
	Ronald Muhlenkamp 13F
	Muhlenkamp & Co Inc

	Last update 2024-04-23	29 Stocks (0 new)
	Value $344.00 Mil	Turnover 4 %
	Countries: Top Holdings: AVGO(6.12%)MCK(6.03%)RUSHA(5.77%)SLB(5.02%)EQT(4.85%) 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
NEM
RGLD
GLD
MCHP
AAPL
MSFT
AVGO
RIG
URI
BGC
BMY
MTZ
NMIH
PHM
RUSHA
TGNA
BRK.B
DOW
OXY
TMHC
UNH
WAB
EQT
KEX
MCK
SLB
KRE
FNV
NEM
TGNA
AVGO
TMO
AAPL
BGC
NMIH
RUSHA
URI
WAB
BRK.B
BMY
DOW
EQT
KEX
MTZ
MCK
MSFT
OXY
PHM
SLB
GLD
TMHC
RIG
UNH
RGLD
PSQ
KRE
BGC
RIG
AMLP
CCJ
PHM
NMIH
TMHC
TGNA
FNV
RGLD
AAPL
KEX
SLB
MSFT
BRK.B
AVGO
MTZ
CVS
MCHP
UNH
MCK
BMY
RUSHA
OXY
RUSHB
GLD
EQT
DOW
WAB
PSQ
SPDN
TEN
XOM
OXY
EQT
MCK
RUSHB
BMY
AMLP
KEX
BRK.B
MSFT
CVS
AVGO

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
NEM	Newmont Corp	2024-03-31	Add	+1.41%	● 29.86 ($34.47) 40.91	$40.66	17.96%	Add 94.25%	278,949	135,348
RGLD	Royal Gold Inc	2024-03-31	Add	+1.01%	● 101.3 ($112.92) 122.47	$122.29	8.30%	Add 49.43%	85,899	28,414
GLD	SPDR Gold Shares ETF	2024-03-31	Add	+0.15%	● 184.42 ($191.93) 205.72	$212.96	10.96%	Add 13.19%	21,643	2,522
MCHP	Microchip Technology Inc	2024-03-31	Add	+0.13%	● 80.58 ($86.19) 93.34	$91.36	6.00%	Add 4.61%	116,779	5,144
AAPL	Apple Inc	2024-03-31	Add	+0.11%	● 169 ($181.83) 195.18	$183.38	0.85%	Add 3.59%	62,604	2,170
MSFT	Microsoft Corp	2024-03-31	Add	+0.11%	● 367.75 ($404.82) 429.37	$406.66	0.45%	Add 3.02%	31,863	935
AVGO	Broadcom Inc	2024-03-31	Add	+0.10%	● 1049.01 ($1239) 1407.01	$1,278.11	3.16%	Add 1.62%	15,885	254
RIG	Transocean Ltd	2024-03-31	Add	+0.06%	● 4.67 ($5.46) 6.28	$5.57	2.01%	Add 3.45%	1,010,498	33,740
URI	United Rentals Inc	2024-03-31	Add	+0.06%	● 541.39 ($641.68) 721.11	$666.66	3.89%	Add 1.92%	15,329	289
BGC	BGC Group Inc	2024-03-31	Add	+0.05%	● 6.65 ($7.41) 8.55	$8.22	10.93%	Add 1.38%	1,735,480	23,553
BMY	Bristol-Myers Squibb Co	2024-03-31	Add	+0.05%	● 47.98 ($50.94) 54.4	$43.99	-13.64%	Add 2.49%	135,045	3,285
MTZ	MasTec Inc	2024-03-31	Add	+0.05%	● 63.16 ($76.04) 93.73	$101.80	33.88%	Add 1.51%	132,990	1,981
NMIH	NMI Holdings Inc	2024-03-31	Add	+0.05%	● 28.94 ($30.18) 32.34	$32.51	7.72%	Add 1.05%	464,338	4,805
PHM	PulteGroup Inc	2024-03-31	Add	+0.05%	● 100.31 ($107.29) 120.62	$116.64	8.71%	Add 1.34%	97,864	1,296
RUSHA	Rush Enterprises Inc	2024-03-31	Add	+0.05%	● 42.92 ($47.27) 53.52	$43.70	-7.55%	Add 0.96%	371,239	3,526
