Ronald Muhlenkamp

Ronald Muhlenkamp

Last Update: 08-11-2017

Number of Stocks: 78
Number of New Stocks: 5

Total Value: $319 Mil
Q/Q Turnover: 3%

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

Ronald Muhlenkamp Watch

  • Ronald Muhlenkamp 3rd Quarter Shareholder Letter

    From a market perspective, this has been a quiet summer. As of 9/30/2017, the S&P 500* was up 6.63% over the last six months with hardly a dip. Low economic growth continues on a global basis, none of the major central banks have altered course in any fashion, inflation remains low, second quarter earnings came in nicely, etc. We won’t bore you (this time!) by enumerating the things we’re watching that haven’t changed since we wrote about them in June. There have been a couple of surprises: three destructive hurricanes and escalating tensions with North Korea (which the markets have mostly ignored). We believe that while the hurricanes have had a massive impact on the affected areas, their impact on the national economy will be fairly small and temporary. We believe war with North Korea is unlikely. We’ll keep an eye on developments and update our assessment as events unfold.


    In March, we highlighted the increase in small business optimism that accompanied the election results. Looking at the latest numbers, business optimism remains at a high level in spite of (because of?) paralysis in Washington. A decline in business optimism would be of concern, but it is holding up nicely. Speaking of Washington, the broad outlines of the proposed tax reform were released in late September and, based on what we saw, it looks like an improvement on the existing situation. We have no idea, however, how much of it will actually be enacted or when.

      


  • Is Muhlenkamp on a Roll Again?


    “Our work is important because money should be used for capital, and capital is used to create the tools and conditions necessary for increasing wealth and prosperity from one generation to the next. This progression applies to families, to nations and to the world. Helping our clients and shareholders increase their wealth and prosperity enables them to feed their families, educate their children and help others.” -Ron Muhlenkamp

      


  • 7 Negative Assets in Gurus' Portfolios

    While gurus hold positions in these companies, the stock price and returns continue to fall. These are the worst-performing stocks over the last three months with a long-term presence in more than three gurus’ portfolios.


    Seattle Genetics Inc. (NASDAQ:SGEN) had a negative performance of 21.9% over the last six months. Three mutual funds hold the stock with a total weight of 0.02% on their portfolios.

      


  • Spirit Airlines Is a Buy Again

    Out of the major airlines, Spirit Airlines Inc. (NASDAQ:SAVE) has the best return potential for investors. It is trading near a 52-week low because of cancelled flights in relation to a feud with pilots in May. Its union wanted a compensation package of $1.9 billion, which would have drastically raised Spirit’s costs over the next five years, while the company's counter was for $440 million over the same period. Both parties rejected the respective offers and remain in open contract negotiations.


    Regardless, short-term bad news for a good company is simply an opportunity to start buying. On July 27, the airline produced solid financial results in its second-quarter 2017 report.

      


  • Rising Book Value and Margin of Safety: GameStop, Steven Madden

    The following companies have grown their book values per share (BV/S) over the last 10 years.


    BV/S is calculated as total equity minus preferred stock, divided by shares outstanding (EOP). Theoretically, it is what shareholders will receive if the company is liquidated. Total equity is a balance sheet item and equal to total assets minus total liabilities. Because the BV/S may not reflect the company’s true value, some investors check the tangible book value to confirm their investment ideas.

      


  • Ronald Muhlenkamp Adds 7 New Stocks to Portfolio

    Muhlenkamp & Co. Inc. founder Ronald Muhlenkamp (Trades, Portfolio) purchased seven new holdings in the first quarter. They are Twenty-First Century Fox Inc. (NASDAQ:FOXA), Dow Chemical Co. (DOW), Microchip Technology Inc. (NASDAQ:MCHP), Cabot Oil & Gas Corp. (NYSE:COG), Eldorado Gold Corp. (NYSE:EGO), Ameriprise Financial Inc. (NYSE:AMP) and The Cooper Companies Inc. (NYSE:COO).


    A long-term investor, Muhlenkamp buys profitable companies that are trading at a good value based on price-earnings (P/E) and return on equity. His current portfolio consists of 81 stocks, which is valued at $326 million.

      


  • Ronald Muhlenkamp Gains 4 New Holdings, Sells 2 Others

    Ronald Muhlenkamp (Trades, Portfolio), the founder and portfolio manager of Muhlenkamp & Co. Inc., established four new holdings and exited two others in the final quarter of 2016.


    Muhlenkamp established his firm in 1977 in Wexford, Pennsylvania. The firm seeks to maximize total returns through capital appreciation and income from dividends and interest. He invests in highly profitable companies selling at a good value based on the price-earnings (P/E) ratio and return on equity (ROE).

      


  • Lannet's Lopinavir, Ritonavir Approved to Treat HIV in US

    Lannet Co. Inc. (NYSE:LCI) announced through the PRNewswire Tuesday that its “Lopinavir and Ritonavir Oral Solution USP, 80 mg/20 mg per mL” has been approved by the U.S. Food and Drug Administration (FDA) to be produced and sold in the U.S. as a generic drug.


    Lannett’s protease inhibitors, a class of antiretroviral drugs for the treatment of HIV positive patients and patients with AIDS, are equivalent to AbbVie’s (NYSE:ABBV) Kaletra oral solution.

      


  • 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



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