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
Q3 2021Sep 30, 2021	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-41-0.2%	$9.54K	24,412
Q3 2021Sep 30, 2021	AVGO Broadcom Inc.	Broadcom Inc.	Sell	-41-0.2%	$11.82K	24,370
Q3 2021Sep 30, 2021	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-58-0.2%	$10.09K	36,975
Q3 2021Sep 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-75-0.2%	$12.60K	44,701
Q3 2021Sep 30, 2021	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Sell	-82-0.1%	$4.76K	55,276
Q3 2021Sep 30, 2021	MCK McKesson Corporation	McKesson Corporation	Sell	-83-0.1%	$13.07K	65,548
Q3 2021Sep 30, 2021	LEN Lennar Corporation	Lennar Corporation	Sell	-114-0.2%	$6.40K	68,294
Q3 2021Sep 30, 2021	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-125-0.3%	$6.82K	41,512
Q3 2021Sep 30, 2021	AAPL Apple Inc.	Apple Inc.	Sell	-133-0.2%	$11.27K	79,609
Q3 2021Sep 30, 2021	MTH Meritage Homes Corporation	Meritage Homes Corporation	Sell	-164-0.2%	$9.37K	96,637
Q3 2021Sep 30, 2021	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Sell	-180-0.2%	$14.57K	94,911
Q3 2021Sep 30, 2021	CVS CVS Health Corporation	CVS Health Corporation	Sell	-189-0.2%	$9.22K	108,645
Q3 2021Sep 30, 2021	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-204-0.2%	$7.42K	125,419
Q3 2021Sep 30, 2021	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-215-0.2%	$12.60K	124,920
Q3 2021Sep 30, 2021	WCC WESCO International, Inc.	WESCO International, Inc.	Sell	-218-0.2%	$15.06K	130,575
Q3 2021Sep 30, 2021	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-232-3.3%	$309.00	6,742
Q3 2021Sep 30, 2021	KEX Kirby Corporation	Kirby Corporation	Sell	-275-0.2%	$7.91K	164,851
Q3 2021Sep 30, 2021	DOW Dow Inc.	Dow Inc.	Sell	-393-0.2%	$12.51K	217,319
Q3 2021Sep 30, 2021	AMLP Alerian MLP ETF	Alerian MLP ETF	Sell	-451-0.2%	$9.35K	280,436
Q3 2021Sep 30, 2021	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-525-0.2%	$9.20K	310,376
Q3 2021Sep 30, 2021	MTZ MasTec, Inc.	MasTec, Inc.	Sell	-541-0.4%	$11.10K	128,634
Q3 2021Sep 30, 2021	NMIH NMI Holdings Inc	NMI Holdings Inc	Sell	-547-0.2%	$7.46K	330,061
Q3 2021Sep 30, 2021	CCJ Cameco Corporation	Cameco Corporation	Sell	-3,810-1.0%	$8.17K	375,775
Q3 2021Sep 30, 2021	BIIB Biogen Inc.	Biogen Inc.	Sell - Position Exit	-18,218-100.0%	$0.00	-
Q2 2021Jun 30, 2021	CCJ Cameco Corporation	Cameco Corporation	Buy	+3,810+1.0%	$7.28K	379,585
Q2 2021Jun 30, 2021	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+547+0.2%	$7.43K	330,608
Q2 2021Jun 30, 2021	MTZ MasTec, Inc.	MasTec, Inc.	Buy	+541+0.4%	$13.71K	129,175
Q2 2021Jun 30, 2021	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+525+0.2%	$9.95K	310,901
Q2 2021Jun 30, 2021	AMLP Alerian MLP ETF	Alerian MLP ETF	Buy	+451+0.2%	$10.23K	280,887
Q2 2021Jun 30, 2021	DOW Dow Inc.	Dow Inc.	Buy	+393+0.2%	$13.78K	217,712

Page 15 of 49 • 1443 total trades

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