Muhlenkamp

Q3 2023 13F · by Jeff Muhlenkamp, portfolio manager

As of: Sep 30, 2023
Filed: Dec 6, 2023
US stock: $290M · prev $282M
Positions: 31 · prev 31
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

+5.3 pp in · −5.4 pp out

New 3 +5.44 pp
Added 17 −0.12 pp
Trimmed 8 −0.19 pp
Exited 3 −5.24 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

SLB SLB Limited trimmed+0.83 pp trimmed+0.836.3%
EQT Eqt Corp trimmed−0.26 pp trimmed−0.266.2%
MCK McKesson Corporation trimmed−0.06 pp trimmed−0.065.7%
OXY Occidental Petroleum Corporation added+0.38 pp added+0.385.2%
RUSHA Rush Enterprises Inc added−0.02 pp added−0.025.1%

Positions31 in this filing · 3 exited


SLBSLB Limited	6.26%	311,302	$18M	trimmed−0%	+0.83 pp	2 q
EQTEqt Corp	6.24%	445,382	$18M	trimmed−0%	−0.26 pp	2 q
MCKMcKesson Corporation	5.74%	38,267	$17M	trimmed−0%	−0.06 pp	2 q
OXYOccidental Petroleum Corporation	5.23%	233,412	$15M	added0%	+0.38 pp	2 q
RUSHARush Enterprises Inc	5.14%	365,051	$15M	added+2%	−0.02 pp	2 q
KEXKirby Corporation	4.77%	166,908	$14M	trimmed−0%	+0.21 pp	2 q
AVGOBroadcom Inc.	4.57%	15,956	$13M	trimmed−0%	−0.36 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	4.54%	37,560	$13M	trimmed−0%	−0.01 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.30%	24,738	$12M	added0%	+0.09 pp	2 q
NMIHNMI Holdings Inc.	4.26%	455,885	$12M	added0%	+0.09 pp	2 q
DOWDow Inc.	3.92%	220,058	$11M	added+1%	−0.19 pp	2 q
AAPLApple Inc.	3.63%	61,484	$11M	added+2%	−0.52 pp	2 q
KREState Street SPDR S&P Regional Banking ETF	3.59%	249,235	$10M	held	—	2 q
MSFTMicrosoft Corp	3.40%	31,228	$10M	added+1%	−0.33 pp	2 q
MTZMasTec, Inc.	3.22%	129,677	$9M	added+1%	−2.12 pp	2 q
BGCBGC Group, Inc. Class A	3.09%	1,695,392	$9M	new	+3.09 pp	new
MCHPMicrochip Technology Inc	3.01%	111,635	$9M	trimmed−0%	−0.54 pp	2 q
RIGTransocean LTD.	2.72%	960,677	$8M	added+12%	+0.59 pp	2 q
BMYBristol-Myers Squibb Co.	2.60%	129,732	$8M	added0%	−0.34 pp	2 q
AMLPAlerian MLP ETF	2.54%	174,555	$7M	held	—	2 q
PHMPultegroup, Inc.	2.45%	95,743	$7M	added+76%	+0.95 pp	2 q
URIUnited Rentals, Inc.	2.27%	14,823	$7M	new	+2.27 pp	new
WABWabtec Inc.	2.24%	61,058	$6M	added+10%	+0.09 pp	2 q
TMHCTaylor Morrison Home Corporation	2.22%	150,937	$6M	added+76%	+0.74 pp	2 q
FNVFranco-Nevada Corporation	2.20%	47,811	$6M	added0%	−0.21 pp	2 q
TGNATEGNA Inc.	2.17%	431,541	$6M	added×2.1	+0.96 pp	2 q
RGLDRoyal Gold Inc	2.09%	56,891	$6M	added0%	−0.22 pp	2 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.11%	18,710	$3M	added+1%	−0.06 pp	2 q
EPDEnterprise Products Partners L.P.	0.23%	24,855	$680,281	held	—	2 q
RUSHBRush Enterprises Inc	0.15%	9,501	$430,300	trimmed−0%	0.00 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.08%	450	$227,777	new	+0.08 pp	new
CVSCvs Health Corporation	—	−110,695	—	exited	−2.71 pp	—
BGCPBGC Partners, Inc.	—	−1,567,592	—	exited	−2.46 pp	—
XOMExxon Mobil Corp	—	−1,952	—	exited	−0.07 pp	—