SCHEDULE 13G/A: Leuthold Group Discloses 1.41% Stake in Invesco CurrencyShares Japanese Yen Trust

Leuthold Group, LLC, an investment adviser, has filed an amended Schedule 13G disclosing a 1.41% beneficial ownership stake in the Invesco CurrencyShares Japanese Yen Trust as of January 31, 2025.

Summary

• The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management), an investment adviser, filed an Amendment No. 13 to Schedule 13G.
• The filing reports beneficial ownership of Japanese Yen Shares of the Invesco CurrencyShares Japanese Yen Trust.
• As of January 31, 2025, Leuthold Group, LLC beneficially owned 94,571 shares.
• This ownership represents 1.41% of the class, calculated based on 6,700,000 shares of beneficial interest outstanding as publicly reported by the issuer.
• The Leuthold Group, LLC holds sole voting power and sole dispositive power over all 94,571 shares.
• The securities are held in managed accounts for investment management clients, who retain the right to receive dividends and proceeds from sales.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not convey positive or negative sentiment regarding the issuer's performance or outlook. It is a routine regulatory filing.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or the reporting person's future investment intentions beyond the statement that shares are held in the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates that an investment adviser, Leuthold Group, LLC, maintains a passive investment in a currency-backed exchange-traded fund (ETF) focused on the Japanese Yen. Such investments are common for asset managers seeking exposure to foreign currencies for diversification, hedging, or speculative purposes within client portfolios. The 1.41% stake is a relatively small, non-controlling interest, typical for an investment adviser managing various client accounts.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, confirming a passive investment approach.
• Investment Professionals: Offers insight into the portfolio holdings and strategies of Leuthold Group, LLC.

Key Dates

Keywords

Invesco CurrencyShares Japanese Yen Trust, Japanese Yen Shares, Schedule 13G, Beneficial Ownership, Leuthold Group, Investment Adviser, Currency ETF, Yen, Trust, SEC Filing