Fund Evaluator:
Leuthold Grizzly Short Fund (GRZZX)
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Best Performing in Trading--Inverse Equity Over the Last Year
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Fund Details
Leuthold Grizzly Short Fund Overview
Leuthold Grizzly Short Fund (GRZZX) is an actively managed Miscellaneous Trading--Inverse Equity fund. Leuthold launched the fund in 2000.
The investment seeks capital appreciation. The fund manager sells stocks and exchange traded funds short. Short selling involves the sale of borrowed securities. When the fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The fund manager believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks.
About Leuthold Grizzly Short Fund (GRZZX)
There are 2 members of the management team with an average tenure of 10.84 years: Greg Swenson (2009), Phil Segner (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P MidCap 400 TR index with a weighting of 100%. Leuthold Grizzly Short Fund has 114 securities in its portfolio. The top 10 holdings constitute 50.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Leuthold Grizzly Short Fund is part of the Other global asset class and is within the Miscellaneous fund group. Leuthold Grizzly Short Fund has -1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -98.0%. There is -1.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Leuthold Grizzly Short Fund has 90.2% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is above the $4 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GRZZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Leuthold Grizzly Short Fund expense ratio is high compared to funds in the Trading--Inverse Equity category. Leuthold Grizzly Short Fund has an expense ratio of 3.20%, which is 63% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Leuthold Grizzly Short Fund. By way of comparison, the average portfolio turnover is 436% for the Trading--Inverse Equity category.
Recently, in the month of June 2026, Leuthold Grizzly Short Fund returned -1.0%, which earned it a grade of C, as the Trading--Inverse Equity category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Leuthold Grizzly Short Fund has a trailing yield of 4.93%, which is below the 6.95% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Leuthold Grizzly Short Fund Grades
Year to date, the fund has returned -7.3%, 7.7 percentage points better than the category, which translates into a grade of A. The fund has returned -7.9% over the past year (grade of A), -6.5% over the past three years (grade of A) and -3.6% per year over the past five years (grade of A) and -14.1% per year over the past 10 years (grade of B).
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GRZZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GRZZX Return (NAV) | -1.0% | -12.1% | -7.9% | -6.5% | -3.6% | -14.1% |
| GRZZX Grade | C | B | A | A | A | B |
| +/- Category | -0.3% | 4.9% | 17.8% | 13.5% | 11.3% | 7.3% |
| Trading--Inverse Equity Avg | -0.6% | -17.0% | -25.7% | -20.0% | -14.8% | -21.5% |
| GRZZX Tax Cost Ratio | na | na | 1.8% | 2.8% | 1.9% | 1.0% |
GRZZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GRZZX Return (NAV) | -7.3% | -3.0% | -6.7% | -18.7% | 22.4% | -15.9% | -41.3% | -29.4% | 0.5% | -19.8% | -14.4% |
| GRZZX Grade | A | A | B | C | B | A | C | C | D | B | B |
| +/- Category | 7.7% | 18.5% | 7.2% | 5.1% | 6.1% | 5.2% | -0.4% | 2.4% | -6.8% | 9.0% | 7.9% |
| Trading--Inverse Equity Avg | -15.0% | -21.5% | -13.9% | -23.7% | 16.4% | -21.1% | -41.0% | -31.9% | 7.3% | -28.9% | -22.3% |
| Risk Measures | |
| Standard Deviation: | 14.5% |
| Total Risk Index: | 1.20 - Above Average |
| Category Risk Index: | 0.63 - Below Average |
| Category Risk Grade: | B (28% Rank) |
| Beta: | -0.97 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | Yes |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $25 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 17.4 years | |||
| Average Tenure: 10.8 years | |||
| Managers (Year): Swenson Greg (2009), Segner Phil (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 114 |
| % in Top 10 Holdings: | 50.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -1.5% |
Portfolio Allocation |
|
| Domestic Stock: | -98.0% |
| Foreign Stock: | -1.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 109.3% |
| Cash: | 90.2% |
Purchase Information
| Fund Family: | Leuthold |
| Phone Number: | 800-273-6886 |
| Website: | www.leutholdfunds.com |
| Status: | Open |
| Inception Date: | June 19, 2000 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 3.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.96% |
| Share Class: | Leuthold Grizzly Short Fund |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
