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Muhlenkamp

Q4 2015 13F · by Ronald Muhlenkamp, portfolio manager

As of
Dec 31, 2015
Filed
Feb 10, 2016
US stock
$317M · prev $325M
Positions
52 · prev 57
Options notional
$16M
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 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 4.7%

Moves51 since the prior filing

+9.3 pp in · −9.5 pp out

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 21 equal-sized positions

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

Moderate turnover · 40% a year, about 2.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions36% of US stock

  1. BFH Bread Financial Holdings, Inc. trimmed+0.91 pp trimmed+0.9110.6%
  2. JPM JPMorgan Chase & Co. trimmed+0.73 pp trimmed+0.737.4%
  3. GILD Gilead Sciences Inc trimmed+0.37 pp trimmed+0.377.0%
  4. CE Celanese Corporation trimmed+0.81 pp trimmed+0.815.7%
  5. MSFT Microsoft Corp trimmed+1.09 pp trimmed+1.095.0%

Positions52 in this filing · 12 exited

BFHBread Financial Holdings, Inc.10.57%121,220$34Mtrimmed−0%+0.91 pp11 q
JPMJPMorgan Chase & Co.7.42%356,620$24Mtrimmed−0%+0.73 pp11 q
GILDGilead Sciences Inc6.95%217,975$22Mtrimmed−0%+0.37 pp11 q
CECelanese Corporation5.70%268,535$18Mtrimmed−0%+0.81 pp5 q
MSFTMicrosoft Corp5.05%288,613$16Mtrimmed−1%+1.09 pp11 q
AAPLApple Inc.5.02%151,323$16Madded0%−0.10 pp11 q
unresolvedArris Intl Inc4.75%493,075$15Mnew+4.75 ppnew
BMYBristol-Myers Squibb Co.4.59%211,755$15Madded0%+0.73 pp8 q
DALDelta Air Lines, Inc.4.24%265,445$13Mheld—11 q
ONON Semiconductor Corp3.92%1,267,700$12Mtrimmed−0%+0.25 pp6 q
HN9Hanesbrands Inc3.72%401,250$12Mtrimmed−0%+0.15 pp11 q
TEVATeva Pharmaceutical Industries Limited3.66%176,955$12Mheld—11 q
MSMorgan Stanley3.21%320,475$10Mtrimmed−0%+0.10 pp11 q
AMLPAlerian MLP ETF3.16%831,070$10Mnew+3.16 ppnew
ALGTAllegiant Travel Company2.77%52,381$9Mheld—11 q
RUSHARush Enterprises Inc2.66%385,002$8Mheld—11 q
unresolvedWCI Communities Inc.2.52%359,074$8Mtrimmed−0%+0.02 pp10 q
unresolvedOuterwall Inc2.46%213,770$8Madded×2.2+0.73 pp3 q
SAVEQSpirit Airlines, Inc.2.43%193,105$8Madded+12%−0.07 pp11 q
unresolvedNeustar Inc2.33%308,405$7Madded0%−0.24 pp7 q
OLEDUniversal Display Corp2.18%126,765$7Mtrimmed−32%+0.23 pp11 q
PKWInvesco BuyBack Achievers ETF2.01%140,360$6Mtrimmed−0%+0.12 pp6 q
unresolvedBaker Hughes Inc.1.62%111,095$5Mtrimmed−0%−0.16 pp4 q
SLBSLB Limited1.31%59,805$4Madded0%+0.05 pp2 q
HALHalliburton Company1.07%100,000$3Mtrimmed−1%−0.03 pp11 q
NLYAnnaly Capital Management. Inc.0.77%260,055$2Mtrimmed−0%−0.02 pp8 q
MGNXMacroGenics, Inc.0.65%66,410$2Mtrimmed−0%+0.21 pp6 q
RUSHBRush Enterprises Inc0.65%94,622$2Mheld—11 q
PFEPfizer Inc.0.39%38,409$1Mheld—11 q
