
	Ronald Muhlenkamp 13F
	Muhlenkamp & Co Inc

	Last update 2024-11-12	28 Stocks (0 new)
	Value $326.00 Mil	Turnover 0 %
	Countries: Top Holdings: RUSHA(6.01%)NMIH(5.85%)MCK(5.85%)BRK.B(5.38%)EQT(5.06%) 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
PSQ
PSQ
SPDN
AVGO
TEN
KRE
KRE
AVGO
CVS
BGC
URI
FNV
BMY
RIG
KEX
NEM
AMLP
CCJ
PHM
NMIH
TMHC
NEM
TGNA
TGNA
TGNA
PHM
RGLD
TMHC
KEX
MTZ
FNV
RGLD
AAPL
RIG
BGC
WAB
IBIT
GLD
MCHP
MSFT
AAPL
AVGO
XOM
AVGO
RUSHA
TMO
TMO
KEX
XOM
AAPL
AAPL
URI
RIG
SLB
MTZ
RUSHA
MTZ
PHM
BGC
NMIH
TGNA
BMY
WAB
MSFT
TMHC
BRK.B
URI
OXY
WAB
BGC
NMIH
UNH
DOW
RUSHA
MSFT
DOW
MTZ
UNH
DOW
GLD
TMHC
EQT
MCK
BRK.B
RIG
MCK
OXY
PHM
BRK.B
SLB
EQT
MSFT
KEX
BMY
RGLD
NEM
KEX
SLB
RGLD
GLD

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
PSQ	ProShares Short QQQ -1x Shares	2023-06-30	Sold Out	-5.64%	● 52.85 ($58.57) 63.35	$37.72	-35.60%	Sold Out	0	-904,875
PSQ	ProShares Short QQQ -1x Shares	2022-12-31	New Buy	+5.64%	● 67 ($71.5) 76.25	$37.72	-47.24%	New holding	180,975	904,875
SPDN	Direxion Daily S&P 500 Bear 1X Shares	2022-12-31	Sold Out	-5.21%	● 15.51 ($16.46) 17.74	$10.78	-34.51%	Sold Out	0	-652,921
AVGO	Broadcom Inc	2024-09-30	Sold Out	-4.07%	● 136.27 ($160.32) 178.09	$166.51	3.86%	Sold Out	0	-81,290
TEN	Tenneco Inc	2022-12-31	Sold Out	-3.69%	● 17.53 ($19) 19.99	$19.99	5.21%	Sold Out	0	-475,114
KRE	SPDR S&P Regional Banking ETF	2023-06-30	New Buy	+3.61%	● 35.75 ($40.75) 44.18	$67.09	64.64%	New holding	249,235	249,235
KRE	SPDR S&P Regional Banking ETF	2023-12-31	Sold Out	-3.59%	● 38.57 ($44.72) 53.82	$67.09	50.02%	Sold Out	0	-249,235
AVGO	Broadcom Inc	2024-06-30	Reduce	-2.99%	● 120.47 ($140.14) 182.89	$166.51	18.82%	Reduce -48.83%	81,290	-7,756
CVS	CVS Health Corp	2023-09-30	Sold Out	-2.71%	● 65.17 ($70.86) 76.41	$59.08	-16.62%	Sold Out	0	-110,695
BGC	BGC Group Inc	2023-06-30	New Buy	+2.46%	● 3.99 ($4.45) 5.23	$9.63	116.40%	New holding	1,567,592	1,567,592
URI	United Rentals Inc	2023-09-30	New Buy	+2.27%	● 428.28 ($457.73) 491.17	$857.05	87.24%	New holding	14,823	14,823
FNV	Franco-Nevada Corp	2023-12-31	Sold Out	-2.20%	● 103.8 ($121.65) 140.89	$121.37	-0.23%	Sold Out	0	-47,811
BMY	Bristol-Myers Squibb Co	2024-06-30	Sold Out	-2.13%	● 40.25 ($44.75) 52.99	$59.94	33.94%	Sold Out	0	-135,045
RIG	Transocean Ltd	2023-06-30	New Buy	+2.13%	● 5.65 ($6.18) 7.04	$4.36	-29.45%	New holding	855,992	855,992
