Muhlenkamp

Q4 2023 13F · by Jeff Muhlenkamp, portfolio manager

As of: Dec 31, 2023
Filed: Jan 8, 2024
US stock: $306M · prev $290M
Positions: 29 · 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%

Moves28 since the prior filing

+4.0 pp in · −4.2 pp out

New 1 +1.94 pp
Added 21 +2.04 pp
Trimmed 3 +1.72 pp
Exited 3 −5.87 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions29% of US stock

RUSHA Rush Enterprises Inc added+0.91 pp added+0.916.0%
MCK McKesson Corporation added+0.09 pp added+0.095.8%
AVGO Broadcom Inc. trimmed+1.14 pp trimmed+1.145.7%
EQT Eqt Corp added−0.58 pp added−0.585.7%
SLB SLB Limited added−0.93 pp added−0.935.3%

Positions29 in this filing · 3 exited


RUSHARush Enterprises Inc	6.05%	367,713	$18M	added+1%	+0.91 pp	3 q
MCKMcKesson Corporation	5.83%	38,482	$18M	added+1%	+0.09 pp	3 q
AVGOBroadcom Inc.	5.71%	15,631	$17M	trimmed−2%	+1.14 pp	3 q
EQTEqt Corp	5.66%	447,752	$17M	added+1%	−0.58 pp	3 q
SLBSLB Limited	5.33%	313,245	$16M	added+1%	−0.93 pp	3 q
OXYOccidental Petroleum Corporation	4.59%	235,119	$14M	added+1%	−0.64 pp	3 q
NMIHNMI Holdings Inc.	4.46%	459,533	$14M	added+1%	+0.20 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	4.42%	37,849	$13M	added+1%	−0.12 pp	3 q
KEXKirby Corporation	4.32%	168,207	$13M	added+1%	−0.45 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.29%	24,919	$13M	added+1%	−0.01 pp	3 q
BGCBGC Group, Inc. Class A	4.04%	1,711,927	$12M	added+1%	+0.95 pp	2 q
DOWDow Inc.	3.98%	221,932	$12M	added+1%	+0.06 pp	3 q
AAPLApple Inc.	3.81%	60,434	$12M	trimmed−2%	+0.18 pp	3 q
MSFTMicrosoft Corp	3.80%	30,928	$12M	trimmed−1%	+0.40 pp	3 q
TGNATEGNA Inc.	3.39%	677,641	$10M	added+57%	+1.22 pp	3 q
MCHPMicrochip Technology Inc	3.29%	111,635	$10M	held	—	3 q
PHMPultegroup, Inc.	3.26%	96,568	$10M	added+1%	+0.81 pp	3 q
MTZMasTec, Inc.	3.24%	131,009	$10M	added+1%	+0.02 pp	3 q
URIUnited Rentals, Inc.	2.82%	15,040	$9M	added+1%	+0.55 pp	2 q
TMHCTaylor Morrison Home Corporation	2.66%	152,532	$8M	added+1%	+0.44 pp	3 q
WABWabtec Inc.	2.57%	61,962	$8M	added+1%	+0.33 pp	3 q
AMLPAlerian MLP ETF	2.43%	174,555	$7M	held	—	3 q
RGLDRoyal Gold Inc	2.27%	57,485	$7M	added+1%	+0.18 pp	3 q
BMYBristol-Myers Squibb Co.	2.21%	131,760	$7M	added+2%	−0.39 pp	3 q
RIGTransocean LTD.	2.03%	976,758	$6M	added+2%	−0.69 pp	3 q
NEMNewmont Corporation	1.94%	143,601	$6M	new	+1.94 pp	new
GLDSPDR Gold Trust, SPDR Gold Shares	1.20%	19,121	$4M	added+2%	+0.09 pp	3 q
EPDEnterprise Products Partners L.P.	0.21%	24,855	$654,929	held	—	3 q
RUSHBRush Enterprises Inc	0.16%	9,501	$503,363	held	—	3 q
KREState Street SPDR S&P Regional Banking ETF	—	−249,235	—	exited	−3.59 pp	—
FNVFranco-Nevada Corporation	—	−47,811	—	exited	−2.20 pp	—
TMOThermo Fisher Scientific, Inc.	—	−450	—	exited	−0.08 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001133219-24-000001
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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