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Our History

The Leuthold Group began in 1981 as an institutional investment research firm. Founder Steve Leuthold built a research team and investment policies incorporating technical and quantitative methodologies, broad sector and industry group analysis, supply/demand dynamics, and historical intrinsic value relationships.

In 1987, The Leuthold Group established a Registered Investment Adviser offshoot to direct investment portfolios using the firm’s institutional research models as the foundation for its equity selection and asset allocation process. A policy of disciplined, unemotional, and strategic investing, backed by solid and comprehensive research, has enabled The Leuthold Group to establish a strong track record and achieve impressive client loyalty.

Major Trend Index Inception

While working at Paine Webber, Steve Leuthold developed the Major Trend Index (MTI), a proprietary tool used to gauge the underlying health of the equity market. Currently composed of around 140 individual components, the MTI is designed to ascertain the longer-term trend of the stock market and attempt to identify when critical turning points may be in process.

Piper, Jaffray & Hopwood

Steve Leuthold was an officer and investment strategist at Piper, Jaffray & Hopwood.

Criterion Investment Management

Steve Leuthold and Jim Floyd were Portfolio Managers of two mutual funds for Criterion Investment Management.

Leuthold Founded

Steve Leuthold founded The Leuthold Group, an institutional investment research firm located in Minneapolis, Minnesota.

Core Portfolio

Established a Registered Investment Adviser offshoot to run live money in private accounts using the Core Portfolio strategy—an approach originally developed and maintained on the research side as a model recommended for conservative tactical asset management.

Mutual Fund

Launched the Leuthold Core Investment Fund, a no-load mutual fund version of the firm’s Core Portfolio separate account strategy.

Equity Funds

Launched the Leuthold Select Industries Fund and the Leuthold Grizzly Short Fund.

$250 Million

Assets under management reach $250 million.

$1 Billion

Assets under management reach $1 Billion and Jeff Leadholm and John Mueller named co-CEOs.


Launched the Leuthold Global Fund.

Global Industries

Launched the Leuthold Global Industries Fund.

Doug Ramsey

Doug Ramsey named Chief Investment Officer.

Scott Opsal

Scott Opsal hired and named Director of Research and Equities.

Jim Paulsen

Jim Paulsen hired and named Chief Investment Strategist.