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Muhlenkamp

Q4 2013 13F · by Ronald Muhlenkamp, portfolio manager

As of
Dec 31, 2013
Filed
Feb 14, 2014
US stock
$574M · prev $503M
Positions
70 · prev 57
Options notional
$0
Documents
1· no amendments

Picture98.1% US stock

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

  • US stock listed on a US exchange 98.1%
  • Foreign stock not listed in the US 1.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves69 since the prior filing

The book

Focused · behaves like 31 equal-sized positions

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

Low turnover · 16% a year, about 6.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions26% of US stock

  1. BFH Bread Financial Holdings, Inc. added+0.85 pp added+0.858.3%
  2. JPM JPMorgan Chase & Co. added+0.05 pp added+0.054.7%
  3. CELG Celgene Corp added−0.05 pp added−0.054.3%
  4. SAH Sonic Automotive, Inc. added−0.41 pp added−0.414.2%
  5. STT State Street Corporation added+0.01 pp added+0.014.2%

Positions70 in this filing · 3 exited

BFHBread Financial Holdings, Inc.8.31%181,510$48Madded+2%+0.85 pp3 q
JPMJPMorgan Chase & Co.4.65%456,820$27Madded+2%+0.05 pp3 q
CELGCelgene Corp4.34%147,425$25Madded+3%−0.05 pp3 q
SAHSonic Automotive, Inc.4.21%987,990$24Madded+1%−0.41 pp3 q
STTState Street Corporation4.20%328,628$24Madded+2%+0.01 pp3 q
PMPhilip Morris International Inc.3.73%245,487$21Mheld—3 q
MSFTMicrosoft Corp3.69%566,065$21Mtrimmed−13%−0.62 pp3 q
DALDelta Air Lines, Inc.3.61%754,415$21Madded+4%+0.21 pp3 q
ORCLOracle Corp3.61%541,593$21Madded+2%+0.10 pp3 q
AIGAmerican International Group, Inc.3.38%380,080$19Madded+3%−0.20 pp3 q
GMGeneral Motors Company3.36%471,895$19Madded+3%+0.08 pp3 q
CCitigroup Inc.3.10%341,145$18Madded+2%−0.12 pp3 q
unresolvedGeneral Electric Co3.04%622,255$17Madded+3%+0.16 pp3 q
unresolvedRex Energy Corporation2.89%841,265$17Madded+2%−0.77 pp3 q
LNCLincoln National Corp.2.76%307,280$16Mheld—3 q
GILDGilead Sciences Inc2.52%192,795$14Madded+3%+0.18 pp3 q
BRK.BBERKSHIRE HATHAWAY Class B2.43%117,635$14Madded+4%−0.13 pp3 q
HALHalliburton Company2.21%250,350$13Madded+5%−0.08 pp3 q
DCHDauch Corporation2.16%607,640$12Madded+11%+0.01 pp3 q
unresolvedCovidien PLC2.15%181,635$12Madded+4%+0.03 pp3 q
ABGAsbury Automotive Group, Inc.2.14%228,850$12Madded+6%−0.15 pp3 q
unresolvedWestport Innovations Inc US2.01%588,547$12Mtrimmed−5%−0.98 pp3 q
RUSHARush Enterprises Inc1.99%385,002$11Mheld—3 q
CLNEClean Energy Fuels Corp.1.98%881,475$11Madded+96%+0.84 pp3 q
ALGTAllegiant Travel Company1.71%93,110$10Mheld—3 q
unresolvedEzchip Semiconductor Limited1.42%332,035$8Madded+3%−0.15 pp3 q
AAPLApple Inc.1.38%14,153$8Madded+5%+0.10 pp3 q
TEVATeva Pharmaceutical Industries Limited1.23%176,340$7Madded+4%−0.05 pp3 q
OLEDUniversal Display Corp1.23%205,945$7Madded+1%−0.07 pp3 q
unresolvedDirectv1.22%101,740$7Madded+1%+0.02 pp3 q
unresolvedCall Morgan Stanley $17 Exp 011.00%4,000$6Mnew+1.00 ppnew
KBRKBR, Inc.0.99%178,745$6Mnew+0.99 ppnew
unresolvedChicago Bridge & Iron Co N V0.94%64,935$5Mnew+0.94 ppnew
COFCapital One Financial0.70%52,260$4Madded+1%−0.01 pp2 q
SAVEQSpirit Airlines, Inc.0.69%86,725$4Madded+47%+0.29 pp3 q
