SEC 13F Intelligence

Managers / Q4 2023 · view latest →

LFL Advisers, LLC

CIK 0001694127 · 1560 SHERMAN AVENUE, STE 530, EVANSTON, IL, 60201 · 8478688750

Reported Value
$230M
Q4 2023
Positions
11
Filings on Record
30
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Lfl Advisers, LLC reported $230M in U.S.-listed holdings across 11 positions for Q4 2023.

The portfolio is heavily concentrated: CDW alone accounts for 23.7% of reported value.

The book was largely unchanged from Q3 2023.

Portfolio Metrics

Turnover
+1.1%
vs prior filed quarter
Top-10 Concentration
+99.3%
share of reported value
Largest Position
+23.7%
Cdw

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $127MQ4 ’18Q1 ’19: $143MQ2 ’19: $163MQ3 ’19: $170MQ4 ’19: $167MQ4 ’19Q1 ’20: $160MQ2 ’20: $192MQ3 ’20: $189MQ4 ’20: $209MQ4 ’20Q1 ’21: $203MQ2 ’21: $214MQ3 ’21: $218MQ4 ’21: $242MQ4 ’21Q1 ’22: $224MQ2 ’22: $193MQ3 ’22: $189MQ4 ’22: $211MQ4 ’22Q1 ’23: $223MQ2 ’23: $217MQ3 ’23: $205MQ4 ’23: $230MQ4 ’23Q1 ’24: $277MQ2 ’24: $254MQ3 ’24: $279MQ4 ’24: $257MQ4 ’24Q1 ’25: $229MQ2 ’25: $250MQ3 ’25: $289MQ4 ’25: $305MQ4 ’25Q1 ’26: $332Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 66.8%Other: 21.8%REIT: 11.4%
  • Common Stock · 66.8% · $154M
  • Other · 21.8% · $50M
  • REIT · 11.4% · $26M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CDWCDW CORPHELD+0239.4K+$6M$54M
LAMRLAMAR ADVERTISING CO NEWHELD+0246.2K+$6M$26M
TE CONNECTIVITY LTDHELD+0206.8K+$4M$29M
BNYBANK NEW YORK MELLON CORPHELD+0363.1K+$3M$19M
ALVAUTOLIV INCHELD+0248.4K+$3M$27M
AON PLCHELD+072.8K−$2M$21M
SCHWSCHWAB CHARLES CORP NEWHELD+0169.6K+$2M$12M
PGRPROGRESSIVE CORP OHIOHELD+0101.7K+$2M$16M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CDWCDW CORPhistory →COM23.66%$54M239.4K
2TE CONNECTIVITY LTDREG SHS12.63%$29M206.8K
3ALVAUTOLIV INChistory →COM11.90%$27M248.4K
4LAMRLAMAR ADVERTISING CO NEWhistory →CL A11.37%$26M246.2K
5AON PLCCOM9.21%$21M72.8K
6BNYBANK NEW YORK MELLON CORPhistory →COM8.22%$19M363.1K
7PGRPROGRESSIVE CORP OHIOhistory →COM7.04%$16M101.7K
8GOOGALPHABET INChistory →CAP STK CL C6.29%$14M102.6K
9SCHWSCHWAB CHARLES CORP NEWhistory →COM5.07%$12M169.6K
10BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW3.86%$9M24.9K
11NTRSNORTHERN TRUST CORPCOM0.75%$2M20.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$332M9May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$305M8Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$289M8Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$250M8Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$229M8May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$257M9Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$279M10Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$254M11Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$277M11May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$230M11Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$205M11Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$217M11Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$223M11May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$211M11Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$189M11Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$193M11Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$224M11May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$242M11Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$218M11Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$214M11Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$203M11May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$209M12Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$189M11Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$192M12Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$160M14May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$167M10Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$170M10Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$163M10Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$143M9May 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$127M9Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.