ADVISORY RESEARCH INC

CIK 0000902584 · Q1 2026

13F Equity AUM

$813.5M

+2.2% QoQ

Positions

137

-6 QoQ

AUM Rank

#3,202

Top 26%

Skill Alpha (FF)

-2.4%/yr^ns

No Clear Edge

Rank #5,666 · Top 69%

vs S&P -7.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 20.2%Top 10: 33.9%Top 20: 56.4%

TRS5.0%

OPLN4.6%

MYE4.0%

TSM3.4%

GOOGL3.3%

PRSU3.0%

BELFB2.9%

KDP2.7%

MTG2.6%

NPK2.5%

Others (127)66.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical21.9%

Technology17.7%

Financial Services16.5%

Industrials13.5%

Communication Services6.9%

Energy5.7%

Consumer Defensive5.1%

Healthcare4.8%

Other8.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 137Median: 0.29%Avg: 0.73%

0–0.5%

92(18.2%)

0.5–1%

13(8.2%)

1–3%

27(53.4%)

3–5%

5(20.2%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 135Unique: 2vs 20 funds

1.8%Low

137

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.6%

BlackRock, Inc.

3.3%

BANK OF AMERICA CORP /DE/

2.8%

JPMORGAN CHASE & CO

2.7%

STATE STREET CORP

3.5%

FMR LLC

3.9%

VANGUARD CAPITAL MANAGEMENT LLC

3.3%

GEODE CAPITAL MANAGEMENT, LLC

3.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New13Increased58Decreased56Exited19

New Positions

NPK2.5%

+148K

APA1.9%

+373K

INTU1.4%

+27K

CMCSA1.3%

+363K

MPC1.2%

+39K

LTM0.6%

+99K

TEX0.3%

+35K

AWN0.2%

+34K

TN10.2%

+20K

CMC0.1%

+16K

Increased

ACVA1.6%

+1.9M(+177%)

KDP2.7%

+250K(+42%)

MTDR1.9%

+223K(+994%)

MYE4.0%

+223K(+17%)

LEGH2.3%

+194K(+27%)

OPLN4.6%

+148K(+13%)

SGHC0.2%

+104K(+275%)

EEX1.0%

+78K(+4%)

ALKT0.3%

+31K(+24%)

MTG2.6%

+30K(+4%)

Decreased

HLLY0.1%

-1,604,195(-83%)

PHIN0.3%

-232,422(-86%)

GSK1.4%

-119,556(-37%)

TPR2.1%

-107,232(-46%)

PFGC0.6%

-82,014(-60%)

4I12.4%

-58,992(-33%)

GLUE0.1%

-31,984(-51%)

PRSU3.0%

-29,593(-4%)

TSM3.4%

-24,869(-23%)

DJCO2.5%

-23,691(-36%)

Exited

-96,671

-142,234

-47,204

-16,180

-146,201

-65,965

-5,364

-58,171

-51,984

-66,829

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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