PHMPultegroup, Inc.0.68%190,800$4Madded+43%+0.24 pp3 q
CSCOCisco Systems, Inc. (DE)0.65%165,599$4Madded+11%−0.05 pp3 q
LSCCLattice Semiconductor Corp0.64%664,310$4Madded+4%+0.08 pp3 q
CYCypress Semiconductor0.61%332,682$3Madded+4%+0.02 pp3 q
HN9Hanesbrands Inc0.60%49,115$3Madded+24%+0.11 pp3 q
unresolvedLsi Corporation0.60%313,835$3Mnew+0.60 ppnew
unresolvedWCI Communities Inc.0.52%156,344$3Madded+84%+0.23 pp2 q
IAInnovative Solutions & Support0.51%402,214$3Madded0%−0.13 pp3 q
unresolvedBellatrix Exploration Ltd0.46%360,365$3Madded×3.4+0.30 pp3 q
DFSDiscover Financial Services0.44%45,170$3Madded+29%+0.09 pp3 q
CRUSCirrus Logic Inc0.41%115,805$2Mtrimmed−45%−0.54 pp3 q
RUSHBRush Enterprises Inc0.41%93,372$2Madded+14%+0.04 pp3 q
GMEDGlobus Medical Inc0.40%112,875$2Madded+20%+0.07 pp3 q
unresolvedCall Microsoft Corp $28 Exp 010.40%2,376$2Madded+18%+0.16 pp3 q
unresolvedCall American Capital Ltd 12 E0.28%4,120$2Madded+2%+0.04 pp3 q
PFEPfizer Inc.0.24%45,129$1Madded+29%+0.04 pp3 q
unresolvedFuel Sys Solutions Inc Com0.20%80,883$1Mtrimmed−1%−0.12 pp3 q
IBMInternational Business Machines Corporation0.20%6,050$1Madded+26%+0.02 pp3 q
unresolvedFortress Investment Group LLC0.11%70,765$606,000new+0.11 ppnew
unresolvedCall Morgan Stanley $15 Exp 010.09%320$524,000new+0.09 ppnew
DSLDoubleline Income Solutions Fund0.07%18,355$387,000new+0.07 ppnew
MSMorgan Stanley0.07%12,065$378,000added+7%+0.01 pp3 q
ABAllianceBernstein Holding, L.P.0.06%15,440$329,000new+0.06 ppnew
unresolvedForest Oil Corp.0.06%102,060$368,000new+0.06 ppnew
unresolvedAmerican Cap Ltd0.05%18,915$296,000new+0.05 ppnew
unresolvedCall Cigna Corp $52.5 Exp 01/10.04%60$216,000new+0.04 ppnew
unresolvedMcDermott Int'l Inc.0.04%27,020$248,000new+0.04 ppnew
PAASPan American Silver Corp.0.04%20,210$236,000new+0.04 ppnew
unresolvedMuhlenkamp Fund0.04%3,796$258,000new+0.04 ppnew
EMGAEmagin Corporation0.03%68,380$194,000added+3%−0.01 pp3 q
CECOPerdoceo Education Corporation0.02%20,700$118,000new+0.02 ppnew
unresolvedQuantum Fuel Sys Tech Com New0.02%14,990$117,000trimmed−35%+0.01 pp2 q
APGIAmerican Power Group Corp0.01%51,295$37,000added+18%0.00 pp3 q
unresolvedNupathe Inc Com0.01%20,425$67,000trimmed−1%0.00 pp3 q
unresolvedFlyht Aerospace Soluti Com0.00%50,895$22,000new0.00 ppnew
MYGNMyriad Genetics Inc—−484,765—exited−2.26 pp—
unresolvedCall Morgan Stanley $17 Exp 01—−4,000—exited−0.80 pp—
APCAnadarko Petroleum Corp—−15,305—exited−0.28 pp—

Source

Form
13F-HR
Reading
12 defects · 24 unresolved
Accession
0001133219-14-000001
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 4104888
  • A row was set aside — invalid CUSIP 4345707
  • A row was set aside — invalid CUSIP 4680440
  • A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 0000AN2A5 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 02906V102 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 4104888 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 4180324 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 4345707 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 4680440 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 962096103 not on the Official 13(f) List for 2013-12-31