
	Ronald Muhlenkamp 13F
	Muhlenkamp & Co Inc

	Last update 2024-07-17	29 Stocks (1 new)
	Value $320.00 Mil	Turnover 0 %
	Countries: Top Holdings: MCK(7.04%)EQT(5.20%)NMIH(4.93%)RUSHA(4.85%)BRK.B(4.84%) Portfolio Report

Ronald Muhlenkamp Profile

Ronald H. Muhlenkamp is the founder and president of Muhlenkamp & Company, Inc., and portfolio manager for the company's self-named mutual fund (MUHLX). Muhlenkamp is a patient value investor. The stocks in his portfolio stay an average of 10 years.

Ronald Muhlenkamp Investing Philosophy

He is a value guru who believes that over time, stock prices do reflect the values of the underlying businesses. When picking stocks, he looks for companies with solid balance sheets, and a return on equity capital (ROE) of 15% or better. Although his methods change with inflation and interest rates, he currently looks for companies with a P/E ratio lower than the companies' ROE and expected growth rates. He focuses on the long-term "Business of Investing" because he thinks that it is more profitable and more reliable. As a long-term investor, his "normal" position is to be 100% invested in corporate stocks.

Ronald Muhlenkamp Portfolio and Latest Trades

Ticker
Ticker
AVGO
BMY
KEX
MTZ
IBIT
AAPL
WAB
BRK.B
MCK
MCHP
MSFT
NEM
RIG
RGLD
BGC
DOW
OXY
UNH
TGNA
NMIH
TMHC
RUSHA
PHM
SLB
URI
GLD
NEM
RGLD
GLD
MCHP
AAPL
MSFT
AVGO
RIG
URI
NMIH
BGC
MTZ
BMY
RUSHA
TGNA
PHM
BRK.B
OXY
DOW
TMHC
WAB
UNH
MCK
KEX
EQT
SLB
KRE
FNV
NEM
TGNA
AVGO
TMO
AAPL
RUSHA
NMIH
BGC
URI
WAB
BRK.B
PHM
BMY
EQT
SLB
KEX
MSFT
RIG
DOW
UNH
MCK
TMHC
MTZ
GLD
OXY
RGLD
CVS
URI
TGNA
PHM
TMHC
RIG
BGC
WAB
RUSHA
TMO
AAPL
XOM
MTZ
DOW
MSFT
AVGO
BRK.B
KEX
MCK
OXY

