Ronald Muhlenkamp Portfolio Concentration: Top Holdings Analysis March 2026

Ronald Muhlenkamp, managing the investment firm Muhlenkamp & Co, saw his portfolio valued at $37.98 million as of March 31, 2026. The portfolio demonstrates a concentrated approach, heavily weighted towards specific sectors and individual stocks.

The largest position is Agnico Eagle Mines Ltd (AEM), representing 7.41% of the portfolio. Other significant holdings include EQT Corp (EQT) at 6.72%, Newmont Corp (NEM) at 6.59%, McKesson Corp (MCK) at 6.19%, and Royal Gold Inc (RGLD) at 5.89%. These top five holdings alone account for nearly 32% of the total portfolio value.

Concentration is also evident in sector allocation. The portfolio is dominated by holdings in the Basic Materials sector (AEM, NEM, RGLD), Energy sector (EQT, SLB), Healthcare (MCK), and Industrials (WAB). Technology (AAPL) and Consumer Cyclical (RUSHA) also feature prominently.

Notable changes in share count were observed across several positions. Agnico Eagle Mines Ltd (AEM) saw a reduction of 8.41% in its weighting, while EQT Corp (EQT) experienced an 11.03% decrease. Newmont Corp (NEM) had the most significant reduction in percentage terms (-18.58%) and shares (-18.58%). Rush Enterprises Inc (RUSHA) also saw a substantial decrease of 11.27%. Conversely, McKesson Corp (MCK) increased its position by 0.23%, and Berkshire Hathaway Inc (BRK-B) saw a minimal decrease of 0.08%.

For detailed insights into Ronald Muhlenkamp's investment activities, visit his profile on Insiderset: https://www.insiderset.com/investor/ronald-muhlenkamp-muhlenkamp-and-co. You can explore his individual stock holdings, including Agnico Eagle Mines Ltd (https://www.insiderset.com/investors/stocks/AEM), EQT Corp (https://www.insiderset.com/investors/stocks/EQT), Newmont Corp (https://www.insiderset.com/investors/stocks/NEM), and others.