Leuthold Portfolios - July 2025

The Core, Select Industries, and Grizzly strategies all posted declines in July, though Grizzly held up relatively well in a strong equity market. Core remains modestly net long with the Major Trend Index in High Neutral, while Select Industries saw strength in cyclical areas like Travel & Leisure and Banks but weakness in Education Services and Health Care. Positioning reflects targeted overweights in sectors and industries with favorable growth and valuation profiles, while avoiding areas with heightened risk or weak fundamentals.