Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q1 2016)

According to the SEC 13F filed on Aug 18, 2026, the Muhlenkamp & Co portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2016. 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 Q1 2016, the filing reported:

New Buys - Biogen Inc., Golar LNG, UnitedHealth Group Incorporated

Increases - Allegiant Travel Company, American Axle & Manufacturing H, Bread Financial Holdings, Inc., Bristol-Myers Squibb Company, Gilead Sciences, Inc., and 7 more

Reductions - Apple Inc., Celanese Corporation, Delta Air Lines, Inc., Good Times Restaurants Inc., Microsoft Corporation, and 1 more

Complete Exits - JP Morgan Chase & Co., Morgan Stanley, PulteGroup, Inc., Williams Companies, Inc. (The)

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
Q1 2016	AAPL Apple Inc.	Apple Inc.	Sell	-119	-0.1%	$16.48K	151,204
Q1 2016	ALGT Allegiant Travel Company	Allegiant Travel Company	Buy	+95	+0.2%	$9.34K	52,476
Q1 2016	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Buy	+11,300	+100.0%	$348.00	22,600
Q1 2016	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+101	+0.1%	$26.69K	121,321
Q1 2016	BIIB Biogen Inc.	Biogen Inc.	Buy - Position Entry	+23,853	-	$6.21K	23,853
Q1 2016	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+445	+0.2%	$13.55K	212,200
Q1 2016	CE Celanese Corporation	Celanese Corporation	Sell	-143,265	-53.4%	$8.21K	125,270
Q1 2016	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Sell	-131,195	-49.4%	$6.54K	134,250
Q1 2016	G9456A100 Golar LNG	Golar LNG	Buy - Position Entry	+17,210	-	$309.00	17,210
Q1 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+15	+0.0%	$20.02K	217,990
Q1 2016	GTIM Good Times Restaurants Inc.	Good Times Restaurants Inc.	Sell	-3,715	-26.7%	$41.00	10,220
Q1 2016	HBI Hanesbrands Inc.	Hanesbrands Inc.	Buy	+220	+0.1%	$11.38K	401,470
Q1 2016	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell - Position Exit	-356,620	-100.0%	$0.00	-
Q1 2016	MGNX MacroGenics, Inc.	MacroGenics, Inc.	Buy	+835	+1.3%	$1.26K	67,245
Q1 2016	MS Morgan Stanley	Morgan Stanley	Sell - Position Exit	-320,475	-100.0%	$0.00	-
Q1 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-51,950	-18.0%	$13.07K	236,663
Q1 2016	OLED Universal Display Corporation	Universal Display Corporation	Sell	-51,190	-40.4%	$4.09K	75,575
Q1 2016	ON ON Semiconductor Corporation	ON Semiconductor Corporation	Buy	+1,290	+0.1%	$12.17K	1,268,990
Q1 2016	PHM PulteGroup, Inc.	PulteGroup, Inc.	Sell - Position Exit	-14,550	-100.0%	$0.00	-
Q1 2016	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+935	+1.0%	$1.75K	95,557
Q1 2016	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Buy	+210	+0.1%	$9.28K	193,315
Q1 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+505	+0.8%	$4.45K	60,310
Q1 2016	TEVA Teva Pharmaceutical Industries	Teva Pharmaceutical Industries	Buy	+205	+0.1%	$9.48K	177,160
Q1 2016	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy - Position Entry	+60,480	-	$7.80K	60,480
Q1 2016	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Sell - Position Exit	-8,365	-100.0%	$0.00	-