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
AVGO	Broadcom Inc	2024-06-30	Reduce	-2.99%	● 120.47 ($140.14) 182.89	$179.38	28.00%	Reduce -48.83%	81,290	-7,756
BMY	Bristol-Myers Squibb Co	2024-06-30	Sold Out	-2.13%	● 40.25 ($44.75) 52.99	$52.76	17.90%	Sold Out	0	-135,045
KEX	Kirby Corp	2024-06-30	Reduce	-2.00%	● 94.56 ($111.71) 124.17	$121.78	9.01%	Reduce -42.74%	96,947	-72,367
MTZ	MasTec Inc	2024-06-30	Reduce	-0.75%	● 82.82 ($101.02) 112.25	$125.38	24.11%	Reduce -20.86%	105,247	-27,743
IBIT	iShares Bitcoin Trust	2024-06-30	New Buy	+0.15%	● 32.39 ($37.35) 40.95	$38.41	2.84%	New holding	14,000	14,000
AAPL	Apple Inc	2024-06-30	Add	+0.02%	● 165 ($186.49) 216.67	$235.86	26.47%	Add 0.38%	62,839	235
WAB	Westinghouse Air Brake Technologies Corp	2024-06-30	Reduce	-0.02%	● 144.17 ($159.76) 170.65	$189.71	18.75%	Reduce -0.73%	62,353	-461
BRK.B	Berkshire Hathaway Inc	2024-06-30	Reduce	-0.01%	● 396.73 ($408.62) 420.24	$461.45	12.93%	Reduce -0.11%	38,142	-41
MCK	McKesson Corp	2024-06-30	Reduce	-0.01%	● 518.81 ($556.7) 607.81	$505.38	-9.22%	Reduce -0.14%	38,636	-55
MCHP	Microchip Technology Inc	2024-06-30	Add	+0.01%	● 81.68 ($91.51) 99.49	$75.43	-17.57%	Add 0.35%	117,189	410
MSFT	Microsoft Corp	2024-06-30	Add	+0.01%	● 389.33 ($422.32) 452.85	$427.51	1.23%	Add 0.26%	31,945	82
NEM	Newmont Corp	2024-06-30	Add	+0.01%	● 36.43 ($40.89) 44.44	$58.68	43.51%	Add 0.22%	279,551	602
RIG	Transocean Ltd	2024-06-30	Add	+0.01%	● 5.03 ($5.78) 6.68	$4.25	-26.47%	Add 0.37%	1,014,269	3,771
RGLD	Royal Gold Inc	2024-06-30	Add	+0.01%	● 118.82 ($124.84) 134.31	$154.27	23.57%	Add 0.21%	86,080	181
BGC	BGC Group Inc	2024-06-30	Reduce	0%	● 7.52 ($8.23) 8.93	$9.34	13.49%	Reduce -0.12%	1,733,468	-2,012
DOW	Dow Inc	2024-06-30	Reduce	0%	● 52.96 ($57.13) 59.99	$52.07	-8.86%	Reduce -0.03%	224,054	-68
OXY	Occidental Petroleum Corp	2024-06-30	Reduce	0%	● 59.48 ($64.13) 69.26	$52.10	-18.76%	Reduce -0.04%	237,296	-87
UNH	UnitedHealth Group Inc	2024-06-30	Add	0%	● 439.2 ($490.13) 524.63	$569.86	16.27%	Add 0.04%	25,216	11
TGNA	Tegna Inc	2024-06-30	Add	0%	● 12.72 ($14.11) 15.72	$16.31	15.59%	Add 0.15%	689,334	1,041
NMIH	NMI Holdings Inc	2024-06-30	Reduce	0%	● 29.5 ($32.18) 34.23	$39.45	22.59%	Reduce -0.07%	463,995	-343
TMHC	Taylor Morrison Home Corp	2024-06-30	Add	0%	● 53.8 ($57.15) 61.93	$64.84	13.46%	Add 0.09%	154,873	143
RUSHA	Rush Enterprises Inc	2024-06-30	Add	0%	● 41.87 ($45.92) 52.98	$51.87	12.96%	Add 0.04%	371,384	145
PHM	PulteGroup Inc	2024-06-30	Reduce	0%	● 105.43 ($113.55) 122.07	$133.81	17.84%	Reduce -0.01%	97,857	-7
SLB	Schlumberger Ltd	2024-06-30	Reduce	0%	● 43 ($48.27) 55.22	$41.93	-13.13%	Reduce -0.05%	315,008	-168
URI	United Rentals Inc	2024-06-30	Add	0%	● 616.21 ($664.6) 712.69	$847.46	27.51%	Add 0.01%	15,331	2