KEX	Kirby Corp	2024-06-30	Reduce	-2.00%	● 94.56 ($111.71) 124.17	$124.89	11.80%	Reduce -42.74%	96,947	-72,367
NEM	Newmont Corp	2023-12-31	New Buy	+1.94%	● 33.95 ($38.61) 42.38	$40.91	5.96%	New holding	143,601	143,601
AMLP	Alerian MLP ETF	2023-06-30	Reduce	-1.77%	● 36.82 ($38.39) 39.69	$50.65	31.94%	Reduce -38.61%	174,555	-109,762
CCJ	Cameco Corp	2023-06-30	Sold Out	-1.56%	● 25.1 ($28.09) 31.95	$58.83	109.43%	Sold Out	0	-161,964
PHM	PulteGroup Inc	2023-06-30	New Buy	+1.50%	● 57.84 ($67.63) 78.67	$135.14	99.82%	New holding	54,519	54,519
NMIH	NMI Holdings Inc	2023-06-30	Add	+1.49%	● 21.62 ($24.2) 26.57	$40.38	66.86%	Add 55.37%	455,821	162,437
TMHC	Taylor Morrison Home Corp	2023-06-30	New Buy	+1.48%	● 36.31 ($42.98) 48.77	$73.18	70.27%	New holding	85,789	85,789
NEM	Newmont Corp	2024-03-31	Add	+1.41%	● 29.86 ($34.47) 40.91	$40.91	18.68%	Add 94.25%	278,949	135,348
TGNA	Tegna Inc	2023-12-31	Add	+1.23%	● 13.77 ($14.99) 16	$18.77	25.22%	Add 57.03%	677,641	246,100
TGNA	Tegna Inc	2023-06-30	New Buy	+1.21%	● 15.29 ($16.31) 17.26	$18.77	15.08%	New holding	209,438	209,438
TGNA	Tegna Inc	2023-09-30	Add	+1.12%	● 14.51 ($16.21) 17.11	$18.77	15.79%	Add 106.05%	431,541	222,103
PHM	PulteGroup Inc	2023-09-30	Add	+1.05%	● 73.2 ($79.71) 86.01	$135.14	69.54%	Add 75.61%	95,743	41,224
RGLD	Royal Gold Inc	2024-03-31	Add	+1.01%	● 101.3 ($112.92) 122.47	$147.34	30.48%	Add 49.43%	85,899	28,414
TMHC	Taylor Morrison Home Corp	2023-09-30	Add	+0.96%	● 42.36 ($47.03) 51.64	$73.18	55.60%	Add 75.94%	150,937	65,148
KEX	Kirby Corp	2024-09-30	Reduce	-0.90%	● 107.57 ($119.27) 129.59	$124.89	4.71%	Reduce -24.96%	72,747	-24,200
MTZ	MasTec Inc	2024-06-30	Reduce	-0.75%	● 82.82 ($101.02) 112.25	$142.05	40.62%	Reduce -20.86%	105,247	-27,743
FNV	Franco-Nevada Corp	2023-06-30	Add	+0.47%	● 136.72 ($149.96) 160.42	$121.37	-19.07%	Add 24.48%	47,783	9,398
RGLD	Royal Gold Inc	2023-06-30	Add	+0.40%	● 111.59 ($128.69) 143.88	$147.34	14.49%	Add 21.15%	56,859	9,927
AAPL	Apple Inc	2023-06-30	Add	+0.35%	● 160.1 ($174.1) 193.97	$239.59	37.62%	Add 9.24%	60,370	5,104
RIG	Transocean Ltd	2023-09-30	Add	+0.30%	● 6.97 ($8.17) 8.8	$4.36	-46.63%	Add 12.23%	960,677	104,685
BGC	BGC Group Inc	2023-09-30	Add	+0.23%	● 4.31 ($4.97) 5.41	$9.63	93.76%	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	$199.78	79.40%	Add 10.36%	61,058	5,731
