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Muhlenkamp

Q1 2015 13F · by Ronald Muhlenkamp, portfolio manager

As of
Mar 31, 2015
Filed
May 14, 2015
US stock
$475M · prev $499M
Positions
67 · prev 71
Options notional
$0
Documents
1· no amendments

Picture99.4% US stock

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

  • US stock listed on a US exchange 99.4%
  • Foreign stock not listed in the US 0.6%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves65 since the prior filing

The book

Focused · behaves like 31 equal-sized positions

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

Moderate turnover · 52% a year, about 1.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions25% of US stock

  1. BFH Bread Financial Holdings, Inc. trimmed+0.60 pp trimmed+0.607.6%
  2. JPM JPMorgan Chase & Co. trimmed+0.04 pp trimmed+0.044.5%
  3. GILD Gilead Sciences Inc trimmed+0.38 pp trimmed+0.384.5%
  4. DCH Dauch Corporation trimmed+0.66 pp trimmed+0.664.4%
  5. AAPL Apple Inc. added+0.62 pp added+0.624.0%

Positions67 in this filing · 11 exited

BFHBread Financial Holdings, Inc.7.56%121,200$36Mtrimmed−0%+0.60 pp8 q
JPMJPMorgan Chase & Co.4.55%356,560$22Mtrimmed−1%+0.04 pp8 q
GILDGilead Sciences Inc4.52%218,740$21Mtrimmed−0%+0.38 pp8 q
DCHDauch Corporation4.44%816,490$21Mtrimmed−2%+0.66 pp8 q
AAPLApple Inc.3.96%151,008$19Madded0%+0.62 pp8 q
LNCLincoln National Corp.3.73%308,310$18Madded0%+0.17 pp8 q
STTState Street Corporation3.65%235,952$17Mtrimmed−0%−0.07 pp8 q
unresolvedArris Group Inc New3.61%593,215$17Mtrimmed−0%+0.01 pp4 q
HN9Hanesbrands Inc3.60%510,345$17Madded×4.0+0.74 pp8 q
BRK.BBERKSHIRE HATHAWAY Class B3.42%112,530$16Mtrimmed−0%+0.03 pp8 q
ALGTAllegiant Travel Company3.23%79,771$15Mtrimmed−15%+0.41 pp8 q
ONON Semiconductor Corp3.23%1,267,355$15Madded×2.5+2.20 pp3 q
CECelanese Corporation3.16%268,285$15Madded0%−0.06 pp2 q
BMYBristol-Myers Squibb Co.2.88%212,170$14Mtrimmed−0%+0.37 pp5 q
MDTMedtronic plc2.85%173,653$14Mnew+2.85 ppnew
SAVEQSpirit Airlines, Inc.2.74%168,159$13Madded+1%+0.22 pp8 q
SAHSonic Automotive, Inc.2.70%515,300$13Mtrimmed−4%−0.20 pp8 q
DFSDiscover Financial Services2.52%212,145$12Madded+47%+0.63 pp8 q
DALDelta Air Lines, Inc.2.51%265,455$12Madded0%−0.11 pp8 q
MSFTMicrosoft Corp2.49%290,385$12Madded+53%+0.72 pp8 q
MSMorgan Stanley2.41%320,090$11Madded0%−0.08 pp8 q
TEVATeva Pharmaceutical Industries Limited2.32%176,710$11Madded0%+0.29 pp8 q
RUSHARush Enterprises Inc2.22%385,002$11Mheld—8 q
OLEDUniversal Display Corp2.09%212,135$10Madded0%+0.91 pp8 q
CELGCelgene Corp2.08%85,540$10Mtrimmed−1%+0.15 pp8 q
unresolvedNeustar Inc1.67%321,510$8Madded+28%+0.27 pp4 q
unresolvedWCI Communities Inc.1.63%323,379$8Madded+31%+0.66 pp7 q
ABGAsbury Automotive Group, Inc.1.50%85,460$7Mtrimmed−2%+0.17 pp8 q
unresolvedBaker Hughes Inc.1.49%111,165$7Mnew+1.49 ppnew
AALAmerican Airlines Group Inc.1.37%123,090$6Madded0%+0.05 pp2 q
unresolvedEzchip Semiconductor Limited1.35%335,040$6Mtrimmed−17%−0.20 pp8 q
PKWInvesco BuyBack Achievers ETF1.25%120,330$6Mheld—3 q
HALHalliburton Company1.04%112,330$5Madded×9.1+0.94 pp8 q
unresolvedRex Energy Corporation0.77%977,865$4Madded0%−0.23 pp8 q
