Advisory Research Inc.
Advisory Research, Inc. is a Chicago-based asset management and investment firm founded in 1974. It specializes in actively-managed U.S. and global equity portfolios, offering tailored investment solutions to institutional and intermediary clients, including corporations, pension funds, foundations, endowments, and high-net-worth individuals. The firm is known for its value-oriented, bottom-up investment style and has gone through ownership including acquisition by Piper Jaffray and a management buyout. Advisory Research employs a team of expert portfolio managers and analysts at its Chicago headquarters.
Investment Strategy
Advisory Research employs a long-term, value-based investment strategy with a traditional, bottom-up approach to security analysis. The firm focuses on identifying businesses with strong competitive moats, high return reinvestment opportunities, and management teams whose incentives are aligned with shareholders. Advisory Research offers a range of actively-managed equity strategies across U.S. value, U.S. growth, and global core equity, delivered through separate accounts and private funds, tailored to the needs of institutional and intermediary investors.
Latest 13F Filing Activity
Advisory Research Inc. filed their most recent 13F report on Jun 30, 2025 disclosing 139 equity positions with a total 13F market value of $651M. The fund increased holdings in Broadcom Inc., Bel Fuse Inc., Taiwan Semiconductor MFG LTD among other positions. Advisory Research Inc. reduced exposure to Ishares TR, Cannae HLDGS Inc., Phinia Inc. among others.
Top Holdings
Equity Positions (139)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
B BELFB | BEL FUSE INC | 5.87% | $38.2M | 390,858 | $70.38 | $97.69 | +$10.1M |
T TRS | TRIMAS CORP | 4.60% | $29.9M | 1,046,803 | $25.27 | $28.61 | +$6.7M |
P PM | PHILIP MORRIS INTL INC | 4.11% | $26.8M | 146,974 | $117.64 | $182.13 | +$6.0M |
A AVGO | BROADCOM INC | 3.60% | $23.4M | 85,046 | $102.99 | $275.65 | +$11.2M |
T TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.36% | $21.9M | 96,601 | $136.38 | $226.49 | +$8.0M |
Industry Allocation
Investment Team (3)
| Name | Role | Location | |
|---|---|---|---|
A Adam Steffanus | Portfolio Manager, Partner | Chicago, IL , United States | |
M Matthew Swaim | Research Analyst | Evanston, IL , United States | |
 | Vice President, Head Trader | Chicago, IL , United States |