Zuckerman Investment Group, LLC

Fundamental diversified ★Signal CIK 1423296
League rank
#782
in Fundamental diversified · #6501 overall
Long book
$1.06B
Q1 2026
Positions
134
Top-10 weight
39%
concentration
Last quarter
+7.7%
SPY +14.8%
Turnover
15%
of book per quarter

Strategy in plain words

auto-generated from filings

Zuckerman Investment Group, LLC is a diversified fundamental manager, running a $1.06B US long book across 134 positions.

The portfolio is moderately concentrated (top 10 ≈ 39% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: VERTIV HOLDINGS CO-A, ALPHABET INC-CL A, ULTA BEAUTY INC, MCKESSON CORP, SALESFORCE INC.

Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-2.2%
Q2 2024
+9.6%
Q3 2024
+2.6%
Q4 2024
-5.1%
Q1 2025
+10.2%
Q2 2025
+7.6%
Q3 2025
+4.0%
Q4 2025
-3.0%
Q1 2026
+7.7%

Sector allocation

Technology
34%
Consumer discretionary
22%
Financials
19%
Healthcare
10%
Other
6%
Industrials
5%
Services media
3%
Consumer staples
0%

Long book by quarter

$866.0M
Q1 2024
$864.8M
Q2 2024
$971.7M
Q3 2024
$1.04B
Q4 2024
$931.4M
Q1 2025
$1.03B
Q2 2025
$1.08B
Q3 2025
$1.12B
Q4 2025
$1.06B
Q1 2026

What does Zuckerman Investment own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
VRT VERTIV HOLDINGS CO-ATechnology401.5K$100.6M9.5%-37.9%
GOOGL ALPHABET INC-CL ATechnology162.5K$46.7M4.4%+1.5%
ULTA ULTA BEAUTY INCConsumer discretionary87.2K$45.6M4.3%-17.6%
MCK MCKESSON CORPConsumer discretionary41.6K$36.0M3.4%-13.3%
CRM SALESFORCE INCTechnology191.8K$35.8M3.4%+175.8%
ICLR ICON PLCHealthcare281.0K$31.1M2.9%+80.5%
MSFT MICROSOFT CORPTechnology83.5K$30.9M2.9%+21.0%
KKR KKR & CO INCFinancials309.0K$28.6M2.7%+36.3%
ABBV ABBVIE INCHealthcare130.1K$28.3M2.7%+1.3%
BRK/B BERKSHIRE HATHAWAY INC-CL BFinancials58.0K$27.8M2.6%+0.4%
GPGI GPGI INCFinancials1.6M$27.2M2.6%-0.4%
AAPL APPLE INCTechnology101.0K$25.6M2.4%+4.4%
DKS DICK'S SPORTING GOODS INCConsumer discretionary124.0K$24.6M2.3%+1.4%
META META PLATFORMS INC-CLASS ATechnology41.1K$23.5M2.2%+1.6%
HSIC HENRY SCHEIN INCConsumer discretionary288.6K$21.3M2.0%+0.2%
CSW CSW INDUSTRIALS INCOther80.2K$20.9M2.0%+0.4%
AMZN AMAZON.COM INCConsumer discretionary99.7K$20.8M2.0%+2.6%
PNR PENTAIR PLCIndustrials236.4K$20.6M1.9%+0.3%
RHLD RESOLUTE HOLDINGS MANAGFinancials122.7K$19.9M1.9%+0.1%
AEBI AEBI SCHMIDT HOLDING AGIndustrials1.9M$18.4M1.7%+1.8%
JPM JPMORGAN CHASE & COFinancials60.2K$17.7M1.7%-1.4%
PGR PROGRESSIVE CORPFinancials88.1K$17.5M1.6%+3.7%
BRK/A BERKSHIRE HATHAWAY INC-CL AFinancials21$15.1M1.4%Held
SITE SITEONE LANDSCAPE SUPPLY INCConsumer discretionary100.1K$13.3M1.3%+1.9%
CHWY CHEWY INC - CLASS AConsumer discretionary493.2K$13.3M1.3%+4.6%
ADBE ADOBE INCTechnology53.1K$12.9M1.2%+76.0%
ABT ABBOTT LABORATORIESHealthcare123.8K$12.7M1.2%+1.3%
DIS WALT DISNEY CO/THEServices media126.7K$12.2M1.2%+2.4%
LULU LULULEMON ATHLETICA INCOther75.7K$11.6M1.1%+1.1%
PTLO PORTILLO'S INC-CL AConsumer discretionary2.1M$10.9M1.0%+5.0%
TMO THERMO FISHER SCIENTIFIC INCOther19.1K$9.4M0.9%+1092.9%
NFLX NETFLIX INCServices media89.6K$8.6M0.8%New
PG PROCTER & GAMBLE CO/THEOther51.6K$7.4M0.7%+0.4%
JNJ JOHNSON & JOHNSONHealthcare13.8K$3.4M0.3%-0.2%
PLTR PALANTIR TECHNOLOGIES INC-ATechnology22.9K$3.3M0.3%+3.3%
PEP PEPSICO INCConsumer staples21.3K$3.3M0.3%+3.6%
V VISA INC-CLASS A SHARESServices media10.3K$3.1M0.3%+13.7%
GOOG ALPHABET INC-CL CTechnology8.8K$2.5M0.2%+11.3%
CBOE CBOE GLOBAL MARKETS INCFinancials8.4K$2.4M0.2%-0.1%
HRMY HARMONY BIOSCIENCES HOLDINGSHealthcare78.3K$2.2M0.2%+3.7%
MA MASTERCARD INC - AServices media4.0K$2.0M0.2%+1.8%
HD HOME DEPOT INCConsumer discretionary5.9K$2.0M0.2%+1.9%
TSLA TESLA INCIndustrials3.9K$1.5M0.1%Held
MRK MERCK & CO. INC.Healthcare12.1K$1.5M0.1%-6.1%
ORCL ORACLE CORPTechnology9.3K$1.4M0.1%+5.2%
ATR APTARGROUP INCOther10.5K$1.3M0.1%Held
RTX RTX CORPIndustrials6.6K$1.3M0.1%+12.6%
CEG CONSTELLATION ENERGYUtilities4.3K$1.2M0.1%Held
UNH UNITEDHEALTH GROUP INCFinancials4.4K$1.2M0.1%+5.3%
GS GOLDMAN SACHS GROUP INCFinancials1.3K$1.1M0.1%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 2026136$1.07B canonicalSEC ↗
Q4 202513F-HRFeb 13, 2026137$1.12B canonicalSEC ↗
Q3 202513F-HRNov 13, 2025158$1.1M canonicalSEC ↗
Q2 202513F-HRAug 15, 2025155$1.03B canonicalSEC ↗
Q1 202513F-HRMay 14, 2025164$932.8M canonicalSEC ↗
Q4 202413F-HRFeb 13, 2025153$1.04B canonicalSEC ↗
Q3 202413F-HRNov 13, 2024145$973.1M canonicalSEC ↗
Q2 202413F-HRAug 12, 2024147$864.8M canonicalSEC ↗
Q1 202413F-HRMay 15, 2024147$882.0M canonicalSEC ↗