Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Muhlenkamp & Co portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 06, 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 Q1 2026, the filing reported:

New Buys - Freedom 100 Emerging Markets ET, Exxon Mobil Corporation

Increases - Celanese Corporation, Equinox Gold Corp., LyondellBasell, Microchip Technology Incorporat, McKesson Corporation, and 6 more

Reductions - Apple Inc., Agnico Eagle Mines Limited, Alerian MLP ETF, BGC Group, Inc., Berkshire Hathaway Inc. New, and 8 more

Complete Exits - First, Chart Industries, Inc., JD.com, Inc., Royal Caribbean

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 2026	AAPL Apple Inc.	Apple Inc.	Sell	-114	-0.2%	$15.88M	62,559
Q1 2026	AEM Agnico Eagle Mines Limited	Agnico Eagle Mines Limited	Sell	-12,723	-8.4%	$28.13M	138,588
Q1 2026	AMLP Alerian MLP ETF	Alerian MLP ETF	Sell	-26,106	-14.8%	$7.93M	150,615
Q1 2026	BGC BGC Group, Inc.	BGC Group, Inc.	Sell	-307,798	-17.6%	$14.12M	1,443,941
Q1 2026	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-29	-0.1%	$18.38M	38,351
Q1 2026	CE Celanese Corporation	Celanese Corporation	Buy	+26,345	+14.3%	$13.86M	210,800
Q1 2026	EQT EQT Corporation	EQT Corporation	Sell	-49,721	-11.0%	$25.54M	401,242
Q1 2026	EQX Equinox Gold Corp.	Equinox Gold Corp.	Buy	+4,962	+1.0%	$7.51M	519,219
Q1 2026	FCF First	First	Sell - Position Exit	-10,154	-100.0%	$0.00	-
Q1 2026	FRDM Freedom 100 Emerging Markets ET	Freedom 100 Emerging Markets ET	Buy - Position Entry	+236,825	-	$12.94M	236,825
Q1 2026	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-159	-0.7%	$9.50M	22,083
Q1 2026	GTLS Chart Industries, Inc.	Chart Industries, Inc.	Sell - Position Exit	-7,924	-100.0%	$0.00	-
Q1 2026	ICLR ICON	ICON	Sell	-7,462	-10.2%	$7.30M	66,005
Q1 2026	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-181,412	-100.0%	$0.00	-
Q1 2026	LYB LyondellBasell	LyondellBasell	Buy	+3,084	+1.7%	$15.08M	187,159
Q1 2026	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+1,232	+0.6%	$13.11M	202,985
Q1 2026	MCK McKesson Corporation	McKesson Corporation	Buy	+61	+0.2%	$23.51M	27,169
Q1 2026	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+590	+1.8%	$12.19M	32,937
Q1 2026	MTZ MasTec, Inc.	MasTec, Inc.	Sell	-62,954	-59.5%	$13.78M	42,832
Q1 2026	NEM Newmont Corporation	Newmont Corporation	Sell	-52,761	-18.6%	$25.03M	231,182
Q1 2026	NMIH NMI Holdings Inc	NMI Holdings Inc	Sell	-100,128	-21.5%	$13.74M	366,219
Q1 2026	RCL Royal Caribbean	Royal Caribbean	Sell - Position Exit	-2,671	-100.0%	$0.00	-
Q1 2026	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+307	+0.4%	$22.37M	87,892
Q1 2026	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-42,146	-11.3%	$21.94M	331,905
Q1 2026	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-47	-0.5%	$608.37K	9,454
Q1 2026	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+2,433	+0.8%	$16.56M	322,171
Q1 2026	TMHC Taylor Morrison Home Corporatio	Taylor Morrison Home Corporatio	Buy	+1,208	+0.8%	$9.24M	158,606
Q1 2026	URI United Rentals, Inc.	United Rentals, Inc.	Buy	+80	+0.5%	$11.37M	15,603
Q1 2026	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+125	+0.2%	$15.78M	63,155
Q1 2026	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy - Position Entry	+1,640	-	$278.24K	1,640