Leuthold Group
Leuthold Group is a privately held investment research and asset management firm founded in 1981 in Minneapolis, managing actively managed mutual funds, ETFs (LCR, LST), and SMA portfolios for institutional and retail investors using an independent, contrarian, quantitatively driven process.
- Company typePrivate
- Founded1981
- HeadquartersMinneapolis, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Leuthold Group does
Leuthold Group is a privately held investment research firm and registered investment adviser founded in 1981 in Minneapolis by Steve Leuthold. Originally established as an institutional research boutique, the firm expanded into asset management in 1987 and now operates across multiple product vehicles, serving both institutional and retail investors. The firm is structured as an LLC and remains independently held, with Weeden Investors L.P. holding a 22% ownership stake.
The product platform spans actively managed mutual funds — including LCORX/LCRIX (core), GRZZX, and GLBLX/GLBIX (global) — two actively managed ETFs (LCR and LST), and a suite of separately managed and unified managed account portfolios distributed under the Weeden Active Core Equity, All Cap Core, Global, and Greenbridge brands. Mutual fund distribution is handled through Quasar Distributors, while in January 2026 the firm expanded into the turnkey asset management channel via a partnership with SMArtX Advisory Solutions, indicating a deliberate broadening of distribution beyond legacy mutual fund and SMA intermediaries.
Leuthold generates revenue from a combination of investment management fees on mutual fund, ETF, and SMA assets under management, plus subscription revenue from its institutional research service. The firm employs 11-50 staff and is led by CIOs Doug Ramsey and Scott Opsal, supported by Director of Multi-Asset Chun Wang, Director of Equities Greg Swenson, and co-portfolio manager Phil Segner. Founder Steve Leuthold and former CIO James Paulsen have stepped back from active roles, with succession formalized in 2025. The investment philosophy is described as independent, contrarian, and quantitatively driven, supported by an in-house research publishing cadence and regular media presence.
Leuthold Group firmographics
Firmographics- Name
- Leuthold Group
- Legal name
- The Leuthold Group, LLC
- Website
- https://leutholdgroup.com
- Company type
- Private
- Founded year
- 1981
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Leuthold Group is a privately held investment research and asset management firm founded in 1981 in Minneapolis, managing actively managed mutual funds, ETFs (LCR, LST), and SMA portfolios for institutional and retail investors using an independent, contrarian, quantitatively driven process.
- Ownership category
- akta.pro rank
Leuthold Group industry classification
Industry- Product category
- Investment Management & Research
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)
- akta.pro secondary industries
- Sector & Industry Equity ETFs (FSAAAFAC), Style/Factor Equity ETFs (Value, Growth, Quality, Low Vol, Momentum) (FSAAAFAB)
Keywords
Where Leuthold Group is headquartered
LocationHeadquarters
- HQ city
- Minneapolis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Leuthold Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Investment Management Fees: Fees charged for managing separately managed accounts, mutual funds, and ETF portfolios for institutional clients and investment advisors.
- Research Subscriptions: Subscription-based access to institutional research publications including the flagship Green Book (Perception for the Professional), Major Trend Index, Inflation Watch, and Chart of the Week.
- Distribution Agreement with Quasar Distributors: Mutual funds distributed through Quasar Distributors, LLC as per regulatory requirements.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Advisor Newsletter Subscription |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels5 records
Leuthold Group product offering
Product offeringCore offering
Leuthold Group is a registered investment adviser that designs and manages actively managed ETFs (including LCR and LST), actively managed mutual funds (LCORX/LCRIX, GRZZX, GLBLX/GLBIX), and managed ETF portfolios offered through SMA/UMA platforms. The firm also sells institutional research services and publishes market commentary such as Paulsen's Perspective and an Investment Guide for financial advisors, RIAs, and institutional investors.
Product overview
The Leuthold Group is a Minneapolis-based investment management and research firm founded in 1981 that offers a platform of institutional research services and investable products. The product suite consists of: (1) ETFs (Leuthold Core ETF - LCR for tactical asset allocation, and Leuthold Select Industries ETF - LST for long-only equity sector rotation); (2) Mutual Funds (Leuthold Core Investment Fund - LCORX/LCRIX for domestic tactical allocation, Leuthold Global Fund - GLBLX/GLBIX for global tactical allocation, and Leuthold Grizzly Short Fund - GRZZX for short-only equity); (3) Managed ETF Portfolios accessible via SMA/UMA (Global Tactical ETF Portfolio, Aggressive/Moderate/Conservative Allocation ETF Strategies, Core ETF Strategy, Sector Rotation ETF Portfolio, and Factor Tilt ETF Portfolio); and (4) Institutional Research Services including the Green Book, Major Trend Index (MTI) signals, Inflation Watch, Chart of the Week, Paulsen's Perspective commentary, Podcasts, and Investment Guide. The firm is known for its disciplined quantitative methodologies combining technical and fundamental analysis with contrarian insights, centered on tactical asset allocation and sector/industry group rotation.
Differentiator
Problem solved
Functional benefit
Products and services
- Leuthold ETFs (LCR, LST) Actively managed ETFs designed to express Leuthold's quantitative research views and offered to advisors, institutions, and investors through standard ETF distribution channels.
- Leuthold Mutual Funds (LCORX/LCRIX, GRZZX, GLBLX/GLBIX) Actively managed mutual fund lineup spanning core, sector, and global mandates, offered in investor and institutional share classes to advisors, RIAs, and institutional clients.