TGNA	Tegna Inc	2024-03-31	Add	+0.05%	● 13.53 ($14.86) 15.84	$14.17	-4.64%	Add 1.57%	688,293	10,652
BRK.B	Berkshire Hathaway Inc	2024-03-31	Add	+0.04%	● 359.29 ($393.34) 420.52	$400.87	1.91%	Add 0.88%	38,183	334
DOW	Dow Inc	2024-03-31	Add	+0.04%	● 52.47 ($55.26) 58.17	$57.04	3.22%	Add 0.99%	224,122	2,190
OXY	Occidental Petroleum Corp	2024-03-31	Add	+0.04%	● 56.22 ($59.73) 64.99	$64.39	7.80%	Add 0.96%	237,383	2,264
TMHC	Taylor Morrison Home Corp	2024-03-31	Add	+0.04%	● 50.66 ($55.09) 62.17	$57.20	3.83%	Add 1.44%	154,730	2,198
UNH	UnitedHealth Group Inc	2024-03-31	Add	+0.04%	● 472.6 ($508.38) 545.42	$492.45	-3.13%	Add 1.15%	25,205	286
WAB	Westinghouse Air Brake Technologies Corp	2024-03-31	Add	+0.04%	● 123.99 ($135.45) 145.87	$162.21	19.76%	Add 1.38%	62,814	852
EQT	EQT Corp	2024-03-31	Add	+0.03%	● 32.96 ($35.82) 38.92	$40.27	12.42%	Add 0.64%	450,628	2,876
KEX	Kirby Corp	2024-03-31	Add	+0.03%	● 75.27 ($84.38) 95.32	$110.52	30.98%	Add 0.66%	169,314	1,107
MCK	McKesson Corp	2024-03-31	Add	+0.03%	● 473.42 ($507.73) 539.26	$528.86	4.16%	Add 0.54%	38,691	209
SLB	Schlumberger Ltd	2024-03-31	Add	+0.03%	● 47.08 ($50.41) 54.9	$47.66	-5.46%	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	$49.65	11.02%	Sold Out	0	-249,235
FNV	Franco-Nevada Corp	2023-12-31	Sold Out	-2.20%	● 103.8 ($121.65) 140.89	$123.25	1.32%	Sold Out	0	-47,811
NEM	Newmont Corp	2023-12-31	New Buy	+1.94%	● 33.95 ($38.61) 42.38	$40.66	5.31%	New holding	143,601	143,601
TGNA	Tegna Inc	2023-12-31	Add	+1.23%	● 13.77 ($14.99) 16	$14.17	-5.47%	Add 57.03%	677,641	246,100
AVGO	Broadcom Inc	2023-12-31	Reduce	-0.09%	● 814.83 ($946.88) 1147	$1,278.11	34.98%	Reduce -2.04%	15,631	-325
TMO	Thermo Fisher Scientific Inc	2023-12-31	Sold Out	-0.08%	● 431.41 ($484.03) 532.94	$572.38	18.25%	Sold Out	0	-450
AAPL	Apple Inc	2023-12-31	Reduce	-0.06%	● 166.89 ($184.64) 198.11	$183.38	-0.68%	Reduce -1.71%	60,434	-1,050
BGC	BGC Group Inc	2023-12-31	Add	+0.04%	● 5.13 ($6.19) 7.22	$8.22	32.79%	Add 0.98%	1,711,927	16,535
NMIH	NMI Holdings Inc	2023-12-31	Add	+0.04%	● 26.16 ($27.91) 30.12	$32.51	16.48%	Add 0.8%	459,533	3,648
RUSHA	Rush Enterprises Inc	2023-12-31	Add	+0.04%	● 34.91 ($40.34) 50.3	$43.70	8.33%	Add 0.73%	367,713	2,662
URI	United Rentals Inc	2023-12-31	Add	+0.04%	● 399.02 ($471.7) 580.47	$666.66	41.33%	Add 1.46%	15,040	217