GLD	SPDR Gold Shares ETF	2024-06-30	Add	0%	● 207.82 ($216.29) 224.56	$253.93	17.40%	Add 0.23%	21,693	50
NEM	Newmont Corp	2024-03-31	Add	+1.41%	● 29.86 ($34.47) 40.91	$58.68	70.23%	Add 94.25%	278,949	135,348
RGLD	Royal Gold Inc	2024-03-31	Add	+1.01%	● 101.3 ($112.92) 122.47	$154.27	36.62%	Add 49.43%	85,899	28,414
GLD	SPDR Gold Shares ETF	2024-03-31	Add	+0.15%	● 184.42 ($191.93) 205.72	$253.93	32.30%	Add 13.19%	21,643	2,522
MCHP	Microchip Technology Inc	2024-03-31	Add	+0.13%	● 80.58 ($86.19) 93.34	$75.43	-12.48%	Add 4.61%	116,779	5,144
AAPL	Apple Inc	2024-03-31	Add	+0.11%	● 169 ($181.83) 195.18	$235.86	29.71%	Add 3.59%	62,604	2,170
MSFT	Microsoft Corp	2024-03-31	Add	+0.11%	● 367.75 ($404.82) 429.37	$427.51	5.60%	Add 3.02%	31,863	935
AVGO	Broadcom Inc	2024-03-31	Add	+0.10%	● 104.9 ($123.9) 140.7	$179.38	44.78%	Add 1.62%	158,850	254
RIG	Transocean Ltd	2024-03-31	Add	+0.06%	● 4.67 ($5.46) 6.28	$4.25	-22.16%	Add 3.45%	1,010,498	33,740
URI	United Rentals Inc	2024-03-31	Add	+0.06%	● 541.39 ($641.68) 721.11	$847.46	32.07%	Add 1.92%	15,329	289
NMIH	NMI Holdings Inc	2024-03-31	Add	+0.05%	● 28.94 ($30.18) 32.34	$39.45	30.72%	Add 1.05%	464,338	4,805
BGC	BGC Group Inc	2024-03-31	Add	+0.05%	● 6.65 ($7.41) 8.55	$9.34	26.05%	Add 1.38%	1,735,480	23,553
MTZ	MasTec Inc	2024-03-31	Add	+0.05%	● 63.16 ($76.04) 93.73	$125.38	64.89%	Add 1.51%	132,990	1,981
BMY	Bristol-Myers Squibb Co	2024-03-31	Add	+0.05%	● 47.98 ($50.94) 54.4	$52.76	3.57%	Add 2.49%	135,045	3,285
RUSHA	Rush Enterprises Inc	2024-03-31	Add	+0.05%	● 42.92 ($47.27) 53.52	$51.87	9.73%	Add 0.96%	371,239	3,526
TGNA	Tegna Inc	2024-03-31	Add	+0.05%	● 13.53 ($14.86) 15.84	$16.31	9.76%	Add 1.57%	688,293	10,652
PHM	PulteGroup Inc	2024-03-31	Add	+0.05%	● 100.31 ($107.29) 120.62	$133.81	24.72%	Add 1.34%	97,864	1,296
BRK.B	Berkshire Hathaway Inc	2024-03-31	Add	+0.04%	● 359.29 ($393.34) 420.52	$461.45	17.32%	Add 0.88%	38,183	334
OXY	Occidental Petroleum Corp	2024-03-31	Add	+0.04%	● 56.22 ($59.73) 64.99	$52.10	-12.77%	Add 0.96%	237,383	2,264
DOW	Dow Inc	2024-03-31	Add	+0.04%	● 52.47 ($55.26) 58.17	$52.07	-5.77%	Add 0.99%	224,122	2,190
TMHC	Taylor Morrison Home Corp	2024-03-31	Add	+0.04%	● 50.66 ($55.09) 62.17	$64.84	17.70%	Add 1.44%	154,730	2,198
WAB	Westinghouse Air Brake Technologies Corp	2024-03-31	Add	+0.04%	● 123.99 ($135.45) 145.87	$189.71	40.06%	Add 1.38%	62,814	852
UNH	UnitedHealth Group Inc	2024-03-31	Add	+0.04%	● 472.6 ($508.38) 545.42	$569.86	12.09%	Add 1.15%	25,205	286
MCK	McKesson Corp	2024-03-31	Add	+0.03%	● 473.42 ($507.73) 539.26	$505.38	-0.46%	Add 0.54%	38,691	209
KEX	Kirby Corp	2024-03-31	Add	+0.03%	● 75.27 ($84.38) 95.32	$121.78	44.32%	Add 0.66%	169,314	1,107
