Ronald Muhlenkamp

Net selling

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

Data as of 2026-03-31 (filed 2026-05-06) · Source: SEC EDGAR

Portfolio value$379.8M (+2%)

Holdings29 (+1)

Top holdingAgnico Eagle Mines Ltd

Below band2

New

Added

Exited

13F × valuation

Valuation posture

Of 15 valued US positions, 2 trade below a conservative value band (1 in the strike zone) (as of 2026-07-20):

Nmi Hldgs IncNMIH42% · strike
Taylor Morrison Home CorpTMHC33% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-03-31):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Agnico Eagle Mines LtdAEM	$28.1M	—	3	138,588	7.4%	Core 6q
Eqt CorpEQT	$25.5M	—	6	401,242	6.7%	Core 8q
Newmont CorpNEM	$25.0M	—	3	231,182	6.6%	Core 8q
Mckesson CorpMCK	$23.5M	—	3	27,169	6.2%	Core 8q
Royal Gold IncRGLD	$22.4M	—	2	87,892	5.9%	Core 8q
Rush Enterprises IncRUSHA	$21.9M	—	2	331,905	5.8%	—
Berkshire Hathaway IncBRK.B	$18.4M	—	28	38,351	4.8%	—
Slb LimitedSLB	$16.6M	—	8	322,171	4.4%	Adding 4q
Apple IncAAPL	$15.9M	—	29	62,559	4.2%	—
WabtecWAB	$15.8M	—	5	63,155	4.2%	—
Lyondellbasell Industries NvLYB	$15.1M	—	8	187,159	4.0%	Adding 3q
Bgc Group IncBGC	$14.1M	—	1	1,443,941	3.7%	—
Celanese CorpCE	$13.9M	—	4	210,800	3.7%	Adding 4q
Mastec IncMTZ	$13.8M	—	4	42,832	3.6%	—
Nmi Hldgs IncNMIH	$13.7M	Strike zone	3	366,219	3.6%	—
Microchip Technology IncMCHP	$13.1M	—	4	202,985	3.5%	—
Ea Series TrustFRDM	$12.9M	—	1	236,825	3.4%	Big new
Microsoft CorpMSFT	$12.2M	—	45	32,937	3.2%	—
United Rentals IncURI	$11.4M	—	5	15,603	3.0%	—
Spdr Gold TrGLD	$9.5M	—	6	22,083	2.5%	—
Taylor Morrison Home CorpTMHC	$9.2M	Below value	4	158,606	2.4%	Adding 4q
Alps Etf TrAMLP	$7.9M	—	1	150,615	2.1%	—
Equinox Gold CorpEQX	$7.5M	—	3	519,219	2.0%	Adding 3q
Icon PlcICLR	$7.3M	—	8	66,005	1.9%	—
Travelers Companies IncTRV	$1.9M	—	9	6,627	0.5%	—

Agnico Eagle Mines LtdAEMCore 6q
Value$28.1MValuation—Holders3Weight7.4%
Eqt CorpEQTCore 8q
Value$25.5MValuation—Holders6Weight6.7%
Newmont CorpNEMCore 8q
Value$25.0MValuation—Holders3Weight6.6%
Mckesson CorpMCKCore 8q
Value$23.5MValuation—Holders3Weight6.2%
Royal Gold IncRGLDCore 8q
Value$22.4MValuation—Holders2Weight5.9%
Rush Enterprises IncRUSHA—
Value$21.9MValuation—Holders2Weight5.8%
Berkshire Hathaway IncBRK.B—
Value$18.4MValuation—Holders28Weight4.8%
Slb LimitedSLBAdding 4q
Value$16.6MValuation—Holders8Weight4.4%
Apple IncAAPL—
Value$15.9MValuation—Holders29Weight4.2%
WabtecWAB—
Value$15.8MValuation—Holders5Weight4.2%
Lyondellbasell Industries NvLYBAdding 3q
Value$15.1MValuation—Holders8Weight4.0%
Bgc Group IncBGC—
Value$14.1MValuation—Holders1Weight3.7%
Celanese CorpCEAdding 4q
Value$13.9MValuation—Holders4Weight3.7%
Mastec IncMTZ—
Value$13.8MValuation—Holders4Weight3.6%
Nmi Hldgs IncNMIH—
Value$13.7MValuationStrike zoneHolders3Weight3.6%
Microchip Technology IncMCHP—
Value$13.1MValuation—Holders4Weight3.5%
Ea Series TrustFRDMBig new
Value$12.9MValuation—Holders1Weight3.4%
Microsoft CorpMSFT—
Value$12.2MValuation—Holders45Weight3.2%
United Rentals IncURI—
Value$11.4MValuation—Holders5Weight3.0%
Spdr Gold TrGLD—
Value$9.5MValuation—Holders6Weight2.5%
Taylor Morrison Home CorpTMHCAdding 4q
Value$9.2MValuationBelow valueHolders4Weight2.4%
Alps Etf TrAMLP—
Value$7.9MValuation—Holders1Weight2.1%
Equinox Gold CorpEQXAdding 3q
Value$7.5MValuation—Holders3Weight2.0%
Icon PlcICLR—
Value$7.3MValuation—Holders8Weight1.9%
Travelers Companies IncTRV—
Value$1.9MValuation—Holders9Weight0.5%

Showing top 25 of 29 positions

Exited this quarter (1)Chart Inds Inc

What is a superinvestor

About this investor

Portfolio overview

Muhlenkamp & Co Inc's most recent 13F filing, for the quarter ended 2026-03-31, reports 29 positions worth $379.8M. The top 5 holdings represent 33% of that value, a broadly diversified portfolio.

The single largest position is Agnico Eagle Mines Ltd at 7.4% of the portfolio, followed by Eqt Corp at 6.7% and Newmont Corp at 6.6%.

Against the prior quarter, Ronald Muhlenkamp opened 2 new positions, exited 1, added to 5, and trimmed 18. The largest new buy was Ea Series Trust. The most notable sale was the full exit from Chart Inds Inc.

Across all 8 quarters on file, Eqt Corp has appeared in every filing, as has Newmont Corp. Eqt Corp currently ranks second 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 2026-03-31 · filed 2026-05-06

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