Ronald Muhlenkamp

Ronald Muhlenkamp

Last Update: 11-14-2016

Number of Stocks: 56
Number of New Stocks: 2

Total Value: $265 Mil
Q/Q Turnover: 5%

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

Ronald Muhlenkamp Watch

  • Oaktree Buys Bellatrix Exploration

    Oaktree Capital Management acquired a new holding in Bellatrix Exploration Ltd. (NYSE:BXE) on Oct. 4.


    Oaktree was established in 1995 in Los Angeles. The firm is involved in less efficient markets and alternative investments. It invests mostly in debt, preferred stocks and convertible bonds. 

      


  • Ronald Muhlenkamp Sells Allegiant, Microsoft, Apple

    Ronald Muhlenkamp (Trades, Portfolio) is the founder and president of Muhlenkamp & Company Inc. and portfolio manager for the company's self-named mutual fund (MUHLX). The following are his largest sales of the second quarter.


    The investor closed his stake in Baker Hughes Inc. (BHI), with an impact of -1.99% on the portfolio.

      


  • Ronald Muhlenkamp Sells JPMorgan, Morgan Stanley

    Ronald Muhlenkamp (Trades, Portfolio) is a patient value investor and the founder and president of Muhlenkamp & Company Inc., and portfolio manager for the company's self-named mutual fund. During the first quarter he sold shares in the following stocks:


    The investor exited his stake in JPMorgan Chase & Co. (JPM) with an impact of -7.07% on the portfolio.

      


  • Peter Lynch Targets Undervalued Airline Companies

    In early June, the Peter Lynch screen featured two airline companies, Allegiant Travel Co. (NASDAQ:ALGT) and Southwest Airlines Co. (NYSE:LUV), as two of the most undervalued companies based on their earnings lines. Due to potential upside in the airline industry, many gurus are increasing their positions in airline stocks.


    Peter Lynch and his winning strategy

      


  • Ronald Muhlenkamp Sells Stakes in Medtronic and State Street

    Ronald Muhlenkamp (Trades, Portfolio), founder and president of Muhlenkamp & Co. Inc. and portfolio manager for its mutual fund, acquired half a dozen new holdings in the fourth quarter, but his biggest transactions were divestitures.


    Muhlenkamp’s most significant fourth-quarter transaction was the sale of his 173,364-share stake in Medtronic PLC (NYSE:MDT), a medical equipment company based in Dublin. Muhlenkamp sold the stake for an average price of $75.44 per share. The divestiture had a -3.41% impact on Muhlenkamp’s portfolio.

      


  • Muhlenkamp Bullish on Healthcare, Sees Limited Opportunities Elsewhere

    Muhlenkamp and Company hosted an investment seminar on Dec. 3, providing keen insights on where founder Ronald Muhlenkamp sees the economy, and by extension the stock markets, going next. Muhlenkamp, the portfolio manager for its namesake Muhlenkamp Fund, spoke for the first half of the seminar. His son and co-manager Jeff Muhlenkamp took over for the last half.


    The Muhlenkamp philosophy

      


  • Ronald Muhlenkamp's Highest-Yielding Stocks

    Ronald Muhlenkamp is the founder and president of Muhlenkamp & Company Inc. and the portfolio manager for the company's mutual fund. His portfolio is composed of 64 stocks with a total value of $340 million. The following are the stocks in his portfolio with the highest growing yield.


    JPMorgan Chase & Co. (JPM) pays its shareholders an annual dividend yield of 2.57% with a payout ratio of 29%. The yield has a five-year growth rate of 60%.

      


  • Monitoring Economies around the Globe - Muhlenkamp Memorandum Q3

    During our August 27, 2015 conference call, Tony Muhlenkamp, President, and Jeff Muhlenkamp, Investment Analyst and Co-Manager, discussed what’s been going on this past quarter in the U.S. and abroad.


    Jeff talks about Japan’s quantitative easing, Greece’s debt problem, China’s growth challenges, and price changes in crude oil and other commodities. He also shares his thoughts on ETF’s, earnings of U.S. companies, and the value of the U.S. dollar. Visit our website at www.muhlenkamp.com for an archive of our August 27, 2015 conference call, where an audio recording is available, as well as a printable PDF of the amended transcription.

      


  • Ronald Muhlenkamp Weighs In on Current Valuations in the Market

    Ronald Muhlenkamp isn't too worried about about the short-term market volatility.


    To him, most trading days are a waste of time. The best way to reduce volatility according to Muhlenkamp is to stop pricing things so often.

      


  • Ron Muhlenkamp Discusses Whether Interest Rates Will Rise

    Ron Muhlenkamp, founder of Muhlenkamp & Company, said last week that the Fed shouldn't worry about daily price movements in the market. He discussed rates with Art Cashin and Rick Santelli:


     

      


  • Ronald Muhlenkamp Makes Small Changes in Composition of His Top 10 Stakes

    Ronald Muhlenkamp (Trades, Portfolio), founder and president of Muhlenkamp & Company, Inc., and portfolio manager for the company's mutual fund, has a reputation for staying with stakes for a long time. In the second quarter, he may have laid the foundation for another reputation – making small adds and reductions to his top holdings.


