Ronald Muhlenkamp – Muhlenkamp & Co Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Muhlenkamp & Co portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Jul 24, 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 Q2 2025, the filing reported:

New Buys – Celanese Corporation (CE)

Increases – Microchip Technology Incorporat (MCHP), Transocean (H8817H100), BGC Group, Inc. (BGC), Dow Inc. (DOW), Schlumberger N.V. (SLB), and 15 more

Reductions – SPDR Gold Trust (GLD), McKesson Corporation (MCK)

Complete Exits – UnitedHealth Group Incorporated (UNH)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Muhlenkamp & Co Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2022Mar 31, 2022	AMLP Alerian MLP ETF	Alerian MLP ETF	Buy	+1,493+0.5%	$10.79K	281,693
Q1 2022Mar 31, 2022	CCJ Cameco Corporation	Cameco Corporation	Buy	+1,252+0.8%	$4.72K	162,168
Q1 2022Mar 31, 2022	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+1,170+0.4%	$12.86K	311,297
Q1 2022Mar 31, 2022	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+1,060+0.4%	$12.24K	240,406
Q1 2022Mar 31, 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+919+0.7%	$9.27K	126,906
Q1 2022Mar 31, 2022	DOW Dow Inc.	Dow Inc.	Buy	+852+0.4%	$13.90K	218,078
Q1 2022Mar 31, 2022	KEX Kirby Corporation	Kirby Corporation	Buy	+683+0.4%	$11.94K	165,399
Q1 2022Mar 31, 2022	LEN Lennar Corporation	Lennar Corporation	Buy	+630+0.9%	$5.59K	68,866
Q1 2022Mar 31, 2022	MTH Meritage Homes Corporation	Meritage Homes Corporation	Buy	+540+0.6%	$7.69K	97,114
Q1 2022Mar 31, 2022	MTZ MasTec, Inc.	MasTec, Inc.	Buy	+520+0.4%	$11.24K	129,059
Q1 2022Mar 31, 2022	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+490+1.2%	$5.91K	41,824
Q1 2022Mar 31, 2022	EQC Equity	Equity	Buy	+473+0.4%	$3.20K	113,328
Q1 2022Mar 31, 2022	CVS CVS Health Corporation	CVS Health Corporation	Buy	+404+0.4%	$11.04K	109,037
Q1 2022Mar 31, 2022	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy	+374+1.1%	$5.62K	35,213
Q1 2022Mar 31, 2022	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+349+0.6%	$5.34K	55,542
Q1 2022Mar 31, 2022	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+178+0.9%	$8.65K	19,605
Q1 2022Mar 31, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+145+0.4%	$13.10K	37,116
Q1 2022Mar 31, 2022	MCK McKesson Corporation	McKesson Corporation	Buy	+85+0.1%	$20.08K	65,585
Q1 2022Mar 31, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+85+0.3%	$12.48K	24,481
Q1 2022Mar 31, 2022	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-184-1.2%	$2.81K	15,561
Q1 2022Mar 31, 2022	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-235-3.5%	$315.00	6,507
Q1 2022Mar 31, 2022	AVGO Broadcom Inc.	Broadcom Inc.	Sell	-5,719-26.2%	$10.16K	16,133
Q1 2022Mar 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-13,360-29.9%	$9.65K	31,315
Q1 2022Mar 31, 2022	AAPL Apple Inc.	Apple Inc.	Sell	-24,038-30.2%	$9.70K	55,527
Q1 2022Mar 31, 2022	WCC WESCO International, Inc.	WESCO International, Inc.	Sell	-51,288-39.4%	$10.27K	78,911
Q1 2022Mar 31, 2022	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Sell	-54,947-32.9%	$8.44K	112,275
Q1 2022Mar 31, 2022	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell - Position Exit	-124,816-100.0%	$0.00	-
Q4 2021Dec 31, 2021	EQT EQT Corporation	EQT Corporation	Buy - Position Entry	+444,283	$9.69K	444,283
Q4 2021Dec 31, 2021	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+72,311+76.2%	$14.56K	167,222
Q4 2021Dec 31, 2021	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+16,984+69.7%	$4.35K	41,334

Page 13 of 49 • 1443 total trades

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