WAB	Westinghouse Air Brake Technologies Corp	2023-12-31	Add	+0.04%	● 98.74 ($112.87) 127.14	$162.21	43.71%	Add 1.48%	61,962	904
BRK.B	Berkshire Hathaway Inc	2023-12-31	Add	+0.03%	● 331.71 ($350.99) 362.68	$400.87	14.21%	Add 0.77%	37,849	289
BMY	Bristol-Myers Squibb Co	2023-12-31	Add	+0.03%	● 48.48 ($52.49) 57.85	$43.99	-16.19%	Add 1.56%	131,760	2,028
DOW	Dow Inc	2023-12-31	Add	+0.03%	● 47.54 ($51.09) 55.71	$57.04	11.65%	Add 0.85%	221,932	1,874
EQT	EQT Corp	2023-12-31	Add	+0.03%	● 36.01 ($40.55) 44.72	$40.27	-0.69%	Add 0.53%	447,752	2,370
KEX	Kirby Corp	2023-12-31	Add	+0.03%	● 72.79 ($78.2) 83.19	$110.52	41.33%	Add 0.78%	168,207	1,299
MTZ	MasTec Inc	2023-12-31	Add	+0.03%	● 47.6 ($62.54) 75.72	$101.80	62.78%	Add 1.03%	131,009	1,332
MCK	McKesson Corp	2023-12-31	Add	+0.03%	● 437.42 ($454.73) 470.64	$528.86	16.30%	Add 0.56%	38,482	215
MSFT	Microsoft Corp	2023-12-31	Reduce	-0.03%	● 313.39 ($355.93) 382.7	$406.66	14.25%	Reduce -0.96%	30,928	-300
OXY	Occidental Petroleum Corp	2023-12-31	Add	+0.03%	● 55.55 ($61.02) 66.5	$64.39	5.52%	Add 0.73%	235,119	1,707
PHM	PulteGroup Inc	2023-12-31	Add	+0.03%	● 69.65 ($84.98) 104.88	$116.64	37.26%	Add 0.86%	96,568	825
SLB	Schlumberger Ltd	2023-12-31	Add	+0.03%	● 48.46 ($54.35) 60.59	$47.66	-12.31%	Add 0.62%	313,245	1,943
GLD	SPDR Gold Shares ETF	2023-12-31	Add	+0.03%	● 168.83 ($183.27) 192.59	$212.96	16.20%	Add 2.2%	19,121	411
TMHC	Taylor Morrison Home Corp	2023-12-31	Add	+0.03%	● 37.7 ($44.7) 54.22	$57.20	27.96%	Add 1.06%	152,532	1,595
RIG	Transocean Ltd	2023-12-31	Add	+0.03%	● 5.65 ($6.69) 7.88	$5.57	-16.74%	Add 1.67%	976,758	16,081
UNH	UnitedHealth Group Inc	2023-12-31	Add	+0.03%	● 509.47 ($533.34) 552.97	$492.45	-7.67%	Add 0.73%	24,919	181
RGLD	Royal Gold Inc	2023-12-31	Add	+0.02%	● 102.87 ($113.01) 124.3	$122.29	8.21%	Add 1.04%	57,485	594
PSQ	ProShares Short QQQ -1x Shares	2023-06-30	Sold Out	-5.64%	● 10.53 ($11.57) 12.5	$44.92	288.25%	Sold Out	0	-904,875
KRE	SPDR S&P Regional Banking ETF	2023-06-30	New Buy	+3.61%	● 35.75 ($40.75) 44.18	$49.65	21.84%	New holding	249,235	249,235
BGC	BGC Group Inc	2023-06-30	New Buy	+2.46%	● 3.99 ($4.45) 5.23	$8.22	84.72%	New holding	1,567,592	1,567,592
RIG	Transocean Ltd	2023-06-30	New Buy	+2.13%	● 5.65 ($6.18) 7.04	$5.57	-9.87%	New holding	855,992	855,992