    In addition to his other transactions, Muhlenkamp made modest changes in the second quarter – mostly additions but there were a couple of reductions, too – to the 10 most valuable stakes in his portfolio.

      


  • Muhlenkamp Memorandum - July 2015



  • Muhlenkamp Funds Q2 2015 Quarterly Letter

    Economic news and domestic equity markets have been pretty quiet since we last wrote to you in April. On the domestic economic front the revised numbers for 1st Quarter Gross Domestic Product (GDP) came in at -0.7%, significantly worse than most expected. A number of other economic indicators in April and May also came in somewhat lower than expected. Collectively, these­­ weak economic figures are likely the reason the Federal Reserve did not raise short-term interest rates in June, contrary to what it was indicating in March.


    While short-term interest rates in the U.S. have remained low, long-term interest rates have begun to move higher with the yield on U.S. 10-year treasuries moving from roughly 2% at the beginning of the year to 2.4% in early June. Bond prices move opposite the direction of yields, so higher yields mean the price of those bonds has come down. The dollar, which had been very strong relative to most all other currencies, weakened as it became clear the Fed was not raising short-term rates in June. The price of crude oil, which had dropped precipitously from $110 per barrel to a low of $44 per barrel in March, strengthened and is now at about $60 per barrel. Margin debt in stocks, which had plateaued for most of 2015, is once again rising.

      


  • Ronald Muhlenkamp Sells Seven Stakes in First Quarter

    Value investor Ronald Muhlenkamp (Trades, Portfolio), founder and president of Muhlenkamp & Company, Inc., and portfolio manager for the company's self-named mutual fund (MUHLX), has a reputation for being patient, for being willing to give an investment time to pay off.

    Nevertheless, there are limits to his patience, and he usually sells some of his stakes, as he did in the first quarter. He doesn’t always sell as many as he did in the first quarter, though.  


  • Ronald Muhlenkamp's Most Undervalued Stocks

    Ronald Muhlenkamp (Trades, Portfolio) of Muhlenkamp & Co Inc looks to invest in stocks that are being sold at a discounted price and also have the potential to grow over an extended period of time.


    The Fund also looks to invest in companies that are profitable, as measured by its ROE and will sell at valued prices, as measured by the P/E ratio.

      


  • Ron Muhlenkamp Second Quarter 2015 Memo



  • Ron Muhlenkamp April 2015 Quarterly Investor Letter

    We’ll start with our views on the U.S. stock market, then briefly touch on some broader U.S. and global issues, then close with a summary of how it all ties together.


    In general, we find the market is fully priced. Some sectors appear quite expensive (utilities come to mind), while others are less so (energy). If the market were a new car, you’d be paying the sticker price to buy it today—no incentives, no dealer reductions, nothing—the sticker price. So we’re not very interested in buying the market at today’s price. We keep looking for bargains (we are always looking for bargains), but we’re not finding many. Many of the companies we own are no longer cheap and are no longer “buys,” but we’ve found it profitable over the years to leave well enough alone with stocks that are doing well, watching closely for a change in the price momentum as a signal to sell. That’s what we are doing today. There are reasons to believe momentum may reverse; margin debt, for instance, had been growing for years, but is now holding steady. If it declines, it is likely stock prices will, too. There are also reasons to believe upward momentum may continue. Savers and investors in both Japan and Europe are being punished with historically low, even negative, interest rates and are looking elsewhere for better returns. If their money comes to the U.S. markets, it could well continue to drive prices up for a time. There is no clear market direction right now and we are watching closely to see what develops.

      


  • Ron Muhlenkamp - First Quarter 2015 Letter

    By Anthony Muhlenkamp, featured in Muhlenkamp Memorandum Issue #113


    Tony had some ideas and observations he wanted me to share, but I thought it made sense for him to tell you directly in this edition of our Quarterly Letter. -— Ron

      


  • Ron Muhlenkamp - Fourth Quarter 2014 Letter

    By Ron Muhlenkamp


    My first draft of this letter, which I wrote three weeks ago began with:

      


  • ADS: Earnings Keep Growing, But the Price Remains Range-Bound

    You may not know the name, but this company likely knows you, or at least the details of your spending. It gathers all kinds of data about our buying, works with and makes sense of that information, and then passes it along to its clients. Those clients, in turn, can personalize the offers they make to us in retail and other arenas.


    Alliance Data Systems Corporation (NYSE:ADS) deals in credit cards obviously, loyalty cards, and more. It’s part of the new world of digital or data marketing that has made huge strides in the past few decades.

      


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