Ronald Muhlenkamp - Muhlenkamp & Co Investment Strategy & Portfolio Analysis
How Muhlenkamp & Co allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.
As of Mar 31, 2026, Ronald Muhlenkamp's Muhlenkamp & Co portfolio reflects a quant / systematic investor approach across 29 reported 13F positions. Portfolio returns are distributed across holdings, with the top five positions representing approximately 33% of total exposure. The portfolio maintains structural breadth across 29 positions, with economic weighting tilted toward basic materials and financials names. Exposure to high-growth and technology-oriented segments is moderate relative to peers, with performance instead anchored in durable, cash-generating businesses across basic materials, unknown, and financials. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Broadly Diversified, Structurally Diversified.
Investment Style
Value, growth, quality, and behavioral classification from latest 13F holdings.
Primary type: Quant / Systematic Investor
Traits: Long-Term Holder, Broadly Diversified, Structurally Diversified
Turnover profile
Moderate
Holding horizon
Long-Term
Portfolio Construction
Concentration and position sizing in the latest filing.
Portfolio construction is lowly concentrated: top three names represent 20.7% of assets, top five 32.8%, and the largest single position is 7.4%.
Top 3 weight
20.7%
Top 5 weight
32.8%
Top 10 weight
56.1%
Largest position
7.4%
Top holdings: Agnico Eagle Mines Limited, EQT Corporation, Newmont Corporation, McKesson Corporation, Royal Gold, Inc. — view full holdings
Sector Preferences
Where capital is allocated by sector.
Capital is tilted toward Basic Materials and Unknown, with 9 sectors represented in the latest filing.
Leading sectors: Basic Materials, Unknown, Financial Services
Risk Framework
Concentration, diversification, and turnover tolerance.
This investor accepts low single-name risk (largest position 7.4%, top ten 56.1%) and high economic diversification (HHI 0.01). Turnover tolerance maps to a moderate profile.
Largest position
7.4%
Top 10 weight
56.1%
Max sector
25.5%
Diversification
High
Strategy Evolution
How the strategy changed between the two most recent filing periods.
Dec 31, 2025 → Mar 31, 2026
- Position count increased from 28 to 29 (+1 names).
- Dominant sector mix shifted from Basic Materials, Financial Services to Basic Materials, Unknown.
- Largest holding changed from Newmont Corporation to Agnico Eagle Mines Limited.
- Quarter-over-quarter portfolio weight turnover: 10.3%.
For trade-level changes, see the Activity page. View activity.
Similar Investors
Peer group with comparable portfolio behavior.
Similar-investor comparisons are coming soon.