ADVISORY RESEARCH INC

Registered adviser

CIK

902584

Location

CHICAGO, IL

Portfolio Value

Mid $1,002,401,233

Diversification

Diversified

Reports for

North Square Investments, LLC

Filing Date

Global Rank

#2,526 / 8,818 ▲ 101

Top Industry

Packaging & Containers 12.7%

Period ended 4 months ago

Filed Aug 13, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 108254

Roster of Oct 1, 2026

Regulatory AUM

$991,276,223

Main clients

Diversified

Private funds

2 funds · Hedge funds

Focus by gross assets, Schedule D of Nov 15, 2024

$214,360,520 gross assets

LEI

5493002KJ2LLK14DRK71

Private funds on Schedule D 7.B.(1)

As filed Nov 15, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$96,636,104 gross assets in 2 funds Hedge funds $96,636,104 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$991,276,223	Diversified
Apr 2025 to Mar 2026	$721,521,157	Diversified
Apr 2024 to Mar 2025	$641,611,380	Diversified
May 2023 to Mar 2024	$1,332,963,663	Diversified
Apr 2023	$1,332,963,663	Diversified
Apr 2022 to Mar 2023	$1,485,233,517	Diversified

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 41.4%, 37.9 effective positions, active share 82.2% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

38.1% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 12.6 quarters (12+), a floor since 14.1% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 82.2%; sector active share 28.2% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

136 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

6.5%

+1.6 pts

Top 5

26.2%

+6.0 pts

Top 10

41.4%

+7.5 pts

HHI

264

Diversified+50

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	30.2%	$303,024,158	20
Technology	19.3%	$193,168,191	23
Industrials	11.4%	$114,774,742	16
Financial Services	9.0%	$89,876,155	21
Consumer Defensive	7.1%	$71,498,155	6
Unclassified	5.6%	$55,902,063	20
Communication Services	5.4%	$53,934,343	4
Healthcare	4.3%	$43,046,862	12
Energy	3.0%	$29,868,064	5
Utilities	2.4%	$24,474,054	4
Real Estate	1.3%	$12,909,840	1
Basic Materials	1.0%	$9,924,606	4

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
MYE	Myers Industries Inc	+332,157	1,857,873	$65,601,495
OPLN	OPENLANE, Inc.	+251,945	1,533,557	$63,243,890
LTM	Latam Airlines Group S.A.	+175,499	274,022	$15,967,261
TRS	Trimas Corp	+91,901	1,211,587	$54,557,761
BOW	Bowhead Specialty Holdings Inc.	+63,048	96,768	$2,896,265
JBTM	JBT MAREL Corp	+49,122	189,869	$27,531,005
VUSB	VANGUARD ULTRA-SHORT BOND ETF	+38,232	120,152	$5,981,166
KDP	Keurig Dr Pepper Inc.	+28,474	867,771	$28,402,144
MTG	Mgic Investment Corp	+22,629	816,952	$23,038,046
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	+19,154	63,572	$3,331,808
VCSH	VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	+17,109	63,544	$5,021,882
SGOV	iShares 0-3 Month Treasury Bond ETF	+16,619	76,730	$7,724,409
VO	VANGUARD MID-CAP INDEX FUND	+15,093	20,059	$1,616,153
NPK	National Presto Industries Inc	+14,130	161,764	$20,218,882
CMCSA	Comcast Corp	+13,126	376,554	$9,244,400
GSK	GSK plc	+11,382	215,664	$11,305,106
BTI	British American Tobacco p.l.c.	+9,222	139,453	$8,612,617
VGSH	VANGUARD SHORT-TERM TREASURY INDEX FUND	+8,606	78,263	$4,554,906
MPTI	M-tron Industries, Inc.	+8,468	59,011	$5,850,940
LAMR	Lamar Advertising Co	+7,125	82,766	$12,909,840
AEP	American Electric Power Co Inc	+5,761	146,846	$20,090,001
KB	KB Financial Group Inc.	+4,994	135,607	$14,233,310
ABT	Abbott Laboratories	+3,510	14,573	$1,322,354
TPR	Tapestry, Inc.	+3,288	127,464	$18,658,180
CDW	CDW Corp	+3,045	14,771	$2,077,393
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ACVA	ACV Auctions Inc.	−516,670	2,511,972	$18,061,078
CUE	Cue Biopharma, Inc.	−248,652	8,573	$270,563
APA	APA Corp	−111,932	261,415	$8,514,286
MTDR	Matador Resources Co	−57,806	187,674	$9,342,411
—		−18,994	11,974	$915,053
HLLY	Holley Inc.	−10,740	315,821	$805,343
ESI	Element Solutions Inc	−8,040	33,577	$1,603,301
PRSU	Pursuit Attractions & Hospitality, Inc.	−7,580	657,648	$36,808,558
ALKT	Alkami Technology, Inc.	−5,080	155,711	$2,821,482
LEGH	Legacy Housing Corp	−5,033	920,286	$24,175,912
FLYW	Flywire Corp	−3,519	104,995	$1,844,761
VVV	Valvoline Inc	−2,920	90,637	$3,583,786
ACA	Arcosa, Inc.	−2,528	28,846	$4,191,034
FRME	First Merchants Corp	−2,319	65,315	$2,853,612
JEF	Jefferies Financial Group Inc.	−1,870	58,168	$2,907,236
HQY	Healthequity, Inc.	−1,783	35,026	$3,163,547
BELFB	Bel Fuse Inc	−1,468	117,896	$39,264,082
ABG	Asbury Automotive Group Inc	−1,346	10,149	$2,040,760
PFGC	Performance Food Group Co	−1,203	52,549	$5,874,452
TEX	Terex Corp	−1,111	33,912	$2,454,889
SYBT	Stock Yards Bancorp, Inc.	−894	18,582	$1,420,965
CALM	Cal-Maine Foods Inc	−771	44,612	$3,593,941
NIC	Nicolet Bankshares Inc	−729	35,434	$5,860,428
SSB	SouthState Bank Corp	−641	46,447	$4,640,054
TNC	Tennant Co	−631	19,779	$1,731,453
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
MFP	Midera Food Processing, Inc.	110,714	$4,428,560
ACWI	iShares MSCI ACWI ETF	2,237	$351,141
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
—		1,867,195	$8,421,050
PHIN	Phinia Inc.	37,203	$2,546,172
CPRT	Copart Inc	27,788	$922,561
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

