Ronald Muhlenkamp

Muhlenkamp Fund

Last Update: 2013-05-15

Number of Stocks: 54
Number of New Stocks: 7

Total Value: $485 Mil
Q/Q Turnover: 8%

Countries:

Details: Top Buys | Top Sales | Top Holdings Embed:

Bookmark

Add to Personalized Guru List

Email Alerts

RSS Update

Print This Page

Ronald Muhlenkamp's Profile & Performance

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.

Web Page:http://www.muhlenkamp.com/

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.

Total Holding History

Embed:

Performance of Muhlenkamp Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	12.52	15.4	-2.9
2011	-4.74	2.08	-6.8
2010	6.14	15.06	-8.9
3-Year Cumulative	13.8 (4.4%/year)	35.5 (10.7%/year)	-21.7 (-6.3%/year)
2009	31.49	26.46	5.0
2008	-40.39	-37	-3.4
5-Year Cumulative	-10.8 (-2.3%/year)	8 (1.5%/year)	-18.8 (-3.8%/year)
2007	-9.66	5.61	-15.3
2006	4.08	15.79	-11.7
2005	7.88	4.91	3.0
2004	24.51	12	12.5
2003	48.07	28.7	19.4
10-Year Cumulative	66.8 (5.2%/year)	99.7 (7.2%/year)	-32.9 (-2%/year)
2002	-19.92	-22.1	2.2
2001	9.33	-11.9	21.2
2000	25.3	-9.1	34.4
1999	11.4	21	-9.6
1998	3.22	28.6	-25.4
15-Year Cumulative	110.4 (5.1%/year)	93.8 (4.5%/year)	16.6 (0.6%/year)
1997	33.28	33.4	-0.1
1996	29.96	23	7.0
1995	32.9	37.6	-4.7
1994	-7.2	1.3	-8.5
1993	18.1	10.1	8.0
20-Year Cumulative	430.7 (8.7%/year)	388.1 (8.2%/year)	42.6 (0.5%/year)
1992	15.8	7.6	8.2
1991	45.4	30.5	14.9
1990	-14.8	-3.1	-11.7
1989	12.5	31.7	-19.2

Commentaries and Stories

Currently 3.67/5

Rating: 3.7/5 (3 votes)

Guru Stocks at 52-Week Lows: AAPL, EC, EMC, BIDU, APA

April 7, 2013

According to the GuruFocus list of 52-week lows, these stocks have reached their 52-week lows. More...

Computer Systems, Internet Content & Information, Gas & Oil Integrated, Data Storage, Oil & Gas & EP

Currently 3.00/5

Rating: 3.0/5 (3 votes)

Guru Stocks at 52-Week Lows: APPL, BIDU, ABX, GG, NEM

March 10, 2013

According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

Apple Inc., Baidu, Inc., Barrick Gold Corporation, Goldcorp, Inc., Newmont Mining Corporation

Currently 3.50/5

Rating: 3.5/5 (2 votes)

Weekly Guru Bargains Highlights: PANL, THRX, ZNGA, LORL, AMRN

January 7, 2013

According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

Currently 3.00/5

Rating: 3.0/5 (3 votes)

Muhlenkamp - Transcript of Q3 Conference Call with Investors

November 1, 2012

MulOctober 11 2012 Conference Call More...

Currently 4.50/5

Rating: 4.5/5 (8 votes)

Ron Muhlenkamp Q4 Letter

October 31, 2012

For over a year, we’ve been discussing Europe, China, and U.S. Politics as the major drivers of the markets. On September 7, 2012, we published a Market Commentary, headlined “Threat of European Banking Crisis Recedes.” In it, we discuss the Outright Monetary Transactions (OMT) program, introduced by the European Central Bank (ECB). We think this program makes credible the ECB’s promise to do all it can to keep the Eurozone together. And we believe this action mitigates some of the risk of investing in U.S.-based international banks. As for China, we continue to monitor the country as its leaders turn their economic focus from building infrastructure toward ‘building the consumer.’ We don’t think that China has turned the corner. More...

