LLC	Hedge Fund964.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV964.7m	AUM964.7m	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker25460E869	Stock NameDirexion Daily S&P500 Bear 1X	$ Position$30,587,514	% Position3.00%	$ Change39.00%	# Change31.00%
Stck Ticker38141G104	Stock NameGoldman Sachs Group Inc.	$ Position$15,495,999	% Position2.00%	$ Change-3.00%	# Change1.00%
Stck Ticker78464A375	Stock NameSPDR Intermediate Term Corpora	$ Position$14,094,347	% Position2.00%	$ Change-1.00%	# Change0.00%
Stck Ticker78464A516	Stock NameSPDR Bloomberg Barclays Intern	$ Position$18,199,579	% Position2.00%	$ Change-3.00%	# Change0.00%
Stck Ticker74348A210	Stock NameProShares Short Russell2000	$ Position$14,089,909	% Position2.00%	$ Change5.00%	# Change6.00%
Stck Ticker594918104	Stock NameMicrosoft Corp.	$ Position$17,831,459	% Position2.00%	$ Change-27.00%	# Change-5.00%
Stck Ticker466313103	Stock NameJabil Inc.	$ Position$15,657,826	% Position2.00%	$ Change10.00%	# Change-5.00%
Stck Ticker02079K305	Stock NameAlphabet Inc. Cl A	$ Position$19,091,971	% Position2.00%	$ Change-10.00%	# Change-2.00%
Stck Ticker031162100	Stock NameAmgen Inc.	$ Position$7,599,256	% Position1.00%	$ Change8.00%	# Change1.00%
Stck Ticker05722G100	Stock NameBaker Hughes Company Class A	$ Position$6,502,924	% Position1.00%	$ Change1055.00%	# Change761.00%

Brochure Summary

Overview

The Leuthold Group, LLC d/b/a Leuthold Weeden Capital Management (“Leuthold”) serves as an investment advisor to separately managed accounts, mutual funds (the “Leuthold mutual funds”), an exchange traded fund (the “Leuthold ETF”) and a private fund (the “Private Investment Fund”). Leuthold also provides investment research to institutional clients. The Leuthold Group was founded in 1981 as an independent investment research firm. Our proprietary research includes technical and quantitative analysis, broad sector and industry group analysis, financial marketplace supply/demand dynamics, long-term historical valuation studies as well as other types of market research. In 1987, members of The Leuthold Group founded Leuthold Weeden Capital Management to provide investment advisory services to individuals, institutions, private funds and public funds. Leuthold is majority employee-owned. Weeden Investors, L.P. is also an owner of Leuthold. We offer advice on the following: equity securities that are exchange-listed, including, without limitation, listed shares of exchange traded funds and closed end investment companies; securities traded over-the-counter; securities of foreign issuers; warrants; corporate debt securities; commercial paper; certificates of deposit; municipal securities; mutual fund shares; United States government securities; options contracts on securities and commodities; futures contracts on tangibles and intangibles; and interests in partnerships

investing in real estate, oil, and gas interests. We may also invest in convertible corporate debt securities; convertible preferred stocks; obligations issued or guaranteed by the United States, states, counties, cities, or other political subdivisions or agencies thereof; various money market instruments, such as bankers’ acceptances, corporate demand notes, and repurchase obligations; Eurodollar and Yankee-dollar debt obligations; debt obligations of foreign governments; and industrial metals and precious metals. From time to time, we may, within a particular investment strategy, invest in unconventional asset classes such as farm land or gold. The advisory services we offer are focused on quantitative strategies. We do not tailor advisory services to the needs of individual clients, but instead provide a series of investment strategies from which clients may select the offerings that best meet their needs. Clients who invest in separately managed accounts may impose restrictions on investing in certain securities or types of securities if the proposed restrictions are agreed to by us. The majority of our clients do not impose such restrictions, and investors in the Leuthold mutual funds, the Leuthold ETF and the Private Investment Fund have no opportunity to impose any investment restrictions. As of December 31, 2023, Leuthold managed $1,072,172,273 of client assets on a discretionary basis and $37,724,703 on a non-discretionary basis.

LEUTHOLD WEEDEN CAPITAL MANAGEMENT

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