Muhlenkamp

Q4 2014 13F · by Ronald Muhlenkamp, portfolio manager

As of: Dec 31, 2014
Filed: Feb 13, 2015
US stock: $499M · prev $554M
Positions: 71 · prev 71
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
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%

Moves59 since the prior filing

+9.1 pp in · −11.6 pp out

New 5 +4.73 pp
Added 13 +4.33 pp
Trimmed 36 −8.60 pp
Exited 5 −3.03 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions23% of US stock

BFH Bread Financial Holdings, Inc. trimmed−0.74 pp trimmed−0.747.0%
JPM JPMorgan Chase & Co. trimmed−0.50 pp trimmed−0.504.5%
GILD Gilead Sciences Inc added+0.17 pp added+0.174.1%
DCH Dauch Corporation added+1.93 pp added+1.933.8%
unresolved Covidien PLC trimmed+0.88 pp trimmed+0.883.7%

Positions71 in this filing · 5 exited


BFHBread Financial Holdings, Inc.	6.96%	121,330	$35M	trimmed−29%	−0.74 pp	7 q
JPMJPMorgan Chase & Co.	4.51%	359,535	$23M	trimmed−22%	−0.50 pp	7 q
GILDGilead Sciences Inc	4.14%	218,945	$21M	added+6%	+0.17 pp	7 q
DCHDauch Corporation	3.78%	833,380	$19M	added+37%	+1.93 pp	7 q
unresolvedCovidien PLC	3.73%	181,650	$19M	trimmed−0%	+0.88 pp	7 q
STTState Street Corporation	3.72%	236,093	$19M	trimmed−1%	+0.55 pp	7 q
unresolvedArris Group Inc New	3.60%	594,110	$18M	trimmed−2%	+0.51 pp	3 q
LNCLincoln National Corp.	3.56%	308,235	$18M	held	—	7 q
BRK.BBERKSHIRE HATHAWAY Class B	3.39%	112,675	$17M	trimmed−0%	+0.57 pp	7 q
AAPLApple Inc.	3.34%	150,828	$17M	added+51%	+1.52 pp	7 q
CECelanese Corporation	3.22%	268,235	$16M	new	+3.22 pp	new
CCitigroup Inc.	3.03%	279,400	$15M	trimmed−15%	−0.06 pp	7 q
SAHSonic Automotive, Inc.	2.90%	535,185	$14M	trimmed−6%	+0.37 pp	7 q
HN9Hanesbrands Inc	2.86%	127,775	$14M	trimmed−0%	+0.37 pp	7 q
AIGAmerican International Group, Inc.	2.83%	251,950	$14M	trimmed−29%	−0.64 pp	7 q
ALGTAllegiant Travel Company	2.82%	93,540	$14M	held	—	7 q
DALDelta Air Lines, Inc.	2.62%	265,390	$13M	trimmed−65%	−2.31 pp	7 q
SAVEQSpirit Airlines, Inc.	2.52%	166,589	$13M	trimmed−9%	+0.23 pp	7 q
BMYBristol-Myers Squibb Co.	2.51%	212,290	$13M	trimmed−0%	+0.55 pp	4 q
unresolvedDirectv	2.49%	143,343	$12M	trimmed−26%	−0.54 pp	7 q
MSMorgan Stanley	2.49%	319,970	$12M	held	—	7 q
RUSHARush Enterprises Inc	2.47%	385,002	$12M	held	—	7 q
TEVATeva Pharmaceutical Industries Limited	2.03%	176,385	$10M	trimmed−0%	+0.31 pp	7 q
CELGCelgene Corp	1.93%	86,240	$10M	trimmed−41%	−0.59 pp	7 q
DFSDiscover Financial Services	1.89%	144,070	$9M	added×3.2	+1.37 pp	7 q
MSFTMicrosoft Corp	1.77%	190,315	$9M	trimmed−5%	+0.09 pp	7 q
unresolvedEzchip Semiconductor Limited	1.55%	403,855	$8M	trimmed−1%	−0.22 pp	7 q
unresolvedNeustar Inc	1.40%	251,625	$7M	held	—	3 q
ABGAsbury Automotive Group, Inc.	1.33%	87,605	$7M	trimmed−29%	−0.11 pp	7 q
AALAmerican Airlines Group Inc.	1.32%	123,035	$7M	new	+1.32 pp	new
ORCLOracle Corp	1.29%	143,255	$6M	trimmed−74%	−2.47 pp	7 q
OLEDUniversal Display Corp	1.18%	211,505	$6M	trimmed−0%	−0.07 pp	7 q
PKWInvesco BuyBack Achievers ETF	1.16%	120,330	$6M	trimmed−0%	+0.18 pp	2 q
ONON Semiconductor Corp	1.03%	508,455	$5M	added+65%	+0.53 pp	2 q
unresolvedRex Energy Corporation	1.00%	976,090	$5M	added+10%	−1.04 pp	7 q
unresolvedWCI Communities Inc.	0.97%	247,244	$5M	held	—	6 q
LSCCLattice Semiconductor Corp	0.82%	590,240	$4M	trimmed−0%	+0.02 pp	7 q
unresolvedBellatrix Exploration Ltd	0.59%	803,455	$3M	added+30%	−0.10 pp	7 q
