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Muhlenkamp

Q3 2014 13F · by Ronald Muhlenkamp, portfolio manager

As of
Sep 30, 2014
Filed
Nov 14, 2014
US stock
$554M · prev $567M
Positions
71 · prev 61
Options notional
$0
Documents
1· no amendments

Picture98.8% US stock

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

  • US stock listed on a US exchange 98.8%
  • Foreign stock not listed in the US 1.2%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves62 since the prior filing

The book

Focused · behaves like 33 equal-sized positions

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

Low turnover · 21% a year, about 4.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions25% of US stock

  1. BFH Bread Financial Holdings, Inc. held held7.7%
  2. JPM JPMorgan Chase & Co. added+0.36 pp added+0.365.0%
  3. DAL Delta Air Lines, Inc. trimmed−0.23 pp trimmed−0.234.9%
  4. GILD Gilead Sciences Inc added+1.85 pp added+1.854.0%
  5. ORCL Oracle Corp held held3.8%

Positions71 in this filing · 3 exited

BFHBread Financial Holdings, Inc.7.70%171,675$43Mheld—6 q
JPMJPMorgan Chase & Co.5.01%460,045$28Madded+1%+0.36 pp6 q
DALDelta Air Lines, Inc.4.93%755,415$27Mtrimmed−0%−0.23 pp6 q
GILDGilead Sciences Inc3.97%206,350$22Madded+43%+1.85 pp6 q
ORCLOracle Corp3.76%543,775$21Mheld—6 q
AIGAmerican International Group, Inc.3.47%355,415$19Mtrimmed−7%−0.20 pp6 q
STTState Street Corporation3.17%238,198$18Mtrimmed−27%−0.73 pp6 q
unresolvedArris Group Inc New3.09%603,440$17Madded+29%+0.40 pp2 q
CCitigroup Inc.3.09%330,055$17Mtrimmed−3%+0.26 pp6 q
unresolvedDirectv3.03%193,638$17Mheld—6 q
LNCLincoln National Corp.2.98%308,235$17Mheld—6 q
HALHalliburton Company2.92%250,935$16Madded+1%−0.19 pp6 q
unresolvedCovidien PLC2.85%182,180$16Mheld—6 q
BRK.BBERKSHIRE HATHAWAY Class B2.82%112,825$16Mtrimmed−4%+0.19 pp6 q
SAHSonic Automotive, Inc.2.53%570,990$14Mtrimmed−1%−0.19 pp6 q
CELGCelgene Corp2.52%146,940$14Madded+2%+0.34 pp6 q
HN9Hanesbrands Inc2.49%128,310$14Madded+63%+1.12 pp6 q
RUSHARush Enterprises Inc2.33%385,002$13Mheld—6 q
SAVEQSpirit Airlines, Inc.2.29%183,385$13Madded+5%+0.34 pp6 q
ALGTAllegiant Travel Company2.09%93,540$12Mtrimmed−1%+0.13 pp6 q
unresolvedRex Energy Corporation2.04%889,235$11Madded+5%−0.60 pp6 q
MSMorgan Stanley2.00%319,970$11Madded+2%+0.20 pp6 q
BMYBristol-Myers Squibb Co.1.96%212,485$11Mtrimmed−0%+0.14 pp3 q
DCHDauch Corporation1.85%609,545$10Madded+6%−0.07 pp6 q
AAPLApple Inc.1.82%99,829$10Madded+3%+0.24 pp6 q
unresolvedEzchip Semiconductor Limited1.77%406,295$10Madded+22%+0.26 pp6 q
TEVATeva Pharmaceutical Industries Limited1.72%176,855$10Mheld—6 q
MSFTMicrosoft Corp1.68%200,190$9Mtrimmed−49%−1.21 pp6 q
ABGAsbury Automotive Group, Inc.1.44%123,500$8Mtrimmed−14%−0.31 pp6 q
GMGeneral Motors Company1.30%225,310$7Mtrimmed−0%−0.15 pp6 q
CLNEClean Energy Fuels Corp.1.25%886,845$7Madded0%−0.58 pp6 q
OLEDUniversal Display Corp1.25%211,720$7Madded+1%+0.07 pp6 q
unresolvedNeustar Inc1.13%251,625$6Madded+4%+0.02 pp2 q
unresolvedWestport Innovations Inc US1.00%528,177$6Mtrimmed−10%−0.87 pp6 q
PKWInvesco BuyBack Achievers ETF0.98%120,745$5Mnew+0.98 ppnew
unresolvedChicago Bridge & Iron Co N V0.85%81,725$5Mtrimmed−50%−1.11 pp4 q
unresolvedWCI Communities Inc.0.82%247,244$5Madded+9%+0.05 pp5 q
LSCCLattice Semiconductor Corp0.80%590,980$4Madded+8%0.00 pp6 q
