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Muhlenkamp

Q3 2016 13F · by Ronald Muhlenkamp, portfolio manager

As of
Sep 30, 2016
Filed
Nov 14, 2016
US stock
$261M · prev $254M
Positions
49 · prev 49
Options notional
$3M
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 2.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 1.3%

Moves45 since the prior filing

+5.8 pp in · −6.2 pp out

Options: 5 moves on a notional base, in the table below.

The book

Focused · behaves like 24 equal-sized positions

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

Low turnover · 24% a year, about 4.2 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions34% of US stock

  1. BFH Bread Financial Holdings, Inc. trimmed+0.54 pp trimmed+0.549.9%
  2. AAPL Apple Inc. trimmed+0.82 pp trimmed+0.826.5%
  3. GILD Gilead Sciences Inc trimmed−0.64 pp trimmed−0.646.5%
  4. ON ON Semiconductor Corp trimmed+1.54 pp trimmed+1.545.9%
  5. MSFT Microsoft Corp trimmed+0.42 pp trimmed+0.425.2%

Positions49 in this filing · 2 exited

BFHBread Financial Holdings, Inc.9.87%120,230$26Mtrimmed−1%+0.54 pp14 q
AAPLApple Inc.6.49%150,111$17Mtrimmed−0%+0.82 pp14 q
GILDGilead Sciences Inc6.49%214,495$17Mtrimmed−1%−0.64 pp14 q
ONON Semiconductor Corp5.92%1,255,265$15Mtrimmed−1%+1.54 pp9 q
MSFTMicrosoft Corp5.17%234,738$14Mtrimmed−0%+0.42 pp14 q
GLDSPDR Gold Trust, SPDR Gold Shares4.17%86,715$11Mtrimmed−1%−0.18 pp2 q
HN9Hanesbrands Inc3.83%396,705$10Mtrimmed−1%−0.12 pp14 q
unresolvedWCI Communities Inc.3.73%410,495$10Madded+13%+1.32 pp13 q
BMYBristol-Myers Squibb Co.3.72%180,316$10Mtrimmed−1%−1.53 pp11 q
RUSHARush Enterprises Inc3.61%385,002$9Mheld—14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)3.20%59,660$8Mtrimmed−1%−0.15 pp3 q
CECelanese Corporation3.15%123,720$8Mtrimmed−1%−0.06 pp8 q
SAVEQSpirit Airlines, Inc.3.11%191,280$8Mtrimmed−1%−0.29 pp14 q
TEVATeva Pharmaceutical Industries Limited3.09%175,770$8Mtrimmed−1%−0.40 pp14 q
CELGCelgene Corp2.94%73,515$8Madded×3.7+2.17 pp2 q
MCKMcKesson Corporation2.92%45,753$8Mtrimmed−1%−0.48 pp2 q
BIIBBiogen Inc.2.81%23,478$7Mtrimmed−1%+0.55 pp3 q
LN5Lannett Co Inc2.75%270,930$7Mtrimmed−33%−1.04 pp3 q
TCEHYTencent Hldgs UNSP/2.69%252,393$7Mnew+2.69 ppnew
DALDelta Air Lines, Inc.2.02%134,005$5Madded0%+0.10 pp14 q
unresolvedGolar Lng Partners LP1.98%264,295$5Mtrimmed−0%+0.06 pp3 q
SLBSLB Limited1.80%59,985$5Mtrimmed−0%−0.07 pp5 q
ALGTAllegiant Travel Company1.73%34,258$5Madded+1%−0.30 pp14 q
HALHalliburton Company1.72%100,000$4Mheld—14 q
CYHCommunity Health Systems, Inc.1.66%375,380$4Mtrimmed−0%−0.13 pp2 q
OLEDUniversal Display Corp1.60%75,360$4Madded+1%−0.40 pp14 q
unresolvedGaslog Partners LP Unit Ltd Pt1.20%143,750$3Mtrimmed−1%+0.12 pp5 q
DLNGDynagas Lng Parners LP1.17%198,415$3Mtrimmed−1%+0.09 pp3 q
NLYAnnaly Capital Management. Inc.0.98%244,600$3Mtrimmed−4%−0.13 pp11 q
RUSHBRush Enterprises Inc0.90%97,227$2Madded+1%+0.11 pp14 q
PKWInvesco BuyBack Achievers ETF0.70%38,300$2Mtrimmed−73%−1.78 pp9 q
PFEPfizer Inc.0.47%36,034$1Mtrimmed−3%−0.04 pp14 q
unresolvedBoardwalk Pipeline Partners0.34%52,200$896,000trimmed−10%−0.06 pp11 q
DSLDoubleline Income Solutions Fund0.25%33,720$646,000held—9 q
unresolvedBellatrix Exploration Ltd0.23%698,265$597,000trimmed−11%−0.08 pp14 q
unresolvedQuorum Health Corp0.22%93,027$583,000trimmed−1%−0.18 pp2 q
Diana Shipping Incconvertible0.19%28,900$495,000held—9 q
DCHDauch Corporation0.15%22,600$389,000held—14 q
unresolvedRex Energy Corporation0.15%654,437$382,000trimmed−2%−0.02 pp14 q
MGNXMacroGenics, Inc.0.14%12,162$364,000trimmed−23%−0.03 pp9 q
GLNGGolar LNG Ltd0.14%17,210$365,000held—3 q
KMIKinder Morgan, Inc.0.13%14,570$337,000held—4 q
ABAllianceBernstein Holding, L.P.0.10%11,550$263,000held—9 q
LYBLyondellBasell Industries N.V. Class A0.09%3,000$242,000held—2 q
MSMorgan Stanley0.08%6,505$209,000new+0.08 ppnew
unresolvedAffimed NV0.08%73,109$203,000added×2.5+0.05 pp5 q
unresolvedAmerican Cap Ltd0.07%10,600$179,000held—9 q
TNKTeekay Tankers Ltd.0.05%50,695$128,000added+3%−0.01 pp8 q
unresolvedFlyht Aerospace Soluti Com0.00%22,000$4,000held—12 q
unresolvedNeustar Inc—−307,680—exited−2.85 pp—
DSPGDSP Group Inc—−13,960—exited−0.06 pp—

Other 13(f) securities

Options 7

Contract% of notionalSharesNotional
BIIB CALL27.76%3,000$939,000
CSCO CALL17.80%19,000$602,000
GILD CALL17.53%7,500$593,000
BAC CALL13.90%30,000$470,000
CELG CALL9.28%3,000$314,000
PHM CALL7.72%13,000$261,000
GM CALL6.00%6,400$203,000

Notes 0

None in this filing

Source

Form
13F-HR
Reading
3 defects · 10 unresolved
Accession
0001133219-16-000011
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 2016-09-30
  • A security outside the official 13F list — CUSIP 88032Q109 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2016-09-30