136 tracked positions · $1,002,401,233 total · filing declares 166 positions · $1,002,401,267 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 136 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
MYE	Myers Industries Inc Consumer Cyclical	Added	1,857,873	+332,157	$65,601,495	+103.0%	5	$18.23	6.54%
OPLN	OPENLANE, Inc. Consumer Cyclical	Added	1,533,557	+251,945	$63,243,890	+69.3%	7	$24.34	6.31%
TRS	Trimas Corp Consumer Cyclical	Added	1,211,587	+91,901	$54,557,761	+35.6%	11	$29.10	5.44%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	84,453	+2,668	$40,332,219	+45.9%	13	$141.73	4.02%
BELFB	Bel Fuse Inc Technology	Reduced	117,896	-1,468	$39,264,082	+66.2%	13	$64.40	3.92%
PRSU	Pursuit Attractions & Hospitality, Inc. Consumer Cyclical	Reduced	657,648	-7,580	$36,808,558	+51.1%	13	$29.24	3.67%
GOOGL	Alphabet Inc. Communication Services	Added	94,824	+1,563	$33,887,252	+26.4%	26+	before history	3.38%
KDP	Keurig Dr Pepper Inc. Consumer Defensive	Added	867,771	+28,474	$28,402,144	+28.5%	10	$29.43	2.83%
JBTM	JBT MAREL Corp Industrials	Added	189,869	+49,122	$27,531,005	+53.0%	12	$116.56	2.75%
DJCO	Daily Journal Corp Technology	Reduced	41,510	-363	$24,955,396	+23.6%	6	$432.66	2.49%
AVGO	Broadcom Inc. Technology	Added	65,495	+1,808	$24,740,736	+25.5%	26+	before history	2.47%
LEGH	Legacy Housing Corp Consumer Cyclical	Reduced	920,286	-5,033	$24,175,912	+27.9%	10	$23.58	2.41%
MTG	Mgic Investment Corp Financial Services	Added	816,952	+22,629	$23,038,046	+10.5%	18	$23.28	2.30%
PM	Philip Morris International Inc. Consumer Defensive	Added	122,120	+2,570	$22,092,729	+11.8%	9	$124.57	2.20%
NPK	National Presto Industries Inc Industrials	Added	161,764	+14,130	$20,218,882	−0.1%	2	$128.77	2.02%
AEP	American Electric Power Co Inc Utilities	Added	146,846	+5,761	$20,090,001	+8.6%	9	$96.91	2.00%
ABBV	AbbVie Inc. Healthcare	Added	76,085	+3,013	$19,146,029	+20.5%	25	$135.20	1.91%
TPR	Tapestry, Inc. Consumer Cyclical	Added	127,464	+3,288	$18,658,180	+6.5%	10	$63.49	1.86%
ACVA	ACV Auctions Inc. Consumer Cyclical	Reduced	2,511,972	-516,670	$18,061,078	+40.6%	3	$7.10	1.80%
MSFT	Microsoft Corp Technology	Added	43,670	+933	$16,289,783	+3.0%	26+	before history	1.63%
LTM	Latam Airlines Group S.A. Industrials	Added	274,022	+175,499	$15,967,261	+227.8%	2	$53.27	1.59%
CME	Cme Group Inc. Financial Services	Added	67,088	+2,456	$14,815,043	−22.4%	8	$239.76	1.48%
KB	KB Financial Group Inc. Financial Services	Added	135,607	+4,994	$14,233,310	+9.3%	23	$56.03	1.42%
LAMR	Lamar Advertising Co Real Estate	Added	82,766	+7,125	$12,909,840	+34.7%	23	$104.34	1.29%
