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Muhlenkamp

Q2 2015 13F · by Ronald Muhlenkamp, portfolio manager

As of
Jun 30, 2015
Filed
Aug 4, 2015
US stock
$444M · prev $475M
Positions
61 · prev 67
Options notional
$18M
Documents
1· no amendments

Picture95.9% US stock

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

  • US stock listed on a US exchange 95.9%
  • Foreign stock not listed in the US 0.2%
  • Notes debt, at principal 0.1%
  • Puts at notional value 0.4%
  • Calls at notional value 3.5%

Moves71 since the prior filing

+11.2 pp in · −11.4 pp out

Options: 8 moves on a notional base, in the table below.

The book

Focused · behaves like 29 equal-sized positions

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

Moderate turnover · 43% a year, about 2.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions28% of US stock

  1. BFH Bread Financial Holdings, Inc. added+0.41 pp added+0.418.0%
  2. GILD Gilead Sciences Inc trimmed+1.25 pp trimmed+1.255.8%
  3. JPM JPMorgan Chase & Co. added+0.89 pp added+0.895.4%
  4. CE Celanese Corporation added+1.19 pp added+1.194.3%
  5. AAPL Apple Inc. added+0.31 pp added+0.314.3%

Positions61 in this filing · 12 exited

BFHBread Financial Holdings, Inc.7.97%121,215$35Madded0%+0.41 pp9 q
GILDGilead Sciences Inc5.77%218,620$26Mtrimmed−0%+1.25 pp9 q
JPMJPMorgan Chase & Co.5.44%356,605$24Madded0%+0.89 pp9 q
CECelanese Corporation4.35%268,460$19Madded0%+1.19 pp3 q
AAPLApple Inc.4.27%151,058$19Madded0%+0.31 pp9 q
unresolvedArris Group Inc New4.09%593,570$18Madded0%+0.48 pp5 q
DCHDauch Corporation3.85%816,570$17Madded0%−0.59 pp9 q
HN9Hanesbrands Inc3.83%510,225$17Mtrimmed−0%+0.23 pp9 q
ONON Semiconductor Corp3.34%1,268,385$15Madded0%+0.11 pp4 q
ALGTAllegiant Travel Company3.20%79,871$14Madded0%−0.03 pp9 q
HEDJWisdomTree Europe Hedged Equity Fund3.18%229,245$14Mnew+3.18 ppnew
BMYBristol-Myers Squibb Co.3.17%211,620$14Mtrimmed−0%+0.29 pp6 q
MDTMedtronic plc2.90%173,750$13Madded0%+0.05 pp2 q
MSFTMicrosoft Corp2.89%290,555$13Madded0%+0.40 pp9 q
MSMorgan Stanley2.80%320,400$12Madded0%+0.39 pp9 q
LNCLincoln National Corp.2.78%208,505$12Mtrimmed−32%−0.95 pp9 q
DFSDiscover Financial Services2.76%212,400$12Madded0%+0.24 pp9 q
DALDelta Air Lines, Inc.2.46%265,400$11Mtrimmed−0%−0.05 pp9 q
SAVEQSpirit Airlines, Inc.2.38%170,454$11Madded+1%−0.36 pp9 q
STTState Street Corporation2.36%135,807$10Mtrimmed−42%−1.29 pp9 q
TEVATeva Pharmaceutical Industries Limited2.36%176,915$10Madded0%+0.04 pp9 q
RUSHARush Enterprises Inc2.27%385,002$10Mheld—9 q
OLEDUniversal Display Corp2.17%185,915$10Mtrimmed−12%+0.08 pp9 q
unresolvedNeustar Inc2.02%307,190$9Mtrimmed−4%+0.35 pp5 q
unresolvedWCI Communities Inc.1.97%358,744$9Madded+11%+0.34 pp8 q
ABGAsbury Automotive Group, Inc.1.75%85,595$8Madded0%+0.25 pp9 q
unresolvedOuterwall Inc1.69%98,745$8Mnew+1.69 ppnew
unresolvedBaker Hughes Inc.1.55%111,340$7Madded0%+0.06 pp2 q
unresolvedRex Energy Corporation1.37%1,087,755$6Madded+11%+0.60 pp9 q
PKWInvesco BuyBack Achievers ETF1.32%120,445$6Madded0%+0.07 pp4 q
unresolvedPowershares ETF Tr II Asia Pac1.13%202,010$5Mnew+1.13 ppnew