Currently 4.33/5

Rating: 4.3/5 (6 votes)

Ron Muhlenkamp Memorandum: Third Quarter

September 26, 2012

After returns of 8%-12% (DJIA and S&P 500 Index) in the first quarter, the market declined 2%-3% in the second quarter, netting year-to-date returns of 6%-9 percent. More...

Currently 3.50/5

Rating: 3.5/5 (4 votes)

Ron Muhlenkamp - July 5, 2012 Market Commentary

July 5, 2012

What’s driving the markets lately? As near as we can tell, the same three topics that we’ve been talking about for almost a year: Europe, China and the U.S. — with the current emphasis on Europe for debt and equity markets, and China for commodity markets. We’ll start with Europe. More...

Currently 5.00/5

Rating: 5.0/5 (4 votes)

Muhlenkamp Semi-Annual Investment Seminar Presentation and Video

July 3, 2012

At their semi-annual Investment Seminar Presentation Ron Muhlenkamp and his Investment Analysts presented The Market Drivers — Europe, China and U.S. Politics: Recent Changes and Impacts to an audience of clients, shareholders and prospects. More...

Currently 3.64/5

Rating: 3.6/5 (11 votes)

Ron Muhlenkamp’s Favorite Stocks are Companies He Thought He Would Never Own

March 25, 2012

- Thinks China stepped on the brakes about a year ago so he expected a slowdown - China now has its foot off the brake but isn’t going to step on the gas until inflation is clearly under control - Muhlenkamp is finding value in the United States primarily - Companies are concerned what the rules are going to be a year from now (post election) - Right now Muhlenkamp owns Microsoft, Intel, Pfizer, United Health, which have good balance sheets, are trading at ten time earnings, he feels he has to own them More...

Currently 3.55/5

Rating: 3.5/5 (11 votes)

Top Buys in the Last Quarter from Ronald Muhlenkamp

January 20, 2012

Rondal Muhlenkamp founded Muhenkamp & Company Inc. in 1977 and since then he has served as its president. The company manages accounts for individuals and institutions. More...

PHARMACEUTICAL, LONG TERM, GURU PORTFOLIO, VALUE INVESTOR

Currently 3.14/5

Rating: 3.1/5 (7 votes)

Muhlenkamp December 5, 2011 Market Commentary - Fear of Recession Largely Over

December 6, 2011

Below is the latest market commentary from Ronald Muhlenkamp. In it, he comments on why he believes fears of recession have subsided due to improved data, why demand out of China will increase, and how the potential fallout from the European crisis will affect investing in the U.S. More...

Currently 3.00/5

Rating: 3.0/5 (7 votes)

Muhlenkamp and Company - October 31 – Market Commentary

October 31, 2011

I read the most recent market commentary from guru Ron Muhlenkamp that is included below. I thought this portion was especially interesting: More...

Currently 2.33/5

Rating: 2.3/5 (6 votes)

Ron Muhlenkamp Q3 Letter

October 19, 2011

[www.muhlenkamp.com] More...

Currently 4.33/5

Rating: 4.3/5 (3 votes)

Ron Muhlenkamp on Bloomberg – Federal Reserve Actions Are Counterproductive

September 23, 2011

My favorite comment. Muhlenkamp is looking for companies with a better balance sheets than the U.S. government. But that is a pretty low bar these days. More...

Currently 3.50/5

Rating: 3.5/5 (2 votes)

Helix Energy Solutions President and CEO Buys 67,000 Shares

June 20, 2011

President & CEO of Helix Energy Solutions Group (HLX) Owen E. Kratz bought 67,000 shares on 06/17/2011 at an average price of $14.9. The total transaction amount is $998,300. Helix Energy Solutions Group Inc. is a marine contractor and operator of offshore oil and gas properties and production facilities. Helix Energy Solutions Group has a market cap of $1.67 billion; its shares were traded at around $14.83 with a P/E ratio of 21.53 and P/S ratio of 1.39. More...

