MUHLENKAMP & CO INC

Fundamental concentrated ★Highest signal CIK 1133219
League rank
#951
in Fundamental concentrated · #7316 overall
Long book
$379.8M
Q1 2026
Positions
29
Top-10 weight
56%
concentration
Last quarter
-0.1%
SPY +14.8%
Turnover
10%
of book per quarter

Strategy in plain words

auto-generated from filings

MUHLENKAMP & CO INC is a concentrated fundamental stock-picker, running a $379.8M US long book across 29 positions.

The portfolio is concentrated: the top 10 names carry 56% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AGNICO EAGLE MINES LTD, EQT CORP, NEWMONT CORP, MCKESSON CORP, ROYAL GOLD INC.

Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
+2.1%
Q2 2024
+7.2%
Q3 2024
-4.3%
Q4 2024
+4.4%
Q1 2025
+5.3%
Q2 2025
+7.8%
Q3 2025
+2.4%
Q4 2025
+11.1%
Q1 2026
-0.1%

Sector allocation

Materials
21%
Financials
20%
Consumer discretionary
13%
Energy
12%
Technology
12%
Industrials
11%
Other
4%
Services media
3%

Long book by quarter

$344.3M
Q1 2024
$320.4M
Q2 2024
$326.3M
Q3 2024
$329.5M
Q4 2024
$305.6M
Q1 2025
$320.5M
Q2 2025
$367.9M
Q3 2025
$371.8M
Q4 2025
$379.8M
Q1 2026

What does MUHLENKAMP & own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
AEM AGNICO EAGLE MINES LTDMaterials138.6K$28.1M7.4%-8.4%
EQT EQT CORPEnergy401.2K$25.5M6.7%-11.1%
NEM NEWMONT CORPMaterials231.2K$25.0M6.6%-18.7%
MCK MCKESSON CORPConsumer discretionary27.2K$23.5M6.2%-0.1%
RGLD ROYAL GOLD INCFinancials87.9K$22.4M5.9%0.0%
RUSHA RUSH ENTERPRISES INC-CL AConsumer discretionary331.9K$21.9M5.8%-11.6%
BRK/B BERKSHIRE HATHAWAY INC-CL BFinancials38.4K$18.4M4.8%-0.2%
SLB SLB LTDEnergy322.2K$16.6M4.4%0.0%
AAPL APPLE INCTechnology62.6K$15.9M4.2%-0.4%
WAB WABTEC CORPIndustrials63.2K$15.8M4.2%-0.2%
LYB LYONDELLBASELL INDU-CL AOther187.2K$15.1M4.0%+0.7%
BGC BGC GROUP INC-AFinancials1.4M$14.1M3.7%-17.9%
CE CELANESE CORPMaterials210.8K$13.9M3.7%+0.7%
MTZ MASTEC INCIndustrials42.8K$13.8M3.6%-59.5%
NMIH NMI HOLDINGS INCFinancials366.2K$13.7M3.6%-21.7%
MCHP MICROCHIP TECHNOLOGY INCTechnology203.0K$13.1M3.5%Held
MSFT MICROSOFT CORPTechnology32.9K$12.2M3.2%-0.2%
URI UNITED RENTALS INCServices media15.6K$11.4M3.0%0.0%
TMHC TAYLOR MORRISON HOME CORPIndustrials158.6K$9.2M2.4%0.0%
EQX EQUINOX GOLD CORPMaterials519.2K$7.5M2.0%+0.2%
ICLR ICON PLCHealthcare66.0K$7.3M1.9%-10.6%
TRV TRAVELERS COS INC/THEFinancials6.6K$1.9M0.5%Held
GEV GE VERNOVA INCIndustrials1.4K$1.2M0.3%Held
EPD ENTERPRISE PRODUCTS PARTNERSUtilities24.9K$941K0.2%Held
RUSHB RUSH ENTERPRISES INC - CL BConsumer discretionary9.5K$608K0.2%-0.5%
XOM EXXON MOBIL CORPEnergy1.6K$278K0.1%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 6, 202629$379.8M canonicalSEC ↗
Q4 202513F-HRFeb 4, 202628$371.8M canonicalSEC ↗
Q3 202513F-HRNov 7, 202531$367.9M canonicalSEC ↗
Q2 202513F-HRJul 24, 202526$320.5M canonicalSEC ↗
Q1 202513F-HRMay 13, 202526$305.6M canonicalSEC ↗
Q4 202413F-HRFeb 13, 202530$329.5M canonicalSEC ↗
Q3 202413F-HRNov 12, 202428$326.3M canonicalSEC ↗
Q2 202413F-HRJul 17, 202429$320.4M canonicalSEC ↗
Q1 202413F-HRApr 23, 202429$344.3M canonicalSEC ↗

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