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Muhlenkamp

Q3 2022 13F · by Jeff Muhlenkamp, portfolio manager

As of
Sep 30, 2022
Filed
Nov 1, 2022
US stock
$224M · prev $214M
Positions
27 · prev 28
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%

Moves26 since the prior filing

The book

Focused · behaves like 22 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 6.1% a year, about 16.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions31% of US stock

  1. EQT Eqt Corp added+0.96 pp added+0.968.1%
  2. OXY Occidental Petroleum Corporation added0.00 pp added0.006.4%
  3. MCK McKesson Corporation added+0.01 pp added+0.015.8%
  4. UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.32 pp added−0.325.6%
  5. SPDN Direxion Daily S&P 500 Bear 1X ETF new+5.21 pp new+5.215.2%

Positions27 in this filing · 2 exited

EQTEqt Corp8.12%446,292$18Madded0%+0.96 pp4 q
OXYOccidental Petroleum Corporation6.40%233,163$14Madded+1%0.00 pp3 q
MCKMcKesson Corporation5.80%38,209$13Madded+1%+0.01 pp10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)5.58%24,736$12Madded+1%−0.32 pp10 q
SPDNDirexion Daily S&P 500 Bear 1X ETF5.21%652,921$12Mnew+5.21 ppnew
SLBSLB Limited5.04%314,502$11Madded+1%−0.16 pp8 q
RUSHARush Enterprises Inc4.71%240,406$11Mheld—10 q
CVSCvs Health Corporation4.68%110,001$10Madded+1%−0.05 pp10 q
AMLPAlerian MLP ETF4.64%284,057$10Madded+1%+0.11 pp10 q
KEXKirby Corporation4.47%164,549$10Madded0%−0.20 pp9 q
BRK.BBERKSHIRE HATHAWAY Class B4.46%37,394$10Madded+1%−0.30 pp10 q
DOWDow Inc.4.28%218,157$10Madded0%−0.97 pp10 q
BMYBristol-Myers Squibb Co.4.09%128,753$9Madded+1%−0.51 pp10 q
TNNTenneco Inc-class A3.69%475,114$8Mtrimmed−14%−0.75 pp10 q
MTZMasTec, Inc.3.64%128,341$8Madded0%−0.65 pp10 q
AAPLApple Inc.3.41%55,322$8Madded0%−0.13 pp10 q
MSFTMicrosoft Corp3.25%31,285$7Madded0%−0.51 pp10 q
AVGOBroadcom Inc.3.19%16,096$7Madded0%−0.47 pp10 q
MCHPMicrochip Technology Inc3.06%112,136$7Madded0%+0.02 pp10 q
NMIHNMI Holdings Inc.2.67%293,580$6Madded0%+0.39 pp10 q
FNVFranco-Nevada Corporation2.04%38,314$5Madded+8%−0.14 pp8 q
WABWabtec Inc.2.01%55,466$5Madded0%−0.12 pp10 q
RGLDRoyal Gold Inc1.96%46,855$4Madded+11%−0.15 pp8 q
CCJCameco Corporation1.92%162,123$4Madded0%+0.33 pp10 q
GLDSPDR Gold Trust, SPDR Gold Shares1.28%18,485$3Madded+26%+0.12 pp10 q
EPDEnterprise Products Partners L.P.0.26%24,855$591,000held—10 q
RUSHBRush Enterprises Inc0.14%6,507$312,000held—9 q
PFEPfizer Inc.—−24,164—exited−0.59 pp—
MSMorgan Stanley—−10,805—exited−0.38 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001133219-22-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet