
	Ronald Muhlenkamp 13F
	Muhlenkamp & Co Inc

	Last update 2025-05-13	26 Stocks (1 new)
	Value $306.00 Mil	Turnover 2 %
	Countries: Top Holdings: MCK(8.50%)EQT(7.87%)BRK.B(6.65%)RUSHA(6.49%)NMIH(5.46%) SEC Filings Portfolio Report

Ronald Muhlenkamp 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.

Ronald Muhlenkamp 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.

Ronald Muhlenkamp Portfolio and Latest Trades

Ticker
Ticker
TGNA
OXY
PHM
KEX
JD
TRV
IBIT
MCHP
AAPL
AEM
AMLP
NEM
RGLD
UNH
EPD
EQT
MSFT
GLD
MCK
NMIH
RUSHA
WAB
BRK.B
BGC
DOW
MTZ
TMHC
URI
AEM
JD
AAPL
BRK.B
BGC
DOW
EQT
KEX
MTZ
MCK
MCHP
MSFT
NEM
OXY
PHM
RGLD
RUSHA
SLB
GLD
TMHC
TGNA
RIG
URI
UNH
WAB
IBIT
NMIH
AVGO
KEX
NEM
RGLD
EPD
GLD
AMLP
AAPL
DOW
MCK
MCHP
BRK.B
BGC
EQT
MTZ
MSFT
NMIH
PHM
RUSHA
SLB
TMHC
TGNA
RIG
URI
UNH
WAB
AVGO
BMY
KEX
MTZ
IBIT
AAPL
WAB
BRK.B
MCHP
MSFT
NEM
MCK
RIG
RGLD
DOW
BGC
OXY
UNH
TGNA

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
TGNA	Tegna Inc	2025-03-31	Sold Out Sold Out	-3.84%	● 16.63 ($18.09) 18.95	$16.72	-7.57%	Sold Out	0	-691,332
OXY	Occidental Petroleum Corp	2025-03-31	Sold Out Sold Out	-3.57%	● 45.45 ($48.82) 52.7	$43.62	-10.65%	Sold Out	0	-237,967
PHM	PulteGroup Inc	2025-03-31	Sold Out Sold Out	-3.24%	● 101.09 ($108.01) 118.51	$108.66	0.60%	Sold Out	0	-98,071
KEX	Kirby Corp	2025-03-31	Sold Out Sold Out	-2.34%	● 95.1 ($104.38) 112.81	$115.84	10.98%	Sold Out	0	-73,011
JD	JD.com Inc	2025-03-31	Add Add	+1.44%	● 33.1 ($40.14) 45.21	$33.92	-15.50%	Add 110.36%	203,832	106,934
TRV	The Travelers Companies Inc	2025-03-31	New Buy New Buy	+0.58%	● 232.43 ($249.13) 265.13	$265.97	6.76%	New holding	6,648	6,648
IBIT	ISHARES BITCOIN TR	2025-03-31	Sold Out Sold Out	-0.23%	● 44.91 ($52.94) 60.42	$66.68	25.95%	Sold Out	0	-14,010
MCHP	Microchip Technology Inc	2025-03-31	Reduce Reduce	-0.12%	● 48.41 ($55.72) 64.3	$74.78	34.21%	Reduce -5.8%	111,060	-6,832
AAPL	Apple Inc	2025-03-31	Reduce Reduce	-0.05%	● 209.68 ($231.67) 247.1	$211.18	-8.84%	Reduce -0.97%	62,446	-610
AEM	Agnico Eagle Mines Ltd	2025-03-31	Add Add	+0.03%	● 79.66 ($95.62) 108.41	$117.73	23.12%	Add 0.48%	151,252	720
AMLP	Alerian MLP ETF	2025-03-31	Add Add	+0.03%	● 48.65 ($51.34) 53.06	$49.11	-4.34%	Add 0.91%	176,704	1,595
NEM	Newmont Corp	2025-03-31	Add Add	+0.03%	● 37.79 ($43.9) 48.39	$58.19	32.55%	Add 0.57%	283,723	1,620
RGLD	Royal Gold Inc	2025-03-31	Add Add	+0.03%	● 132.55 ($146.68) 163.51	$154.76	5.51%	Add 0.55%	87,460	482
UNH	UnitedHealth Group Inc	2025-03-31	Reduce Reduce	-0.03%	● 461.52 ($511.2) 548.18	$282.65	-44.71%	Reduce -0.87%	25,045	-220
