Muhlenkamp
Picture
Moves
Options: 9 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
- trimmed+0.50
- trimmed+1.14
- trimmed+0.93
- added−0.12
- trimmed+0.13
Revealed late, restated
Positions
| BFHBread Financial Holdings, Inc. | 9.59% | 118,787 | $30M | trimmed−0% | +0.50 pp | 16 q |
| AAPLApple Inc. | 6.90% | 148,281 | $21M | trimmed−0% | +1.14 pp | 16 q |
| ONON Semiconductor Corp | 6.23% | 1,240,770 | $19M | trimmed−0% | +0.93 pp | 11 q |
| GILDGilead Sciences Inc | 4.97% | 225,725 | $15M | added+6% | −0.12 pp | 16 q |
| MSFTMicrosoft Corp | 4.96% | 232,538 | $15M | trimmed−0% | +0.13 pp | 16 q |
| CECelanese Corporation | 3.56% | 122,320 | $11M | trimmed−0% | +0.34 pp | 10 q |
| LN5Lannett Co Inc | 3.52% | 486,510 | $11M | trimmed−4% | −0.19 pp | 5 q |
| MCKMcKesson Corporation | 3.43% | 71,430 | $11M | trimmed−0% | +0.07 pp | 4 q |
| HN9Hanesbrands Inc | 3.36% | 499,296 | $10M | added+7% | +0.01 pp | 16 q |
| GLDSPDR Gold Trust, SPDR Gold Shares | 3.26% | 84,705 | $10M | trimmed−1% | +0.14 pp | 4 q |
| BMYBristol-Myers Squibb Co. | 3.14% | 178,201 | $10M | trimmed−0% | −0.35 pp | 13 q |
| UNHUNITEDHEALTH GROUP INCORPORATED (Delaware) | 3.14% | 59,020 | $10M | trimmed−0% | −0.02 pp | 5 q |
| CCJCameco Corporation | 3.13% | 871,688 | $10M | added+58% | +1.20 pp | 2 q |
| SAVEQSpirit Airlines, Inc. | 3.12% | 181,205 | $10M | trimmed−1% | −0.40 pp | 16 q |
| CELGCelgene Corp | 2.92% | 72,493 | $9M | trimmed−0% | +0.11 pp | 4 q |
| RUSHARush Enterprises Inc | 2.70% | 252,012 | $8M | trimmed−35% | −1.40 pp | 16 q |
| FHIFederated Hermes, Inc. | 2.55% | 299,221 | $8M | trimmed−0% | −0.28 pp | 2 q |
| unresolvedTwenty First Centy Fox Inc | 2.54% | 242,290 | $8M | new | +2.54 pp | new |
| unresolvedDow Chemical Co | 2.43% | 118,055 | $8M | new | +2.43 pp | new |
| MCHPMicrochip Technology Inc | 2.39% | 99,810 | $7M | new | +2.39 pp | new |
| TCEHYTencent Hldgs UNSP/ | 2.34% | 249,928 | $7M | trimmed−0% | +0.32 pp | 3 q |
| BIIBBiogen Inc. | 2.26% | 25,557 | $7M | added+10% | +0.06 pp | 5 q |
| DALDelta Air Lines, Inc. | 1.98% | 132,875 | $6M | trimmed−0% | −0.20 pp | 16 q |
| GMEGameStop Corp. Class A | 1.89% | 257,964 | $6M | trimmed−2% | −0.33 pp | 2 q |
| unresolvedGolar Lng Partners LP | 1.89% | 261,040 | $6M | trimmed−0% | −0.21 pp | 5 q |
| SLBSLB Limited | 1.85% | 73,125 | $6M | trimmed−1% | −0.22 pp | 7 q |
| OLEDUniversal Display Corp | 1.61% | 57,560 | $5M | trimmed−24% | +0.20 pp | 16 q |
| DLNGDynagas Lng Parners LP | 1.18% | 205,997 | $4M | trimmed−0% | +0.08 pp | 5 q |
| unresolvedGaslog Partners LP Unit Ltd Pt | 1.14% | 143,010 | $4M | added0% | +0.16 pp | 7 q |
| TEVATeva Pharmaceutical Industries Limited | 1.11% | 106,645 | $3M | trimmed−56% | −1.79 pp | 16 q |
| NLYAnnaly Capital Management. Inc. | 0.86% | 238,480 | $3M | added+3% | +0.09 pp | 13 q |
| ALGTAllegiant Travel Company | 0.81% | 15,646 | $3M | trimmed−55% | −1.10 pp | 16 q |
| PKWInvesco BuyBack Achievers ETF | 0.59% | 35,250 | $2M | trimmed−3% | −0.02 pp | 11 q |
| PFEPfizer Inc. | 0.37% | 33,034 | $1M | trimmed−3% | 0.00 pp | 16 q |
| unresolvedBoardwalk Pipeline Partners | 0.32% | 54,200 | $992,000 | held | — | 13 q |