AMLP	Alerian MLP ETF	2023-06-30	Reduce	-1.77%	● 36.82 ($38.39) 39.69	$47.30	23.21%	Reduce -38.61%	174,555	-109,762
CCJ	Cameco Corp	2023-06-30	Sold Out	-1.56%	● 25.1 ($28.09) 31.95	$48.41	72.34%	Sold Out	0	-161,964
PHM	PulteGroup Inc	2023-06-30	New Buy	+1.50%	● 57.84 ($67.63) 78.67	$116.64	72.47%	New holding	54,519	54,519
NMIH	NMI Holdings Inc	2023-06-30	Add	+1.49%	● 21.62 ($24.2) 26.57	$32.51	34.34%	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	$57.20	33.09%	New holding	85,789	85,789
TGNA	Tegna Inc	2023-06-30	New Buy	+1.21%	● 15.29 ($16.31) 17.26	$14.17	-13.12%	New holding	209,438	209,438
FNV	Franco-Nevada Corp	2023-06-30	Add	+0.47%	● 136.72 ($149.96) 160.42	$123.25	-17.81%	Add 24.48%	47,783	9,398
RGLD	Royal Gold Inc	2023-06-30	Add	+0.40%	● 111.59 ($128.69) 143.88	$122.29	-4.97%	Add 21.15%	56,859	9,927
AAPL	Apple Inc	2023-06-30	Add	+0.35%	● 160.1 ($174.1) 193.97	$183.38	5.33%	Add 9.24%	60,370	5,104
KEX	Kirby Corp	2023-06-30	Add	+0.08%	● 66.6 ($71.93) 76.95	$110.52	53.65%	Add 1.71%	167,205	2,810
SLB	SLB	2023-06-30	Reduce	-0.06%	● 42.83 ($47.71) 52.63	$47.66	-0.10%	Reduce -0.79%	311,735	-2,473
MSFT	Microsoft Corp	2023-06-30	Reduce	-0.04%	● 275.42 ($313.01) 348.1	$406.66	29.92%	Reduce -1.19%	30,892	-372
BRK.B	Berkshire Hathaway Inc	2023-06-30	Add	+0.03%	● 308.77 ($326.09) 341	$400.87	22.93%	Add 0.58%	37,646	216
AVGO	Broadcom Inc	2023-06-30	Reduce	-0.01%	● 610.16 ($712.03) 886.18	$1,278.11	79.50%	Reduce -0.28%	16,035	-45
MTZ	MasTec Inc	2023-06-30	Reduce	-0.01%	● 85.2 ($97.88) 117.97	$101.80	4.00%	Reduce -0.31%	127,819	-398
CVS	CVS Health Corp	2023-06-30	Add	+0.01%	● 66.65 ($71.2) 77.75	$55.90	-21.49%	Add 0.52%	110,695	572
MCHP	Microchip Technology Inc	2023-06-30	Reduce	-0.01%	● 71.8 ($78.97) 89.59	$91.36	15.69%	Reduce -0.25%	111,744	-280
UNH	UnitedHealth Group Inc	2023-06-30	Reduce	-0.01%	● 458.49 ($488.72) 526.23	$492.45	0.76%	Reduce -0.1%	24,730	-25
MCK	McKesson Corp	2023-06-30	Add	+0.01%	● 354.01 ($383.91) 427.31	$528.86	37.76%	Add 0.2%	38,325	76
BMY	Bristol-Myers Squibb Co	2023-06-30	Add	+0.01%	● 63.71 ($67.09) 70.74	$43.99	-34.43%	Add 0.48%	129,569	619
RUSHA	Rush Enterprises Inc	2023-06-30	Reduce	-0.01%	● 33.47 ($36.67) 40.83	$43.70	19.17%	Reduce -0.28%	359,597	-675
