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Muhlenkamp

Q3 2017 13F · by Ronald Muhlenkamp, portfolio manager

As of
Sep 30, 2017
Filed
Nov 13, 2017
US stock
$301M · prev $305M
Positions
50 · prev 54
Options notional
$16M
Documents
1· no amendments

Picture90.0% US stock

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

  • US stock listed on a US exchange 90.0%
  • Foreign stock not listed in the US 4.8%
  • Notes debt, at principal 0.0%
  • Puts at notional value 3.3%
  • Calls at notional value 1.8%

Moves53 since the prior filing

+6.2 pp in · −7.2 pp out

Options: 7 moves on a notional base, in the table below.

The book

Focused · behaves like 25 equal-sized positions

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

Moderate turnover · 28% a year, about 3.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions32% of US stock

  1. AAPL Apple Inc. trimmed+0.54 pp trimmed+0.547.5%
  2. ON ON Semiconductor Corp trimmed+1.73 pp trimmed+1.737.4%
  3. GILD Gilead Sciences Inc trimmed+0.79 pp trimmed+0.796.0%
  4. MSFT Microsoft Corp trimmed+0.47 pp trimmed+0.475.7%
  5. BFH Bread Financial Holdings, Inc. trimmed−4.86 pp trimmed−4.865.1%

Positions50 in this filing · 7 exited

AAPLApple Inc.7.54%147,401$23Mtrimmed−1%+0.54 pp18 q
ONON Semiconductor Corp7.43%1,211,925$22Mtrimmed−2%+1.73 pp13 q
GILDGilead Sciences Inc6.03%224,147$18Mtrimmed−1%+0.79 pp18 q
MSFTMicrosoft Corp5.72%231,413$17Mtrimmed−0%+0.47 pp18 q
BFHBread Financial Holdings, Inc.5.13%69,782$15Mtrimmed−41%−4.86 pp18 q
HN9Hanesbrands Inc3.95%483,137$12Mtrimmed−3%+0.17 pp18 q
RUSHARush Enterprises Inc3.87%252,012$12Mheld—18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)3.82%58,699$11Mtrimmed−1%+0.23 pp7 q
CECelanese Corporation3.79%109,335$11Mtrimmed−11%−0.01 pp12 q
BMYBristol-Myers Squibb Co.3.75%177,169$11Mtrimmed−0%+0.50 pp15 q
MCKMcKesson Corporation3.62%70,956$11Mtrimmed−1%−0.23 pp6 q
TCEHYTencent Hldgs UNSP/3.54%242,998$11Mtrimmed−3%+0.59 pp5 q
CELGCelgene Corp3.46%71,455$10Mtrimmed−1%+0.38 pp6 q
GLDSPDR Gold Trust, SPDR Gold Shares3.34%82,630$10Mtrimmed−2%+0.07 pp6 q
MCHPMicrochip Technology Inc2.95%98,815$9Mtrimmed−1%+0.43 pp3 q
FHIFederated Hermes, Inc.2.88%291,886$9Mtrimmed−2%+0.11 pp4 q
LN5Lannett Co Inc2.79%454,873$8Mtrimmed−6%−0.46 pp7 q
CCJCameco Corporation2.78%865,258$8Mtrimmed−1%+0.18 pp4 q
unresolvedDowdupont Inc2.69%116,895$8Mnew+2.69 ppnew
BIIBBiogen Inc.2.55%24,547$8Mtrimmed−4%+0.28 pp7 q
CTSHCognizant Technology Solutions2.22%92,220$7Mnew+2.22 ppnew
DALDelta Air Lines, Inc.2.08%130,145$6Mtrimmed−2%−0.25 pp18 q
unresolvedGolar Lng Partners LP1.95%253,435$6Mtrimmed−3%+0.23 pp7 q
OLEDUniversal Display Corp1.82%42,435$5Mheld—18 q
GMEGameStop Corp. Class A1.75%254,700$5Mtrimmed−1%−0.07 pp4 q
unresolvedExpress Scripts Hldg Co1.29%61,215$4Mtrimmed−1%−0.01 pp2 q
NPSNYNaspers Ltd S/1.25%86,013$4Mnew+1.25 ppnew
unresolvedGaslog Partners LP Unit Ltd Pt1.08%140,220$3Mtrimmed−2%+0.02 pp9 q
NLYAnnaly Capital Management. Inc.0.92%226,875$3Mtrimmed−4%−0.02 pp15 q
DLNGDynagas Lng Parners LP0.92%198,922$3Mtrimmed−3%−0.11 pp7 q
PKWInvesco BuyBack Achievers ETF0.56%30,515$2Mtrimmed−12%−0.05 pp13 q
PFEPfizer Inc.0.33%27,494$982,000trimmed−17%−0.03 pp18 q
unresolvedBoardwalk Pipeline Partners0.26%54,200$797,000held—15 q
Diana Shipping Incconvertible0.25%31,400$755,000held—13 q
RUSHBRush Enterprises Inc0.23%15,706$685,000trimmed−3%+0.04 pp18 q
BIVVBioverativ Inc0.21%11,137$636,000trimmed−3%−0.02 pp3 q
unresolvedEnergy Transfer Partners LP0.15%24,960$457,000held—2 q
CTRACoterra Energy Inc.0.14%15,510$415,000held—3 q
GLNGGolar LNG Ltd0.13%17,510$396,000held—7 q
ABAllianceBernstein Holding, L.P.0.10%12,050$293,000held—13 q
DCHDauch Corporation0.10%16,300$287,000trimmed−33%−0.02 pp18 q
MSMorgan Stanley0.10%6,505$313,000trimmed−10%−0.01 pp5 q
TPHTri Pointe Homes, Inc.0.10%20,800$287,000trimmed−20%−0.01 pp2 q
LYBLyondellBasell Industries N.V. Class A0.10%2,900$287,000held—6 q
AMPAmeriprise Financial, Inc.0.08%1,600$238,000held—3 q
MGNXMacroGenics, Inc.0.08%12,752$236,000trimmed−3%0.00 pp13 q
SAVEQSpirit Airlines, Inc.0.08%7,035$235,000trimmed−92%−1.43 pp18 q
unresolvedEldorado Gold (C$)0.06%77,340$170,000held—3 q
unresolvedAffimed NV0.05%62,535$141,000trimmed−14%0.00 pp9 q
TEVATeva Pharmaceutical Industries Limited0.00%700$12,000trimmed−99%−1.16 pp18 q
unresolvedDow Chemical Co—−117,895—exited−2.44 pp—
SLBSLB Limited—−73,010—exited−1.58 pp—
unresolvedNaspers Limited—−175,096—exited−1.17 pp—
unresolvedCooper Cos Inc/The—−170—exited−0.01 pp—
GMGeneral Motors Company—−665—exited−0.01 pp—
TSLATesla, Inc.—−75—exited−0.01 pp—
5F8Flyht Aerospace Solutions Lt—−22,000—exited0.00 pp—

