Muhlenkamp

Q2 2021 13F · by Jeff Muhlenkamp, portfolio manager

As of: Jun 30, 2021
Filed: Aug 18, 2021
US stock: $273M · prev $270M
Positions: 33 · 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%

Moves30 since the prior filing

+0.7 pp in · −0.4 pp out

New 1 +0.08 pp
Added 28 +0.59 pp
Trimmed 0 0.00 pp
Exited 1 −0.37 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions25% of US stock

MCHP Microchip Technology Inc added+0.11 pp added+0.115.2%
DOW Dow Inc. added+0.04 pp added+0.045.0%
RUSHA Rush Enterprises Inc held held5.0%
MTZ MasTec, Inc. added+0.71 pp added+0.715.0%
WCC Wesco International Inc. added−0.43 pp added−0.434.9%

Positions33 in this filing · 1 exited


MCHPMicrochip Technology Inc	5.22%	95,091	$14M	added0%	+0.11 pp	5 q
DOWDow Inc.	5.05%	217,712	$14M	added0%	+0.04 pp	5 q
RUSHARush Enterprises Inc	5.04%	317,711	$14M	held	—	5 q
MTZMasTec, Inc.	5.03%	129,175	$14M	added0%	+0.71 pp	5 q
WCCWesco International Inc.	4.93%	130,793	$13M	added0%	−0.43 pp	3 q
BFHBread Financial Holdings, Inc.	4.78%	125,135	$13M	added0%	+0.63 pp	5 q
MCKMcKesson Corporation	4.60%	65,631	$13M	added0%	−0.32 pp	5 q
MSFTMicrosoft Corp	4.45%	44,776	$12M	added0%	−0.40 pp	5 q
AVGOBroadcom Inc.	4.27%	24,411	$12M	added0%	−0.05 pp	5 q
TNNTenneco Inc-class A	4.08%	576,371	$11M	added0%	+0.62 pp	5 q
AAPLApple Inc.	4.01%	79,742	$11M	added0%	−0.41 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	3.78%	37,033	$10M	added0%	−0.17 pp	5 q
AMLPAlerian MLP ETF	3.75%	280,887	$10M	added0%	+0.39 pp	5 q
KEXKirby Corporation	3.67%	165,126	$10M	added0%	+0.28 pp	4 q
SLBSLB Limited	3.65%	310,901	$10M	added0%	+0.53 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.59%	24,453	$10M	added0%	−0.22 pp	5 q
MTHMeritage Homes Corporation	3.34%	96,801	$9M	added0%	−0.59 pp	5 q
CVSCvs Health Corporation	3.33%	108,834	$9M	added0%	−0.15 pp	5 q
BMYBristol-Myers Squibb Co.	3.08%	125,623	$8M	added0%	−0.12 pp	5 q
NMIHNMI Holdings Inc.	2.73%	330,608	$7M	added0%	+0.03 pp	5 q
LMTLockheed Martin Corp.	2.69%	19,349	$7M	added0%	+0.11 pp	5 q
CCJCameco Corporation	2.67%	379,585	$7M	added+1%	+0.44 pp	5 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.53%	41,637	$7M	added0%	−0.04 pp	5 q
LENLennar Corporation Class A	2.49%	68,408	$7M	added0%	−0.15 pp	5 q
BIIBBiogen Inc.	2.31%	18,218	$6M	added0%	−0.04 pp	5 q
WABWabtec Inc.	1.67%	55,358	$5M	added0%	−0.14 pp	5 q
FNVFranco-Nevada Corporation	1.11%	20,882	$3M	added0%	−0.06 pp	3 q
RGLDRoyal Gold Inc	1.02%	24,383	$3M	added0%	0.00 pp	3 q
MSMorgan Stanley	0.36%	10,805	$991,000	held	—	5 q
PFEPfizer Inc.	0.35%	24,379	$955,000	held	—	5 q
EPDEnterprise Products Partners L.P.	0.22%	24,855	$600,000	held	—	5 q
RUSHBRush Enterprises Inc	0.10%	6,974	$266,000	added+3%	−0.01 pp	4 q
NVTAInvitae Corporation	0.08%	6,390	$216,000	new	+0.08 pp	new
HP5AEquity Commonwealth	—	−38,348	—	exited	−0.37 pp	—