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 2020Dec 31, 2020	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy - Position Entry	+19,924	$2.12K	19,924
Q4 2020Dec 31, 2020	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy - Position Entry	+17,368	$2.18K	17,368
Q4 2020Dec 31, 2020	AMLP Alerian MLP ETF	Alerian MLP ETF	Buy	+2,936+1.2%	$6.61K	257,692
Q4 2020Dec 31, 2020	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+2,590+0.8%	$7.46K	329,197
Q4 2020Dec 31, 2020	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+2,109+46.0%	$254.00	6,694
Q4 2020Dec 31, 2020	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Buy	+992+12.4%	$737.00	8,998
Q4 2020Dec 31, 2020	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+913+0.7%	$7.76K	125,138
Q4 2020Dec 31, 2020	CVS CVS Health Corporation	CVS Health Corporation	Buy	+852+0.8%	$7.40K	108,311
Q4 2020Dec 31, 2020	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+831+0.7%	$9.27K	125,102
Q4 2020Dec 31, 2020	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+771+1.4%	$4.02K	54,964
Q4 2020Dec 31, 2020	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+643+1.3%	$2.96K	50,803
Q4 2020Dec 31, 2020	LEN Lennar Corporation	Lennar Corporation	Buy	+612+0.7%	$7.11K	93,245
Q4 2020Dec 31, 2020	AAPL Apple Inc.	Apple Inc.	Buy	+514+0.7%	$10.56K	79,565
Q4 2020Dec 31, 2020	MTH Meritage Homes Corporation	Meritage Homes Corporation	Buy	+366+0.3%	$9.82K	118,588
Q4 2020Dec 31, 2020	CCJ Cameco Corporation	Cameco Corporation	Buy	+307+0.1%	$5.15K	384,551
Q4 2020Dec 31, 2020	MTZ MasTec, Inc.	MasTec, Inc.	Buy	+294+0.2%	$11.37K	166,770
Q4 2020Dec 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+250+0.6%	$9.94K	44,695
Q4 2020Dec 31, 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+230+0.6%	$8.56K	36,919
Q4 2020Dec 31, 2020	MCK McKesson Corporation	McKesson Corporation	Buy	+204+0.3%	$12.36K	71,055
Q4 2020Dec 31, 2020	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+170+0.9%	$6.82K	19,209
Q4 2020Dec 31, 2020	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+144+0.6%	$8.55K	24,378
Q4 2020Dec 31, 2020	BIIB Biogen Inc.	Biogen Inc.	Buy	+94+0.5%	$4.44K	18,147
Q4 2020Dec 31, 2020	AVGO Broadcom Inc.	Broadcom Inc.	Buy	+83+0.3%	$10.68K	24,380
Q4 2020Dec 31, 2020	DOW Dow Inc.	Dow Inc.	Buy	+16+0.0%	$12.49K	225,130
Q4 2020Dec 31, 2020	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-28-0.1%	$874.00	23,739
Q4 2020Dec 31, 2020	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Sell	-394-0.4%	$13.12K	94,983
Q4 2020Dec 31, 2020	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-22,095-31.7%	$8.48K	47,559
Q3 2020Sep 30, 2020	KEX Kirby Corporation	Kirby Corporation	Buy - Position Entry	+86,495	$3.13K	86,495
Q3 2020Sep 30, 2020	MTZ MasTec, Inc.	MasTec, Inc.	Buy	+74,125+80.3%	$7.03K	166,476
Q3 2020Sep 30, 2020	AAPL Apple Inc.	Apple Inc.	Buy	+39,948+102.2%	$9.15K	79,051

Page 18 of 49 • 1443 total trades

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