NLYAnnaly Capital Management. Inc.	0.55%	255,155	$3M	trimmed−1%	+0.05 pp	4 q
RUSHBRush Enterprises Inc	0.53%	93,502	$3M	held	—	7 q
GMGeneral Motors Company	0.49%	69,420	$2M	trimmed−69%	−0.81 pp	7 q
unresolvedMagnum Hunter Res Corp DEL	0.44%	699,005	$2M	added+3%	−0.24 pp	4 q
unresolvedGeneral Electric Co	0.37%	73,110	$2M	trimmed−11%	−0.01 pp	7 q
unresolvedCall Microsoft Corp $28 Exp 01	0.35%	1,000	$2M	trimmed−57%	−0.34 pp	7 q
IAInnovative Solutions & Support	0.24%	375,244	$1M	trimmed−7%	−0.14 pp	7 q
PFEPfizer Inc.	0.24%	38,409	$1M	trimmed−3%	+0.03 pp	7 q
unresolvedCall General Motors Co $35 Exp	0.22%	3,546	$1M	added+37%	+0.12 pp	3 q
IBMInternational Business Machines Corporation	0.16%	5,090	$817,000	trimmed−2%	−0.02 pp	7 q
unresolvedBoardwalk Pipeline Partners	0.15%	41,300	$734,000	added+64%	+0.06 pp	4 q
unresolvedEldorado Gold (C$)	0.15%	126,450	$769,000	trimmed−3%	−0.01 pp	4 q
MGNXMacroGenics, Inc.	0.12%	16,725	$587,000	trimmed−1%	+0.06 pp	2 q
PHMPultegroup, Inc.	0.12%	27,900	$599,000	held	—	7 q
unresolvedWestport Innovations Inc US	0.11%	150,000	$561,000	trimmed−72%	−0.89 pp	7 q
HALHalliburton Company	0.10%	12,330	$485,000	trimmed−95%	−2.82 pp	7 q
Magnum Hunter Resourcesconvertible	0.09%	12,895	$438,000	new	+0.09 pp	new
unresolvedQuantum Fuel Sys Tech Com New	0.09%	220,000	$460,000	trimmed−11%	−0.08 pp	6 q
DSLDoubleline Income Solutions Fund	0.07%	16,350	$325,000	added+8%	+0.01 pp	2 q
unresolvedCall Cisco Systems $22 Exp 01/	0.07%	552	$328,000	held	—	2 q
ABAllianceBernstein Holding, L.P.	0.06%	11,550	$298,000	held	—	2 q
unresolvedAmerican Cap Ltd	0.06%	19,300	$282,000	held	—	2 q
DSPGDSP Group Inc	0.06%	27,860	$303,000	held	—	4 q
unresolvedCall Cigna Corp $52.5 Exp 01/1	0.06%	60	$301,000	held	—	2 q
Diana Shipping Incconvertible	0.06%	12,530	$301,000	held	—	2 q
MUHLXMuhlenkamp Fund	0.05%	3,870	$230,000	added+2%	0.00 pp	2 q
QUIKQuickLogic Corp	0.05%	82,925	$260,000	new	+0.05 pp	new
TNKTeekay Tankers Ltd.	0.05%	51,795	$262,000	new	+0.05 pp	new
unresolvedCall Annaly Cap Mgmt Inc $10 E	0.04%	2,177	$222,000	trimmed−1%	0.00 pp	2 q
PAASPan American Silver Corp.	0.04%	20,710	$191,000	added+2%	0.00 pp	2 q
CECOPerdoceo Education Corporation	0.03%	24,700	$172,000	held	—	2 q
ZIXIZix Corporation	0.01%	13,295	$48,000	held	—	3 q
unresolvedFlyht Aerospace Soluti Com	0.00%	22,000	$7,000	held	—	5 q
CLNEClean Energy Fuels Corp.	—	−886,845	—	exited	−1.25 pp	—
unresolvedChicago Bridge & Iron Co N V	—	−81,725	—	exited	−0.85 pp	—
CSCOCisco Systems, Inc. (DE)	—	−162,854	—	exited	−0.74 pp	—
unresolvedCall American Capital Ltd 12 E	—	−4,120	—	exited	−0.18 pp	—
APGIAmerican Power Group Corp	—	−53,195	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 14 defects · 21 unresolved
Accession: 0001133219-15-000001
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 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 2014-12-31
A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 4104888 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 4345707 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 4675088 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 55973B300 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 56166Y438 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP BBG005KHN not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2014-12-31

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