EPD	Enterprise Products Partners LP	2025-03-31	Reduce Reduce	-0.02%	● 31.75 ($33.3) 34.14	$31.35	-5.86%	Reduce -7.45%	24,855	-2,000
EQT	EQT Corp	2025-03-31	Reduce Reduce	-0.02%	● 46.16 ($51.08) 54.25	$59.19	15.88%	Reduce -0.3%	450,091	-1,344
MSFT	Microsoft Corp	2025-03-31	Add Add	+0.02%	● 375.39 ($407.71) 447.2	$510.05	25.10%	Add 0.63%	32,241	203
GLD	SPDR Gold Shares ETF	2025-03-31	Add Add	+0.02%	● 243.19 ($264.45) 288.14	$308.39	16.62%	Add 1.1%	22,328	243
MCK	McKesson Corp	2025-03-31	Reduce Reduce	-0.01%	● 566.21 ($618.25) 672.99	$709.80	14.81%	Reduce -0.19%	38,589	-72
NMIH	NMI Holdings Inc	2025-03-31	Reduce Reduce	-0.01%	● 34.46 ($36.36) 39.13	$38.01	4.54%	Reduce -0.2%	462,971	-922
RUSHA	Rush Enterprises Inc	2025-03-31	Reduce Reduce	-0.01%	● 52.01 ($57.35) 61.99	$50.67	-11.65%	Reduce -0.13%	371,481	-497
WAB	Westinghouse Air Brake Technologies Corp Westinghouse Air Brake Technologies Corp	2025-03-31	Reduce Reduce	-0.01%	● 175.5 ($191.76) 209.86	$211.91	10.51%	Reduce -0.18%	62,374	-110
BRK.B	Berkshire Hathaway Inc	2025-03-31	Reduce Reduce	0%	● 442.66 ($486.15) 534.52	$473.80	-2.54%	Reduce -0.09%	38,138	-34
BGC	BGC Group Inc	2025-03-31	Reduce Reduce	0%	● 8.53 ($9.37) 9.9	$10.16	8.43%	Reduce -0.03%	1,734,299	-459
DOW	Dow Inc	2025-03-31	Reduce Reduce	0%	● 34.36 ($38.4) 41.92	$28.34	-26.20%	Reduce -0.05%	225,265	-104
MTZ	MasTec Inc	2025-03-31	Reduce Reduce	0%	● 108.66 ($134.92) 160.79	$177.67	31.69%	Reduce -0.04%	105,459	-45
TMHC	Taylor Morrison Home Corp	2025-03-31	Reduce Reduce	0%	● 58.09 ($62.25) 67.02	$62.65	0.64%	Reduce -0.05%	155,206	-74
URI	United Rentals Inc	2025-03-31	Reduce Reduce	0%	● 594.17 ($687.44) 789.56	$808.05	17.54%	Reduce -0.05%	15,368	-7
AEM	Agnico Eagle Mines Ltd	2024-12-31	New Buy New Buy	+3.57%	● 75.99 ($82.45) 88.85	$117.73	42.79%	New holding	150,532	150,532
JD	JD.com Inc	2024-12-31	New Buy New Buy	+1.02%	● 33.35 ($38.64) 47.08	$33.92	-12.22%	New holding	96,898	96,898
AAPL	Apple Inc	2024-12-31	Add Add	+0.01%	● 221.69 ($235.83) 259.02	$211.18	-10.45%	Add 0.23%	63,056	142
BRK.B	Berkshire Hathaway Inc	2024-12-31	Add Add	+0.01%	● 442.29 ($461.8) 483.08	$473.80	2.60%	Add 0.13%	38,172	48
BGC	BGC Group Inc	2024-12-31	Add Add	+0.01%	● 8.63 ($9.63) 11.49	$10.16	5.50%	Add 0.16%	1,734,758	2,839
DOW	Dow Inc	2024-12-31	Add Add	+0.01%	● 39.1 ($46.53) 55.34	$28.34	-39.09%	Add 0.34%	225,369	770
EQT	EQT Corp	2024-12-31	Add Add	+0.01%	● 35.62 ($41.31) 46.89	$59.19	43.28%	Add 0.16%	451,435	718
