Muhlenkamp

Q4 2020 13F · by Jeff Muhlenkamp, portfolio manager

As of: Dec 31, 2020
Filed: Feb 11, 2021
US stock: $248M · prev $193M
Positions: 37 · prev 33
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%

Moves36 since the prior filing

+3.0 pp in · −3.0 pp out

New 5 +9.79 pp
Added 25 −6.84 pp
Trimmed 5 −2.95 pp
Exited 1 −0.05 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.6% a year, about 15.2 years per position

Low
Moderate
High

Top 5 positions25% of US stock

MCHP Microchip Technology Inc trimmed+0.20 pp trimmed+0.205.3%
RUSHA Rush Enterprises Inc added+0.24 pp added+0.245.3%
DOW Dow Inc. added−0.45 pp added−0.455.0%
MCK McKesson Corporation added−0.49 pp added−0.495.0%
MTZ MasTec, Inc. added+0.94 pp added+0.944.6%

Positions37 in this filing · 1 exited


MCHPMicrochip Technology Inc	5.28%	94,983	$13M	trimmed−0%	+0.20 pp	3 q
RUSHARush Enterprises Inc	5.28%	317,074	$13M	added+10%	+0.24 pp	3 q
DOWDow Inc.	5.03%	225,130	$12M	added0%	−0.45 pp	3 q
MCKMcKesson Corporation	4.97%	71,055	$12M	added0%	−0.49 pp	3 q
MTZMasTec, Inc.	4.58%	166,770	$11M	added0%	+0.94 pp	3 q
AVGOBroadcom Inc.	4.30%	24,380	$11M	added0%	−0.28 pp	3 q
AAPLApple Inc.	4.25%	79,565	$11M	added+1%	−0.49 pp	3 q
WCCWesco International Inc.	4.13%	130,683	$10M	new	+4.13 pp	new
MSFTMicrosoft Corp	4.00%	44,695	$10M	added+1%	−0.84 pp	3 q
MTHMeritage Homes Corporation	3.95%	118,588	$10M	added0%	−2.81 pp	3 q
BFHBread Financial Holdings, Inc.	3.73%	125,102	$9M	added+1%	+1.03 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	3.44%	36,919	$9M	added+1%	−0.61 pp	3 q
KEXKirby Corporation	3.44%	164,903	$9M	added+91%	+1.82 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.44%	24,378	$9M	added+1%	−0.47 pp	3 q
GLDSPDR Gold Trust, SPDR Gold Shares	3.41%	47,559	$8M	trimmed−32%	−2.98 pp	3 q
JAZZJazz Pharmaceuticals, Inc.	3.35%	50,460	$8M	added0%	−0.36 pp	3 q
BMYBristol-Myers Squibb Co.	3.12%	125,138	$8M	added+1%	−0.76 pp	3 q
NMIHNMI Holdings Inc.	3.00%	329,197	$7M	added+1%	−0.01 pp	3 q
CVSCvs Health Corporation	2.98%	108,311	$7M	added+1%	−0.27 pp	3 q
LENLennar Corporation Class A	2.86%	93,245	$7M	added+1%	−1.06 pp	3 q
LMTLockheed Martin Corp.	2.74%	19,209	$7M	added+1%	−1.04 pp	3 q
AMLPAlerian MLP ETF	2.66%	257,692	$7M	added+1%	+0.02 pp	3 q
TNNTenneco Inc-class A	2.45%	575,377	$6M	added+2%	+0.41 pp	3 q
BIDUBaidu, Inc.	2.35%	27,033	$6M	new	+2.35 pp	new
CCJCameco Corporation	2.07%	384,551	$5M	added0%	+0.06 pp	3 q
BIIBBiogen Inc.	1.79%	18,147	$4M	added+1%	−0.86 pp	3 q
WABWabtec Inc.	1.62%	54,964	$4M	added+1%	−0.12 pp	3 q
SLBSLB Limited	1.58%	179,410	$4M	new	+1.58 pp	new
GILDGilead Sciences Inc	1.19%	50,803	$3M	added+1%	−0.45 pp	3 q
FNVFranco-Nevada Corporation	0.88%	17,368	$2M	new	+0.88 pp	new
RGLDRoyal Gold Inc	0.85%	19,924	$2M	new	+0.85 pp	new
PFEPfizer Inc.	0.35%	23,739	$874,000	trimmed−0%	−0.10 pp	3 q
CTSHCognizant Technology Solutions	0.30%	8,998	$737,000	added+12%	+0.01 pp	3 q
MSMorgan Stanley	0.30%	10,805	$740,000	held	—	3 q
EPDEnterprise Products Partners L.P.	0.20%	24,855	$487,000	held	—	3 q
RUSHBRush Enterprises Inc	0.10%	6,694	$254,000	trimmed−3%	−0.01 pp	2 q
BMY-RBristol-myers Squibb-cvr	0.02%	69,403	$48,000	trimmed−1%	−0.06 pp	3 q
unresolvedGolar Lng Partners LP	—	−44,960	—	exited	−0.05 pp	—