| Diana Shipping Incconvertible | 0.22% | 31,400 | $689,000 | held | — | 11 q |
| BIVVBioverativ Inc | 0.20% | 11,543 | $629,000 | new | +0.20 pp | new |
| RUSHBRush Enterprises Inc | 0.17% | 16,418 | $512,000 | trimmed−83% | −0.83 pp | 16 q |
| GLNGGolar LNG Ltd | 0.16% | 17,510 | $489,000 | held | — | 5 q |
| DCHDauch Corporation | 0.15% | 24,200 | $454,000 | held | — | 16 q |
| unresolvedBellatrix Exploration Ltd | 0.15% | 590,100 | $469,000 | trimmed−1% | −0.04 pp | 16 q |
| unresolvedEnergy Transfer Prtnrs L P | 0.14% | 11,440 | $418,000 | held | — | 2 q |
| CTRACoterra Energy Inc. | 0.12% | 15,510 | $371,000 | new | +0.12 pp | new |
| unresolvedRex Energy Corporation | 0.10% | 634,589 | $298,000 | trimmed−2% | 0.00 pp | 16 q |
| ABAllianceBernstein Holding, L.P. | 0.09% | 12,050 | $275,000 | held | — | 11 q |
| unresolvedEldorado Gold (C$) | 0.09% | 77,340 | $264,000 | new | +0.09 pp | new |
| MSMorgan Stanley | 0.09% | 6,505 | $279,000 | held | — | 3 q |
| LYBLyondellBasell Industries N.V. Class A | 0.09% | 2,900 | $264,000 | added+12% | +0.02 pp | 4 q |
| MGNXMacroGenics, Inc. | 0.08% | 13,167 | $245,000 | added+3% | −0.01 pp | 11 q |
| AMPAmeriprise Financial, Inc. | 0.07% | 1,600 | $207,000 | new | +0.07 pp | new |
| unresolvedAffimed NV | 0.05% | 72,786 | $167,000 | held | — | 7 q |
| unresolvedCooper Cos Inc/The | 0.01% | 170 | $34,000 | new | +0.01 pp | new |
| unresolvedFlyht Aerospace Soluti Com | 0.00% | 22,000 | $5,000 | held | — | 14 q |
| unresolvedWCI Communities Inc. | — | −406,805 | — | exited | −3.18 pp | — |
| HALHalliburton Company | — | −100,000 | — | exited | −1.80 pp | — |
| CYHCommunity Health Systems, Inc. | — | −372,415 | — | exited | −0.69 pp | — |
| KMIKinder Morgan, Inc. | — | −14,570 | — | exited | −0.10 pp | — |
| unresolvedAmerican Cap Ltd | — | −10,600 | — | exited | −0.06 pp | — |
| unresolvedQuorum Health Corp | — | −18,273 | — | exited | −0.04 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| VNO PUT | 11.91% | 21,000 | $2M |
| GILD CALL | 10.99% | 28,600 | $2M |
| F PUT | 7.24% | 110,000 | $1M |
| General Growth Pptys Inc New PUT | 6.23% | 47,500 | $1M |
| ALLY PUT | 5.38% | 46,800 | $951,000 |
| TSLA PUT | 4.72% | 3,000 | $835,000 |
| PAA PUT | 4.65% | 26,000 | $822,000 |
| BIIB CALL | 4.64% | 3,000 | $820,000 |
| CNQ PUT | 4.64% | 25,000 | $820,000 |
| BAC CALL | 4.00% | 30,000 | $708,000 |
| VIAB PUT | 3.69% | 14,000 | $653,000 |
| NAVI PUT | 3.26% | 39,000 | $576,000 |
| Hcp Inc PUT | 3.18% | 18,000 | $563,000 |
| Sprint Nextel Corp PUT | 2.80% | 57,000 | $495,000 |
| WMB PUT | 2.51% | 15,000 | $444,000 |
| LEN CALL | 2.35% | 8,100 | $415,000 |
| AKS PUT | 2.32% | 57,000 | $410,000 |
| CELG CALL | 2.11% | 3,000 | $373,000 |
| JCP PUT | 2.09% | 60,000 | $370,000 |
| TPH CALL | 1.84% | 26,000 | $326,000 |
| 0WE CALL | 1.67% | 44,500 | $296,000 |
| AVP PUT | 1.42% | 57,000 | $251,000 |
| AFL PUT | 1.35% | 3,300 | $239,000 |
| CVS CALL | 1.33% | 3,000 | $236,000 |
| GM CALL | 1.28% | 6,400 | $226,000 |
| CSCO CALL | 1.15% | 6,000 | $203,000 |
| Cooper Cos Inc/The CALL | 1.13% | 1,000 | $200,000 |
| CCJ CALL | 0.12% | 2,000 | $22,000 |
Notes