KEX	Kirby Corp	2024-12-31	Add Add	+0.01%	● 104.14 ($120.47) 130.55	$115.84	-3.84%	Add 0.36%	73,011	264
MTZ	MasTec Inc	2024-12-31	Add Add	+0.01%	● 120 ($134.26) 147.94	$177.67	32.33%	Add 0.22%	105,504	233
MCK	McKesson Corp	2024-12-31	Add Add	+0.01%	● 482.27 ($561.01) 628.5	$709.80	26.52%	Add 0.14%	38,661	54
MCHP	Microchip Technology Inc	2024-12-31	Add Add	+0.01%	● 55.51 ($68.61) 79.05	$74.78	8.99%	Add 0.41%	117,892	487
MSFT	Microsoft Corp	2024-12-31	Add Add	+0.01%	● 406.35 ($426.03) 454.46	$510.05	19.72%	Add 0.25%	32,038	80
NEM	Newmont Corp	2024-12-31	Add Add	+0.01%	● 37 ($45.44) 58.68	$58.19	28.06%	Add 0.28%	282,103	801
OXY	Occidental Petroleum Corp	2024-12-31	Add Add	+0.01%	● 45.36 ($50.46) 55.91	$43.62	-13.56%	Add 0.28%	237,967	665
PHM	PulteGroup Inc	2024-12-31	Add Add	+0.01%	● 108.86 ($129.6) 149.04	$108.66	-16.16%	Add 0.25%	98,071	248
RGLD	Royal Gold Inc	2024-12-31	Add Add	+0.01%	● 131.05 ($144.37) 154.27	$154.76	7.20%	Add 0.26%	86,978	229
RUSHA	Rush Enterprises Inc	2024-12-31	Add Add	+0.01%	● 49.77 ($57.18) 64.58	$50.67	-11.39%	Add 0.15%	371,978	541
SLB	Schlumberger Ltd	2024-12-31	Add Add	+0.01%	● 36.83 ($41.96) 45.59	$33.32	-20.59%	Add 0.24%	315,827	767
GLD	SPDR Gold Shares ETF	2024-12-31	Add Add	+0.01%	● 236.59 ($245.74) 257.5	$308.39	25.49%	Add 0.62%	22,085	137
TMHC	Taylor Morrison Home Corp	2024-12-31	Add Add	+0.01%	● 59.24 ($68.21) 74.8	$62.65	-8.15%	Add 0.3%	155,280	457
TGNA	Tegna Inc	2024-12-31	Add Add	+0.01%	● 15.25 ($17.53) 19.32	$16.72	-4.62%	Add 0.26%	691,332	1,796
RIG	Transocean Ltd	2024-12-31	Add Add	+0.01%	● 3.47 ($4.15) 4.67	$2.63	-36.63%	Add 0.75%	1,024,601	7,636
URI	United Rentals Inc	2024-12-31	Add Add	+0.01%	● 704.44 ($812.92) 880.32	$808.05	-0.60%	Add 0.25%	15,375	39
UNH	UnitedHealth Group Inc	2024-12-31	Add Add	+0.01%	● 485.52 ($567.94) 625.25	$282.65	-50.23%	Add 0.22%	25,265	56
WAB	Westinghouse Air Brake Technologies Corp Westinghouse Air Brake Technologies Corp	2024-12-31	Add Add	+0.01%	● 180.35 ($193.75) 205.41	$211.91	9.37%	Add 0.25%	62,484	157
IBIT	ISHARES BITCOIN TR	2024-12-31	Add Add	0%	● 33.95 ($47.41) 60.73	$66.68	40.65%	Add 0.07%	14,010	10
NMIH	NMI Holdings Inc	2024-12-31	Add Add	0%	● 36.32 ($38.81) 41.52	$38.01	-2.06%	Add 0.04%	463,893	196
AVGO	Broadcom Inc	2024-09-30	Sold Out Sold Out	-4.07%	● 136.27 ($160.32) 178.09	$283.34	76.73%	Sold Out	0	-81,290
KEX	Kirby Corp	2024-09-30	Reduce Reduce	-0.90%	● 107.57 ($119.27) 129.59	$115.84	-2.88%	Reduce -24.96%	72,747	-24,200