IBIT	iShares Bitcoin Trust	2024-06-30	New Buy	+0.15%	● 32.39 ($37.35) 40.95	$54.48	45.86%	New holding	14,000	14,000
GLD	SPDR Gold Shares ETF	2024-03-31	Add	+0.15%	● 184.42 ($191.93) 205.72	$243.44	26.84%	Add 13.19%	21,643	2,522
MCHP	Microchip Technology Inc	2024-03-31	Add	+0.13%	● 80.58 ($86.19) 93.34	$70.31	-18.42%	Add 4.61%	116,779	5,144
MSFT	Microsoft Corp	2024-03-31	Add	+0.11%	● 367.75 ($404.82) 429.37	$430.98	6.46%	Add 3.02%	31,863	935
AAPL	Apple Inc	2024-03-31	Add	+0.11%	● 169 ($181.83) 195.18	$239.59	31.77%	Add 3.59%	62,604	2,170
AVGO	Broadcom Inc	2024-03-31	Add	+0.10%	● 104.9 ($123.9) 140.7	$166.51	34.39%	Add 1.62%	158,850	254
XOM	Exxon Mobil Corp	2022-12-31	New Buy	+0.09%	● 91.92 ($107.14) 114.18	$117.85	10.00%	New holding	1,952	1,952
AVGO	Broadcom Inc	2023-12-31	Reduce	-0.09%	● 81.48 ($94.69) 114.7	$166.51	75.85%	Reduce -2.04%	156,310	-325
RUSHA	Rush Enterprises Inc	2023-09-30	Add	+0.08%	● 39.21 ($41.32) 43.53	$62.01	50.07%	Add 1.52%	365,051	5,455
TMO	Thermo Fisher Scientific Inc	2023-12-31	Sold Out	-0.08%	● 431.41 ($484.03) 532.94	$529.95	9.49%	Sold Out	0	-450
TMO	Thermo Fisher Scientific Inc	2023-09-30	New Buy	+0.08%	● 498.29 ($532.87) 574.41	$529.95	-0.55%	New holding	450	450
KEX	Kirby Corp	2023-06-30	Add	+0.08%	● 66.6 ($71.93) 76.95	$124.89	73.63%	Add 1.71%	167,205	2,810
XOM	Exxon Mobil Corp	2023-09-30	Sold Out	-0.07%	● 100.92 ($109.68) 120.2	$117.85	7.45%	Sold Out	0	-1,952
AAPL	Apple Inc	2023-09-30	Add	+0.07%	● 170.43 ($183.38) 196.45	$239.59	30.65%	Add 1.85%	61,484	1,114
AAPL	Apple Inc	2023-12-31	Reduce	-0.06%	● 166.89 ($184.64) 198.11	$239.59	29.76%	Reduce -1.71%	60,434	-1,050
URI	United Rentals Inc	2024-03-31	Add	+0.06%	● 541.39 ($641.68) 721.11	$857.05	33.56%	Add 1.92%	15,329	289
RIG	Transocean Ltd	2024-03-31	Add	+0.06%	● 4.67 ($5.46) 6.28	$4.36	-20.15%	Add 3.45%	1,010,498	33,740
SLB	SLB	2023-06-30	Reduce	-0.06%	● 42.83 ($47.71) 52.63	$43.63	-8.55%	Reduce -0.79%	311,735	-2,473
MTZ	MasTec Inc	2023-09-30	Add	+0.05%	● 71.97 ($99.67) 122.08	$142.05	42.52%	Add 1.45%	129,677	1,858
RUSHA	Rush Enterprises Inc	2024-03-31	Add	+0.05%	● 42.92 ($47.27) 53.52	$62.01	31.18%	Add 0.96%	371,239	3,526
MTZ	MasTec Inc	2024-03-31	Add	+0.05%	● 63.16 ($76.04) 93.73	$142.05	86.81%	Add 1.51%	132,990	1,981
