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

Aug 06, 2015

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.

He added 15 shares to his most valuable stake, Alliance Data Systems Corp (ADS, Financial), a Texas-based provider of customer loyalty marketing services. Muhlenkamp paid an average price of $299.64 per share.

Alliance has a market cap of $17.09 billion and an enterprise value of $26.02 billion. It has a P/E of 33.1, a Price/Book of 9.0 and a Price/Sales of 3.0. Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and RS Investment Management (Trades, Portfolio) have shares of Alliance in their portfolios.

Muhlenkamp sold a portion of his second-most valuable stake, Gilead Sciences Inc (GILD, Financial), a California-based biotechnology company. He sold 120 shares for an average price of $109.27 per share.

Muhlenkamp added to his third-most valuable stake, JPMorgan Chase & Co (JPM, Financial), a banking and financial services holding company based in New York City. Muhlenkamp bought 45 shares for an average price of $65.29 per share.

Muhlenkamp also added to his fourth-most valuable stake, Celanese Corp (CE, Financial), a Texas-based technology and specialty materials company. He acquired 175 shares for an average price of $66.56 per share.

Celanese has a market cap of $10.08 billion and an enterprise value of $12.14 billion. It has a P/E of 25.2, a Price/Book of 3.3 and a Price/Sales of 1.6. Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Private Capital (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Buckingham (Trades, Portfolio), Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ray Dalio (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Celanese in their portfolios.

Muhlenkamp added to his fifth-most valuable stake, Apple Inc (AAPL, Financial), a California-based consumer electronics company. He purchased 50 shares for an average price of $127.94 per share.

Muhlenkamp also added to his sixth-most valuable stake, ARRIS Group Inc (ARRS, Financial), a Georgia-based telecommunications equipment manufacturing company. Muhlenkamp bought 355 shares for an average price of $32.38 per share.

ARRIS Group has a market cap of $4.26 billion and an enterprise value of $5.14 billion. It has a P/E of 14.2, a Price/Book of 2.5 and a Price/Sales of 0.8. First Pacific Advisors (Trades, Portfolio), HOTCHKIS & WILEY, Steven Romick (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), FPA Capital Fund (Trades, Portfolio), Manning & Napier Advisors, Steven Cohen (Trades, Portfolio), Chuck Royce (Trades, Portfolio), David Dreman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of ARRIS Group in their portfolios.

Muhlenkamp added to his seventh-most valuable stake, American Axle & Mfg Holdings Inc (AXL, Financial), a Michigan-based automotive parts supplier. Muhlenkamp acquired 80 shares for an average price of $24.15 per share.

American Axle has a market cap of $1.61 billion and an enterprise value of $2.77 billion. It has a P/E of 9.7, a Price/Book of 7.9 and a Price/Sales of 0.4. James Barrow (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), RS Investment Management (Trades, Portfolio), John Keeley (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and HOTCHKIS & WILEY have shares of American Axle in their portfolios.

Muhlenkamp sold 120 shares of his eighth-most valuable stake, Hanesbrands Inc (HBI, Financial), a clothing company based in Winston-Salem, North Carolina. Muhlenkamp sold the shares for an average price of $32.71 per share.

Muhlenkamp purchased 1,030 shares of his ninth-most valuable stake, ON Semiconductor Corp (ON, Financial), a Phoenix-based semiconductors supplier. He paid an average price of $12.27 per share.

ON Semiconductor has a market cap of $4.22 billion and an enterprise value of $5.21 billion. It has a P/E of 29.8, a Price/Book of 2.8 and a Price/Sales of 1.3. David Einhorn (Trades, Portfolio), Richard Pzena (Trades, Portfolio), HOTCHKIS & WILEY, Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Scott Black (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Ray Dalio (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of ON Semiconductor in their portfolios.

Muhlenkamp also added to his 10th-most valuable stake, Allegiant Travel Co LLC (ALGT, Financial), owner and operator of Allegiant Air airline. Muhlenkamp acquired 100 shares for an average price of $165.91 per share.

Allegiant Travel has a market cap of $3.8 billion and an enterprise value of $3.92 billion. It has a P/E of 27.9, a Price/Book of 11.6 and a Price/Sales of 3.2. Jim Simons (Trades, Portfolio), RS Investment Management (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Jim Chanos (Trades, Portfolio), Manning & Napier Advisors and Paul Tudor Jones (Trades, Portfolio) have shares of Allegiant Travel in their portfolios.

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