Currently 2.00/5

Rating: 2.0/5 (10 votes)

Ronald Muhlenkamp Buys AT&T Inc., State Street Corp., Abbott Laboratories, Sells Cemex S.a.b. De C.v., The Home Depot Inc., Legg Mason Inc. Ronald Muhlenkamp Q4 Portfolio: Buys ABT, ALGT, ARO, ATK, HPQ, SAH, STT, T

February 15, 2010

Ronald Muhlenkamp - Ronald Muhlenkamp Buys AT&T Inc., State Street Corp., Abbott Laboratories, Sells Cemex S.a.b. De C.v., The Home Depot Inc., Legg Mason Inc.

Ron Muhlenkamp’s fund recovered a lot of loss in 2007 and 2008. Now he is worried that the current government policies penalize employers and it is hard for investors to find companies that can thrive despite these penalties. This is the Q4 portfolio update of Muhlenkamp Fund. More...

Currently 3.00/5

Rating: 3.0/5 (5 votes)

Fortune Roundtable: Experts Recommend Schlumberger, CocaCola Company, Colgate Palmolive Company, International Business Machines, Hewlett Packard Company, Time Warner Fortune Roundtable Experts Respect Quality Stocks

December 10, 2009

Ronald Muhlenkamp, First Pacific Advisors - Fortune Roundtable: Experts Recommend Schlumberger, CocaCola Company, Colgate Palmolive Company, International Business Machines, Hewlett Packard Company, Time Warner

Fortune Magazine had a roundtable of experts discussing next year’s economy and stock market. A full write-up can be found here. More...

Currently 1.00/5

Rating: 1.0/5 (2 votes)

Ron Muhlenkamp Quarterly Letter

October 8, 2009

Over the past two years in our newsletters and seminars, we’ve discussed three major topics: the recession, bailouts and the credit markets, and changes in the regulations and structure of the financial markets. More...

Currently 2.50/5

Rating: 2.5/5 (10 votes)

Ronald Muhlenkamp Top Purchases: AFLAC Inc., Amedisys Inc , China Medical Technologies Inc., Reliance Steel & Aluminum Co. , The Hartford Financial Services Group Ronald Muhlenkamp Top Purchases: AFL, AMED, CMED, RS, HIG

September 17, 2009

Ronald Muhlenkamp - Ronald Muhlenkamp Top Purchases: AFLAC Inc., Amedisys Inc , China Medical Technologies Inc., Reliance Steel & Aluminum Co. , The Hartford Financial Services Group

(GuruFocus, September 11, 2009) As we stated in the previous article on his top holdings, Investment Guru Ronad Muhlenkamp is a very patient investor. His average holding is over 10 years. He developed a formula to evaluate stocks 30 soe years during the 1972 to 1974 financial stock crisis, based on Graham and Dodd formula with a a few tweaks to reflect inflation and interest rate, and he has been using that since then. So said he in the book “Value Investing with Masters” by Kirk Kazanjian. More...

Currently 2.22/5

Rating: 2.2/5 (9 votes)

Ronald Muhlenkamp Top Holdings: International Business Machines Corp, Bank of America Corp. ,Oracle Corp. , Cisco Systems Inc. , UnitedHealth Group Inc. , Philip Morris International Ronald Muhlenkamp Top Holdings: IBM, BAC, ORCL, CSCO, UNH, PM

September 17, 2009

Ronald Muhlenkamp - Ronald Muhlenkamp Top Holdings: International Business Machines Corp, Bank Of America Corp. ,Oracle Corp. , Cisco Systems Inc. , UnitedHealth Group Inc. , Philip Morris International

(GuruFocus, September 11, 2009) Investment Guru Ronald Muhlenkamp’s mutual fund Muhlenkamp fund took a beating lately. The newly available Guru Fund Performance Data shows he has been lagging the market for 2006, 2007 and 2008. That is three years in a row. Before this down period, Muhlenkamp beat the market typically by a large margin 6 years in a row from 2000 to 2005. More...