Muhlenkamp

Q4 2022 13F · by Jeff Muhlenkamp, portfolio manager

As of: Dec 31, 2022
Filed: Jan 31, 2023
US stock: $236M · prev $224M
Positions: 27 · prev 27
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%

Moves27 since the prior filing

+6.3 pp in · −7.0 pp out

New 2 +5.73 pp
Added 8 +0.62 pp
Trimmed 15 +1.95 pp
Exited 2 −8.90 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions31% of US stock

SLB SLB Limited trimmed+2.08 pp trimmed+2.087.1%
EQT Eqt Corp trimmed−1.73 pp trimmed−1.736.4%
OXY Occidental Petroleum Corporation trimmed−0.18 pp trimmed−0.186.2%
MCK McKesson Corporation added+0.28 pp added+0.286.1%
PSQ ProShares Short QQQ new+5.64 pp new+5.645.6%

Positions27 in this filing · 2 exited


SLBSLB Limited	7.12%	314,208	$17M	trimmed−0%	+2.08 pp	9 q
EQTEqt Corp	6.39%	445,841	$15M	trimmed−0%	−1.73 pp	5 q
OXYOccidental Petroleum Corporation	6.22%	232,926	$15M	trimmed−0%	−0.18 pp	4 q
MCKMcKesson Corporation	6.08%	38,249	$14M	added0%	+0.28 pp	11 q
PSQProShares Short QQQ	5.64%	904,875	$13M	new	+5.64 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.56%	24,755	$13M	added0%	−0.02 pp	11 q
RUSHARush Enterprises Inc	5.32%	240,406	$13M	held	—	11 q
BRK.BBERKSHIRE HATHAWAY Class B	4.90%	37,430	$12M	added0%	+0.44 pp	11 q
DOWDow Inc.	4.65%	217,958	$11M	trimmed−0%	+0.37 pp	11 q
MTZMasTec, Inc.	4.64%	128,217	$11M	trimmed−0%	+1.00 pp	11 q
AMLPAlerian MLP ETF	4.59%	284,317	$11M	added0%	−0.05 pp	11 q
KEXKirby Corporation	4.48%	164,395	$11M	trimmed−0%	+0.01 pp	10 q
CVSCvs Health Corporation	4.35%	110,123	$10M	added0%	−0.33 pp	11 q
BMYBristol-Myers Squibb Co.	3.93%	128,950	$9M	added0%	−0.16 pp	11 q
AVGOBroadcom Inc.	3.81%	16,080	$9M	trimmed−0%	+0.62 pp	11 q
MCHPMicrochip Technology Inc	3.33%	112,024	$8M	trimmed−0%	+0.27 pp	11 q
MSFTMicrosoft Corp	3.18%	31,264	$7M	trimmed−0%	−0.07 pp	11 q
AAPLApple Inc.	3.04%	55,266	$7M	trimmed−0%	−0.37 pp	11 q
NMIHNMI Holdings Inc.	2.60%	293,384	$6M	trimmed−0%	−0.07 pp	11 q
WABWabtec Inc.	2.34%	55,433	$6M	trimmed−0%	+0.33 pp	11 q
RGLDRoyal Gold Inc	2.24%	46,932	$5M	added0%	+0.28 pp	9 q
FNVFranco-Nevada Corporation	2.22%	38,385	$5M	added0%	+0.18 pp	9 q
CCJCameco Corporation	1.56%	161,964	$4M	trimmed−0%	−0.36 pp	11 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.32%	18,432	$3M	trimmed−0%	+0.04 pp	11 q
EPDEnterprise Products Partners L.P.	0.25%	24,855	$599,503	held	—	11 q
RUSHBRush Enterprises Inc	0.15%	6,255	$351,969	trimmed−4%	+0.01 pp	10 q
XOMExxon Mobil Corp	0.09%	1,952	$215,306	new	+0.09 pp	new
SPDNDirexion Daily S&P 500 Bear 1X ETF	—	−652,921	—	exited	−5.21 pp	—
TNNTenneco Inc-class A	—	−475,114	—	exited	−3.69 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001133219-23-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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