Muhlenkamp

Q1 2021 13F · by Jeff Muhlenkamp, portfolio manager

As of: Mar 31, 2021
Filed: Aug 18, 2021
US stock: $270M · prev $248M
Positions: 33 · prev 37
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

+6.9 pp in · −7.0 pp out

New 1 +0.37 pp
Added 18 +6.51 pp
Trimmed 12 +0.20 pp
Exited 5 −7.21 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.8% a year, about 10.3 years per position

Low
Moderate
High

Top 5 positions26% of US stock

WCC Wesco International Inc. trimmed+1.23 pp trimmed+1.235.4%
RUSHA Rush Enterprises Inc added−0.08 pp added−0.085.2%
MCHP Microchip Technology Inc trimmed−0.17 pp trimmed−0.175.1%
DOW Dow Inc. trimmed−0.02 pp trimmed−0.025.0%
MCK McKesson Corporation trimmed−0.05 pp trimmed−0.054.9%

Positions33 in this filing · 5 exited


WCCWesco International Inc.	5.36%	130,575	$14M	trimmed−0%	+1.23 pp	2 q
RUSHARush Enterprises Inc	5.20%	317,711	$14M	added0%	−0.08 pp	4 q
MCHPMicrochip Technology Inc	5.11%	94,911	$14M	trimmed−0%	−0.17 pp	4 q
DOWDow Inc.	5.01%	217,319	$14M	trimmed−3%	−0.02 pp	4 q
MCKMcKesson Corporation	4.92%	65,548	$13M	trimmed−8%	−0.05 pp	4 q
MSFTMicrosoft Corp	4.85%	44,701	$13M	added0%	+0.85 pp	4 q
AAPLApple Inc.	4.42%	79,609	$12M	added0%	+0.17 pp	4 q
AVGOBroadcom Inc.	4.32%	24,370	$12M	trimmed−0%	+0.02 pp	4 q
MTZMasTec, Inc.	4.32%	128,634	$12M	trimmed−23%	−0.26 pp	4 q
BFHBread Financial Holdings, Inc.	4.15%	124,920	$11M	trimmed−0%	+0.42 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	3.95%	36,975	$11M	added0%	+0.51 pp	4 q
MTHMeritage Homes Corporation	3.93%	96,637	$11M	trimmed−19%	−0.02 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.81%	24,412	$10M	added0%	+0.37 pp	4 q
CVSCvs Health Corporation	3.48%	108,645	$9M	added0%	+0.50 pp	4 q
TNNTenneco Inc-class A	3.46%	575,419	$9M	added0%	+1.01 pp	4 q
KEXKirby Corporation	3.39%	164,851	$9M	trimmed−0%	−0.05 pp	3 q
AMLPAlerian MLP ETF	3.36%	280,436	$9M	added+9%	+0.70 pp	4 q
BMYBristol-Myers Squibb Co.	3.20%	125,419	$9M	added0%	+0.08 pp	4 q
SLBSLB Limited	3.12%	310,376	$8M	added+73%	+1.54 pp	2 q
NMIHNMI Holdings Inc.	2.70%	330,061	$7M	added0%	−0.30 pp	4 q
LENLennar Corporation Class A	2.64%	68,294	$7M	trimmed−27%	−0.22 pp	4 q
LMTLockheed Martin Corp.	2.58%	19,319	$7M	added+1%	−0.16 pp	4 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.57%	41,537	$7M	trimmed−13%	−0.84 pp	4 q
BIIBBiogen Inc.	2.35%	18,184	$6M	added0%	+0.56 pp	4 q
CCJCameco Corporation	2.23%	375,775	$6M	trimmed−2%	+0.16 pp	4 q
WABWabtec Inc.	1.81%	55,276	$5M	added+1%	+0.19 pp	4 q
FNVFranco-Nevada Corporation	1.17%	20,853	$3M	added+20%	+0.29 pp	2 q
RGLDRoyal Gold Inc	1.02%	24,350	$3M	added+22%	+0.17 pp	2 q
PFEPfizer Inc.	0.45%	24,379	$1M	added+3%	+0.10 pp	4 q
MSMorgan Stanley	0.41%	10,805	$1M	held	—	4 q
HP5AEquity Commonwealth	0.37%	38,348	$1M	new	+0.37 pp	new
EPDEnterprise Products Partners L.P.	0.20%	24,855	$552,000	held	—	4 q
RUSHBRush Enterprises Inc	0.11%	6,742	$285,000	added+1%	+0.01 pp	3 q
JAZZJazz Pharmaceuticals, Inc.	—	−50,460	—	exited	−3.35 pp	—
BIDUBaidu, Inc.	—	−27,033	—	exited	−2.35 pp	—
GILDGilead Sciences Inc	—	−50,803	—	exited	−1.19 pp	—
CTSHCognizant Technology Solutions	—	−8,998	—	exited	−0.30 pp	—
BMY-RBristol-myers Squibb-cvr	—	−69,403	—	exited	−0.02 pp	—