Skip to content
berrytrail

Search

Search managers or tickers

Muhlenkamp

Q3 2015 13F · by Ronald Muhlenkamp, portfolio manager

As of
Sep 30, 2015
Filed
Nov 9, 2015
US stock
$325M · prev $444M
Positions
57 · prev 61
Options notional
$15M
Documents
1· no amendments

Picture95.3% US stock

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

  • US stock listed on a US exchange 95.3%
  • Foreign stock not listed in the US 0.1%
  • Notes debt, at principal 0.1%
  • Puts at notional value 0.0%
  • Calls at notional value 4.5%

Moves57 since the prior filing

+12.2 pp in · −12.8 pp out

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 23 equal-sized positions

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

Low turnover · 9.1% a year, about 11.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions33% of US stock

  1. BFH Bread Financial Holdings, Inc. added+1.69 pp added+1.699.7%
  2. JPM JPMorgan Chase & Co. added+1.25 pp added+1.256.7%
  3. GILD Gilead Sciences Inc trimmed+0.81 pp trimmed+0.816.6%
  4. AAPL Apple Inc. added+0.85 pp added+0.855.1%
  5. CE Celanese Corporation added+0.54 pp added+0.544.9%

Positions57 in this filing · 9 exited

BFHBread Financial Holdings, Inc.9.66%121,235$31Madded0%+1.69 pp10 q
JPMJPMorgan Chase & Co.6.69%356,685$22Madded0%+1.25 pp10 q
GILDGilead Sciences Inc6.58%217,990$21Mtrimmed−0%+0.81 pp10 q
AAPLApple Inc.5.12%151,074$17Madded0%+0.85 pp10 q
CECelanese Corporation4.89%268,570$16Madded0%+0.54 pp4 q
unresolvedArris Group Inc New4.74%593,835$15Madded0%+0.65 pp6 q
MSFTMicrosoft Corp3.96%290,675$13Madded0%+1.07 pp10 q
BMYBristol-Myers Squibb Co.3.86%211,750$13Madded0%+0.69 pp7 q
ONON Semiconductor Corp3.67%1,269,600$12Madded0%+0.33 pp5 q
DALDelta Air Lines, Inc.3.66%265,445$12Madded0%+1.20 pp10 q
HN9Hanesbrands Inc3.57%401,290$12Mtrimmed−21%−0.26 pp10 q
MDTMedtronic plc3.57%173,364$12Mtrimmed−0%+0.67 pp3 q
ALGTAllegiant Travel Company3.48%52,381$11Mtrimmed−34%+0.28 pp10 q
MSMorgan Stanley3.11%320,565$10Madded0%+0.31 pp10 q
TEVATeva Pharmaceutical Industries Limited3.07%176,955$10Madded0%+0.71 pp10 q
RUSHARush Enterprises Inc2.87%385,002$9Mheld—10 q
STTState Street Corporation2.80%135,712$9Mtrimmed−0%+0.44 pp10 q
unresolvedNeustar Inc2.57%307,555$8Madded0%+0.55 pp6 q
SAVEQSpirit Airlines, Inc.2.50%171,749$8Madded+1%+0.12 pp10 q
unresolvedWCI Communities Inc.2.50%359,129$8Madded0%+0.53 pp9 q
ABGAsbury Automotive Group, Inc.2.04%81,685$7Mtrimmed−5%+0.29 pp10 q
OLEDUniversal Display Corp1.95%186,760$6Madded0%−0.22 pp10 q
PKWInvesco BuyBack Achievers ETF1.89%140,685$6Madded+17%+0.57 pp5 q
unresolvedBaker Hughes Inc.1.78%111,125$6Mtrimmed−0%+0.23 pp3 q
unresolvedOuterwall Inc1.73%98,950$6Madded0%+0.04 pp2 q
SLBSLB Limited1.26%59,600$4Mnew+1.26 ppnew
HALHalliburton Company1.10%100,900$4Mtrimmed−8%+0.03 pp10 q
unresolvedRex Energy Corporation1.01%1,589,520$3Madded+46%−0.36 pp10 q
