Muhlenkamp

Q3 2021 13F · by Jeff Muhlenkamp, portfolio manager

As of: Sep 30, 2021
Filed: Dec 10, 2021
US stock: $260M · prev $273M
Positions: 32 · 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

+1.1 pp in · −1.7 pp out

New 1 +1.13 pp
Added 0 0.00 pp
Trimmed 27 +0.74 pp
Exited 2 −2.39 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.5% a year, about 22.2 years per position

Low
Moderate
High

Top 5 positions27% of US stock

WCC Wesco International Inc. trimmed+0.85 pp trimmed+0.855.8%
MCHP Microchip Technology Inc trimmed+0.37 pp trimmed+0.375.6%
RUSHA Rush Enterprises Inc held held5.5%
MCK McKesson Corporation trimmed+0.42 pp trimmed+0.425.0%
BFH Bread Financial Holdings, Inc. trimmed+0.06 pp trimmed+0.064.8%

Positions32 in this filing · 2 exited


WCCWesco International Inc.	5.78%	130,575	$15M	trimmed−0%	+0.85 pp	4 q
MCHPMicrochip Technology Inc	5.59%	94,911	$15M	trimmed−0%	+0.37 pp	6 q
RUSHARush Enterprises Inc	5.51%	317,711	$14M	held	—	6 q
MCKMcKesson Corporation	5.02%	65,548	$13M	trimmed−0%	+0.42 pp	6 q
BFHBread Financial Holdings, Inc.	4.84%	124,920	$13M	trimmed−0%	+0.06 pp	6 q
MSFTMicrosoft Corp	4.84%	44,701	$13M	trimmed−0%	+0.39 pp	6 q
DOWDow Inc.	4.80%	217,319	$13M	trimmed−0%	−0.25 pp	6 q
AVGOBroadcom Inc.	4.54%	24,370	$12M	trimmed−0%	+0.27 pp	6 q
AAPLApple Inc.	4.33%	79,609	$11M	trimmed−0%	+0.32 pp	6 q
MTZMasTec, Inc.	4.26%	128,634	$11M	trimmed−0%	−0.77 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	3.87%	36,975	$10M	trimmed−0%	+0.09 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.66%	24,412	$10M	trimmed−0%	+0.07 pp	6 q
MTHMeritage Homes Corporation	3.60%	96,637	$9M	trimmed−0%	+0.26 pp	6 q
AMLPAlerian MLP ETF	3.59%	280,436	$9M	trimmed−0%	−0.16 pp	6 q
CVSCvs Health Corporation	3.54%	108,645	$9M	trimmed−0%	+0.21 pp	6 q
SLBSLB Limited	3.53%	310,376	$9M	trimmed−0%	−0.12 pp	4 q
TNNTenneco Inc-class A	3.15%	575,419	$8M	trimmed−0%	−0.93 pp	6 q
CCJCameco Corporation	3.14%	375,775	$8M	trimmed−1%	+0.47 pp	6 q
KEXKirby Corporation	3.04%	164,851	$8M	trimmed−0%	−0.63 pp	5 q
NMIHNMI Holdings Inc.	2.87%	330,061	$7M	trimmed−0%	+0.14 pp	6 q
BMYBristol-Myers Squibb Co.	2.85%	125,419	$7M	trimmed−0%	−0.23 pp	6 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.62%	41,512	$7M	trimmed−0%	+0.09 pp	6 q
LMTLockheed Martin Corp.	2.56%	19,319	$7M	trimmed−0%	−0.13 pp	6 q
LENLennar Corporation Class A	2.46%	68,294	$6M	trimmed−0%	−0.03 pp	6 q
WABWabtec Inc.	1.83%	55,276	$5M	trimmed−0%	+0.16 pp	6 q
HP5AEquity Commonwealth	1.13%	112,943	$3M	new	+1.13 pp	new
FNVFranco-Nevada Corporation	1.04%	20,853	$3M	trimmed−0%	−0.07 pp	4 q
RGLDRoyal Gold Inc	0.89%	24,350	$2M	trimmed−0%	−0.13 pp	4 q
MSMorgan Stanley	0.40%	10,805	$1M	held	—	6 q
PFEPfizer Inc.	0.40%	24,379	$1M	held	—	6 q
EPDEnterprise Products Partners L.P.	0.21%	24,855	$538,000	held	—	6 q
RUSHBRush Enterprises Inc	0.12%	6,742	$309,000	trimmed−3%	+0.02 pp	5 q
BIIBBiogen Inc.	—	−18,218	—	exited	−2.31 pp	—
NVTAInvitae Corporation	—	−6,390	—	exited	−0.08 pp	—