- Managed ETF Portfolios (SMA/UMA) Multi-model managed ETF portfolios delivered through Separately Managed Account (SMA) and Unified Managed Account (UMA) platforms, enabling advisors to outsource portfolio construction to Leuthold while retaining client relationships.
- Institutional Research Services Subscription-based investment research distributed to institutional investors, RIAs, and financial advisors, including market commentary, tactical positioning, and the sector-survey framework.
Companies that use Leuthold Group
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles2 records
Leuthold Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Leuthold Group partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- SMArtX Advisory SolutionscoreSMArtX Advisory Solutions expanded its Manager Marketplace to include investment strategies from 22 leading asset management firms, with Leuthold Group among the featured managers. The platform offers 388 partner firms and 2,668 investment strategies accessible to advisors.
- Quasar Distributors, LLCcoreQuasar Distributors, LLC serves as the official distributor for Leuthold mutual funds. All fund prospectuses reference Quasar Distributors for current prospectus information and distribution services.
Scale indicators2 records
Recent moves6 records
Expansion highlights3 records
Leuthold Group competitors and assessment
Company assessmentDirect peers
- Yacktman Asset Management: Independent, research-intensive equity manager with mutual fund (YACKX) and institutional offerings, focused on concentrated, long-term value. Comparable as an independent boutique with mutual fund distribution and advisor-focused institutional access.
- Ruane, Cunniff & Goldfarb: Boutique, research-intensive investment manager running the Sequoia Fund with a long-only, fundamental, contrarian orientation. Comparable in being an independent, research-led firm where flagship funds anchor institutional and advisor distribution.
- Hussman Strategic Advisors: Independent, quant-driven advisor with a flagship market-timing/hedged mutual fund (HSPX). Compares to Leuthold's contrarian, quantitative style, retail mutual fund access, and tactical allocation discipline.
- First Pacific Advisors (FPA): Independent, employee-owned asset manager running multiple mutual funds with fundamental, contrarian approaches. Comparable to Leuthold's employee-owned structure, mutual fund-led distribution, and research-driven investment process.
- GMO: Independent, quant-driven multi-asset manager known for contrarian, valuation-disciplined strategies across global equities, fixed income, and alternatives. Closely comparable to Leuthold's tactical asset allocation, quantitative methodology, and independence from Wall Street conflicts.
- Cambiar Investors: Independent, employee-owned, research-driven institutional manager with multiple value and multi-asset strategies. Compares to Leuthold's independent ownership, fundamental-plus-quantitative process, and institutional product focus.
Emerging players
- Research Affiliates: Quant firm that pioneered smart-beta and factor methodologies underlying many factor ETFs. Comparable to Leuthold's Factor Tilt portfolio and quantitative factor-screening framework; offers a partial product/methodology overlap.
- Rational Advisors / Stance: ETF asset allocation firm offering risk-targeted, factor-based ETF portfolios on UMA platforms. Direct overlap with Leuthold's Targeted-Risk ETF Strategies (Aggressive/Moderate/Conservative) on advisor platforms.
Broad incumbents
- WisdomTree: Public ETF sponsor with factor-tilted and asset allocation ETFs (e.g., tactical models). Comparable to Leuthold's ETF wrappers (LCR, LST) and factor products, though much broader and larger as an incumbent sponsor.
- AdvisorShares: Active ETF sponsor offering advisor-focused thematic, tactical, and factor strategies. Comparable to Leuthold's ETF and SMA/UMA distribution strategy targeting the RIA channel, with a much broader product breadth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Leuthold Group social profiles
Digital presenceLeuthold Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Leuthold Group leadership team
Management profileNumber of profiles
Profiles1 record
Leuthold Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Leuthold Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Leuthold Group
What does Leuthold Group do?
Leuthold Group is a registered investment adviser that designs and manages actively managed ETFs (including LCR and LST), actively managed mutual funds (LCORX/LCRIX, GRZZX, GLBLX/GLBIX), and managed ETF portfolios offered through SMA/UMA platforms. The firm also sells institutional research services and publishes market commentary such as Paulsen's Perspective and an Investment Guide for financial advisors, RIAs, and institutional investors.
Is Leuthold Group a public or private company?
Leuthold Group is a private company. It is classified as management employee owned and is currently operating.
When was Leuthold Group founded?
Leuthold Group was founded in 1981. It employs 11 to 50 people.
Where is Leuthold Group based?
Leuthold Group is headquartered in Minneapolis, United States, in the North America region.
How does Leuthold Group make money?
Three revenue lines are on record. Investment Management Fees are the primary driver. The others are research Subscriptions and distribution Agreement with Quasar Distributors.
Who are Leuthold Group's main competitors?
Direct peers on record are Yacktman Asset Management, Ruane, Cunniff & Goldfarb, Hussman Strategic Advisors, First Pacific Advisors (FPA), GMO and Cambiar Investors. Emerging players are Research Affiliates and Rational Advisors / Stance. Broad incumbents are WisdomTree and AdvisorShares.
Does Leuthold Group have an API?
No public API is recorded for Leuthold Group.
What industry is Leuthold Group in?
Leuthold Group's product category is Investment Management & Research. Its primary akta.pro industry code is FSAAACAC, Portfolio Management–Led RIAs (Discretionary/Model-Based), with a secondary code of FSAAAFAC, Sector & Industry Equity ETFs. Its NAICS code is 523940 and its SIC code is 6282.