Muhlenkamp

Q1 2014 13F · by Ronald Muhlenkamp, portfolio manager

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $569M · prev $574M
Positions: 67 · prev 70
Options notional: $0
Documents: 1· no amendments

Picture99.0% US stock

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

US stock listed on a US exchange 99.0%
Foreign stock not listed in the US 1.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves73 since the prior filing

+8.7 pp in · −8.9 pp out

New 7 +3.69 pp
Added 21 +4.99 pp
Trimmed 35 −2.16 pp
Exited 10 −6.72 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BFH Bread Financial Holdings, Inc. trimmed−0.11 pp trimmed−0.118.2%
JPM JPMorgan Chase & Co. added+0.25 pp added+0.254.9%
DAL Delta Air Lines, Inc. trimmed+0.98 pp trimmed+0.984.6%
STT State Street Corporation trimmed−0.19 pp trimmed−0.194.0%
ORCL Oracle Corp added+0.30 pp added+0.303.9%

Positions67 in this filing · 10 exited


BFHBread Financial Holdings, Inc.	8.20%	171,139	$47M	trimmed−6%	−0.11 pp	4 q
JPMJPMorgan Chase & Co.	4.90%	459,045	$28M	added0%	+0.25 pp	4 q
DALDelta Air Lines, Inc.	4.59%	752,495	$26M	trimmed−0%	+0.98 pp	4 q
STTState Street Corporation	4.01%	328,168	$23M	trimmed−0%	−0.19 pp	4 q
ORCLOracle Corp	3.91%	542,960	$22M	added0%	+0.30 pp	4 q
SAHSonic Automotive, Inc.	3.89%	983,425	$22M	trimmed−0%	−0.32 pp	4 q
CELGCelgene Corp	3.67%	149,325	$21M	added+1%	−0.67 pp	4 q
AIGAmerican International Group, Inc.	3.34%	379,680	$19M	trimmed−0%	−0.04 pp	4 q
CCitigroup Inc.	2.85%	340,355	$16M	trimmed−0%	−0.25 pp	4 q
GMGeneral Motors Company	2.85%	471,330	$16M	trimmed−0%	−0.51 pp	4 q
unresolvedGeneral Electric Co	2.83%	621,735	$16M	trimmed−0%	−0.21 pp	4 q
MSFTMicrosoft Corp	2.82%	390,695	$16M	trimmed−31%	−0.87 pp	4 q
unresolvedRex Energy Corporation	2.77%	841,165	$16M	trimmed−0%	−0.12 pp	4 q
LNCLincoln National Corp.	2.74%	307,990	$16M	added0%	−0.02 pp	4 q
unresolvedDirectv	2.61%	194,275	$15M	added+91%	+1.39 pp	4 q
HALHalliburton Company	2.59%	250,230	$15M	trimmed−0%	+0.38 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	2.58%	117,350	$15M	trimmed−0%	+0.15 pp	4 q
GILDGilead Sciences Inc	2.39%	192,015	$14M	trimmed−0%	−0.13 pp	4 q
unresolvedCovidien PLC	2.35%	181,455	$13M	trimmed−0%	+0.20 pp	4 q
RUSHARush Enterprises Inc	2.20%	385,002	$13M	held	—	4 q
DCHDauch Corporation	1.98%	607,250	$11M	trimmed−0%	−0.18 pp	4 q
BMYBristol-Myers Squibb Co.	1.94%	212,015	$11M	new	+1.94 pp	new
SAVEQSpirit Airlines, Inc.	1.94%	185,885	$11M	added×2.1	+1.25 pp	4 q
ALGTAllegiant Travel Company	1.86%	94,440	$11M	added+1%	+0.15 pp	4 q
MSMorgan Stanley	1.75%	319,435	$10M	added×26.5	+1.68 pp	4 q
ABGAsbury Automotive Group, Inc.	1.65%	169,150	$9M	trimmed−26%	−0.49 pp	4 q
TEVATeva Pharmaceutical Industries Limited	1.63%	175,440	$9M	trimmed−1%	+0.40 pp	4 q
unresolvedWestport Innovations Inc US	1.50%	587,392	$9M	trimmed−0%	−0.51 pp	4 q
unresolvedEzchip Semiconductor Limited	1.48%	331,550	$8M	trimmed−0%	+0.06 pp	4 q
CLNEClean Energy Fuels Corp.	1.39%	881,000	$8M	trimmed−0%	−0.59 pp	4 q
AAPLApple Inc.	1.36%	14,384	$8M	added+2%	−0.02 pp	4 q
OLEDUniversal Display Corp	1.16%	206,595	$7M	added0%	−0.07 pp	4 q
HN9Hanesbrands Inc	1.05%	77,885	$6M	added+59%	+0.45 pp	4 q
unresolvedChicago Bridge & Iron Co N V	1.00%	64,995	$6M	added0%	+0.06 pp	2 q
unresolvedMagnum Hunter Res Corp DEL	0.94%	631,630	$5M	new	+0.94 pp	new
KBRKBR, Inc.	0.84%	179,430	$5M	added0%	−0.15 pp	2 q
LSCCLattice Semiconductor Corp	0.82%	594,980	$5M	trimmed−10%	+0.18 pp	4 q
unresolvedWCI Communities Inc.	0.77%	221,774	$4M	added+42%	+0.25 pp	3 q
COFCapital One Financial	0.72%	52,755	$4M	added+1%	+0.02 pp	3 q
PHMPultegroup, Inc.	0.65%	191,810	$4M	added+1%	−0.03 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.64%	162,079	$4M	trimmed−2%	−0.01 pp	4 q
unresolvedBellatrix Exploration Ltd	0.62%	415,580	$4M	added+15%	+0.16 pp	4 q
unresolvedCall Microsoft Corp $28 Exp 01	0.56%	2,370	$3M	trimmed−0%	+0.16 pp	4 q
IAInnovative Solutions & Support	0.53%	400,689	$3M	trimmed−0%	+0.02 pp	4 q
NLYAnnaly Capital Management. Inc.	0.49%	255,375	$3M	new	+0.49 pp	new
RUSHBRush Enterprises Inc	0.46%	92,772	$3M	trimmed−1%	+0.05 pp	4 q
DFSDiscover Financial Services	0.45%	43,930	$3M	trimmed−3%	+0.01 pp	4 q
unresolvedCall American Capital Ltd 12 E	0.31%	4,120	$2M	held	—	4 q
GMEDGlobus Medical Inc	0.24%	51,480	$1M	trimmed−54%	−0.16 pp	4 q
PFEPfizer Inc.	0.23%	41,169	$1M	trimmed−9%	−0.01 pp	4 q
IBMInternational Business Machines Corporation	0.19%	5,600	$1M	trimmed−7%	−0.01 pp	4 q
unresolvedEldorado Gold (C$)	0.13%	129,305	$722,000	new	+0.13 pp	new
unresolvedBoardwalk Pipeline Partners	0.10%	42,000	$563,000	new	+0.10 pp	new
unresolvedFortress Investment Group LLC	0.09%	68,945	$510,000	trimmed−3%	−0.02 pp	2 q
DSLDoubleline Income Solutions Fund	0.06%	15,080	$320,000	trimmed−18%	−0.01 pp	2 q
unresolvedCall Annaly Cap Mgmt Inc $10 E	0.05%	2,237	$277,000	new	+0.05 pp	new
ABAllianceBernstein Holding, L.P.	0.05%	11,550	$288,000	trimmed−25%	−0.01 pp	2 q
unresolvedAmerican Cap Ltd	0.05%	19,300	$305,000	added+2%	0.00 pp	2 q
PAASPan American Silver Corp.	0.05%	20,210	$260,000	held	—	2 q
unresolvedMuhlenkamp Fund	0.05%	3,796	$257,000	held	—	2 q
DSPGDSP Group Inc	0.04%	26,985	$233,000	new	+0.04 pp	new
unresolvedForest Oil Corp.	0.04%	107,260	$205,000	added+5%	−0.02 pp	2 q
CECOPerdoceo Education Corporation	0.03%	19,700	$147,000	trimmed−5%	+0.01 pp	2 q
unresolvedMcDermott Int'l Inc.	0.03%	25,200	$197,000	trimmed−7%	−0.01 pp	2 q
unresolvedQuantum Fuel Sys Tech Com New	0.02%	12,390	$120,000	trimmed−17%	0.00 pp	3 q
APGIAmerican Power Group Corp	0.01%	72,030	$83,000	added+40%	0.00 pp	4 q
unresolvedFlyht Aerospace Soluti Com	0.01%	64,610	$39,000	added+27%	+0.01 pp	2 q
PMPhilip Morris International Inc.	—	−245,487	—	exited	−3.73 pp	—
unresolvedCall Morgan Stanley $17 Exp 01	—	−4,000	—	exited	−1.00 pp	—
CYCypress Semiconductor	—	−332,682	—	exited	−0.61 pp	—
unresolvedLsi Corporation	—	−313,835	—	exited	−0.60 pp	—
CRUSCirrus Logic Inc	—	−115,805	—	exited	−0.41 pp	—
unresolvedFuel Sys Solutions Inc Com	—	−80,883	—	exited	−0.20 pp	—
unresolvedCall Morgan Stanley $15 Exp 01	—	−320	—	exited	−0.09 pp	—
unresolvedCall Cigna Corp $52.5 Exp 01/1	—	−60	—	exited	−0.04 pp	—
EMGAEmagin Corporation	—	−68,380	—	exited	−0.03 pp	—
unresolvedNupathe Inc Com	—	−20,425	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 9 defects · 22 unresolved
Accession: 0001133219-14-000003
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 0000A2CJ0
A row was set aside — invalid CUSIP 4345707
A security outside the official 13F list — CUSIP 0000A2CJ0 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 02906V102 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 4180324 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 4345707 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 962096103 not on the Official 13(f) List for 2014-03-31

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