OXY	Occidental Petroleum Corp	2023-06-30	Reduce	0%	● 56.07 ($60.03) 65.18	$64.39	7.26%	Reduce -0.02%	232,872	-54
RUSHB	Rush Enterprises Inc	2023-06-30	Add	0%	● 36.85 ($40.46) 45.37	$40.98	1.29%	Add 1.28%	9,503	80
GLD	SPDR Gold Shares ETF	2023-06-30	Add	0%	● 177.09 ($183.74) 190.44	$212.96	15.90%	Add 0.29%	18,485	53
EQT	EQT Corp	2023-06-30	Reduce	0%	● 31.04 ($35.3) 41.13	$40.27	14.08%	Reduce -0.03%	445,715	-126
DOW	Dow Inc	2023-06-30	Reduce	0%	● 48.78 ($53.18) 56.92	$57.04	7.26%	Reduce -0.03%	217,893	-65
WAB	Westinghouse Air Brake Technologies Corp	2023-06-30	Reduce	0%	● 92.63 ($99.31) 109.67	$162.21	63.34%	Reduce -0.19%	55,327	-106
PSQ	ProShares Short QQQ -1x Shares	2022-12-31	New Buy	+5.64%	● 13.35 ($14.26) 15.2	$44.92	215.01%	New holding	904,875	904,875
SPDN	Direxion Daily S&P 500 Bear 1X Shares	2022-12-31	Sold Out	-5.21%	● 15.51 ($16.46) 17.74	$12.56	-23.69%	Sold Out	0	-652,921
TEN	Tenneco Inc	2022-12-31	Sold Out	-3.69%	● 17.53 ($19) 19.99	$19.99	5.21%	Sold Out	0	-475,114
XOM	Exxon Mobil Corp	2022-12-31	New Buy	+0.09%	● 91.92 ($107.14) 114.18	$116.00	8.27%	New holding	1,952	1,952
OXY	Occidental Petroleum Corp	2022-12-31	Reduce	-0.01%	● 61.8 ($68.1) 75.97	$64.39	-5.45%	Reduce -0.1%	232,926	-237
EQT	EQT Corp	2022-12-31	Reduce	-0.01%	● 33.5 ($40.14) 45.34	$40.27	0.32%	Reduce -0.1%	445,841	-451
MCK	McKesson Corp	2022-12-31	Add	+0.01%	● 345.39 ($372.97) 397.58	$528.86	41.80%	Add 0.1%	38,249	40
RUSHB	Rush Enterprises Inc	2022-12-31	Reduce	-0.01%	● 32.47 ($35.33) 38.55	$40.98	15.99%	Reduce -3.87%	9,383	-252
BMY	Bristol-Myers Squibb Co	2022-12-31	Add	+0.01%	● 68.48 ($75.4) 81.13	$43.99	-41.66%	Add 0.15%	128,950	197
AMLP	Alerian MLP ETF	2022-12-31	Add	0%	● 36.6 ($39.01) 41.42	$47.30	21.25%	Add 0.09%	284,317	260
KEX	Kirby Corp	2022-12-31	Reduce	0%	● 62.22 ($66.74) 71.09	$110.52	65.60%	Reduce -0.09%	164,395	-154
BRK.B	Berkshire Hathaway Inc	2022-12-31	Add	0%	● 264 ($296.98) 318.6	$400.87	34.98%	Add 0.1%	37,430	36
MSFT	Microsoft Corp	2022-12-31	Reduce	0%	● 214.25 ($239.99) 257.22	$406.66	69.45%	Reduce -0.07000000000000001%	31,264	-21
CVS	CVS Health Corp	2022-12-31	Add	0%	● 87.84 ($96.49) 103.79	$55.90	-42.07%	Add 0.11%	110,123	122
AVGO	Broadcom Inc	2022-12-31	Reduce	0%	● 427.1 ($501.4) 574.44	$1,278.11	154.91%	Reduce -0.1%	16,080	-16

100/Page

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