PHM	PulteGroup Inc	2024-03-31	Add	+0.05%	● 100.31 ($107.29) 120.62	$135.14	25.96%	Add 1.34%	97,864	1,296
BGC	BGC Group Inc	2024-03-31	Add	+0.05%	● 6.65 ($7.41) 8.55	$9.63	29.96%	Add 1.38%	1,735,480	23,553
NMIH	NMI Holdings Inc	2024-03-31	Add	+0.05%	● 28.94 ($30.18) 32.34	$40.38	33.80%	Add 1.05%	464,338	4,805
TGNA	Tegna Inc	2024-03-31	Add	+0.05%	● 13.53 ($14.86) 15.84	$18.77	26.31%	Add 1.57%	688,293	10,652
BMY	Bristol-Myers Squibb Co	2024-03-31	Add	+0.05%	● 47.98 ($50.94) 54.4	$59.94	17.67%	Add 2.49%	135,045	3,285
WAB	Westinghouse Air Brake Technologies Corp	2024-03-31	Add	+0.04%	● 123.99 ($135.45) 145.87	$199.78	47.49%	Add 1.38%	62,814	852
MSFT	Microsoft Corp	2023-09-30	Add	+0.04%	● 312.14 ($330.44) 359.49	$430.98	30.43%	Add 1.09%	31,228	336
TMHC	Taylor Morrison Home Corp	2024-03-31	Add	+0.04%	● 50.66 ($55.09) 62.17	$73.18	32.84%	Add 1.44%	154,730	2,198
BRK.B	Berkshire Hathaway Inc	2024-03-31	Add	+0.04%	● 359.29 ($393.34) 420.52	$477.33	21.35%	Add 0.88%	38,183	334
URI	United Rentals Inc	2023-12-31	Add	+0.04%	● 399.02 ($471.7) 580.47	$857.05	81.69%	Add 1.46%	15,040	217
OXY	Occidental Petroleum Corp	2024-03-31	Add	+0.04%	● 56.22 ($59.73) 64.99	$50.42	-15.59%	Add 0.96%	237,383	2,264
WAB	Westinghouse Air Brake Technologies Corp	2023-12-31	Add	+0.04%	● 98.74 ($112.87) 127.14	$199.78	77.00%	Add 1.48%	61,962	904
BGC	BGC Group Inc	2023-12-31	Add	+0.04%	● 5.13 ($6.19) 7.22	$9.63	55.57%	Add 0.98%	1,711,927	16,535
NMIH	NMI Holdings Inc	2023-12-31	Add	+0.04%	● 26.16 ($27.91) 30.12	$40.38	44.68%	Add 0.8%	459,533	3,648
UNH	UnitedHealth Group Inc	2024-03-31	Add	+0.04%	● 472.6 ($508.38) 545.42	$608.52	19.70%	Add 1.15%	25,205	286
DOW	Dow Inc	2024-03-31	Add	+0.04%	● 52.47 ($55.26) 58.17	$44.38	-19.69%	Add 0.99%	224,122	2,190
RUSHA	Rush Enterprises Inc	2023-12-31	Add	+0.04%	● 34.91 ($40.34) 50.3	$62.01	53.72%	Add 0.73%	367,713	2,662
MSFT	Microsoft Corp	2023-06-30	Reduce	-0.04%	● 275.42 ($313.01) 348.1	$430.98	37.69%	Reduce -1.19%	30,892	-372
DOW	Dow Inc	2023-09-30	Add	+0.04%	● 50.25 ($53.68) 56.47	$44.38	-17.32%	Add 0.99%	220,058	2,165
MTZ	MasTec Inc	2023-12-31	Add	+0.03%	● 47.6 ($62.54) 75.72	$142.05	127.13%	Add 1.03%	131,009	1,332
UNH	UnitedHealth Group Inc	2023-12-31	Add	+0.03%	● 509.47 ($533.34) 552.97	$608.52	14.10%	Add 0.73%	24,919	181
DOW	Dow Inc	2023-12-31	Add	+0.03%	● 47.54 ($51.09) 55.71	$44.38	-13.13%	Add 0.85%	221,932	1,874