EQT	EQT Corp	2024-03-31	Add	+0.03%	● 32.96 ($35.82) 38.92	$35.97	0.42%	Add 0.64%	450,628	2,876
SLB	Schlumberger Ltd	2024-03-31	Add	+0.03%	● 47.08 ($50.41) 54.9	$41.93	-16.82%	Add 0.62%	315,176	1,931
KRE	SPDR S&P Regional Banking ETF	2023-12-31	Sold Out	-3.59%	● 38.57 ($44.72) 53.82	$58.62	31.08%	Sold Out	0	-249,235
FNV	Franco-Nevada Corp	2023-12-31	Sold Out	-2.20%	● 103.8 ($121.65) 140.89	$135.99	11.79%	Sold Out	0	-47,811
NEM	Newmont Corp	2023-12-31	New Buy	+1.94%	● 33.95 ($38.61) 42.38	$58.68	51.98%	New holding	143,601	143,601
TGNA	Tegna Inc	2023-12-31	Add	+1.23%	● 13.77 ($14.99) 16	$16.31	8.81%	Add 57.03%	677,641	246,100
AVGO	Broadcom Inc	2023-12-31	Reduce	-0.09%	● 81.48 ($94.69) 114.7	$179.38	89.44%	Reduce -2.04%	156,310	-325
TMO	Thermo Fisher Scientific Inc	2023-12-31	Sold Out	-0.08%	● 431.41 ($484.03) 532.94	$586.38	21.15%	Sold Out	0	-450
AAPL	Apple Inc	2023-12-31	Reduce	-0.06%	● 166.89 ($184.64) 198.11	$235.86	27.74%	Reduce -1.71%	60,434	-1,050
RUSHA	Rush Enterprises Inc	2023-12-31	Add	+0.04%	● 34.91 ($40.34) 50.3	$51.87	28.58%	Add 0.73%	367,713	2,662
NMIH	NMI Holdings Inc	2023-12-31	Add	+0.04%	● 26.16 ($27.91) 30.12	$39.45	41.35%	Add 0.8%	459,533	3,648
BGC	BGC Group Inc	2023-12-31	Add	+0.04%	● 5.13 ($6.19) 7.22	$9.34	50.89%	Add 0.98%	1,711,927	16,535
URI	United Rentals Inc	2023-12-31	Add	+0.04%	● 399.02 ($471.7) 580.47	$847.46	79.66%	Add 1.46%	15,040	217
WAB	Westinghouse Air Brake Technologies Corp	2023-12-31	Add	+0.04%	● 98.74 ($112.87) 127.14	$189.71	68.08%	Add 1.48%	61,962	904
BRK.B	Berkshire Hathaway Inc	2023-12-31	Add	+0.03%	● 331.71 ($350.99) 362.68	$461.45	31.47%	Add 0.77%	37,849	289
PHM	PulteGroup Inc	2023-12-31	Add	+0.03%	● 69.65 ($84.98) 104.88	$133.81	57.46%	Add 0.86%	96,568	825
BMY	Bristol-Myers Squibb Co	2023-12-31	Add	+0.03%	● 48.48 ($52.49) 57.85	$52.76	0.51%	Add 1.56%	131,760	2,028
EQT	EQT Corp	2023-12-31	Add	+0.03%	● 36.01 ($40.55) 44.72	$35.97	-11.29%	Add 0.53%	447,752	2,370
SLB	Schlumberger Ltd	2023-12-31	Add	+0.03%	● 48.46 ($54.35) 60.59	$41.93	-22.85%	Add 0.62%	313,245	1,943
KEX	Kirby Corp	2023-12-31	Add	+0.03%	● 72.79 ($78.2) 83.19	$121.78	55.73%	Add 0.78%	168,207	1,299
MSFT	Microsoft Corp	2023-12-31	Reduce	-0.03%	● 313.39 ($355.93) 382.7	$427.51	20.11%	Reduce -0.96%	30,928	-300
RIG	Transocean Ltd	2023-12-31	Add	+0.03%	● 5.65 ($6.69) 7.88	$4.25	-36.47%	Add 1.67%	976,758	16,081
DOW	Dow Inc	2023-12-31	Add	+0.03%	● 47.54 ($51.09) 55.71	$52.07	1.92%	Add 0.85%	221,932	1,874
UNH	UnitedHealth Group Inc	2023-12-31	Add	+0.03%	● 509.47 ($533.34) 552.97	$569.86	6.85%	Add 0.73%	24,919	181
MCK	McKesson Corp	2023-12-31	Add	+0.03%	● 437.42 ($454.73) 470.64	$505.38	11.14%	Add 0.56%	38,482	215
TMHC	Taylor Morrison Home Corp	2023-12-31	Add	+0.03%	● 37.7 ($44.7) 54.22	$64.84	45.06%	Add 1.06%	152,532	1,595
