Muhlenkamp

Q2 2026 13F · by Jeff Muhlenkamp, portfolio manager

As of: Jun 30, 2026
Filed: Aug 17, 2026
US stock: $345M · prev $380M
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%

Moves25 since the prior filing

+6.8 pp in · −7.3 pp out

New 1 +0.19 pp
Added 16 +6.64 pp
Trimmed 6 −0.27 pp
Exited 2 −7.04 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions28 in this filing · 2 exited


RUSHARush Enterprises Inc	7.03%	332,332	$24M	added0%	+1.25 pp	13 q
NEMNewmont Corporation	6.25%	231,090	$22M	trimmed−0%	−0.34 pp	11 q
AEMAgnico Eagle Mines Ltd.	6.22%	138,521	$21M	trimmed−0%	−1.19 pp	7 q
EQTEqt Corp	6.19%	402,243	$21M	added0%	−0.53 pp	13 q
MCKMcKesson Corporation	5.95%	27,202	$21M	added0%	−0.24 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	5.58%	38,495	$19M	added0%	+0.74 pp	13 q
MCHPMicrochip Technology Inc	5.37%	203,139	$19M	added0%	+1.92 pp	13 q
AAPLApple Inc.	5.21%	62,125	$18M	trimmed−1%	+1.03 pp	13 q
URIUnited Rentals, Inc.	5.14%	15,673	$18M	added0%	+2.15 pp	12 q
RGLDRoyal Gold Inc	5.09%	88,088	$18M	added0%	−0.80 pp	13 q
WABWabtec Inc.	4.93%	63,156	$17M	added0%	+0.77 pp	13 q
BGCBGC Group, Inc. Class A	4.48%	1,447,070	$15M	added0%	+0.76 pp	12 q
NMIHNMI Holdings Inc.	4.39%	368,558	$15M	added+1%	+0.77 pp	13 q
SLBSLB Limited	4.36%	323,878	$15M	added+1%	0.00 pp	13 q
MSFTMicrosoft Corp	3.54%	32,776	$12M	trimmed−0%	+0.33 pp	13 q
ICLRIcon Plc	3.34%	66,337	$12M	added+1%	+1.42 pp	4 q
TMHCTaylor Morrison Home Corporation	3.30%	158,625	$11M	added0%	+0.87 pp	13 q
LYBLyondellBasell Industries N.V. Class A	2.87%	187,920	$10M	added0%	−1.10 pp	4 q
CECelanese Corporation	2.82%	211,997	$10M	added+1%	−0.83 pp	5 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.35%	22,068	$8M	trimmed−0%	−0.15 pp	13 q
AMLPAlerian MLP ETF	2.26%	150,615	$8M	held	—	13 q
EQXEquinox Gold Corp.	1.47%	522,251	$5M	added+1%	−0.51 pp	4 q
TRVThe Travelers Companies, Inc.	0.63%	6,627	$2M	held	—	6 q
GEVGE Vernova Inc.	0.49%	1,426	$2M	held	—	4 q
EPDEnterprise Products Partners L.P.	0.26%	24,855	$913,670	held	—	13 q
RUSHBRush Enterprises Inc	0.21%	9,393	$718,565	trimmed−1%	+0.05 pp	13 q
SLViShares Silver Trust	0.19%	12,550	$671,049	new	+0.19 pp	new
XOMExxon Mobil Corp	0.06%	1,640	$224,221	held	—	2 q
MTZMasTec, Inc.	—	−42,832	—	exited	−3.63 pp	—
FRDMFreedom 100 Emerging Markets ETF	—	−236,825	—	exited	−3.41 pp	—