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Muhlenkamp

Q2 2014 13F · by Ronald Muhlenkamp, portfolio manager

As of
Jun 30, 2014
Filed
Aug 14, 2014
US stock
$567M · prev $569M
Positions
61 · prev 67
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 0.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves68 since the prior filing

The book

Focused · behaves like 32 equal-sized positions

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

Low turnover · 22% a year, about 4.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions26% of US stock

  1. BFH Bread Financial Holdings, Inc. added+0.32 pp added+0.328.5%
  2. DAL Delta Air Lines, Inc. added+0.57 pp added+0.575.2%
  3. JPM JPMorgan Chase & Co. trimmed−0.25 pp trimmed−0.254.7%
  4. STT State Street Corporation added−0.11 pp added−0.113.9%
  5. ORCL Oracle Corp added−0.02 pp added−0.023.9%

Positions61 in this filing · 10 exited

BFHBread Financial Holdings, Inc.8.52%171,675$48Madded0%+0.32 pp5 q
DALDelta Air Lines, Inc.5.16%755,915$29Madded0%+0.57 pp5 q
JPMJPMorgan Chase & Co.4.65%457,045$26Mtrimmed−0%−0.25 pp5 q
STTState Street Corporation3.90%328,253$22Madded0%−0.11 pp5 q
ORCLOracle Corp3.89%543,775$22Madded0%−0.02 pp5 q
AIGAmerican International Group, Inc.3.67%380,745$21Madded0%+0.33 pp5 q
HALHalliburton Company3.11%248,135$18Mtrimmed−1%+0.52 pp5 q
unresolvedDirectv2.90%193,638$16Mtrimmed−0%+0.29 pp5 q
unresolvedCovidien PLC2.90%182,180$16Madded0%+0.55 pp5 q
MSFTMicrosoft Corp2.89%392,575$16Madded0%+0.07 pp5 q
CCitigroup Inc.2.83%340,425$16Madded0%−0.02 pp5 q
LNCLincoln National Corp.2.80%308,235$16Madded0%+0.06 pp5 q
SAHSonic Automotive, Inc.2.72%576,990$15Mtrimmed−41%−1.17 pp5 q
unresolvedArris Group Inc New2.69%468,835$15Mnew+2.69 ppnew
unresolvedRex Energy Corporation2.64%843,460$15Madded0%−0.13 pp5 q
BRK.BBERKSHIRE HATHAWAY Class B2.63%117,825$15Madded0%+0.05 pp5 q
RUSHARush Enterprises Inc2.35%385,002$13Mheld—5 q
CELGCelgene Corp2.18%144,140$12Mtrimmed−52%−1.49 pp5 q
GILDGilead Sciences Inc2.12%144,715$12Mtrimmed−25%−0.27 pp5 q
ALGTAllegiant Travel Company1.96%94,540$11Madded0%+0.10 pp5 q
unresolvedChicago Bridge & Iron Co N V1.96%163,140$11Madded×2.5+0.96 pp3 q
SAVEQSpirit Airlines, Inc.1.95%174,825$11Mtrimmed−6%+0.01 pp5 q
DCHDauch Corporation1.92%575,545$11Mtrimmed−5%−0.06 pp5 q
unresolvedWestport Innovations Inc US1.87%589,757$11Madded0%+0.37 pp5 q
CLNEClean Energy Fuels Corp.1.83%884,260$10Madded0%+0.44 pp5 q
BMYBristol-Myers Squibb Co.1.82%212,770$10Madded0%−0.12 pp2 q
MSMorgan Stanley1.80%314,970$10Mtrimmed−1%+0.05 pp5 q
ABGAsbury Automotive Group, Inc.1.75%143,900$10Mtrimmed−15%+0.10 pp5 q
TEVATeva Pharmaceutical Industries Limited1.64%176,855$9Madded+1%+0.01 pp5 q
AAPLApple Inc.1.58%96,614$9Mtrimmed−4%+0.22 pp5 q
unresolvedEzchip Semiconductor Limited1.51%332,735$9Madded0%+0.03 pp5 q
GMGeneral Motors Company1.45%226,310$8Mtrimmed−52%−1.40 pp5 q
HN9Hanesbrands Inc1.37%78,790$8Madded+1%+0.32 pp5 q