NEM	Newmont Corp	2024-09-30	Add Add	+0.03%	● 41.65 ($49.68) 55.85	$58.19	17.13%	Add 0.63%	281,302	1,751
RGLD	Royal Gold Inc	2024-09-30	Add Add	+0.03%	● 125.01 ($136.84) 146.5	$154.76	13.10%	Add 0.78%	86,749	669
EPD	Enterprise Products Partners LP	2024-09-30	Add Add	+0.02%	● 27.88 ($29.21) 30	$31.35	7.33%	Add 8.05%	26,855	2,000
GLD	SPDR Gold Shares ETF	2024-09-30	Add Add	+0.02%	● 215.56 ($229) 246.98	$308.39	34.67%	Add 1.18%	21,948	255
AMLP	Alerian MLP ETF	2024-09-30	Add Add	+0.01%	● 44.66 ($47.3) 49.15	$49.11	3.83%	Add 0.31%	175,101	546
AAPL	Apple Inc	2024-09-30	Add Add	+0.01%	● 207.23 ($223.32) 234.82	$211.18	-5.44%	Add 0.12%	62,914	75
DOW	Dow Inc	2024-09-30	Add Add	+0.01%	● 50.15 ($52.79) 55.41	$28.34	-46.32%	Add 0.24%	224,599	545
MCK	McKesson Corp	2024-09-30	Reduce Reduce	-0.01%	● 479.06 ($556.84) 630.38	$709.80	27.47%	Reduce -0.08%	38,607	-29
MCHP	Microchip Technology Inc	2024-09-30	Add Add	+0.01%	● 72 ($82.54) 95.98	$74.78	-9.40%	Add 0.18%	117,405	216
BRK.B	Berkshire Hathaway Inc	2024-09-30	Reduce Reduce	0%	● 405.19 ($442.18) 478.57	$473.80	7.15%	Reduce -0.05%	38,124	-18
BGC	BGC Group Inc	2024-09-30	Reduce Reduce	0%	● 8.4 ($9.35) 9.92	$10.16	8.66%	Reduce -0.09%	1,731,919	-1,549
EQT	EQT Corp	2024-09-30	Add Add	0%	● 30.21 ($34.01) 37.21	$59.19	74.04%	Add 0.02%	450,717	98
MTZ	MasTec Inc	2024-09-30	Add Add	0%	● 97.26 ($109.17) 126.14	$177.67	62.75%	Add 0.02%	105,271	24
MSFT	Microsoft Corp	2024-09-30	Add Add	0%	● 395.15 ($427.47) 467.56	$510.05	19.32%	Add 0.04%	31,958	13
NMIH	NMI Holdings Inc	2024-09-30	Reduce Reduce	0%	● 33.86 ($38.57) 41.73	$38.01	-1.45%	Reduce -0.06%	463,697	-298
PHM	PulteGroup Inc	2024-09-30	Reduce Reduce	0%	● 103.95 ($127.14) 144.98	$108.66	-14.54%	Reduce -0.03%	97,823	-34
RUSHA	Rush Enterprises Inc	2024-09-30	Add Add	0%	● 41.17 ($49.6) 54.85	$50.67	2.16%	Add 0.01%	371,437	53
SLB	Schlumberger Ltd	2024-09-30	Add Add	0%	● 39.57 ($44.52) 49.67	$33.32	-25.16%	Add 0.02%	315,060	52
TMHC	Taylor Morrison Home Corp	2024-09-30	Reduce Reduce	0%	● 53.53 ($64.06) 71.86	$62.65	-2.20%	Reduce -0.03%	154,823	-50
TGNA	Tegna Inc	2024-09-30	Add Add	0%	● 13.39 ($14.59) 16.27	$16.72	14.60%	Add 0.03%	689,536	202
RIG	Transocean Ltd	2024-09-30	Add Add	0%	● 3.92 ($4.93) 5.82	$2.63	-46.65%	Add 0.27%	1,016,965	2,696
URI	United Rentals Inc	2024-09-30	Add Add	0%	● 627.41 ($719.26) 814.1	$808.05	12.34%	Add 0.03%	15,336	5
UNH	UnitedHealth Group Inc	2024-09-30	Reduce Reduce	0%	● 488.01 ($565.61) 604.18	$282.65	-50.03%	Reduce -0.03%	25,209	-7
