M&
Muhlenkamp & Co Inc 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Muhlenkamp & Co IncCIK: 0001133219
Momentum followerQuality / disciplined sizingDiversified strategy
Total reported value
$345.3M
Reporting period: 2026-06-30 · Number of holdings: 28
MUHLENKAMP & CO INC disclosed 28 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $345.3M and a quarterly turnover rate of 25.5%.
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Personality snowflake
- Concentration
- 19.5
- Portfolio Stability
- 25.5
- Momentum
- 100
- Sector conviction
- 48.63
- Diversification
- 56
- Sizing Uniformity
- 93.85
Muhlenkamp & Co Inc's disclosed holdings carry a Herfindahl concentration index of 0.049 — mathematically equivalent to about 21 equally-sized positions, close to its 28 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.62), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out MTZ
Sold out FRDM
Add URI
+0.4% $6.4M
Add MCHP
+0.1% $5.4M
Add ICLR
+0.5% $4.2M
Add RUSHA
+0.1% $2.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RUSHA | Rush Enterprises Inc-cl A | Stock-Consumer Disc | 7.03% | +1.25% | +0.13% | |
| 2 | NEM | Newmont CORP | Stock-Materials | 6.25% | -0.34% | -0.04% | |
| 3 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 6.22% | -1.19% | -0.05% | |
| 4 | EQT | Eqt CORP | Stock-Energy | 6.19% | -0.53% | +0.25% | |
| 5 | MCK | Mckesson CORP | Stock-Healthcare | 5.95% | -0.24% | +0.12% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 5.58% | +0.74% | +0.38% | |
| 7 | MCHP | Microchip Technology Inc | Stock-Tech | 5.37% | +1.92% | +0.08% | |
| 8 | AAPL | Apple Inc | Stock-Tech | 5.21% | +1.03% | -0.69% | |
| 9 | URI | United Rentals Inc | Stock-Industrials | 5.14% | +2.15% | +0.45% | |
| 10 | RGLD | Royal Gold Inc | Stock-Materials | 5.09% | -0.80% | +0.22% | |
| 11 | WAB | Wabtec CORP | Stock-Industrials | 4.93% | +0.77% | +0.00% | |
| 12 | BGC | Bgc Group Inc-a | Stock-Financials | 4.48% | +0.76% | +0.22% | |
| 13 | NMIH | Nmi Holdings Inc | Stock-Financials | 4.39% | +0.77% | +0.64% | |
| 14 | SLB | Slb LTD | Stock-Energy | 4.36% | — | +0.53% | |
| 15 | MSFT | Microsoft CORP | Stock-Tech | 3.54% | +0.33% | -0.49% | |
| 16 | ICLR | ICON Public Limited Company | Stock-Healthcare | 3.34% | +1.42% | +0.50% | |
| 17 | TMHC | Taylor Morrison Home CORP | Stock-Consumer Disc | 3.30% | +0.87% | +0.01% | |
| 18 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 2.87% | -1.10% | +0.41% | |
| 19 | CE | Celanese CORP | Stock-Materials | 2.82% | -0.83% | +0.57% | |
| 20 | GLD | Spdr Gold Shares | ETF-Commodities | 2.35% | -0.15% | -0.07% | |
| 21 | AMLP | Alerian Mlp ETF | ETF-Other | 2.26% | +0.17% | — | |
| 22 | EQX | Equinox Gold CORP | Stock-Other | 1.47% | -0.51% | +0.58% | |
| 23 | TRV | Travelers Cos Inc/the | Stock-Financials | 0.63% | +0.12% | — | |
| 24 | GEV | GE Vernova Inc | Stock-Industrials | 0.49% | +0.16% | — | |
| 25 | EPD | Enterprise Products Partners | Stock-Energy | 0.26% | +0.01% | — | |
| 26 | RUSHB | Rush Enterprises Inc - Cl B | Stock-Other | 0.21% | +0.05% | -0.65% | |
| 27 | SLV | Ishares Silver Trust | ETF-Commodities | 0.19% | +0.19% | NEW | |
| 28 | XOM | Exxon Mobil CORP | Stock-Energy | 0.06% | -0.01% | — |
