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

According to the SEC 13F filed on Nov 07, 2025, the Muhlenkamp & Co portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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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