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Muhlenkamp

Q3 2013 13F · by Ronald Muhlenkamp, portfolio manager

As of
Sep 30, 2013
Filed
Nov 12, 2013
US stock
$503M · prev $480M
Positions
57 · prev 59
Options notional
$0
Documents
1· no amendments

Picture98.7% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 98.7%
  • Foreign stock not listed in the US 1.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves54 since the prior filing

The book

Focused · behaves like 31 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 20% a year, about 5.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions25% of US stock

  1. BFH Bread Financial Holdings, Inc. added+0.77 pp added+0.777.5%
  2. SAH Sonic Automotive, Inc. trimmed+0.31 pp trimmed+0.314.6%
  3. JPM JPMorgan Chase & Co. added−0.31 pp added−0.314.6%
  4. CELG Celgene Corp added+0.91 pp added+0.914.4%
  5. MSFT Microsoft Corp added−0.37 pp added−0.374.3%

Positions57 in this filing · 5 exited

BFHBread Financial Holdings, Inc.7.46%177,500$38Madded0%+0.77 pp2 q
SAHSonic Automotive, Inc.4.62%976,900$23Mtrimmed−0%+0.31 pp2 q
JPMJPMorgan Chase & Co.4.60%447,820$23Madded0%−0.31 pp2 q
CELGCelgene Corp4.39%143,305$22Madded0%+0.91 pp2 q
MSFTMicrosoft Corp4.31%651,750$22Madded0%−0.37 pp2 q
PMPhilip Morris International Inc.4.23%245,487$21Madded+1%−0.17 pp2 q
STTState Street Corporation4.19%320,643$21Madded0%−0.16 pp2 q
unresolvedRex Energy Corporation3.66%824,610$18Madded0%+0.65 pp2 q
AIGAmerican International Group, Inc.3.58%370,085$18Madded0%+0.15 pp2 q
ORCLOracle Corp3.51%531,753$18Madded0%+0.12 pp2 q
DALDelta Air Lines, Inc.3.40%724,765$17Madded×9.4+3.10 pp2 q
GMGeneral Motors Company3.28%459,165$17Madded0%+0.11 pp2 q
CCitigroup Inc.3.22%333,450$16Madded+1%−0.10 pp2 q
unresolvedWestport Innovations Inc US2.99%622,397$15Madded+3%−1.24 pp2 q
unresolvedGeneral Electric Co2.88%606,090$14Madded+1%−0.03 pp2 q
BRK.BBERKSHIRE HATHAWAY Class B2.56%113,585$13Madded0%−0.08 pp2 q
LNCLincoln National Corp.2.56%307,280$13Madded+1%+0.24 pp2 q
GILDGilead Sciences Inc2.34%187,380$12Madded0%+0.35 pp2 q
ABGAsbury Automotive Group, Inc.2.29%216,255$12Madded+1%+0.50 pp2 q
HALHalliburton Company2.29%239,285$12Mtrimmed−45%−1.51 pp2 q
MYGNMyriad Genetics Inc2.26%484,765$11Madded+1%−0.44 pp2 q
DCHDauch Corporation2.15%548,530$11Madded0%+0.03 pp2 q
unresolvedCovidien PLC2.12%174,620$11Madded0%−0.16 pp2 q
RUSHARush Enterprises Inc2.03%385,002$10Mheld—2 q
ALGTAllegiant Travel Company1.95%93,110$10Madded0%−0.10 pp2 q
unresolvedEzchip Semiconductor Limited1.57%320,850$8Mtrimmed−0%−0.24 pp2 q
OLEDUniversal Display Corp1.30%204,030$7Mtrimmed−1%+0.10 pp2 q
AAPLApple Inc.1.28%13,495$6Mtrimmed−27%−0.24 pp2 q
TEVATeva Pharmaceutical Industries Limited1.28%169,985$6Madded0%−0.11 pp2 q
unresolvedDirectv1.20%101,225$6Madded+1%−0.09 pp2 q
CLNEClean Energy Fuels Corp.1.14%450,515$6Mtrimmed−0%−0.10 pp2 q
CRUSCirrus Logic Inc0.95%210,600$5Mheld—2 q
unresolvedCall Morgan Stanley $17 Exp 010.80%4,000$4Mheld—2 q
COFCapital One Financial0.71%51,885$4Mnew+0.71 ppnew
CSCOCisco Systems, Inc. (DE)0.70%149,749$4Madded×3.1+0.45 pp2 q
IAInnovative Solutions & Support0.64%402,189$3Madded0%+0.10 pp2 q
CYCypress Semiconductor0.59%319,697$3Mtrimmed−0%−0.13 pp2 q
LSCCLattice Semiconductor Corp0.56%635,860$3Mtrimmed−1%−0.12 pp2 q
HN9Hanesbrands Inc0.49%39,635$2Mtrimmed−2%+0.06 pp2 q
PHMPultegroup, Inc.0.44%133,400$2Mheld—2 q
SAVEQSpirit Airlines, Inc.0.40%59,075$2Mtrimmed−2%0.00 pp2 q
RUSHBRush Enterprises Inc0.37%81,557$2Madded+4%+0.02 pp2 q
DFSDiscover Financial Services0.35%35,125$2Mtrimmed−3%−0.01 pp2 q
GMEDGlobus Medical Inc0.33%93,805$2Mtrimmed−2%−0.01 pp2 q
unresolvedFuel Sys Solutions Inc Com0.32%81,728$2Madded+1%+0.02 pp2 q
unresolvedWCI Communities Inc.0.29%85,000$1Mnew+0.29 ppnew
APCAnadarko Petroleum Corp0.28%15,305$1Mtrimmed−2%0.00 pp2 q
unresolvedCall American Capital Ltd 12 E0.24%4,020$1Mheld—2 q
unresolvedCall Microsoft Corp $28 Exp 010.24%2,012$1Mheld—2 q
PFEPfizer Inc.0.20%34,944$1Mtrimmed−4%−0.01 pp2 q
IBMInternational Business Machines Corporation0.18%4,815$892,000trimmed−4%−0.02 pp2 q
unresolvedBellatrix Exploration Ltd0.16%106,870$813,000added+84%+0.09 pp2 q
MSMorgan Stanley0.06%11,260$303,000held—2 q
EMGAEmagin Corporation0.04%66,455$200,000added+4%−0.01 pp2 q
APGIAmerican Power Group Corp0.01%43,485$30,000held—2 q
unresolvedNupathe Inc Com0.01%20,560$50,000added+87%0.00 pp2 q
unresolvedQuantum Fuel Sys Tech Com New0.01%23,235$74,000new+0.01 ppnew
GLWCorning Incorporated—−590,827—exited−1.75 pp—
INTCIntel Corp—−196,800—exited−0.99 pp—
unresolvedC&J Energy Svcs Inc—−106,775—exited−0.43 pp—
ISRGIntuitive Surgical Inc.—−2,308—exited−0.24 pp—
unresolvedIshares Inc Msci Taiwan—−68,155—exited−0.19 pp—

Source

Form
13F-HR
Reading
7 defects · 14 unresolved
Accession
0001133219-13-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A row was set aside — invalid CUSIP 4180324
  • A row was set aside — invalid CUSIP 4345707
  • A row was set aside — invalid CUSIP 123456789
  • A security outside the official 13F list — CUSIP 02906V102 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 123456789 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 4180324 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 4345707 not on the Official 13(f) List for 2013-09-30