NLYAnnaly Capital Management. Inc.0.79%260,470$3Madded+2%+0.26 pp7 q
RUSHBRush Enterprises Inc0.68%94,622$2Mtrimmed−0%+0.17 pp10 q
MGNXMacroGenics, Inc.0.44%66,500$1Mheld—5 q
unresolvedBellatrix Exploration Ltd0.38%804,545$1Madded0%−0.04 pp10 q
PFEPfizer Inc.0.37%38,409$1Mheld—10 q
EPZMEpizyme, Inc0.21%52,370$673,000added+1%−0.07 pp3 q
DSLDoubleline Income Solutions Fund0.18%33,720$583,000held—5 q
IAInnovative Solutions & Support0.15%178,179$483,000trimmed−46%−0.09 pp10 q
unresolvedBoardwalk Pipeline Partners0.14%39,800$468,000trimmed−42%−0.09 pp7 q
unresolvedGaslog Partners LP Unit Ltd Pt0.12%23,685$382,000new+0.12 ppnew
ETEnergy Transfer LP0.10%15,634$325,000new+0.10 ppnew
PHMPultegroup, Inc.0.10%16,600$313,000trimmed−31%−0.01 pp10 q
TNKTeekay Tankers Ltd.0.10%47,400$327,000held—4 q
ABAllianceBernstein Holding, L.P.0.09%11,550$307,000held—5 q
DCHDauch Corporation0.08%12,600$251,000trimmed−98%−3.77 pp10 q
Diana Shipping Incconvertible0.08%12,530$247,000held—5 q
Magnum Hunter Resourcesconvertible0.06%31,200$189,000added+66%−0.07 pp4 q
DSPGDSP Group Inc0.05%18,845$172,000added+3%+0.01 pp7 q
QUIKQuickLogic Corp0.05%110,305$175,000added+8%+0.01 pp4 q
unresolvedAffimed NV0.05%23,960$148,000new+0.05 ppnew
unresolvedAmerican Cap Ltd0.04%10,400$126,000held—5 q
GNWGenworth Financial, Inc.0.03%24,400$113,000held—3 q
unresolvedEldorado Gold (C$)0.02%24,685$79,000held—7 q
unresolvedHeat Biologics Inc Com0.02%10,800$50,000added+8%+0.01 pp2 q
PAASPan American Silver Corp.0.02%10,360$66,000held—5 q
unresolvedCelgene Corp-cvr0.01%15,810$25,000added+26%0.00 pp2 q
PACBPacific Biosciences of California, Inc.0.01%11,125$41,000new+0.01 ppnew
ZIXIZix Corporation0.01%10,710$45,000trimmed−18%−0.01 pp6 q
unresolvedFlyht Aerospace Soluti Com0.00%22,000$3,000held—8 q
HEDJWisdomTree Europe Hedged Equity Fund—−229,245—exited−3.18 pp—
LNCLincoln National Corp.—−208,505—exited−2.78 pp—
DFSDiscover Financial Services—−212,400—exited−2.76 pp—
unresolvedPowershares ETF Tr II Asia Pac—−202,010—exited−1.13 pp—
unresolvedEzchip Semiconductor Limited—−289,891—exited−1.04 pp—
GMGeneral Motors Company—−69,500—exited−0.52 pp—
NENoble Corporation plc—−13,650—exited−0.05 pp—
CSCOCisco Systems, Inc. (DE)—−1,290—exited−0.01 pp—
unresolvedQuantum Fuel Sys Tech Com New—−20,000—exited−0.01 pp—

Other 13(f) securities

Options 7

Contract% of notionalSharesNotional
GM CALL71.22%359,600$11M
NLY CALL14.18%217,700$2M
CSCO CALL11.81%68,200$2M
PHM CALL1.62%13,000$245,000
SAVEQ CALL0.81%2,600$123,000
MS CALL0.21%1,000$32,000
American Cap Ltd CALL0.16%2,000$24,000

Notes 1

Issue% of notesPrincipalValue
Peabody Energy Corp100.00%1,990,000$229,000

Source

Form
13F-HR
Reading
3 defects · 15 unresolved
Accession
0001133219-15-000006
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 2015-09-30
  • A security outside the official 13F list — CUSIP 55973B300 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2015-09-30