Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Muhlenkamp & Co portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 07, 2025. 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 2025, the filing reported:

New Buys - Equinox Gold Corp., First, GE Vernova Inc., Chart Industries, Inc., ICON, and 2 more

Increases - Apple Inc., Agnico Eagle Mines Limited, Alerian MLP ETF, BGC Group, Inc., Berkshire Hathaway Inc. New, and 11 more

Reductions - EQT Corporation, SPDR Gold Trust, JD.com, Inc., MasTec, Inc., The Travelers Companies, Inc., and 1 more

Complete Exits - Dow Inc., Transocean

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 2025	AAPL Apple Inc.	Apple Inc.	Buy	+57	+0.1%	$15.96M	62,673
Q3 2025	AEM Agnico Eagle Mines Limited	Agnico Eagle Mines Limited	Buy	+24	+0.0%	$25.50M	151,311
Q3 2025	AMLP Alerian MLP ETF	Alerian MLP ETF	Buy	+9	+0.0%	$8.29M	176,721
Q3 2025	BGC BGC Group, Inc.	BGC Group, Inc.	Buy	+1,901	+0.1%	$16.57M	1,751,739
Q3 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+29	+0.1%	$19.30M	38,380
Q3 2025	CE Celanese Corporation	Celanese Corporation	Buy	+33,247	+22.0%	$7.76M	184,455
Q3 2025	DOW Dow Inc.	Dow Inc.	Sell - Position Exit	-229,069	-100.0%	$0.00	-
Q3 2025	EQT EQT Corporation	EQT Corporation	Sell	-52	-0.0%	$24.55M	450,963
Q3 2025	EQX Equinox Gold Corp.	Equinox Gold Corp.	Buy - Position Entry	+514,257	-	$5.77M	514,257
Q3 2025	FCF First	First	Buy - Position Entry	+10,154	-	$173.13K	10,154
Q3 2025	GEV GE Vernova Inc.	GE Vernova Inc.	Buy - Position Entry	+1,426	-	$876.85K	1,426
Q3 2025	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-64	-0.3%	$7.91M	22,242
Q3 2025	GTLS Chart Industries, Inc.	Chart Industries, Inc.	Buy - Position Entry	+7,924	-	$1.59M	7,924
Q3 2025	H8817H100 Transocean	Transocean	Sell - Position Exit	-1,058,760	-100.0%	$0.00	-
Q3 2025	ICLR ICON	ICON	Buy - Position Entry	+73,467	-	$12.86M	73,467
Q3 2025	JD JD.com, Inc.	JD.com, Inc.	Sell	-22,484	-11.0%	$6.35M	181,412
Q3 2025	LYB LyondellBasell	LyondellBasell	Buy - Position Entry	+184,075	-	$9.03M	184,075
Q3 2025	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+262	+0.1%	$12.96M	201,753
Q3 2025	MCK McKesson Corporation	McKesson Corporation	Buy	+24	+0.1%	$20.94M	27,108
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+36	+0.1%	$16.75M	32,347
Q3 2025	MTZ MasTec, Inc.	MasTec, Inc.	Sell	-298	-0.3%	$22.51M	105,786
Q3 2025	NEM Newmont Corporation	Newmont Corporation	Buy	+83	+0.0%	$23.94M	283,943
Q3 2025	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+493	+0.1%	$17.88M	466,347
Q3 2025	RCL Royal Caribbean	Royal Caribbean	Buy - Position Entry	+2,671	-	$864.28K	2,671
Q3 2025	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+59	+0.1%	$17.57M	87,585
Q3 2025	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+268	+0.1%	$20.00M	374,051
Q3 2025	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+572	+0.2%	$10.99M	319,738
Q3 2025	TMHC Taylor Morrison Home Corporatio	Taylor Morrison Home Corporatio	Buy	+316	+0.2%	$10.39M	157,398
Q3 2025	TRV The Travelers Companies, Inc.	The Travelers Companies, Inc.	Sell	-21	-0.3%	$1.85M	6,627
Q3 2025	URI United Rentals, Inc.	United Rentals, Inc.	Sell	-4	-0.0%	$14.82M	15,523

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