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Muhlenkamp & Co Portfolio holdings

AUM $380M
1-Year Est. Return 43.74%
This Fund
S&P 500
This Quarter Est. Return
+11.42%
1 Year Est. Return
+43.74%
3 Year Est. Return
+121.38%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$368M
AUM Growth
+$47.4M
Cap. Flow
+$22.4M
Cap. Flow %
6.1%
Top 10 Hldgs %
56.79%
Holding
33
New
7
Increased
16
Reduced
6
Closed
2

Top Buys

Rank Stock Value
1
ICLR icon
Icon
ICLR
+$12.3M
2
LYB icon
LyondellBasell Industries
LYB
+$10.4M
3
EQX icon
Equinox Gold
EQX
+$4.09M
4
CE icon
Celanese
CE
+$1.65M
5
GTLS icon
Chart Industries
GTLS
+$1.51M

Top Sells

Rank Stock Value
1
DOW icon
Dow Inc
DOW
+$6.07M
2
RIG icon
Transocean
RIG
+$2.74M
3
JD icon
JD.com
JD
+$732K
4
MTZ icon
MasTec
MTZ
+$54.6K
5
GLD icon
SPDR Gold Trust
GLD
+$20.4K

Sector Composition

Rank Sector Weight
1 Materials 24.35%
2 Financials 15.16%
3 Industrials 14.25%
4 Technology 12.41%
5 Consumer Discretionary 10.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AEM icon
1
Agnico Eagle Mines
AEM
$68.5B
$25.5M 6.93%
151,311
+24
+0% +$3.3K
EQT icon
2
EQT Corp
EQT
$31B
$24.5M 6.67%
450,963
-52
-0% -$2.75K
NEM icon
3
Newmont
NEM
$95.8B
$23.9M 6.51%
283,943
+83
+0% +$5.79K
MTZ icon
4
MasTec
MTZ
$26B
$22.5M 6.12%
105,786
-298
-0.3% -$54.6K
MCK icon
5
McKesson
MCK
$98.5B
$20.9M 5.69%
27,108
+24
+0.1% +$16.9K
RUSHA icon
6
Rush Enterprises Class A
RUSHA
$5.98B
$20M 5.44%
374,051
+268
+0.1% +$14.9K
BRK.B icon
7
Berkshire Hathaway Class B
BRK.B
$1.06T
$19.3M 5.24%
38,380
+29
+0.1% +$14K
NMIH icon
8
NMI Holdings
NMIH
$3.27B
$17.9M 4.86%
466,347
+493
+0.1% +$19.3K
RGLD icon
9
Royal Gold
RGLD
$16.1B
$17.6M 4.78%
87,585
+59
+0.1% +$10.2K
MSFT icon
10
Microsoft
MSFT
$2.93T
$16.8M 4.55%
32,347
+36
+0.1% +$18.4K
BGC icon
11
BGC Group
BGC
$5.41B
$16.6M 4.5%
1,751,739
+1,901
+0.1% +$19K
AAPL icon
12
Apple
AAPL
$4.9T
$16M 4.34%
62,673
+57
+0.1% +$12.9K
URI icon
13
United Rentals
URI
$65.5B
$14.8M 4.03%
15,523
-4
-0% -$3.56K
MCHP icon
14
Microchip Technology
MCHP
$44B
$13M 3.52%
201,753
+262
+0.1% +$17.8K
ICLR icon
15
Icon
ICLR
$13.1B
$12.9M 3.49%
+73,467
New +$12.3M
WAB icon
16
Wabtec
WAB
$44.5B
$12.6M 3.43%
63,030
+86
+0.1% +$17K
SLB icon
17
SLB Ltd
SLB
$70.3B
$11M 2.99%
319,738
+572
+0.2% +$19.9K
TMHC icon
18
Taylor Morrison
TMHC
$6.64B
$10.4M 2.82%
157,398
+316
+0.2% +$20.8K
LYB icon
19
LyondellBasell Industries
LYB
$19.1B
$9.03M 2.45%
+184,075
New +$10.4M
AMLP icon
20
Alerian MLP ETF
AMLP
$12.7B
$8.29M 2.25%
176,721
+9
+0% +$435
GLD icon
21
SPDR Gold Trust
GLD
$130B
$7.91M 2.15%
22,242
-64
-0.3% -$20.4K
CE icon
22
Celanese
CE
$5.01B
$7.76M 2.11%
184,455
+33,247
+22% +$1.65M
JD icon
23
JD.com
JD
$40B
$6.35M 1.72%
181,412
-22,484
-11% -$732K
EQX icon
24
Equinox Gold
EQX
$6.8B
$5.77M 1.57%
+514,257
New +$4.09M
TRV icon
25
Travelers Companies
TRV
$78.5B
$1.85M 0.5%
6,627
-21
-0.3% -$5.62K
1
2

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EAM
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RWA
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CSWG
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BP
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NICM
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KFS
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Muhlenkamp & Co's Q3 2025 Portfolio in Review

As of Q3 2025, Muhlenkamp & Co held 33 positions worth $368M, up 15% from $320M the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Muhlenkamp & Co deployed $22.4M of net new capital in Q3 2025, opening 7 new positions and adding to 16 existing holdings. Its largest new stake was Icon: 73,467 shares worth $12.9M.

By sector, the portfolio is most concentrated in Materials at 24% of assets, up from 20% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was JD.com, an estimated $732K trimmed.

  • Muhlenkamp & Co's largest Q3 2025 buy was Icon: 73,467 shares worth $12.9M.
  • Muhlenkamp & Co added most to Celanese in Q3 2025, an estimated $1.65M increase.
  • Muhlenkamp & Co's biggest Q3 2025 reduction was JD.com, cutting an estimated $732K.
  • Muhlenkamp & Co fully exited Dow Inc in Q3 2025, selling an estimated $6.07M.
  • Muhlenkamp & Co's ten largest holdings make up 57% of its $368M portfolio in Q3 2025.
  • Muhlenkamp & Co opened 7 new positions and closed 2 in Q3 2025.
  • Muhlenkamp & Co's portfolio value rose 15% quarter-over-quarter to $368M.

Based on Muhlenkamp & Co's 13F filing for Q3 2025, filed 7 Nov 2025.