Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q4 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 Dec 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 Q4 2016, the filing reported:

New Buys - Cameco Corporation, Federated Hermes, Inc., GameStop Corporation

Increases - AllianceBernstein Holding L.P., Allegiant Travel Company, American Axle & Manufacturing H, Golar LNG, Hanesbrands Inc., and 4 more

Reductions - Apple Inc., Bread Financial Holdings, Inc., Biogen Inc., Bristol-Myers Squibb Company, Celanese Corporation, and 13 more

Complete Exits - DoubleLine Income Solutions Fun

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
Q4 2016	AAPL Apple Inc.	Apple Inc.	Sell	-1,099	-0.7%	$17.26K	149,012
Q4 2016	AB AllianceBernstein Holding L.P.	AllianceBernstein Holding L.P.	Buy	+500	+4.3%	$283.00	12,050
Q4 2016	ALGT Allegiant Travel Company	Allegiant Travel Company	Buy	+132	+0.4%	$5.72K	34,390
Q4 2016	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Buy	+1,600	+7.1%	$467.00	24,200
Q4 2016	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-1,026	-0.9%	$27.24K	119,204
Q4 2016	BIIB Biogen Inc.	Biogen Inc.	Sell	-199	-0.8%	$6.60K	23,279
Q4 2016	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-1,355	-0.8%	$10.46K	178,961
Q4 2016	CCJ Cameco Corporation	Cameco Corporation	Buy - Position Entry	+551,392	-	$5.77K	551,392
Q4 2016	CE Celanese Corporation	Celanese Corporation	Sell	-1,100	-0.9%	$9.65K	122,620
Q4 2016	CYH Community Health Systems, Inc.	Community Health Systems, Inc.	Sell	-2,965	-0.8%	$2.08K	372,415
Q4 2016	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Sell	-1,035	-0.8%	$6.54K	132,970
Q4 2016	DSL DoubleLine Income Solutions Fun	DoubleLine Income Solutions Fun	Sell - Position Exit	-33,720	-100.0%	$0.00	-
Q4 2016	FHI Federated Hermes, Inc.	Federated Hermes, Inc.	Buy - Position Entry	+299,866	-	$8.48K	299,866
Q4 2016	G9456A100 Golar LNG	Golar LNG	Buy	+300	+1.7%	$402.00	17,510
Q4 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-1,500	-0.7%	$15.25K	212,995
Q4 2016	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-1,270	-1.5%	$9.37K	85,445
Q4 2016	GME GameStop Corporation	GameStop Corporation	Buy - Position Entry	+263,124	-	$6.65K	263,124
Q4 2016	HBI Hanesbrands Inc.	Hanesbrands Inc.	Buy	+69,171	+17.4%	$10.05K	465,876
Q4 2016	LYB LyondellBasell	LyondellBasell	Sell	-400	-13.3%	$223.00	2,600
Q4 2016	MCK McKesson Corporation	McKesson Corporation	Buy	+26,014	+56.9%	$10.08K	71,767
Q4 2016	MGNX MacroGenics, Inc.	MacroGenics, Inc.	Buy	+641	+5.3%	$262.00	12,803
Q4 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,725	-0.7%	$14.48K	233,013
Q4 2016	OLED Universal Display Corporation	Universal Display Corporation	Sell	-100	-0.1%	$4.24K	75,260
Q4 2016	ON ON Semiconductor Corporation	ON Semiconductor Corporation	Sell	-9,260	-0.7%	$15.90K	1,246,005
Q4 2016	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-2,050	-5.7%	$1.10K	33,984
Q4 2016	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-115	-0.1%	$3.00K	97,112
Q4 2016	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Sell	-8,695	-4.5%	$10.56K	182,585
Q4 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+13,786	+23.0%	$6.19K	73,771
Q4 2016	TCEHY Tencent Holding Ltd.	Tencent Holding Ltd.	Sell	-2,422	-1.0%	$6.05K	249,971
Q4 2016	TEVA Teva Pharmaceutical Industries	Teva Pharmaceutical Industries	Buy	+64,119	+36.5%	$8.70K	239,889

Page 1 of 2