Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q3 2015)

According to the SEC 13F filed on Aug 18, 2026, the Muhlenkamp & Co portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2015. 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 Q3 2015, the filing reported:

New Buys - Energy Transfer LP, Pacific Biosciences of Californ, Schlumberger N.V.

Increases - Apple Inc., Bread Financial Holdings, Inc., Bristol-Myers Squibb Company, Celanese Corporation, Delta Air Lines, Inc., and 7 more

Reductions - Asbury Automotive Group Inc, Allegiant Travel Company, American Axle & Manufacturing H, Gilead Sciences, Inc., Halliburton Company, and 6 more

Complete Exits - Cisco Systems, Inc., Discover Financial Services, General Motors Company, WisdomTree Europe Hedged Equity, Lincoln National Corporation

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
Q3 2015	AAPL Apple Inc.	Apple Inc.	Buy	+16	+0.0%	$16.66K	151,074
Q3 2015	ABG Asbury Automotive Group Inc	Asbury Automotive Group Inc	Sell	-3,910	-4.6%	$6.63K	81,685
Q3 2015	ALGT Allegiant Travel Company	Allegiant Travel Company	Sell	-27,490	-34.4%	$11.33K	52,381
Q3 2015	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Sell	-803,970	-98.5%	$251.00	12,600
Q3 2015	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+20	+0.0%	$31.40K	121,235
Q3 2015	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+130	+0.1%	$12.54K	211,750
Q3 2015	CE Celanese Corporation	Celanese Corporation	Buy	+110	+0.0%	$15.89K	268,570
Q3 2015	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Sell - Position Exit	-1,290	-100.0%	$0.00	-
Q3 2015	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Buy	+45	+0.0%	$11.91K	265,445
Q3 2015	DFS Discover Financial Services	Discover Financial Services	Sell - Position Exit	-212,400	-100.0%	$0.00	-
Q3 2015	ET Energy Transfer LP	Energy Transfer LP	Buy - Position Entry	+15,634	-	$325.00	15,634
Q3 2015	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-630	-0.3%	$21.40K	217,990
Q3 2015	GM General Motors Company	General Motors Company	Sell - Position Exit	-69,500	-100.0%	$0.00	-
Q3 2015	HAL Halliburton Company	Halliburton Company	Sell	-9,350	-8.5%	$3.57K	100,900
Q3 2015	HBI Hanesbrands Inc.	Hanesbrands Inc.	Sell	-108,935	-21.4%	$11.61K	401,290
Q3 2015	HEDJ WisdomTree Europe Hedged Equity	WisdomTree Europe Hedged Equity	Sell - Position Exit	-229,245	-100.0%	$0.00	-
Q3 2015	ISSC Innovative Solutions and Suppor	Innovative Solutions and Suppor	Sell	-150,550	-45.8%	$483.00	178,179
Q3 2015	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+80	+0.0%	$21.75K	356,685
Q3 2015	LNC Lincoln National Corporation	Lincoln National Corporation	Sell - Position Exit	-208,505	-100.0%	$0.00	-
Q3 2015	MDT Medtronic	Medtronic	Sell	-386	-0.2%	$11.61K	173,364
Q3 2015	MS Morgan Stanley	Morgan Stanley	Buy	+165	+0.1%	$10.10K	320,565
Q3 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+120	+0.0%	$12.87K	290,675
Q3 2015	OLED Universal Display Corporation	Universal Display Corporation	Buy	+845	+0.5%	$6.33K	186,760
Q3 2015	ON ON Semiconductor Corporation	ON Semiconductor Corporation	Buy	+1,215	+0.1%	$11.93K	1,269,600
Q3 2015	PACB Pacific Biosciences of Californ	Pacific Biosciences of Californ	Buy - Position Entry	+11,125	-	$41.00	11,125
Q3 2015	PHM PulteGroup, Inc.	PulteGroup, Inc.	Sell	-7,600	-31.4%	$313.00	16,600
Q3 2015	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-230	-0.2%	$2.21K	94,622
Q3 2015	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Buy	+1,295	+0.8%	$8.12K	171,749
Q3 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Buy - Position Entry	+59,600	-	$4.11K	59,600
Q3 2015	STT State Street Corporation	State Street Corporation	Sell	-95	-0.1%	$9.12K	135,712

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