Ronald Muhlenkamp

Net buying

Muhlenkamp & Co Inc — managed by Ronald Muhlenkamp; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-08-18) · Source: SEC EDGAR

Portfolio value$345.3M (−9%)

Holdings28 (−1)

Top holdingRush Enterprises Inc

Below band1

New

Added

Exited

By what price implies: 9 demand a demanding growth rate, 3 modest.

13F × valuation

Valuation posture

Of 12 valued US positions, 1 trade below a conservative value band (1 in the strike zone) (as of 2026-09-03):

Nmi Hldgs IncNMIH41% · strike

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Rush Enterprises IncRUSHA	$24.3M	—	2	332,332	7.0%	Big new
Newmont CorpNEM	$21.6M	—	3	231,090	6.3%	—
Agnico Eagle Mines LtdAEM	$21.5M	—	3	138,521	6.2%	—
Eqt CorpEQT	$21.4M	—	6	402,243	6.2%	Big new
Mckesson CorpMCK	$20.6M	—	3	27,202	6.0%	Big new
Berkshire Hathaway IncBRK.B	$19.3M	—	27	38,495	5.6%	Big new
Microchip Technology IncMCHP	$18.5M	—	6	203,139	5.4%	Big new
Apple IncAAPL	$18.0M	—	28	62,125	5.2%	—
United Rentals IncURI	$17.8M	—	5	15,673	5.1%	Big new
Royal Gold IncRGLD	$17.6M	—	1	88,088	5.1%	Big new
WabtecWAB	$17.0M	—	5	63,156	4.9%	—
Bgc Group IncBGC	$15.5M	—	2	1,447,070	4.5%	—
Nmi Hldgs IncNMIH	$15.1M	Strike zone	2	368,558	4.4%	—
Slb LimitedSLB	$15.1M	—	7	323,878	4.4%	Adding 5q
Microsoft CorpMSFT	$12.2M	—	43	32,776	3.5%	—
Icon Pub Ltd CoICLR	$11.5M	—	6	66,337	3.3%	—
Taylor Morrison Home CorpTMHC	$11.4M	—	2	158,625	3.3%	Adding 5q
Lyondellbasell Industries NvLYB	$9.9M	—	5	187,920	2.9%	Adding 4q
Celanese CorpCE	$9.8M	—	4	211,997	2.8%	Adding 5q
Spdr Gold TrGLD	$8.1M	—	4	22,068	2.4%	—
Alps Etf TrAMLP	$7.8M	—	1	150,615	2.3%	—
Equinox Gold CorpEQX	$5.1M	—	2	522,251	1.5%	Adding 4q
Travelers Companies IncTRV	$2.2M	—	8	6,627	0.6%	—
Ge Vernova IncGEV	$1.7M	—	12	1,426	0.5%	—
Enterprise Prods Partners LEPD	$913,670	—	5	24,855	0.3%	—

Rush Enterprises IncRUSHABig new
Value$24.3MValuation—Holders2Weight7.0%
Newmont CorpNEM—
Value$21.6MValuation—Holders3Weight6.3%
Agnico Eagle Mines LtdAEM—
Value$21.5MValuation—Holders3Weight6.2%
Eqt CorpEQTBig new
Value$21.4MValuation—Holders6Weight6.2%
Mckesson CorpMCKBig new
Value$20.6MValuation—Holders3Weight6.0%
Berkshire Hathaway IncBRK.BBig new
Value$19.3MValuation—Holders27Weight5.6%
Microchip Technology IncMCHPBig new
Value$18.5MValuation—Holders6Weight5.4%
Apple IncAAPL—
Value$18.0MValuation—Holders28Weight5.2%
United Rentals IncURIBig new
Value$17.8MValuation—Holders5Weight5.1%
Royal Gold IncRGLDBig new
Value$17.6MValuation—Holders1Weight5.1%
WabtecWAB—
Value$17.0MValuation—Holders5Weight4.9%
Bgc Group IncBGC—
Value$15.5MValuation—Holders2Weight4.5%
Nmi Hldgs IncNMIH—
Value$15.1MValuationStrike zoneHolders2Weight4.4%
Slb LimitedSLBAdding 5q
Value$15.1MValuation—Holders7Weight4.4%
Microsoft CorpMSFT—
Value$12.2MValuation—Holders43Weight3.5%
Icon Pub Ltd CoICLR—
Value$11.5MValuation—Holders6Weight3.3%
Taylor Morrison Home CorpTMHCAdding 5q
Value$11.4MValuation—Holders2Weight3.3%
Lyondellbasell Industries NvLYBAdding 4q
Value$9.9MValuation—Holders5Weight2.9%
Celanese CorpCEAdding 5q
Value$9.8MValuation—Holders4Weight2.8%
Spdr Gold TrGLD—
Value$8.1MValuation—Holders4Weight2.4%
Alps Etf TrAMLP—
Value$7.8MValuation—Holders1Weight2.3%
Equinox Gold CorpEQXAdding 4q
Value$5.1MValuation—Holders2Weight1.5%
Travelers Companies IncTRV—
Value$2.2MValuation—Holders8Weight0.6%
Ge Vernova IncGEV—
Value$1.7MValuation—Holders12Weight0.5%
Enterprise Prods Partners LEPD—
Value$913,670Valuation—Holders5Weight0.3%

Showing top 25 of 28 positions

Exited this quarter (2)Mastec Inc、Ea Series Trust

What is a superinvestor

About this investor

Portfolio overview

Muhlenkamp & Co Inc's most recent 13F filing, for the quarter ended 2026-06-30, reports 28 positions worth $345.3M. The top 5 holdings represent 32% of that value, a broadly diversified portfolio.

The single largest position is Rush Enterprises Inc at 7.0% of the portfolio, followed by Newmont Corp at 6.3% and Agnico Eagle Mines Ltd at 6.2%.

Against the prior quarter, Ronald Muhlenkamp opened 1 new position, exited 2, added to 16, and trimmed 6. The largest new buy was Ishares Silver Tr. The most notable sale was the full exit from Ea Series Trust.

Across all 8 quarters on file, Rush Enterprises Inc has appeared in every filing, as has Newmont Corp. Rush Enterprises Inc currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Ronald Muhlenkamp holds 1 position now in the strike zone. See the full strike-zone list

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-18

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