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
Q4 2021Dec 31, 2021	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy	+13,986+67.1%	$4.82K	34,839
Q4 2021Dec 31, 2021	PKW Invesco BuyBack Achievers ETF	Invesco BuyBack Achievers ETF	Buy - Position Entry	+5,699	$550.00	5,699
Q4 2021Dec 31, 2021	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+809+0.2%	$7.23K	330,870
Q4 2021Dec 31, 2021	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+568+0.5%	$7.86K	125,987
Q4 2021Dec 31, 2021	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+108+0.6%	$6.91K	19,427
Q4 2021Dec 31, 2021	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-4-0.0%	$11.05K	36,971
Q4 2021Dec 31, 2021	CVS CVS Health Corporation	CVS Health Corporation	Sell	-12-0.0%	$11.21K	108,633
Q4 2021Dec 31, 2021	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-16-0.1%	$12.25K	24,396
Q4 2021Dec 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-26-0.1%	$15.03K	44,675
Q4 2021Dec 31, 2021	AAPL Apple Inc.	Apple Inc.	Sell	-44-0.1%	$14.13K	79,565
Q4 2021Dec 31, 2021	MCK McKesson Corporation	McKesson Corporation	Sell	-48-0.1%	$16.28K	65,500
Q4 2021Dec 31, 2021	LEN Lennar Corporation	Lennar Corporation	Sell	-58-0.1%	$7.93K	68,236
Q4 2021Dec 31, 2021	MTH Meritage Homes Corporation	Meritage Homes Corporation	Sell	-63-0.1%	$11.79K	96,574
Q4 2021Dec 31, 2021	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Sell	-83-0.2%	$5.08K	55,193
Q4 2021Dec 31, 2021	EQC Equity	Equity	Sell	-88-0.1%	$2.92K	112,855
Q4 2021Dec 31, 2021	DOW Dow Inc.	Dow Inc.	Sell	-93-0.0%	$12.32K	217,226
Q4 2021Dec 31, 2021	MTZ MasTec, Inc.	MasTec, Inc.	Sell	-95-0.1%	$11.86K	128,539
Q4 2021Dec 31, 2021	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-104-0.1%	$8.31K	124,816
Q4 2021Dec 31, 2021	KEX Kirby Corporation	Kirby Corporation	Sell	-135-0.1%	$9.79K	164,716
Q4 2021Dec 31, 2021	AMLP Alerian MLP ETF	Alerian MLP ETF	Sell	-236-0.1%	$9.17K	280,200
Q4 2021Dec 31, 2021	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-249-0.1%	$9.29K	310,127
Q4 2021Dec 31, 2021	WCC WESCO International, Inc.	WESCO International, Inc.	Sell	-376-0.3%	$17.13K	130,199
Q4 2021Dec 31, 2021	AVGO Broadcom Inc.	Broadcom Inc.	Sell	-2,518-10.3%	$14.54K	21,852
Q4 2021Dec 31, 2021	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-25,767-62.1%	$2.69K	15,745
Q4 2021Dec 31, 2021	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-78,365-24.7%	$13.32K	239,346
Q4 2021Dec 31, 2021	CCJ Cameco Corporation	Cameco Corporation	Sell	-214,859-57.2%	$3.51K	160,916
Q3 2021Sep 30, 2021	EQC Equity	Equity	Buy - Position Entry	+112,943	$2.93K	112,943
Q3 2021Sep 30, 2021	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Sell	-29-0.1%	$2.71K	20,853
Q3 2021Sep 30, 2021	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-30-0.2%	$6.67K	19,319
Q3 2021Sep 30, 2021	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Sell	-33-0.1%	$2.33K	24,350

Page 14 of 49 • 1443 total trades

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