Muhlenkamp

Q4 2021 13F · by Jeff Muhlenkamp, portfolio manager

As of: Dec 31, 2021
Filed: Mar 29, 2022
US stock: $287M · prev $260M
Positions: 35 · prev 32
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

+4.8 pp in · −4.8 pp out

New 3 +4.09 pp
Added 5 +0.66 pp
Trimmed 23 −4.81 pp
Exited 0 0.00 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions27% of US stock

WCC Wesco International Inc. trimmed+0.19 pp trimmed+0.196.0%
MCK McKesson Corporation trimmed+0.65 pp trimmed+0.655.7%
MSFT Microsoft Corp trimmed+0.40 pp trimmed+0.405.2%
AVGO Broadcom Inc. trimmed+0.53 pp trimmed+0.535.1%
MCHP Microchip Technology Inc trimmed−0.52 pp trimmed−0.525.1%

Positions35 in this filing · 0 exited


WCCWesco International Inc.	5.97%	130,199	$17M	trimmed−0%	+0.19 pp	5 q
MCKMcKesson Corporation	5.67%	65,500	$16M	trimmed−0%	+0.65 pp	7 q
MSFTMicrosoft Corp	5.24%	44,675	$15M	trimmed−0%	+0.40 pp	7 q
AVGOBroadcom Inc.	5.07%	21,852	$15M	trimmed−10%	+0.53 pp	7 q
MCHPMicrochip Technology Inc	5.07%	167,222	$15M	trimmed−12%	−0.52 pp	7 q
AAPLApple Inc.	4.92%	79,565	$14M	trimmed−0%	+0.59 pp	7 q
RUSHARush Enterprises Inc	4.64%	239,346	$13M	trimmed−25%	−0.87 pp	7 q
DOWDow Inc.	4.29%	217,226	$12M	trimmed−0%	−0.51 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.27%	24,396	$12M	trimmed−0%	+0.61 pp	7 q
MTZMasTec, Inc.	4.13%	128,539	$12M	trimmed−0%	−0.13 pp	7 q
MTHMeritage Homes Corporation	4.11%	96,574	$12M	trimmed−0%	+0.51 pp	7 q
CVSCvs Health Corporation	3.91%	108,633	$11M	trimmed−0%	+0.37 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	3.85%	36,971	$11M	trimmed−0%	−0.02 pp	7 q
KEXKirby Corporation	3.41%	164,716	$10M	trimmed−0%	+0.37 pp	6 q
EQTEqt Corp	3.38%	444,283	$10M	new	+3.38 pp	new
SLBSLB Limited	3.24%	310,127	$9M	trimmed−0%	−0.29 pp	5 q
AMLPAlerian MLP ETF	3.20%	280,200	$9M	trimmed−0%	−0.39 pp	7 q
BFHBread Financial Holdings, Inc.	2.90%	124,816	$8M	trimmed−0%	−1.94 pp	7 q
LENLennar Corporation Class A	2.76%	68,236	$8M	trimmed−0%	+0.30 pp	7 q
BMYBristol-Myers Squibb Co.	2.74%	125,987	$8M	added0%	−0.11 pp	7 q
NMIHNMI Holdings Inc.	2.52%	330,870	$7M	added0%	−0.35 pp	7 q
LMTLockheed Martin Corp.	2.41%	19,427	$7M	added+1%	−0.15 pp	7 q
TNNTenneco Inc-class A	2.26%	574,720	$6M	trimmed−0%	−0.89 pp	7 q
WABWabtec Inc.	1.77%	55,193	$5M	trimmed−0%	−0.06 pp	7 q
FNVFranco-Nevada Corporation	1.68%	34,839	$5M	added+67%	+0.64 pp	5 q
RGLDRoyal Gold Inc	1.52%	41,334	$4M	added+70%	+0.63 pp	5 q
CCJCameco Corporation	1.22%	160,916	$4M	trimmed−57%	−1.92 pp	7 q
HP5AEquity Commonwealth	1.02%	112,855	$3M	trimmed−0%	−0.11 pp	2 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.94%	15,745	$3M	trimmed−62%	−1.68 pp	7 q
LYLTLoyalty Ventures Inc.	0.52%	49,222	$1M	new	+0.52 pp	new
PFEPfizer Inc.	0.50%	24,379	$1M	held	—	7 q
MSMorgan Stanley	0.37%	10,805	$1M	held	—	7 q
EPDEnterprise Products Partners L.P.	0.19%	24,855	$546,000	held	—	7 q
PKWInvesco BuyBack Achievers ETF	0.19%	5,699	$550,000	new	+0.19 pp	new
RUSHBRush Enterprises Inc	0.13%	6,742	$364,000	held	—	6 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001133219-22-000001
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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