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Muhlenkamp

Q4 2025 13F · by Jeff Muhlenkamp, portfolio manager

As of
Dec 31, 2025
Filed
Feb 4, 2026
US stock
$372M · prev $368M
Positions
28 · 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%

Moves26 since the prior filing

The book

Focused · behaves like 21 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 2.6% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions33% of US stock

  1. NEM Newmont Corporation added+1.13 pp added+1.137.6%
  2. AEM Agnico Eagle Mines Ltd. trimmed−0.03 pp trimmed−0.036.9%
  3. EQT Eqt Corp added−0.17 pp added−0.176.5%
  4. MTZ MasTec, Inc. trimmed+0.06 pp trimmed+0.066.2%
  5. MCK McKesson Corporation added+0.31 pp added+0.316.0%

Positions28 in this filing · 3 exited

NEMNewmont Corporation7.64%284,481$28Madded0%+1.13 pp9 q
AEMAgnico Eagle Mines Ltd.6.90%151,269$26Mtrimmed−0%−0.03 pp5 q
EQTEqt Corp6.50%451,127$24Madded0%−0.17 pp11 q
MTZMasTec, Inc.6.18%105,760$23Mtrimmed−0%+0.06 pp11 q
MCKMcKesson Corporation6.00%27,193$22Madded0%+0.31 pp11 q
RUSHARush Enterprises Inc5.45%375,519$20Madded0%+0.01 pp11 q
RGLDRoyal Gold Inc5.26%87,928$20Madded0%+0.48 pp11 q
BRK.BBERKSHIRE HATHAWAY Class B5.19%38,411$19Madded0%−0.05 pp11 q
NMIHNMI Holdings Inc.5.13%467,789$19Madded0%+0.27 pp11 q
AAPLApple Inc.4.59%62,841$17Madded0%+0.25 pp11 q
MSFTMicrosoft Corp4.29%33,005$16Madded+2%−0.26 pp11 q
BGCBGC Group, Inc. Class A4.23%1,759,280$16Madded0%−0.27 pp10 q
WABWabtec Inc.3.63%63,301$14Madded0%+0.20 pp11 q
ICLRIcon Plc3.62%73,865$13Madded+1%+0.13 pp2 q
MCHPMicrochip Technology Inc3.48%202,985$13Madded+1%−0.04 pp11 q
URIUnited Rentals, Inc.3.40%15,606$13Madded+1%−0.63 pp10 q
SLBSLB Limited3.32%322,031$12Madded+1%+0.33 pp11 q
TMHCTaylor Morrison Home Corporation2.51%158,548$9Madded+1%−0.31 pp11 q
CECelanese Corporation2.38%209,403$9Madded+14%+0.27 pp3 q
GLDSPDR Gold Trust, SPDR Gold Shares2.38%22,301$9Madded0%+0.23 pp11 q
AMLPAlerian MLP ETF2.23%176,301$8Mtrimmed−0%−0.02 pp11 q
LYBLyondellBasell Industries N.V. Class A2.16%185,821$8Madded+1%−0.29 pp2 q
EQXEquinox Gold Corp.1.96%518,022$7Madded+1%+0.39 pp2 q
TRVThe Travelers Companies, Inc.0.52%6,627$2Mheld—4 q
GTLSChart Inds Inc0.44%7,924$2Mheld—2 q
GEVGE Vernova Inc.0.25%1,426$931,991held—2 q
EPDEnterprise Products Partners L.P.0.21%24,855$796,851held—11 q
RUSHBRush Enterprises Inc0.14%9,501$534,526held—11 q
JDJD.com, Inc.—−181,412—exited−1.72 pp—
RCLRoyal Caribbean Group—−2,671—exited−0.23 pp—
FCFFirst Commonwealth Financial Corporation—−10,154—exited−0.05 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001133219-26-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet