Value Guru Ronald Muhlenkamp (Trades, Portfolio) Adjusts Portfolio, Emphasizing Long-Term Investment Strategy
Ronald Muhlenkamp (Trades, Portfolio), a seasoned value investor and founder of Muhlenkamp & Company, Inc., has made notable changes to his investment portfolio in the fourth quarter of 2023. Known for his long-term investment horizon, Muhlenkamp's strategy focuses on companies with strong balance sheets and high return on equity, often holding stocks for an average of 10 years. His investment decisions are influenced by a blend of company P/E ratios, ROE, and expected growth rates, adapting to shifts in inflation and interest rates.
Summary of New Buys
Ronald Muhlenkamp (Trades, Portfolio)'s portfolio welcomed a new addition in the fourth quarter:
- Newmont Corp (NEM, Financial) entered the portfolio with 143,601 shares, representing 1.94% of the total holdings and valued at approximately $5.94 million.
Key Position Increases
Strengthening existing positions, Muhlenkamp increased his stakes in several companies:
- Tegna Inc (TGNA, Financial) saw an addition of 246,100 shares, bringing the total to 677,641 shares. This represents a 57.03% increase in share count and a 1.23% impact on the current portfolio, with a total value of $10,367,910.
- BGC Group Inc (BGC, Financial) also experienced an increase with an additional 16,535 shares, resulting in a total of 1,711,927 shares. This adjustment marks a 0.98% increase in share count, with a total value of $12,360,110.
Summary of Sold Out Positions
Exiting certain positions, Muhlenkamp sold out of the following holdings:
- SPDR S&P Regional Banking ETF (KRE, Financial) was completely sold off, with all 249,235 shares divested, impacting the portfolio by -3.59%.
- Franco-Nevada Corp (FNV, Financial) was also liquidated, with 47,811 shares sold, causing a -2.2% impact on the portfolio.
Key Position Reductions
Reductions were made in a few key holdings:
- Broadcom Inc (AVGO, Financial) was reduced by 325 shares, leading to a -2.04% decrease in shares and a -0.09% impact on the portfolio. The stock traded at an average price of $946.88 during the quarter and has seen a 27.66% return over the past three months and a -3.78% year-to-date change.
- Apple Inc (AAPL, Financial) saw a reduction of 1,050 shares, resulting in a -1.71% reduction in shares and a -0.06% impact on the portfolio. The stock's average trading price was $184.64 during the quarter, with a 4.24% return over the past three months and a -4.03% year-to-date performance.
Portfolio Overview
As of the fourth quarter of 2023, Ronald Muhlenkamp (Trades, Portfolio)'s portfolio consisted of 29 stocks. The top holdings included 6.05% in Rush Enterprises Inc (RUSHA, Financial), 5.83% in McKesson Corp (MCK, Financial), 5.71% in Broadcom Inc (AVGO), 5.66% in EQT Corp (EQT, Financial), and 5.33% in Schlumberger Ltd (SLB, Financial). The investments are primarily concentrated across eight industries: Energy, Technology, Industrials, Financial Services, Healthcare, Consumer Cyclical, Basic Materials, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