MTZ	MasTec Inc	2023-12-31	Add	+0.03%	● 47.6 ($62.54) 75.72	$125.38	100.48%	Add 1.03%	131,009	1,332
GLD	SPDR Gold Shares ETF	2023-12-31	Add	+0.03%	● 168.83 ($183.27) 192.59	$253.93	38.56%	Add 2.2%	19,121	411
OXY	Occidental Petroleum Corp	2023-12-31	Add	+0.03%	● 55.55 ($61.02) 66.5	$52.10	-14.62%	Add 0.73%	235,119	1,707
RGLD	Royal Gold Inc	2023-12-31	Add	+0.02%	● 102.87 ($113.01) 124.3	$154.27	36.51%	Add 1.04%	57,485	594
CVS	CVS Health Corp	2023-09-30	Sold Out	-2.71%	● 65.17 ($70.86) 76.41	$56.85	-19.77%	Sold Out	0	-110,695
URI	United Rentals Inc	2023-09-30	New Buy	+2.27%	● 428.28 ($457.73) 491.17	$847.46	85.14%	New holding	14,823	14,823
TGNA	Tegna Inc	2023-09-30	Add	+1.12%	● 14.51 ($16.21) 17.11	$16.31	0.62%	Add 106.05%	431,541	222,103
PHM	PulteGroup Inc	2023-09-30	Add	+1.05%	● 73.2 ($79.71) 86.01	$133.81	67.87%	Add 75.61%	95,743	41,224
TMHC	Taylor Morrison Home Corp	2023-09-30	Add	+0.96%	● 42.36 ($47.03) 51.64	$64.84	37.87%	Add 75.94%	150,937	65,148
RIG	Transocean Ltd	2023-09-30	Add	+0.30%	● 6.97 ($8.17) 8.8	$4.25	-47.98%	Add 12.23%	960,677	104,685
BGC	BGC Group Inc	2023-09-30	Add	+0.23%	● 4.31 ($4.97) 5.41	$9.34	87.93%	Add 8.15%	1,695,392	127,800
WAB	Westinghouse Air Brake Technologies Corp	2023-09-30	Add	+0.21%	● 105.4 ($111.36) 119.19	$189.71	70.36%	Add 10.36%	61,058	5,731
RUSHA	Rush Enterprises Inc	2023-09-30	Add	+0.08%	● 39.21 ($41.32) 43.53	$51.87	25.53%	Add 1.52%	365,051	5,455
TMO	Thermo Fisher Scientific Inc	2023-09-30	New Buy	+0.08%	● 498.29 ($532.87) 574.41	$586.38	10.04%	New holding	450	450
AAPL	Apple Inc	2023-09-30	Add	+0.07%	● 170.43 ($183.38) 196.45	$235.86	28.62%	Add 1.85%	61,484	1,114
XOM	Exxon Mobil Corp	2023-09-30	Sold Out	-0.07%	● 100.92 ($109.68) 120.2	$120.70	10.05%	Sold Out	0	-1,952
MTZ	MasTec Inc	2023-09-30	Add	+0.05%	● 71.97 ($99.67) 122.08	$125.38	25.80%	Add 1.45%	129,677	1,858
DOW	Dow Inc	2023-09-30	Add	+0.04%	● 50.25 ($53.68) 56.47	$52.07	-3.00%	Add 0.99%	220,058	2,165
MSFT	Microsoft Corp	2023-09-30	Add	+0.04%	● 312.14 ($330.44) 359.49	$427.51	29.38%	Add 1.09%	31,228	336
AVGO	Broadcom Inc	2023-09-30	Reduce	-0.02%	● 80.84 ($86.68) 92.29	$179.38	106.95%	Reduce -0.49%	159,560	-79
BRK.B	Berkshire Hathaway Inc	2023-09-30	Reduce	-0.01%	● 340.9 ($354.77) 370.48	$461.45	30.07%	Reduce -0.23%	37,560	-86
KEX	Kirby Corp	2023-09-30	Reduce	-0.01%	● 74.65 ($80.84) 86.19	$121.78	50.64%	Reduce -0.18%	166,908	-297
MCK	McKesson Corp	2023-09-30	Reduce	-0.01%	● 402.4 ($421.42) 446.42	$505.38	19.92%	Reduce -0.15%	38,267	-58
OXY	Occidental Petroleum Corp	2023-09-30	Add	+0.01%	● 57.61 ($62.92) 67.3	$52.10	-17.20%	Add 0.23%	233,412	540

100/Page

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