WAB	Westinghouse Air Brake Technologies Corp Westinghouse Air Brake Technologies Corp	2024-09-30	Reduce Reduce	0%	● 150.01 ($164.06) 182.27	$211.91	29.17%	Reduce -0.04%	62,327	-26
AVGO	Broadcom Inc	2024-06-30	Reduce Reduce	-2.99%	● 120.47 ($140.14) 182.89	$283.34	102.18%	Reduce -48.83%	81,290	-7,756
BMY	Bristol-Myers Squibb Co	2024-06-30	Sold Out Sold Out	-2.13%	● 40.25 ($44.75) 52.99	$47.36	5.83%	Sold Out	0	-135,045
KEX	Kirby Corp	2024-06-30	Reduce Reduce	-2.00%	● 94.56 ($111.71) 124.17	$115.84	3.70%	Reduce -42.74%	96,947	-72,367
MTZ	MasTec Inc	2024-06-30	Reduce Reduce	-0.75%	● 82.82 ($101.02) 112.25	$177.67	75.88%	Reduce -20.86%	105,247	-27,743
IBIT	iShares Bitcoin Trust	2024-06-30	New Buy New Buy	+0.15%	● 32.39 ($37.35) 40.95	$66.68	78.53%	New holding	14,000	14,000
AAPL	Apple Inc	2024-06-30	Add Add	+0.02%	● 165 ($186.49) 216.67	$211.18	13.24%	Add 0.38%	62,839	235
WAB	Westinghouse Air Brake Technologies Corp Westinghouse Air Brake Technologies Corp	2024-06-30	Reduce Reduce	-0.02%	● 144.17 ($159.76) 170.65	$211.91	32.64%	Reduce -0.73%	62,353	-461
BRK.B	Berkshire Hathaway Inc	2024-06-30	Reduce Reduce	-0.01%	● 396.73 ($408.62) 420.24	$473.80	15.95%	Reduce -0.11%	38,142	-41
MCHP	Microchip Technology Inc	2024-06-30	Add Add	+0.01%	● 81.68 ($91.51) 99.49	$74.78	-18.28%	Add 0.35%	117,189	410
MSFT	Microsoft Corp	2024-06-30	Add Add	+0.01%	● 389.33 ($422.32) 452.85	$510.05	20.77%	Add 0.26%	31,945	82
NEM	Newmont Corp	2024-06-30	Add Add	+0.01%	● 36.43 ($40.89) 44.44	$58.19	42.31%	Add 0.22%	279,551	602
MCK	McKesson Corp	2024-06-30	Reduce Reduce	-0.01%	● 518.81 ($556.7) 607.81	$709.80	27.50%	Reduce -0.14%	38,636	-55
RIG	Transocean Ltd	2024-06-30	Add Add	+0.01%	● 5.03 ($5.78) 6.68	$2.63	-54.50%	Add 0.37%	1,014,269	3,771
RGLD	Royal Gold Inc	2024-06-30	Add Add	+0.01%	● 118.82 ($124.84) 134.31	$154.76	23.97%	Add 0.21%	86,080	181
DOW	Dow Inc	2024-06-30	Reduce Reduce	0%	● 52.96 ($57.13) 59.99	$28.34	-50.39%	Reduce -0.03%	224,054	-68
BGC	BGC Group Inc	2024-06-30	Reduce Reduce	0%	● 7.52 ($8.23) 8.93	$10.16	23.45%	Reduce -0.12%	1,733,468	-2,012
OXY	Occidental Petroleum Corp	2024-06-30	Reduce Reduce	0%	● 59.48 ($64.13) 69.26	$43.62	-31.98%	Reduce -0.04%	237,296	-87
UNH	UnitedHealth Group Inc	2024-06-30	Add Add	0%	● 439.2 ($490.13) 524.63	$282.65	-42.33%	Add 0.04%	25,216	11
TGNA	Tegna Inc	2024-06-30	Add Add	0%	● 12.72 ($14.11) 15.72	$16.72	18.50%	Add 0.15%	689,334	1,041

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Total 191

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