Muhlenkamp

Q3 2024 13F · by Jeff Muhlenkamp, portfolio manager

As of: Sep 30, 2024
Filed: Nov 12, 2024
US stock: $326M · prev $320M
Positions: 28 · prev 29
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

+1.8 pp in · −1.8 pp out

New 0 0.00 pp
Added 17 +1.79 pp
Trimmed 9 +2.25 pp
Exited 1 −4.07 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

RUSHA Rush Enterprises Inc added+1.16 pp added+1.166.0%
MCK McKesson Corporation trimmed−1.19 pp trimmed−1.195.8%
NMIH NMI Holdings Inc. trimmed+0.92 pp trimmed+0.925.8%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.54 pp trimmed+0.545.4%
EQT Eqt Corp added−0.14 pp added−0.145.1%

Positions28 in this filing · 1 exited


RUSHARush Enterprises Inc	6.01%	371,437	$20M	added0%	+1.16 pp	6 q
MCKMcKesson Corporation	5.85%	38,607	$19M	trimmed−0%	−1.19 pp	6 q
NMIHNMI Holdings Inc.	5.85%	463,697	$19M	trimmed−0%	+0.92 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	5.38%	38,124	$18M	trimmed−0%	+0.54 pp	6 q
EQTEqt Corp	5.06%	450,717	$17M	added0%	−0.14 pp	6 q
BGCBGC Group, Inc. Class A	4.87%	1,731,919	$16M	trimmed−0%	+0.38 pp	5 q
NEMNewmont Corporation	4.61%	281,302	$15M	added+1%	+0.96 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.52%	25,209	$15M	trimmed−0%	+0.51 pp	6 q
AAPLApple Inc.	4.49%	62,914	$15M	added0%	+0.36 pp	6 q
PHMPultegroup, Inc.	4.30%	97,823	$14M	trimmed−0%	+0.94 pp	6 q
MSFTMicrosoft Corp	4.21%	31,958	$14M	added0%	−0.25 pp	6 q
SLBSLB Limited	4.05%	315,060	$13M	added0%	−0.59 pp	6 q
MTZMasTec, Inc.	3.97%	105,271	$13M	added0%	+0.46 pp	6 q
URIUnited Rentals, Inc.	3.81%	15,336	$12M	added0%	+0.72 pp	5 q
DOWDow Inc.	3.76%	224,599	$12M	added0%	+0.05 pp	6 q
OXYOccidental Petroleum Corporation	3.75%	237,302	$12M	added0%	−0.92 pp	6 q
RGLDRoyal Gold Inc	3.73%	86,749	$12M	added+1%	+0.37 pp	6 q
WABWabtec Inc.	3.47%	62,327	$11M	trimmed−0%	+0.39 pp	6 q
TMHCTaylor Morrison Home Corporation	3.33%	154,823	$11M	trimmed−0%	+0.65 pp	6 q
TGNATEGNA Inc.	3.33%	689,536	$11M	added0%	+0.33 pp	6 q
MCHPMicrochip Technology Inc	2.89%	117,405	$9M	added0%	−0.46 pp	6 q
KEXKirby Corporation	2.73%	72,747	$9M	trimmed−25%	−0.89 pp	6 q
AMLPAlerian MLP ETF	2.53%	175,101	$8M	added0%	−0.08 pp	6 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.63%	21,948	$5M	added+1%	+0.17 pp	6 q
RIGTransocean LTD.	1.32%	1,016,965	$4M	added0%	−0.37 pp	6 q
EPDEnterprise Products Partners L.P.	0.24%	26,855	$781,749	added+8%	+0.02 pp	6 q
IBITiShares Bitcoin Trust ETF	0.16%	14,000	$505,820	held	—	2 q
RUSHBRush Enterprises Inc	0.14%	9,501	$455,573	held	—	6 q
AVGOBroadcom Inc.	—	−81,290	—	exited	−4.07 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001133219-24-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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