HALHalliburton Company1.07%110,250$5Mtrimmed−2%+0.03 pp9 q
unresolvedEzchip Semiconductor Limited1.04%289,891$5Mtrimmed−13%−0.31 pp9 q
MGNXMacroGenics, Inc.0.57%66,500$3Madded0%+0.13 pp4 q
NLYAnnaly Capital Management. Inc.0.53%256,355$2Madded+1%−0.03 pp6 q
GMGeneral Motors Company0.52%69,500$2Mtrimmed−0%−0.03 pp9 q
RUSHBRush Enterprises Inc0.51%94,852$2Madded+1%+0.02 pp9 q
unresolvedBellatrix Exploration Ltd0.42%801,100$2Mtrimmed−1%+0.01 pp9 q
PFEPfizer Inc.0.29%38,409$1Mheld—9 q
EPZMEpizyme, Inc0.28%51,860$1Mheld—2 q
IAInnovative Solutions & Support0.24%328,729$1Mtrimmed−9%−0.05 pp9 q
unresolvedBoardwalk Pipeline Partners0.23%69,000$1Madded+93%+0.11 pp6 q
DSLDoubleline Income Solutions Fund0.15%33,720$667,000added×2.1+0.08 pp4 q
Magnum Hunter Resourcesconvertible0.13%18,845$591,000added+43%+0.03 pp3 q
PHMPultegroup, Inc.0.11%24,200$488,000trimmed−11%−0.02 pp9 q
ABAllianceBernstein Holding, L.P.0.08%11,550$341,000held—4 q
Diana Shipping Incconvertible0.07%12,530$313,000held—4 q
TNKTeekay Tankers Ltd.0.07%47,400$313,000held—3 q
NENoble Corporation plc0.05%13,650$210,000held—2 q
DSPGDSP Group Inc0.04%18,350$190,000trimmed−33%−0.03 pp6 q
GNWGenworth Financial, Inc.0.04%24,400$185,000held—2 q
QUIKQuickLogic Corp0.04%101,775$162,000added+13%0.00 pp3 q
unresolvedAmerican Cap Ltd0.03%10,400$141,000trimmed−51%−0.04 pp4 q
unresolvedEldorado Gold (C$)0.02%24,685$102,000trimmed−80%−0.10 pp6 q
PAASPan American Silver Corp.0.02%10,360$89,000trimmed−50%−0.02 pp4 q
ZIXIZix Corporation0.02%13,055$67,000added+14%+0.01 pp5 q
unresolvedCelgene Corp-cvr0.01%12,585$26,000new+0.01 ppnew
CSCOCisco Systems, Inc. (DE)0.01%1,290$35,000new+0.01 ppnew
unresolvedHeat Biologics Inc Com0.01%10,005$60,000new+0.01 ppnew
unresolvedQuantum Fuel Sys Tech Com New0.01%20,000$44,000held—8 q
unresolvedFlyht Aerospace Soluti Com0.00%22,000$4,000held—7 q
BRK.BBERKSHIRE HATHAWAY Class B—−112,530—exited−3.42 pp—
SAHSonic Automotive, Inc.—−515,300—exited−2.70 pp—
CELGCelgene Corp—−85,540—exited−2.08 pp—
AALAmerican Airlines Group Inc.—−123,090—exited−1.37 pp—
unresolvedGeneral Electric Co—−72,276—exited−0.38 pp—
unresolvedCall General Motors Co $35 Exp—−3,546—exited−0.32 pp—
unresolvedMagnum Hunter Res Corp DEL—−355,235—exited−0.20 pp—
unresolvedWestport Innovations Inc US—−150,000—exited−0.12 pp—
unresolvedCall Cisco Systems $22 Exp 01/—−552—exited−0.07 pp—
unresolvedCigna Corporation—−2,100—exited−0.06 pp—
MUHLXMuhlenkamp Fund—−3,870—exited−0.05 pp—
ATHXAthersys, Inc.—−10,150—exited−0.01 pp—

Other 13(f) securities

Options 8

Contract% of notionalSharesNotional
GM CALL66.97%359,600$12M
NLY CALL11.18%217,700$2M
CSCO CALL10.47%68,200$2M
SPY PUT7.13%6,200$1M
XOM PUT2.42%5,200$433,000
PHM CALL1.46%13,000$262,000
MS CALL0.22%1,000$39,000
American Cap Ltd CALL0.15%2,000$27,000

Notes 1

Issue% of notesPrincipalValue
Peabody Energy Corp100.00%1,990,000$336,000

Source

Form
13F-HR
Reading
3 defects · 16 unresolved
Accession
0001133219-15-000005
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 30252U105 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 55973B300 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2015-06-30