Other 13(f) securities

Options 25

Contract% of notionalSharesNotional
GILD CALL12.65%25,600$2M
SPY PUT10.42%6,800$2M
F PUT8.04%110,000$1M
ALLY PUT6.93%46,800$1M
TSLA PUT6.24%3,000$1M
General Growth Pptys Inc New PUT6.02%47,500$987,000
BIIB CALL5.73%3,000$939,000
CNQ PUT5.11%25,000$837,000
BAC CALL4.64%30,000$760,000
NAVI PUT3.58%39,000$586,000
PAA PUT3.36%26,000$551,000
Hcp Inc PUT3.06%18,000$501,000
WMB PUT2.75%15,000$450,000
Sprint Nextel Corp PUT2.70%57,000$443,000
CELG CALL2.67%3,000$437,000
LEN CALL2.61%8,100$428,000
VIAB PUT2.38%14,000$390,000
AKS PUT1.95%57,000$319,000
GM CALL1.57%6,400$258,000
GLNG CALL1.52%11,000$249,000
JCP PUT1.40%60,000$229,000
TEVA CALL1.40%13,000$229,000
0WE CALL1.24%44,500$204,000
CSCO CALL1.23%6,000$202,000
AVP PUT0.81%57,000$133,000

Notes 0

None in this filing

Source

Form
13F-HR
Reading
5 defects · 8 unresolved
Accession
0001133219-17-000007
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 370023103 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 631512209 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 852061100 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 88032Q109 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP Y2066G112 not on the Official 13(f) List for 2017-09-30