Muhlenkamp

Q2 2025 13F · by Jeff Muhlenkamp, portfolio manager

As of: Jun 30, 2025
Filed: Jul 24, 2025
US stock: $320M · prev $306M
Positions: 26 · prev 26
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%

Moves24 since the prior filing

+6.7 pp in · −6.6 pp out

New 1 +2.61 pp
Added 20 +4.05 pp
Trimmed 2 −2.29 pp
Exited 1 −4.29 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions26 in this filing · 1 exited


EQTEqt Corp	8.21%	451,015	$26M	added0%	+0.34 pp	9 q
MCKMcKesson Corporation	6.19%	27,084	$20M	trimmed−30%	−2.31 pp	9 q
NMIHNMI Holdings Inc.	6.13%	465,854	$20M	added+1%	+0.67 pp	9 q
RUSHARush Enterprises Inc	6.01%	373,783	$19M	added+1%	−0.48 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	5.81%	38,351	$19M	added+1%	−0.84 pp	9 q
MTZMasTec, Inc.	5.64%	106,084	$18M	added+1%	+1.61 pp	9 q
AEMAgnico Eagle Mines Ltd.	5.61%	151,287	$18M	added0%	+0.25 pp	3 q
BGCBGC Group, Inc. Class A	5.59%	1,749,838	$18M	added+1%	+0.39 pp	8 q
NEMNewmont Corporation	5.16%	283,860	$17M	added0%	+0.68 pp	7 q
MSFTMicrosoft Corp	5.01%	32,311	$16M	added0%	+1.05 pp	9 q
RGLDRoyal Gold Inc	4.86%	87,526	$16M	added0%	+0.18 pp	9 q
MCHPMicrochip Technology Inc	4.42%	201,491	$14M	added+81%	+2.66 pp	9 q
WABWabtec Inc.	4.11%	62,944	$13M	added+1%	+0.41 pp	9 q
AAPLApple Inc.	4.01%	62,616	$13M	added0%	−0.53 pp	9 q
URIUnited Rentals, Inc.	3.65%	15,527	$12M	added+1%	+0.50 pp	8 q
SLBSLB Limited	3.37%	319,166	$11M	added+1%	−0.95 pp	9 q
TMHCTaylor Morrison Home Corporation	3.01%	157,082	$10M	added+1%	−0.04 pp	9 q
AMLPAlerian MLP ETF	2.69%	176,712	$9M	added0%	−0.31 pp	9 q
CECelanese Corporation	2.61%	151,208	$8M	new	+2.61 pp	new
GLDSPDR Gold Trust, SPDR Gold Shares	2.12%	22,306	$7M	trimmed−0%	+0.02 pp	9 q
JDJD.com, Inc.	2.08%	203,896	$7M	added0%	−0.66 pp	3 q
DOWDow Inc.	1.89%	229,069	$6M	added+2%	−0.68 pp	9 q
RIGTransocean LTD.	0.86%	1,058,760	$3M	added+3%	−0.20 pp	9 q
TRVThe Travelers Companies, Inc.	0.55%	6,648	$2M	held	—	2 q
EPDEnterprise Products Partners L.P.	0.24%	24,855	$770,754	held	—	9 q
RUSHBRush Enterprises Inc	0.16%	9,501	$498,612	held	—	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−25,045	—	exited	−4.29 pp	—