Portfolio Performance
Performance for Q3 2026
+6%
Performance Last 4 Quarters
+30.2%
- Stdev
- +16%
- Beta
- +0.65
- Alpha
- +5.8%
- Max Drawdown
- -8.7%
- Annualized Perf
- +19%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +2.37
- Stutzer
- +0.34
- Treynor
- +0.29
- Sterling
- +1.19
- Calmar
- +2.18
- Information Ratio
- -0.09
- Tracking Error
- +14.3%
- Stdev Down
- +7.9%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +42.7%
- Worst 12 Months
- +2.3%
- Efficiency Ratio
- +0.47
- Sharpe
- +1.17
- Stdev Sectors
- +5.2%
- Skewness
- -0.05
- Kurtosis
- -0.98
- Upside Potential
- +4.27
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 28 | $345.3M | 26 | ||
| 2026 Q1 | 29 | $379.8M | 21 | ||
| 2025 Q4 | 28 | $371.8M | 8 | ||
| 2025 Q3 | 31 | $367.9M | 39 | ||
| 2025 Q2 | 26 | $320.5M | 0 | ||
| 2025 Q1 | 26 | $305.6M | 100 | ||
| 2024 Q4 | 30 | $329.5M | 0 | ||
| 2024 Q3 | 28 | $326.3M | 0 | ||
| 2024 Q2 | 29 | $320.4M | 0 | ||
| 2024 Q1 | 29 | $344.3M | 0 | ||
| 2023 Q4 | 29 | $305.7M | 0 | ||
| 2023 Q3 | 60 | $289.8M | 0 | ||
| 2023 Q2 | 31 | $282.2M | 0 | ||
| 2022 Q4 | 27 | $236.0M | 0 | ||
| 2022 Q3 | 27 | $224.0M | 0 | ||
| 2022 Q2 | 28 | $213.6M | 0 | ||
| 2022 Q1 | 36 | $287.1M | 0 | ||
| 2021 Q4 | 35 | $286.9M | 0 | ||
| 2021 Q3 | 32 | $260.4M | 0 | ||
| 2021 Q2 | 33 | $272.6M | 8 | ||
| 2021 Q1 | 33 | $270.3M | 24 | ||
| 2020 Q4 | 37 | $248.5M | 33 | ||
| 2020 Q3 | 33 | $193.1M | 21 | ||
| 2020 Q2 | 31 | $187.0M | 46 | ||
| 2019 Q4 | 37 | $228.8M | 35 | ||
| 2019 Q3 | 34 | $205.1M | 31 | ||
| 2019 Q2 | 33 | $205.7M | 22 | ||
| 2019 Q1 | 32 | $211.1M | 37 | ||
| 2018 Q3 | 34 | $233.8M | 28 | ||
| 2018 Q2 | 38 | $262.1M | 20 | ||
| 2018 Q1 | 38 | $275.6M | 30 | ||
| 2017 Q4 | 76 | $338.4M | 18 | ||
| 2017 Q3 | 79 | $317.6M | 28 | ||
| 2017 Q2 | 83 | $319.3M | 15 | ||
| 2017 Q1 | 87 | $326.3M | 27 | ||
| 2016 Q4 | 82 | $316.8M | 24 | ||
| 2016 Q3 | 59 | $264.8M | 22 | ||
| 2016 Q2 | 55 | $256.0M | 25 | ||
| 2016 Q1 | 54 | $245.0M | 54 | ||
| 2015 Q4 | 61 | $332.9M | 31 | ||
| 2015 Q3 | 67 | $340.6M | 34 | ||
| 2015 Q2 | 72 | $462.1M | 31 | ||
| 2015 Q1 | 67 | $474.8M | 32 | ||
| 2014 Q4 | 71 | $498.7M | 35 | ||
| 2014 Q3 | 71 | $553.5M | 18 | ||
| 2014 Q2 | 61 | $566.8M | 20 | ||
| 2014 Q1 | 67 | $568.6M | 25 | ||
| 2013 Q4 | 70 | $574.2M | 23 | ||
| 2013 Q3 | 57 | $503.1M | 19 | ||
| 2013 Q2 | 59 | $480.0M | — |
Holding changes this quarter
Muhlenkamp & Co Inc's most significant position changes for 2026-06-30: Sold out: Mastec Inc (MTZ); Sold out: Freedom 100 Emeging Mrkt ETF (FRDM); New buy: Ishares Silver Trust (SLV); Add: United Rentals Inc (URI) — shares +0.45%; Add: Microchip Technology Inc (MCHP) — shares +0.08%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | URI | United Rentals Inc | +2.2% | +0.45% | Add |
| 2 | MCHP | Microchip Technology Inc | +1.9% | +0.08% | Add |
| 3 | ICLR | ICON Public Limited Company | +1.4% | +0.50% | Add |
| 4 | RUSHA | Rush Enterprises Inc-cl A | +1.3% | +0.13% | Add |
| 5 | AAPL | Apple Inc | +1% | -0.69% | Trim |
| 6 | TMHC | Taylor Morrison Home CORP | +0.9% | +0.01% | Add |
| 7 | NMIH | Nmi Holdings Inc | +0.8% | +0.64% | Add |
| 8 | WAB | Wabtec CORP | +0.8% | +0.00% | Add |