CSCOCisco Systems, Inc. (DE)0.74%162,854$4Mheld—6 q
unresolvedBellatrix Exploration Ltd0.69%618,830$4Madded+48%+0.05 pp6 q
unresolvedCall Microsoft Corp $28 Exp 010.69%2,310$4Madded+16%+0.21 pp6 q
unresolvedMagnum Hunter Res Corp DEL0.68%675,425$4Madded+15%−0.17 pp3 q
DFSDiscover Financial Services0.52%44,485$3Mheld—6 q
NLYAnnaly Capital Management. Inc.0.50%258,555$3Madded+1%−0.02 pp3 q
ONON Semiconductor Corp0.50%308,455$3Mnew+0.50 ppnew
RUSHBRush Enterprises Inc0.50%93,502$3Madded+9%+0.03 pp6 q
unresolvedGeneral Electric Co0.38%82,150$2Mtrimmed−0%0.00 pp6 q
IAInnovative Solutions & Support0.38%403,794$2Madded+1%−0.15 pp6 q
PFEPfizer Inc.0.21%39,499$1Mtrimmed−4%0.00 pp6 q
unresolvedCall American Capital Ltd 12 E0.18%4,120$997,000added+2%−0.07 pp6 q
IBMInternational Business Machines Corporation0.18%5,170$981,000held—6 q
unresolvedQuantum Fuel Sys Tech Com New0.17%248,125$923,000added+8%−0.06 pp5 q
unresolvedEldorado Gold (C$)0.16%130,565$880,000added+16%+0.01 pp3 q
unresolvedCall General Motors Co $35 Exp0.10%2,581$568,000added+25%−0.06 pp2 q
unresolvedBoardwalk Pipeline Partners0.09%25,200$471,000added×2.1+0.05 pp3 q
PHMPultegroup, Inc.0.09%27,900$493,000trimmed−84%−0.52 pp6 q
DSLDoubleline Income Solutions Fund0.06%15,080$326,000new+0.06 ppnew
MGNXMacroGenics, Inc.0.06%16,975$355,000new+0.06 ppnew
Diana Shipping Incconvertible0.06%12,530$328,000new+0.06 ppnew
ABAllianceBernstein Holding, L.P.0.05%11,550$300,000new+0.05 ppnew
unresolvedAmerican Cap Ltd0.05%19,300$273,000new+0.05 ppnew
MUHLXMuhlenkamp Fund0.05%3,796$260,000new+0.05 ppnew
unresolvedCall Annaly Cap Mgmt Inc $10 E0.04%2,197$228,000new+0.04 ppnew
DSPGDSP Group Inc0.04%27,860$247,000added×2.4+0.02 pp3 q
unresolvedCall Cigna Corp $52.5 Exp 01/10.04%60$228,000new+0.04 ppnew
unresolvedCall Cisco Systems $22 Exp 01/0.04%552$221,000new+0.04 ppnew
PAASPan American Silver Corp.0.04%20,210$222,000new+0.04 ppnew
CECOPerdoceo Education Corporation0.02%24,700$125,000new+0.02 ppnew
APGIAmerican Power Group Corp0.01%53,195$32,000trimmed−33%0.00 pp6 q
ZIXIZix Corporation0.01%13,295$45,000held—2 q
unresolvedFlyht Aerospace Soluti Com0.00%22,000$9,000held—4 q
KBRKBR, Inc.—−46,655—exited−0.20 pp—
unresolvedMuhlenkamp Fund—−3,796—exited−0.05 pp—
unresolvedForest Oil Corp.—−23,060—exited−0.01 pp—

Source

Form
13F-HR
Reading
17 defects · 23 unresolved
Accession
0001133219-14-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • The filing disagrees with its own cover page — cover page declares 72 entries; 71 parsed, value total matches — kept, the table is the record
  • A row was set aside — invalid CUSIP 4180324
  • A row was set aside — invalid CUSIP 0000A2CJ0
  • A row was set aside — invalid CUSIP 4104888
  • A row was set aside — invalid CUSIP 4675088
  • A row was set aside — invalid CUSIP BBG005KHN
  • 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 2014-09-30
  • A security outside the official 13F list — CUSIP 02906V102 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 4104888 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 4180324 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 4345707 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 4675088 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 56166Y438 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP BBG005KHN not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2014-09-30