Muhlenkamp

Q2 2018 13F · by Ronald Muhlenkamp, portfolio manager

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $261M · prev $325M
Positions: 35 · prev 51
Options notional: $1M
Documents: 1· no amendments

Picture92.1% US stock

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

US stock listed on a US exchange 92.1%
Foreign stock not listed in the US 7.4%
Notes debt, at principal 0.0%
Puts at notional value 0.5%
Calls at notional value 0.1%

Moves72 since the prior filing

+16.4 pp in · −16.4 pp out

New 2 +3.19 pp
Added 19 +13.20 pp
Trimmed 12 −6.11 pp
Exited 18 −10.25 pp

Options: 21 moves on a notional base, in the table below.

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions29% of US stock

AAPL Apple Inc. trimmed−1.15 pp trimmed−1.156.5%
BFH Bread Financial Holdings, Inc. added+0.85 pp added+0.856.3%
MSFT Microsoft Corp trimmed+0.13 pp trimmed+0.136.2%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added+1.58 pp added+1.585.5%
TCEHY Tencent Hldgs UNSP/ added+0.85 pp added+0.854.7%

Positions35 in this filing · 18 exited


AAPLApple Inc.	6.45%	90,824	$17M	trimmed−38%	−1.15 pp	new
BFHBread Financial Holdings, Inc.	6.31%	70,519	$16M	added+1%	+0.85 pp	new
MSFTMicrosoft Corp	6.16%	162,821	$16M	trimmed−29%	+0.13 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.50%	58,491	$14M	added+1%	+1.58 pp	new
TCEHYTencent Hldgs UNSP/	4.73%	245,620	$12M	added+1%	+0.85 pp	new
ONON Semiconductor Corp	4.58%	536,518	$12M	trimmed−47%	−1.96 pp	new
CECelanese Corporation	4.31%	101,277	$11M	trimmed−8%	+0.69 pp	new
RUSHARush Enterprises Inc	4.19%	252,012	$11M	held	—	new
unresolvedExpress Scripts Hldg Co	3.84%	129,511	$10M	added×2.1	+2.45 pp	new
GLDSPDR Gold Trust, SPDR Gold Shares	3.84%	84,371	$10M	added+2%	+0.69 pp	new
CCJCameco Corporation	3.74%	867,482	$10M	added+2%	+1.32 pp	new
GILDGilead Sciences Inc	3.70%	136,224	$10M	trimmed−38%	−1.17 pp	new
MCKMcKesson Corporation	3.64%	71,090	$9M	added+2%	+0.28 pp	new
MCHPMicrochip Technology Inc	3.45%	98,968	$9M	added+2%	+0.82 pp	new
unresolvedDowdupont Inc	2.95%	116,792	$8M	added+2%	+0.43 pp	new
CTSHCognizant Technology Solutions	2.86%	94,534	$7M	added+4%	+0.86 pp	new
BIIBBiogen Inc.	2.80%	25,171	$7M	added+2%	+0.38 pp	new
AZOAutoZone, Inc.	2.79%	10,835	$7M	added+60%	+1.31 pp	new
NPSNYNaspers Ltd S/	2.68%	139,625	$7M	added+61%	+1.17 pp	new
JAZZJazz Pharmaceuticals, Inc.	2.46%	37,155	$6M	new	+2.46 pp	new
FHIFederated Hermes, Inc.	2.27%	253,785	$6M	trimmed−12%	−0.95 pp	new
PHMPultegroup, Inc.	2.27%	205,951	$6M	added+3%	+0.22 pp	new
CELGCelgene Corp	2.21%	72,493	$6M	added+3%	−0.04 pp	new
DALDelta Air Lines, Inc.	2.19%	115,308	$6M	trimmed−10%	−0.01 pp	new
THOThor Industries, Inc.	1.67%	44,793	$4M	added+3%	−0.35 pp	new
unresolvedGolar Lng Partners LP	1.50%	253,035	$4M	held	—	new
GMEGameStop Corp. Class A	1.46%	260,753	$4M	added+3%	+0.06 pp	new
LN5Lannett Co Inc	1.42%	272,442	$4M	trimmed−37%	−1.68 pp	new
unresolvedGaslog Partners LP Unit Ltd Pt	1.09%	119,505	$3M	trimmed−15%	+0.02 pp	new
NLYAnnaly Capital Management. Inc.	0.92%	233,049	$2M	added+2%	+0.08 pp	new
PKWInvesco BuyBack Achievers ETF	0.79%	36,381	$2M	added+20%	+0.24 pp	new
AMLPAlerian MLP ETF	0.73%	187,742	$2M	new	+0.73 pp	new
PFEPfizer Inc.	0.38%	27,485	$997,000	trimmed−0%	+0.07 pp	new
RUSHBRush Enterprises Inc	0.10%	5,666	$249,000	trimmed−51%	−0.07 pp	new
unresolvedEldorado Gold (C$)	0.00%	10,000	$10,000	trimmed−86%	−0.03 pp	new
BMYBristol-Myers Squibb Co.	—	−174,575	—	exited	−3.30 pp	—
HN9Hanesbrands Inc	—	−475,778	—	exited	−3.06 pp	—
OLEDUniversal Display Corp	—	−42,240	—	exited	−2.25 pp	—
Diana Shipping Incconvertible	—	−28,400	—	exited	−0.22 pp	—
unresolvedBoardwalk Pipeline Partners	—	−52,200	—	exited	−0.21 pp	—
BIVVBioverativ Inc	—	−11,127	—	exited	−0.18 pp	—
GLNGGolar LNG Ltd	—	−15,900	—	exited	−0.15 pp	—
EPDEnterprise Products Partners L.P.	—	−16,700	—	exited	−0.14 pp	—
CTRACoterra Energy Inc.	—	−15,000	—	exited	−0.13 pp	—
TPHTri Pointe Homes, Inc.	—	−20,800	—	exited	−0.11 pp	—
ABAllianceBernstein Holding, L.P.	—	−11,150	—	exited	−0.09 pp	—
MSMorgan Stanley	—	−5,805	—	exited	−0.09 pp	—
DCHDauch Corporation	—	−15,400	—	exited	−0.08 pp	—
AMPAmeriprise Financial, Inc.	—	−1,500	—	exited	−0.08 pp	—
SAVEQSpirit Airlines, Inc.	—	−6,135	—	exited	−0.08 pp	—
MGNXMacroGenics, Inc.	—	−10,515	—	exited	−0.06 pp	—
unresolvedAffimed NV	—	−61,000	—	exited	−0.02 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−700	—	exited	0.00 pp	—