| 9 | BGC | Bgc Group Inc-a | +0.8% | +0.22% | Add |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | +0.7% | +0.38% | Add |
| 11 | MSFT | Microsoft CORP | +0.3% | -0.49% | Trim |
| 12 | SLV | Ishares Silver Trust | +0.2% | NEW | New buy |
| 13 | AMLP | Alerian Mlp ETF | +0.2% | — | Unchanged |
| 14 | GEV | GE Vernova Inc | +0.2% | — | Unchanged |
| 15 | TRV | Travelers Cos Inc/the | +0.1% | — | Unchanged |
| 16 | RUSHB | Rush Enterprises Inc - Cl B | +0.1% | -0.65% | Trim |
| 17 | EPD | Enterprise Products Partners | 0% | — | Unchanged |
| 18 | SLB | Slb LTD | — | +0.53% | Add |
| 19 | XOM | Exxon Mobil CORP | 0% | — | Unchanged |
| 20 | GLD | Spdr Gold Shares | -0.2% | -0.07% | Trim |
| 21 | MCK | Mckesson CORP | -0.2% | +0.12% | Add |
| 22 | NEM | Newmont CORP | -0.3% | -0.04% | Trim |
| 23 | EQX | Equinox Gold CORP | -0.5% | +0.58% | Add |
| 24 | EQT | Eqt CORP | -0.5% | +0.25% | Add |
| 25 | RGLD | Royal Gold Inc | -0.8% | +0.22% | Add |
| 26 | CE | Celanese CORP | -0.8% | +0.57% | Add |
| 27 | LYB | LyondellBasell Industries N.V. | -1.1% | +0.41% | Add |
| 28 | AEM | Agnico Eagle Mines LTD | -1.2% | -0.05% | Trim |
| 29 | FRDM | Freedom 100 Emeging Mrkt ETF | -3.4% | EXIT | Sold out |
| 30 | MTZ | Mastec Inc | -3.6% | EXIT | Sold out |
Filing History
FAQ
What is Muhlenkamp & Co Inc and what type of investor is it?
Muhlenkamp & Co Inc is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $345.3M, spread across 28 disclosed positions.
What are Muhlenkamp & Co Inc's largest equity positions?
Based on the latest 13F filing, Muhlenkamp & Co Inc's top holdings by market value are:
1. Rush Enterprises Inc-cl A (RUSHA) — $24.3M (7.0%)
2. Newmont CORP (NEM) — $21.6M (6.3%)
3. Agnico Eagle Mines LTD (AEM) — $21.5M (6.2%)
4. Eqt CORP (EQT) — $21.4M (6.2%)
5. Mckesson CORP (MCK) — $20.6M (6.0%)
What changes did Muhlenkamp & Co Inc make in its most recent portfolio filing?
In the latest reported quarter, Muhlenkamp & Co Inc made 25 notable position adjustments: 1 new positions were initiated, 16 existing holdings were added to, 6 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Mastec Inc (MTZ); Sold out: Freedom 100 Emeging Mrkt ETF (FRDM); New buy: Ishares Silver Trust (SLV); Add: United Rentals Inc (URI) — shares +0.45%; Add: Microchip Technology Inc (MCHP) — shares +0.08%
What sectors does Muhlenkamp & Co Inc focus on?
Muhlenkamp & Co Inc is concentrated in the following sectors based on its current disclosed equity portfolio:
• Materials: 26.4%
• Information Technology: 16.1%
• Energy: 12.4%
• Industrials: 12.0%
• Consumer Discretionary: 11.7%
• Financials: 10.8%
Investment Profile
Muhlenkamp & Co Inc returned an annualized 19.0% over the trailing 36 months — outperforming the S&P 500 by 5.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.65 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 26 over the past 4 quarters — a shift toward more active trading.
It has added to its MCHP position over the past two quarters (+$5.6M, now $18.5M), while trimming NEM over the same stretch (-$6.8M, still holding $21.6M).
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Developer Access
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