OLEDUniversal Display Corp1.18%208,720$7Madded+1%+0.02 pp5 q
unresolvedNeustar Inc1.11%240,915$6Mnew+1.11 ppnew
unresolvedMagnum Hunter Res Corp DEL0.85%588,270$5Mtrimmed−7%−0.09 pp2 q
LSCCLattice Semiconductor Corp0.80%547,880$5Mtrimmed−8%−0.02 pp5 q
unresolvedWCI Communities Inc.0.77%227,370$4Madded+3%0.00 pp4 q
CSCOCisco Systems, Inc. (DE)0.71%162,854$4Madded0%+0.07 pp5 q
unresolvedBellatrix Exploration Ltd0.64%416,835$4Madded0%+0.02 pp5 q
PHMPultegroup, Inc.0.61%172,335$3Mtrimmed−10%−0.04 pp5 q
IAInnovative Solutions & Support0.53%400,689$3Mheld—5 q
NLYAnnaly Capital Management. Inc.0.52%257,065$3Madded+1%+0.03 pp2 q
DFSDiscover Financial Services0.49%44,485$3Madded+1%+0.04 pp5 q
unresolvedCall Microsoft Corp $28 Exp 010.48%2,000$3Mtrimmed−16%−0.08 pp5 q
RUSHBRush Enterprises Inc0.47%85,502$3Mtrimmed−8%+0.01 pp5 q
unresolvedGeneral Electric Co0.38%82,345$2Mtrimmed−87%−2.45 pp5 q
unresolvedCall American Capital Ltd 12 E0.25%4,020$1Mtrimmed−2%−0.06 pp5 q
unresolvedQuantum Fuel Sys Tech Com New0.23%230,015$1Madded×18.6+0.21 pp4 q
PFEPfizer Inc.0.21%41,019$1Mtrimmed−0%−0.02 pp5 q
KBRKBR, Inc.0.20%46,655$1Mtrimmed−74%−0.64 pp3 q
IBMInternational Business Machines Corporation0.17%5,170$937,000trimmed−8%−0.02 pp5 q
unresolvedCall General Motors Co $35 Exp0.16%2,073$916,000new+0.16 ppnew
unresolvedEldorado Gold (C$)0.15%113,045$864,000trimmed−13%+0.02 pp2 q
unresolvedMuhlenkamp Fund0.05%3,796$271,000held—3 q
unresolvedBoardwalk Pipeline Partners0.04%12,000$222,000trimmed−71%−0.06 pp2 q
DSPGDSP Group Inc0.02%11,700$99,000trimmed−57%−0.02 pp2 q
APGIAmerican Power Group Corp0.01%79,010$59,000added+10%0.00 pp5 q
unresolvedForest Oil Corp.0.01%23,060$53,000trimmed−79%−0.03 pp3 q
ZIXIZix Corporation0.01%13,295$45,000new+0.01 ppnew
unresolvedFlyht Aerospace Soluti Com0.00%22,000$7,000trimmed−66%−0.01 pp3 q
COFCapital One Financial—−52,755—exited−0.72 pp—
GMEDGlobus Medical Inc—−51,480—exited−0.24 pp—
unresolvedFortress Investment Group LLC—−68,945—exited−0.09 pp—
DSLDoubleline Income Solutions Fund—−15,080—exited−0.06 pp—
unresolvedCall Annaly Cap Mgmt Inc $10 E—−2,237—exited−0.05 pp—
ABAllianceBernstein Holding, L.P.—−11,550—exited−0.05 pp—
unresolvedAmerican Cap Ltd—−19,300—exited−0.05 pp—
PAASPan American Silver Corp.—−20,210—exited−0.05 pp—
CECOPerdoceo Education Corporation—−19,700—exited−0.03 pp—
unresolvedMcDermott Int'l Inc.—−25,200—exited−0.03 pp—

Source

Form
13F-HR
Reading
9 defects · 21 unresolved
Accession
0001133219-14-000004
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 BBG005KHN
  • A row was set aside — invalid CUSIP 4345707
  • A security outside the official 13F list — CUSIP 02906V102 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 4180324 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 4345707 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 962096103 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP BBG005KHN not on the Official 13(f) List for 2014-06-30