Leuthold Portfolios - December 2025

2025 was a year where discipline mattered. Core delivered equity-like returns with far less risk, Select Industries thrived on a handful of high-conviction thematic winners, and Grizzly held its ground in a very tough environment for short strategies. As we head into 2026, trends remain supportive, positioning is intentional, and portfolio exposures reflect both opportunity and caution in a market still defined by extremes.