Muhlenkamp

Q2 2019 13F · by Jeff Muhlenkamp, portfolio manager

As of: Jun 30, 2019
Filed: Aug 27, 2019
US stock: $206M · prev $211M
Positions: 33 · prev 32
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves34 since the prior filing

+6.4 pp in · −5.9 pp out

New 4 +5.75 pp
Added 2 +0.61 pp
Trimmed 25 −1.78 pp
Exited 3 −4.08 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions30% of US stock

MSFT Microsoft Corp trimmed+1.12 pp trimmed+1.128.2%
AAPL Apple Inc. trimmed+0.37 pp trimmed+0.376.0%
AZO AutoZone, Inc. trimmed+0.51 pp trimmed+0.515.6%
GLD SPDR Gold Trust, SPDR Gold Shares added+0.59 pp added+0.595.4%
BFH Bread Financial Holdings, Inc. trimmed−1.03 pp trimmed−1.034.7%

Positions33 in this filing · 3 exited


MSFTMicrosoft Corp	8.19%	125,743	$17M	trimmed−1%	+1.12 pp	2 q
AAPLApple Inc.	6.05%	62,914	$12M	trimmed−0%	+0.37 pp	2 q
AZOAutoZone, Inc.	5.64%	10,556	$12M	trimmed−0%	+0.51 pp	2 q
GLDSPDR Gold Trust, SPDR Gold Shares	5.37%	82,960	$11M	added0%	+0.59 pp	2 q
BFHBread Financial Holdings, Inc.	4.68%	68,623	$10M	trimmed−0%	−1.03 pp	2 q
MCKMcKesson Corporation	4.54%	69,428	$9M	trimmed−0%	+0.68 pp	2 q
RUSHARush Enterprises Inc	4.44%	249,899	$9M	held	—	2 q
CCJCameco Corporation	4.41%	844,896	$9M	trimmed−0%	−0.32 pp	2 q
GILDGilead Sciences Inc	4.35%	132,551	$9M	trimmed−0%	+0.26 pp	2 q
MCHPMicrochip Technology Inc	4.01%	95,109	$8M	trimmed−0%	+0.26 pp	2 q
FHIFederated Hermes, Inc.	3.91%	247,158	$8M	trimmed−0%	+0.47 pp	2 q
AMLPAlerian MLP ETF	3.74%	781,163	$8M	trimmed−0%	+0.02 pp	2 q
AVGOBroadcom Inc.	3.73%	26,661	$8M	trimmed−0%	−0.08 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.55%	29,884	$7M	trimmed−41%	−2.36 pp	2 q
CELGCelgene Corp	3.17%	70,621	$7M	trimmed−0%	0.00 pp	2 q
DALDelta Air Lines, Inc.	3.15%	114,330	$6M	trimmed−0%	+0.35 pp	2 q
MTHMeritage Homes Corporation	2.94%	117,704	$6M	new	+2.94 pp	new
AYIAcuity Inc.	2.88%	42,960	$6M	trimmed−0%	+0.43 pp	2 q
CTSHCognizant Technology Solutions	2.84%	92,163	$6M	trimmed−0%	−0.33 pp	2 q
CECelanese Corporation	2.58%	49,278	$5M	trimmed−50%	−2.03 pp	2 q
JAZZJazz Pharmaceuticals, Inc.	2.51%	36,203	$5M	trimmed−0%	+0.05 pp	2 q
CIThe Cigna Group	2.34%	30,522	$5M	trimmed−0%	+0.01 pp	2 q
BIIBBiogen Inc.	2.02%	17,780	$4M	trimmed−0%	+0.02 pp	2 q
WABWabtec Inc.	1.83%	52,521	$4M	trimmed−0%	−0.01 pp	2 q
DDDuPont de Nemours, Inc.	1.37%	37,648	$3M	new	+1.37 pp	new
unresolvedGolar Lng Partners LP	1.31%	237,750	$3M	trimmed−0%	−0.15 pp	2 q
PKWInvesco BuyBack Achievers ETF	0.96%	31,585	$2M	trimmed−2%	+0.05 pp	2 q
NLYAnnaly Capital Management. Inc.	0.91%	205,859	$2M	trimmed−1%	−0.07 pp	2 q
DOWDow Inc.	0.90%	37,648	$2M	new	+0.90 pp	new
CTVACorteva, Inc.	0.54%	37,648	$1M	new	+0.54 pp	new
PFEPfizer Inc.	0.54%	25,785	$1M	added0%	+0.02 pp	2 q
EPDEnterprise Products Partners L.P.	0.35%	24,855	$718,000	trimmed−1%	0.00 pp	2 q
MSMorgan Stanley	0.23%	10,805	$473,000	held	—	2 q
unresolvedDowdupont Inc	—	−113,268	—	exited	−2.86 pp	—
GMEGameStop Corp. Class A	—	−232,937	—	exited	−1.12 pp	—
RUSHBRush Enterprises Inc	—	−4,875	—	exited	−0.10 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 1 unresolved
Accession: 0001133219-19-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

The filing disagrees with its own cover page — cover page declares 34 entries; 33 parsed, value total matches — kept, the table is the record

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