NLYAnnaly Capital Management. Inc.0.56%253,940$3Mtrimmed−0%+0.01 pp5 q
GMGeneral Motors Company0.55%69,535$3Madded0%+0.06 pp8 q
RUSHBRush Enterprises Inc0.49%93,617$2Madded0%−0.04 pp8 q
MGNXMacroGenics, Inc.0.44%66,405$2Madded×4.0+0.32 pp3 q
unresolvedBellatrix Exploration Ltd0.41%805,970$2Madded0%−0.18 pp8 q
unresolvedGeneral Electric Co0.38%72,276$2Mtrimmed−1%+0.01 pp8 q
unresolvedCall General Motors Co $35 Exp0.32%3,546$2Mheld—4 q
IAInnovative Solutions & Support0.29%361,529$1Mtrimmed−4%+0.05 pp8 q
PFEPfizer Inc.0.28%38,409$1Mheld—8 q
EPZMEpizyme, Inc0.21%51,860$974,000new+0.21 ppnew
unresolvedMagnum Hunter Res Corp DEL0.20%355,235$948,000trimmed−49%−0.24 pp5 q
PHMPultegroup, Inc.0.13%27,200$605,000trimmed−3%+0.01 pp8 q
unresolvedBoardwalk Pipeline Partners0.12%35,700$575,000trimmed−14%−0.03 pp5 q
unresolvedEldorado Gold (C$)0.12%126,450$580,000held—5 q
unresolvedWestport Innovations Inc US0.12%150,000$591,000held—8 q
Magnum Hunter Resourcesconvertible0.10%13,185$460,000added+2%+0.01 pp2 q
ABAllianceBernstein Holding, L.P.0.08%11,550$357,000held—3 q
unresolvedAmerican Cap Ltd0.07%21,300$315,000added+10%+0.01 pp3 q
DSPGDSP Group Inc0.07%27,205$326,000trimmed−2%+0.01 pp5 q
DSLDoubleline Income Solutions Fund0.07%16,350$325,000held—3 q
unresolvedCall Cisco Systems $22 Exp 01/0.07%552$319,000held—3 q
Diana Shipping Incconvertible0.07%12,530$321,000held—3 q
unresolvedCigna Corporation0.06%2,100$272,000new+0.06 ppnew
TNKTeekay Tankers Ltd.0.06%47,400$272,000trimmed−8%+0.01 pp2 q
MUHLXMuhlenkamp Fund0.05%3,870$233,000held—3 q
GNWGenworth Financial, Inc.0.04%24,400$178,000new+0.04 ppnew
PAASPan American Silver Corp.0.04%20,710$182,000held—3 q
QUIKQuickLogic Corp0.04%90,435$175,000added+9%−0.01 pp2 q
NENoble Corporation plc0.04%13,650$195,000new+0.04 ppnew
ATHXAthersys, Inc.0.01%10,150$29,000new+0.01 ppnew
unresolvedQuantum Fuel Sys Tech Com New0.01%20,000$53,000trimmed−91%−0.08 pp7 q
ZIXIZix Corporation0.01%11,495$45,000trimmed−14%0.00 pp4 q
unresolvedFlyht Aerospace Soluti Com0.00%22,000$4,000held—6 q
unresolvedCovidien PLC—−181,650—exited−3.73 pp—
CCitigroup Inc.—−279,400—exited−3.03 pp—
AIGAmerican International Group, Inc.—−251,950—exited−2.83 pp—
unresolvedDirectv—−143,343—exited−2.49 pp—
ORCLOracle Corp—−143,255—exited−1.29 pp—
LSCCLattice Semiconductor Corp—−590,240—exited−0.82 pp—
unresolvedCall Microsoft Corp $28 Exp 01—−1,000—exited−0.35 pp—
IBMInternational Business Machines Corporation—−5,090—exited−0.16 pp—
unresolvedCall Cigna Corp $52.5 Exp 01/1—−60—exited−0.06 pp—
unresolvedCall Annaly Cap Mgmt Inc $10 E—−2,177—exited−0.04 pp—
CECOPerdoceo Education Corporation—−24,700—exited−0.03 pp—

Source

Form
13F-HR
Reading
8 defects · 18 unresolved
Accession
0001133219-15-000002
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 4675088
  • A row was set aside — invalid CUSIP BBG005KHN
  • A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 4675088 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 55973B300 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 56166Y438 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP BBG005KHN not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2015-03-31