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Muhlenkamp

Q3 2020 13F · by Jeff Muhlenkamp, portfolio manager

As of
Sep 30, 2020
Filed
Nov 13, 2020
US stock
$193M · prev $187M
Positions
33 · prev 31
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%

Moves31 since the prior filing

The book

Focused · behaves like 23 equal-sized positions

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

Low turnover · 16% a year, about 6.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions29% of US stock

  1. MTH Meritage Homes Corporation added+1.95 pp added+1.956.8%
  2. GLD SPDR Gold Trust, SPDR Gold Shares added+0.16 pp added+0.166.4%
  3. DOW Dow Inc. added+0.59 pp added+0.595.5%
  4. MCK McKesson Corporation added−0.33 pp added−0.335.5%
  5. MCHP Microchip Technology Inc added−0.27 pp added−0.275.1%

Positions33 in this filing · 0 exited

MTHMeritage Homes Corporation6.76%118,222$13Madded0%+1.95 pp2 q
GLDSPDR Gold Trust, SPDR Gold Shares6.39%69,654$12Madded0%+0.16 pp2 q
DOWDow Inc.5.48%225,114$11Madded0%+0.59 pp2 q
MCKMcKesson Corporation5.46%70,851$11Madded0%−0.33 pp2 q
MCHPMicrochip Technology Inc5.08%95,377$10Madded0%−0.27 pp2 q
RUSHARush Enterprises Inc5.04%192,686$10Madded+1%+0.79 pp2 q
MSFTMicrosoft Corp4.84%44,445$9Mtrimmed−46%−4.14 pp2 q
AAPLApple Inc.4.74%79,051$9Mtrimmed−49%−2.89 pp2 q
AVGOBroadcom Inc.4.58%24,297$9Madded+1%+0.50 pp2 q
BRK.BBERKSHIRE HATHAWAY Class B4.05%36,689$8Madded+1%+0.57 pp2 q
LENLennar Corporation Class A3.92%92,633$8Madded0%+0.88 pp2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)3.91%24,234$8Madded+1%+0.12 pp2 q
BMYBristol-Myers Squibb Co.3.88%124,225$7Madded+1%0.00 pp2 q
LMTLockheed Martin Corp.3.78%19,039$7Madded+1%+0.09 pp2 q
JAZZJazz Pharmaceuticals, Inc.3.71%50,247$7Madded+1%+0.77 pp2 q
MTZMasTec, Inc.3.64%166,476$7Madded+80%+1.42 pp2 q
CVSCvs Health Corporation3.25%107,459$6Madded+1%−0.45 pp2 q
NMIHNMI Holdings Inc.3.01%326,607$6Madded+1%+0.24 pp2 q
BFHBread Financial Holdings, Inc.2.70%124,271$5Madded+1%−0.27 pp2 q
BIIBBiogen Inc.2.65%18,053$5Madded+1%+0.10 pp2 q
AMLPAlerian MLP ETF2.64%254,756$5Madded+1%−0.69 pp2 q
TNNTenneco Inc-class A2.04%566,454$4Madded0%−0.24 pp2 q
CCJCameco Corporation2.01%384,244$4Madded+1%−0.07 pp2 q
WABWabtec Inc.1.74%54,193$3Madded+2%+0.10 pp2 q
GILDGilead Sciences Inc1.64%50,160$3Madded+2%−0.39 pp2 q
KEXKirby Corporation1.62%86,495$3Mnew+1.62 ppnew
PFEPfizer Inc.0.45%23,767$872,000trimmed−1%+0.03 pp2 q
CTSHCognizant Technology Solutions0.29%8,006$556,000added+34%+0.11 pp2 q
MSMorgan Stanley0.27%10,805$522,000held—2 q
EPDEnterprise Products Partners L.P.0.20%24,855$392,000held—2 q
RUSHBRush Enterprises Inc0.11%4,585$203,000new+0.11 ppnew
BMY-RBristol-myers Squibb-cvr0.08%69,996$157,000trimmed−0%−0.05 pp2 q
unresolvedGolar Lng Partners LP0.05%44,960$91,000trimmed−83%−0.31 pp2 q

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Accession
0001133219-20-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet