Ronald Muhlenkamp - Muhlenkamp & Co 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 04, 2026, the Muhlenkamp & Co portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - None reported

Increases - Apple Inc., BGC Group, Inc., Berkshire Hathaway Inc. New, Celanese Corporation, EQT Corporation, and 15 more

Reductions - Agnico Eagle Mines Limited, Alerian MLP ETF, MasTec, Inc.

Complete Exits - First, JD.com, Inc., Royal Caribbean

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 2025	AAPL Apple Inc.	Apple Inc.	Buy	+168	+0.3%	$17.08M	62,841
Q4 2025	AEM Agnico Eagle Mines Limited	Agnico Eagle Mines Limited	Sell	-42	-0.0%	$25.64M	151,269
Q4 2025	AMLP Alerian MLP ETF	Alerian MLP ETF	Sell	-420	-0.2%	$8.29M	176,301
Q4 2025	BGC BGC Group, Inc.	BGC Group, Inc.	Buy	+7,541	+0.4%	$15.71M	1,759,280
Q4 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+31	+0.1%	$19.31M	38,411
Q4 2025	CE Celanese Corporation	Celanese Corporation	Buy	+24,948	+13.5%	$8.85M	209,403
Q4 2025	EQT EQT Corporation	EQT Corporation	Buy	+164	+0.0%	$24.18M	451,127
Q4 2025	EQX Equinox Gold Corp.	Equinox Gold Corp.	Buy	+3,765	+0.7%	$7.27M	518,022
Q4 2025	FCF First	First	Sell - Position Exit	-10,154	-100.0%	$0.00	-
Q4 2025	GLD SPDR Gold Trust	SPDR Gold Trust	Buy	+59	+0.3%	$8.84M	22,301
Q4 2025	ICLR ICON	ICON	Buy	+398	+0.5%	$13.46M	73,865
Q4 2025	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-181,412	-100.0%	$0.00	-
Q4 2025	LYB LyondellBasell	LyondellBasell	Buy	+1,746	+0.9%	$8.05M	185,821
Q4 2025	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+1,232	+0.6%	$12.93M	202,985
Q4 2025	MCK McKesson Corporation	McKesson Corporation	Buy	+85	+0.3%	$22.31M	27,193
Q4 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+658	+2.0%	$15.96M	33,005
Q4 2025	MTZ MasTec, Inc.	MasTec, Inc.	Sell	-26	-0.0%	$22.99M	105,760
Q4 2025	NEM Newmont Corporation	Newmont Corporation	Buy	+538	+0.2%	$28.41M	284,481
Q4 2025	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+1,442	+0.3%	$19.08M	467,789
Q4 2025	RCL Royal Caribbean	Royal Caribbean	Sell - Position Exit	-2,671	-100.0%	$0.00	-
Q4 2025	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+343	+0.4%	$19.55M	87,928
Q4 2025	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+1,468	+0.4%	$20.26M	375,519
Q4 2025	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+2,293	+0.7%	$12.36M	322,031
Q4 2025	TMHC Taylor Morrison Home Corporatio	Taylor Morrison Home Corporatio	Buy	+1,150	+0.7%	$9.33M	158,548
Q4 2025	URI United Rentals, Inc.	United Rentals, Inc.	Buy	+83	+0.5%	$12.63M	15,606
Q4 2025	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+271	+0.4%	$13.51M	63,301