Ronald Muhlenkamp

Ronald Muhlenkamp

Last Update: 2014-11-14

Number of Stocks: 71
Number of New Stocks: 9

Total Value: $554 Mil
Q/Q Turnover: 6%

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

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.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Muhlenkamp  Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201334.4331.552.9
201212.5215.4-2.9
2011-4.742.08-6.8
3-Year Cumulative44.1 (12.9%/year)55 (15.7%/year)-10.9 (-2.8%/year)
20106.1415.06-8.9
200931.4926.465.0
5-Year Cumulative101.1 (15%/year)125.5 (17.7%/year)-24.4 (-2.7%/year)
2008-40.39-37-3.4
2007-9.665.61-15.3
20064.0815.79-11.7
20057.884.913.0
200424.511212.5
10-Year Cumulative51.4 (4.2%/year)104.1 (7.4%/year)-52.7 (-3.2%/year)
200348.0728.719.4
2002-19.92-22.12.2
20019.33-11.921.2
200025.3-9.134.4
199911.421-9.6
15-Year Cumulative174 (6.9%/year)98.3 (4.7%/year)75.7 (2.2%/year)
19983.2228.6-25.4
199733.2833.4-0.1
199629.96237.0
199532.937.6-4.7
1994-7.21.3-8.5
20-Year Cumulative504.1 (9.4%/year)483.2 (9.2%/year)20.9 (0.2%/year)
199318.110.18.0
199215.87.68.2
199145.430.514.9
1990-14.8-3.1-11.7
198912.531.7-19.2
25-Year Cumulative1051.4 (10.3%/year)1050.7 (10.3%/year)0.7 (0%/year)

Top Ranked Articles

Housing Still Not Bottomed Yet
2006 was marked by a nation-wide housing slump. Sales were down, and the Y-o-Y price comparison followed suit. A weak housing sector is painful to many parties of the economy: the homebuilders, the realtors, the construction workers, the homeowners who maxed out their home equity line of credit. The worst off among them in 2006 were probably the home builders. To reduce the inventory build-up, they often slashed prices by double digits. Their profits plummeted, so did their stock prices. Read more...
Ronald Muhlenkamp Buys Fidelity National Information Services, Inc., Alaska Air Group Inc., Goodyear Tire & Rubber Co., Sells Dynegy Inc., EResearchTechnology Inc., GAMCO Investors, Inc.
Ronald Muhlenkamp buys Fidelity National Information Services, Inc., Alaska Air Group Inc., Goodyear Tire & Rubber Co., Home Depot Inc., sells Dynegy Inc., EResearchTechnology Inc., GAMCO Investors, Inc., MasTec Inc., WYNDHAM WORLDWIDE during the 3-months ended 12/31/2006, according to the most recent filings of his investment company, Muhlenkamp Fund. Ronald Muhlenkamp owns 83 stocks with a total value of $3.4 billion. These are the details of the buys and sells. Read more...
Top Buys in the Last Quarter from Ronald Muhlenkamp
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. Read more...
Ronald Muhlenkamp Buys Amgen Inc., Berkshire Hathaway Inc., The Boeing Company, Sells Fidelity National Financial Inc., Allstate Corp. The, Fannie Mae
Ron Muhlenkamp likes to buy stocks when its p/e ratio is lower than the percentage of return on equity. His recent performances have been hurt by the housing slowdown. These are his buys and sells during the first quarter. Ronald Muhlenkamp owns 54 stocks with a total value of $1.4 billion. Read more...
Ronald Muhlenkamp Buys The Boeing Company, Corning Inc., Kinetic Concepts Inc., Sells YRC Worldwide Inc., Chaparral Steel Company, Eagle Materials Inc.
Ronald Muhlenkamp's starting point for researching a stock is its p/e ratio is lower than the percentage of return on equity. His fund gained 13.79% a year during the past 15 years. His recent performances have been hurt by the housing slowdown. These are his buys and sells during the third quarter. Read more...
» More Ronald Muhlenkamp Articles

Commentaries and Stories

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Rating: 4.0/5 (1 vote)

Ron Muhlenkamp - Third Quarter Letter 2014
Ron Muhlenkamp More...

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Ron Muhlenkamp - Second Quarter Letter 2014
Ron Muhlenkamp More...

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Annual Letter from Ron Muhlenkamp 2013
January 6, 2014 More...

  • Currently 4.00/5

Rating: 4.0/5 (3 votes)

Ron Muhlenkamp Fourth Quarter Letter
As reported, we had a good year in 2013. More...

  • Currently 4.50/5

Rating: 4.5/5 (2 votes)

Thrifting for Billionaire Bargains 47% Off or More Since Gurus Bought
Thrifting for billionaire-qualified buys can provide some level of assurance and indicate a probability that these companies could be finds. More...

INTERNET INFORMATION & CONTENT, RESIDENTIAL CONSTRUCTION, TELECOM SERVICES, BIOTECHNOLOGY


  • Currently 3.80/5

Rating: 3.8/5 (5 votes)

Surfing for Billionaire Bargains
Here’s an update on four companies using advanced and niche technology and science. These companies are backed by billionaire investors. The company stocks selected have decreased by 20% or more since billionaires bought them in the second quarter of 2013. More...

DIAGNOSTICS & RESEARCH, SEMICONDUCTOR EQUIPMENT & MATERIALS, SOLAR, OIL & GAS DRILLING


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  • Currently 4.25/5

Rating: 4.3/5 (4 votes)

Ron Muhlenkamp - Q1 2013 Quarterly Memorandum
Quarterly Letter[i]Ron Muhlenkamp More...

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Rating: 4.0/5 (5 votes)

Guru Stocks at 52-Week Lows: AAPL, EC, EMC, BIDU, APA
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 (5 votes)

Guru Stocks at 52-Week Lows: APPL, BIDU, ABX, GG, NEM
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 2.67/5

Rating: 2.7/5 (3 votes)

Weekly Guru Bargains Highlights: PANL, THRX, ZNGA, LORL, AMRN
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

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Rating: 3.0/5 (3 votes)

Muhlenkamp - Transcript of Q3 Conference Call with Investors
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Rating: 4.2/5 (9 votes)

Ron Muhlenkamp Q4 Letter
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...

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Rating: 4.3/5 (6 votes)

Ron Muhlenkamp Memorandum: Third Quarter
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...

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Rating: 3.5/5 (4 votes)

Ron Muhlenkamp - July 5, 2012 Market Commentary
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
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
- 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
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
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
I read the most recent market commentary from guru Ron Muhlenkamp that is included below. I thought this portion was especially interesting: More...

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