Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q2 2026)

According to the SEC 13F filed on Aug 18, 2026, the Muhlenkamp & Co portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2026, the filing reported:

New Buys - iShares Silver Trust

Increases - BGC Group, Inc., Berkshire Hathaway Inc. New, Celanese Corporation, EQT Corporation, Equinox Gold Corp., and 11 more

Reductions - Apple Inc., Agnico Eagle Mines Limited, SPDR Gold Trust, Microsoft Corporation, Newmont Corporation, and 1 more

Complete Exits - Freedom 100 Emerging Markets ET, MasTec, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2026	AAPL Apple Inc.	Apple Inc.	Sell	-434	-0.7%	$17.98M	62,125
Q2 2026	AEM Agnico Eagle Mines Limited	Agnico Eagle Mines Limited	Sell	-67	-0.0%	$21.49M	138,521
Q2 2026	BGC BGC Group, Inc.	BGC Group, Inc.	Buy	+3,129	+0.2%	$15.47M	1,447,070
Q2 2026	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+144	+0.4%	$19.26M	38,495
Q2 2026	CE Celanese Corporation	Celanese Corporation	Buy	+1,197	+0.6%	$9.75M	211,997
Q2 2026	EQT EQT Corporation	EQT Corporation	Buy	+1,001	+0.2%	$21.39M	402,243
Q2 2026	EQX Equinox Gold Corp.	Equinox Gold Corp.	Buy	+3,032	+0.6%	$5.08M	522,251
Q2 2026	FRDM Freedom 100 Emerging Markets ET	Freedom 100 Emerging Markets ET	Sell - Position Exit	-236,825	-100.0%	$0.00	-
Q2 2026	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-15	-0.1%	$8.13M	22,068
Q2 2026	ICLR ICON	ICON	Buy	+332	+0.5%	$11.52M	66,337
Q2 2026	LYB LyondellBasell	LyondellBasell	Buy	+761	+0.4%	$9.89M	187,920
Q2 2026	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+154	+0.1%	$18.53M	203,139
Q2 2026	MCK McKesson Corporation	McKesson Corporation	Buy	+33	+0.1%	$20.55M	27,202
Q2 2026	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-161	-0.5%	$12.23M	32,776
Q2 2026	MTZ MasTec, Inc.	MasTec, Inc.	Sell - Position Exit	-42,832	-100.0%	$0.00	-
Q2 2026	NEM Newmont Corporation	Newmont Corporation	Sell	-92	-0.0%	$21.58M	231,090
Q2 2026	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+2,339	+0.6%	$15.14M	368,558
Q2 2026	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+196	+0.2%	$17.58M	88,088
Q2 2026	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+427	+0.1%	$24.26M	332,332
Q2 2026	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-61	-0.6%	$718.57K	9,393
Q2 2026	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+1,707	+0.5%	$15.06M	323,878
Q2 2026	SLV iShares Silver Trust	iShares Silver Trust	Buy - Position Entry	+12,550	-	$671.05K	12,550
Q2 2026	TMHC Taylor Morrison Home Corporatio	Taylor Morrison Home Corporatio	Buy	+19	+0.0%	$11.38M	158,625
Q2 2026	URI United Rentals, Inc.	United Rentals, Inc.	Buy	+70	+0.4%	$17.76M	15,673
Q2 2026	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+1	+0.0%	$17.03M	63,156
Q1 2026	AAPL Apple Inc.	Apple Inc.	Sell	-282	-0.4%	$15.88M	62,559
Q1 2026	AEM Agnico Eagle Mines Limited	Agnico Eagle Mines Limited	Sell	-12,681	-8.4%	$28.13M	138,588
Q1 2026	AMLP Alerian MLP ETF	Alerian MLP ETF	Sell	-25,686	-14.6%	$7.93M	150,615
Q1 2026	BGC BGC Group, Inc.	BGC Group, Inc.	Sell	-315,339	-17.9%	$14.12M	1,443,941
Q1 2026	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-60	-0.2%	$18.38M	38,351

Page 1 of 2