HUBB	Hubbell Inc Industrials	Added	24,441	+662	$12,787,531	+9.6%	26+	before history	1.28%
GSK	GSK plc Healthcare	Added	215,664	+11,382	$11,305,106	+0.3%	14	$39.88	1.13%
MPC	Marathon Petroleum Corp Energy	Added	40,268	+1,281	$10,295,319	+8.1%	2	$203.30	1.03%
META	Meta Platforms, Inc. Communication Services	Added	18,191	+630	$10,246,808	+2.0%	8	$675.55	1.02%
MTDR	Matador Resources Co Energy	Reduced	187,674	-57,806	$9,342,411	−39.8%	23	$49.40	0.93%
CMCSA	Comcast Corp Communication Services	Added	376,554	+13,126	$9,244,400	−11.4%	2	unpriced	0.92%
BTI	British American Tobacco p.l.c. Consumer Defensive	Added	139,453	+9,222	$8,612,617	+13.1%	4	$55.25	0.86%
LRCX	Lam Research Corp Technology	Reduced	19,824	-127	$8,590,333	+101.5%	26+	before history	0.86%
APA	APA Corp Energy	Reduced	261,415	-111,932	$8,514,286	−46.3%	2	$30.23	0.85%
FERG	Ferguson Enterprises Inc. Industrials	Added	33,184	+1,318	$7,875,558	+6.0%	8	$203.29	0.79%
SGOV	iShares 0-3 Month Treasury Bond ETF	Added	76,730	+16,619	$7,724,409	+27.7%	7	unpriced	0.77%
INTU	Intuit Inc. Technology	Added	28,443	+1,196	$7,423,623	−37.0%	2	$471.58	0.74%
VUSB	VANGUARD ULTRA-SHORT BOND ETF	Added	120,152	+38,232	$5,981,166	+46.7%	13	$49.69	0.60%
PFGC	Performance Food Group Co Consumer Defensive	Reduced	52,549	-1,203	$5,874,452	+27.6%	20	$49.04	0.59%
NIC	Nicolet Bankshares Inc Financial Services	Reduced	35,434	-729	$5,860,428	+9.0%	20	$76.85	0.58%
MPTI	M-tron Industries, Inc. Technology	Added	59,011	+8,468	$5,850,940	+73.2%	3	$59.44	0.58%
DAC	Danaos Corp Industrials	Added	47,412	+5	$5,801,806	+8.6%	20	$82.33	0.58%
VCSH	VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	Added	63,544	+17,109	$5,021,882	+36.4%	26+	before history	0.50%
STLD	Steel Dynamics Inc Basic Materials	Reduced	20,934	-78	$4,803,515	+27.0%	21	$93.92	0.48%
SSB	SouthState Bank Corp Financial Services	Reduced	46,447	-641	$4,640,054	+6.5%	4	$98.19	0.46%
VGSH	VANGUARD SHORT-TERM TREASURY INDEX FUND	Added	78,263	+8,606	$4,554,906	+11.7%	16	$58.15	0.45%
MFP	Midera Food Processing, Inc. Industrials	NEW	110,714	NEW	$4,428,560	NEW	1	unpriced	0.44%
VCIT	VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND	Added	51,166	+180	$4,228,869	+0.2%	26+	before history	0.42%
ACA	Arcosa, Inc. Industrials	Reduced	28,846	-2,528	$4,191,034	+25.9%	6	$91.74	0.42%
SHV	iShares 0-1 Year Treasury Bond ETF	Held	37,117	0	$4,095,860	−0.0%	16	unpriced	0.41%
ACMR	ACM Research, Inc. Technology	Added	28,732	+433	$3,645,803	+227.4%	4	$31.47	0.36%

Showing the top 50 of 136 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.