Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q4 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Bristol-Myers Squibb Company, Lennar Corporation, Rush Enterprises, Inc.

Increases - Broadcom Inc., AutoZone, Inc., Celanese Corporation, The Cigna Group, CVS Health Corporation, and 9 more

Reductions - Apple Inc., Bread Financial Holdings, Inc., Biogen Inc., Berkshire Hathaway Inc. New, Cameco Corporation, and 6 more

Complete Exits - Corteva, Inc.

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 2019	AAPL Apple Inc.	Apple Inc.	Sell	-4,049	-6.4%	$17.29K	58,874
Q4 2019	AVGO Broadcom Inc.	Broadcom Inc.	Buy	+3,945	+19.6%	$7.62K	24,118
Q4 2019	AZO AutoZone, Inc.	AutoZone, Inc.	Buy	+6	+0.2%	$4.57K	3,835
Q4 2019	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-993	-1.4%	$7.59K	67,647
Q4 2019	BIIB Biogen Inc.	Biogen Inc.	Sell	-6	-0.0%	$5.27K	17,768
Q4 2019	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy - Position Entry	+123,223	-	$7.91K	123,223
Q4 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-4	-0.0%	$8.23K	36,318
Q4 2019	CCJ Cameco Corporation	Cameco Corporation	Sell	-464,864	-55.0%	$3.38K	380,132
Q4 2019	CE Celanese Corporation	Celanese Corporation	Buy	+63	+0.1%	$6.07K	49,326
Q4 2019	CI The Cigna Group	The Cigna Group	Buy	+609	+2.0%	$6.37K	31,131
Q4 2019	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Sell	-85,758	-93.0%	$401.00	6,467
Q4 2019	CTVA Corteva, Inc.	Corteva, Inc.	Sell - Position Exit	-37,648	-100.0%	$0.00	-
Q4 2019	CVS CVS Health Corporation	CVS Health Corporation	Buy	+36,479	+52.1%	$7.91K	106,514
Q4 2019	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Buy	+41	+0.0%	$6.69K	114,371
Q4 2019	DOW Dow Inc.	Dow Inc.	Buy	+111,193	+295.3%	$8.15K	148,841
Q4 2019	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-93,134	-70.2%	$2.56K	39,475
Q4 2019	GLD SPDR Gold Trust	SPDR Gold Trust	Buy	+68	+0.1%	$11.87K	83,028
Q4 2019	LEN Lennar Corporation	Lennar Corporation	Buy - Position Entry	+92,060	-	$5.14K	92,060
Q4 2019	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+1	+0.0%	$7.36K	18,889
Q4 2019	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Sell	-54	-0.1%	$9.96K	95,065
Q4 2019	MCK McKesson Corporation	McKesson Corporation	Buy	+3	+0.0%	$9.76K	70,541
Q4 2019	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-9,106	-8.2%	$16.03K	101,622
Q4 2019	MTH Meritage Homes Corporation	Meritage Homes Corporation	Sell	-6	-0.0%	$7.20K	117,759
Q4 2019	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-675	-2.6%	$980.00	25,014
Q4 2019	PKW Invesco BuyBack Achievers ETF	Invesco BuyBack Achievers ETF	Buy	+32,795	+104.4%	$4.43K	64,195
Q4 2019	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+90	+0.0%	$11.62K	249,989
Q4 2019	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy - Position Entry	+4,430	-	$202.00	4,430
Q4 2019	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+47	+0.5%	$3.05K	10,369
Q4 2019	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+20	+0.0%	$4.09K	52,567