GLD	SPDR Gold Shares ETF	2023-12-31	Add	+0.03%	● 168.83 ($183.27) 192.59	$243.44	32.83%	Add 2.2%	19,121	411
TMHC	Taylor Morrison Home Corp	2023-12-31	Add	+0.03%	● 37.7 ($44.7) 54.22	$73.18	63.71%	Add 1.06%	152,532	1,595
EQT	EQT Corp	2024-03-31	Add	+0.03%	● 32.96 ($35.82) 38.92	$44.53	24.32%	Add 0.64%	450,628	2,876
MCK	McKesson Corp	2023-12-31	Add	+0.03%	● 437.42 ($454.73) 470.64	$621.29	36.63%	Add 0.56%	38,482	215
BRK.B	Berkshire Hathaway Inc	2023-12-31	Add	+0.03%	● 331.71 ($350.99) 362.68	$477.33	36.00%	Add 0.77%	37,849	289
RIG	Transocean Ltd	2023-12-31	Add	+0.03%	● 5.65 ($6.69) 7.88	$4.36	-34.83%	Add 1.67%	976,758	16,081
MCK	McKesson Corp	2024-03-31	Add	+0.03%	● 473.42 ($507.73) 539.26	$621.29	22.37%	Add 0.54%	38,691	209
OXY	Occidental Petroleum Corp	2023-12-31	Add	+0.03%	● 55.55 ($61.02) 66.5	$50.42	-17.37%	Add 0.73%	235,119	1,707
PHM	PulteGroup Inc	2023-12-31	Add	+0.03%	● 69.65 ($84.98) 104.88	$135.14	59.03%	Add 0.86%	96,568	825
BRK.B	Berkshire Hathaway Inc	2023-06-30	Add	+0.03%	● 308.77 ($326.09) 341	$477.33	46.38%	Add 0.58%	37,646	216
SLB	Schlumberger Ltd	2023-12-31	Add	+0.03%	● 48.46 ($54.35) 60.59	$43.63	-19.72%	Add 0.62%	313,245	1,943
EQT	EQT Corp	2023-12-31	Add	+0.03%	● 36.01 ($40.55) 44.72	$44.53	9.82%	Add 0.53%	447,752	2,370
MSFT	Microsoft Corp	2023-12-31	Reduce	-0.03%	● 313.39 ($355.93) 382.7	$430.98	21.09%	Reduce -0.96%	30,928	-300
KEX	Kirby Corp	2023-12-31	Add	+0.03%	● 72.79 ($78.2) 83.19	$124.89	59.71%	Add 0.78%	168,207	1,299
BMY	Bristol-Myers Squibb Co	2023-12-31	Add	+0.03%	● 48.48 ($52.49) 57.85	$59.94	14.19%	Add 1.56%	131,760	2,028
RGLD	Royal Gold Inc	2024-09-30	Add	+0.03%	● 125.01 ($136.84) 146.5	$147.34	7.67%	Add 0.78%	86,749	669
NEM	Newmont Corp	2024-09-30	Add	+0.03%	● 41.65 ($49.68) 55.85	$40.91	-17.65%	Add 0.63%	281,302	1,751
KEX	Kirby Corp	2024-03-31	Add	+0.03%	● 75.27 ($84.38) 95.32	$124.89	48.01%	Add 0.66%	169,314	1,107
SLB	Schlumberger Ltd	2024-03-31	Add	+0.03%	● 47.08 ($50.41) 54.9	$43.63	-13.45%	Add 0.62%	315,176	1,931
RGLD	Royal Gold Inc	2023-12-31	Add	+0.02%	● 102.87 ($113.01) 124.3	$147.34	30.38%	Add 1.04%	57,485	594
GLD	SPDR Gold Shares ETF	2024-09-30	Add	+0.02%	● 215.56 ($229) 246.98	$243.44	6.31%	Add 1.18%	21,948	255

100/Page

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