unresolvedBellatrix Exploration Ltd0.31%805,920$975,000added0%−0.07 pp11 q
EPZMEpizyme, Inc0.25%50,000$801,000trimmed−5%+0.04 pp4 q
unresolvedRex Energy Corporation0.25%749,089$787,000trimmed−53%−0.76 pp11 q
unresolvedBoardwalk Pipeline Partners0.24%58,200$755,000added+46%+0.10 pp8 q
DSLDoubleline Income Solutions Fund0.17%33,720$547,000held—6 q
unresolvedGaslog Partners LP Unit Ltd Pt0.12%26,190$372,000added+11%0.00 pp2 q
unresolvedEnergy Transfer Prtnrs L P0.10%9,130$308,000new+0.10 ppnew
TNKTeekay Tankers Ltd.0.10%47,400$326,000held—5 q
ABAllianceBernstein Holding, L.P.0.09%11,550$275,000held—6 q
PHMPultegroup, Inc.0.08%14,550$259,000trimmed−12%−0.02 pp11 q
DCHDauch Corporation0.07%11,300$214,000trimmed−10%−0.01 pp11 q
KMIKinder Morgan, Inc.0.07%14,570$217,000new+0.07 ppnew
WMBWilliams Companies Inc.0.07%8,365$215,000new+0.07 ppnew
DSPGDSP Group Inc0.06%18,845$178,000held—8 q
unresolvedAffimed NV0.06%27,205$194,000added+14%+0.01 pp2 q
Diana Shipping Incconvertible0.06%12,530$179,000held—6 q
unresolvedAmerican Cap Ltd0.05%10,400$143,000held—6 q
QUIKQuickLogic Corp0.03%81,245$92,000trimmed−26%−0.02 pp5 q
GTIMGood Times Restaurants Inc.0.02%13,935$67,000new+0.02 ppnew
ZIXIZix Corporation0.02%10,710$54,000held—7 q
unresolvedSyneron Medical Ltd0.02%10,255$79,000new+0.02 ppnew
unresolvedCelgene Corp-cvr0.01%17,485$21,000added+11%0.00 pp3 q
unresolvedFlyht Aerospace Soluti Com0.00%22,000$3,000held—9 q
unresolvedArris Group Inc New—−593,835—exited−4.74 pp—
MDTMedtronic plc—−173,364—exited−3.57 pp—
STTState Street Corporation—−135,712—exited−2.80 pp—
ABGAsbury Automotive Group, Inc.—−81,685—exited−2.04 pp—
IAInnovative Solutions & Support—−178,179—exited−0.15 pp—
ETEnergy Transfer LP—−15,634—exited−0.10 pp—
Magnum Hunter Resourcesconvertible—−31,200—exited−0.06 pp—
GNWGenworth Financial, Inc.—−24,400—exited−0.03 pp—
unresolvedEldorado Gold (C$)—−24,685—exited−0.02 pp—
unresolvedHeat Biologics Inc Com—−10,800—exited−0.02 pp—
PAASPan American Silver Corp.—−10,360—exited−0.02 pp—
PACBPacific Biosciences of California, Inc.—−11,125—exited−0.01 pp—

Other 13(f) securities

Options 7

Contract% of notionalSharesNotional
GM CALL78.49%359,600$12M
CSCO CALL11.89%68,200$2M
NLY CALL7.09%117,700$1M
PHM CALL1.49%13,000$232,000
SAVEQ CALL0.67%2,600$104,000
MS CALL0.21%1,000$32,000
American Cap Ltd CALL0.18%2,000$28,000

Notes 0

None in this filing

Source

Form
13F-HR
Reading
3 defects · 15 unresolved
Accession
0001133219-16-000008
Notes
none in this filing
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 2015-12-31
  • A security outside the official 13F list — CUSIP G0551A103 not on the Official 13(f) List for 2015-12-31
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2015-12-31