Muhlenkamp & Co. Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Muhlenkamp & Co. Inc. reported 26 stock positions worth $305.6 million. Its top holding was McKesson (MCK) at 8.5% of the portfolio, followed by Eqt (EQT, 7.9%) and Berkshire Hathaway Class B (BRK.B, 6.6%). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 8 and reduced 16. The biggest buy was Agnico Eagle Mines (AEM, shares +0%) and the biggest sale an exit from Tegna (TGNA).
- Most Recent 13F
- Q2 2026
- Location
- WEXFORD, PA
- CIK
- 0001133219
- Portfolio Value
- $305.6M (Q1 2025)
- SEC Filing
- 0001133219-25-000004 ↗ filed May 13, 2025
Holdings Value
Holdings 26 stocks · $305.6M
| MCK McKesson Corp. | 8.50% | 38,589 | $26.0M | Reduce -0.2% |
| EQT Eqt Corp. | 7.87% | 450,091 | $24.0M | Reduce -0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 6.65% | 38,138 | $20.3M | Reduce -0.1% |
| RUSHA Rush Enterprises Inc. Class A | 6.49% | 371,481 | $19.8M | Reduce -0.1% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 5.46% | 462,971 | $16.7M | Reduce -0.2% |
| AEM Agnico Eagle Mines Ltd. | 5.36% | 151,252 | $16.4M | Add +0.5% |
| BGC BGC Group Inc. Class A | 5.20% | 1,734,299 | $15.9M | Reduce -0.0% |
| RGLD Royal Gold Inc. | 4.68% | 87,460 | $14.3M | Add +0.6% |
| AAPL Apple Inc. | 4.54% | 62,446 | $13.9M | Reduce -1.0% |
| NEM Newmont Corp. | 4.48% | 283,723 | $13.7M | Add +0.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 4.32% | 315,817 | $13.2M | Reduce 0.0% |
| UNH Unitedhealth Group Inc. | 4.29% | 25,045 | $13.1M | Reduce -0.9% |
| MTZ Mastec Inc. | 4.03% | 105,459 | $12.3M | Reduce -0.0% |
| MSFT Microsoft Corp. | 3.96% | 32,241 | $12.1M | Add +0.6% |
| WAB Wabtec Corp. | 3.70% | 62,374 | $11.3M | Reduce -0.2% |
| URI United Rentals Inc. | 3.15% | 15,368 | $9.6M | Reduce -0.1% |
| TMHC Taylor Morrison Home Corp. | 3.05% | 155,206 | $9.3M | Reduce -0.1% |
| AMLP Alerian MLP ETF | 3.00% | 176,704 | $9.2M | Add +0.9% |
| JD Jd.com Inc.-ADR | 2.74% | 203,832 | $8.4M | Add +110.4% |
| DOW Dow Inc. | 2.57% | 225,265 | $7.9M | Reduce -0.1% |
| GLD SPDR Gold Shares | 2.10% | 22,328 | $6.4M | Add +1.1% |
| MCHP Microchip Technology Inc. | 1.76% | 111,060 | $5.4M | Reduce -5.8% |
| RIG Transocean Ltd. | 1.06% | 1,024,638 | $3.2M | Add +0.0% |
| TRV The Travelers Cos Inc. | 0.58% | 6,648 | $1.8M | New |
| EPD Enterprise Products Partners | 0.28% | 24,855 | $849K | Reduce -7.5% |
| RUSHB Rush Enterprises Inc. Class B | 0.18% | 9,501 | $537K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| TGNA Tegna Inc. | Sold out | 0.00% | −3.84 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −3.57 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −3.24 |
| KEX Kirby Corp. | Sold out | 0.00% | −2.34 |
| MTZ Mastec Inc. | Reduce -0.0% | 4.03% | −0.33 |
| MCHP Microchip Technology Inc. | Reduce -5.8% | 1.76% | −0.29 |
| AAPL Apple Inc. | Reduce -1.0% | 4.54% | −0.25 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.23 |
| DOW Dow Inc. | Reduce -0.1% | 2.57% | −0.17 |
| URI United Rentals Inc. | Reduce -0.1% | 3.15% | −0.14 |
| EPD Enterprise Products Partners | Reduce -7.5% | 0.28% | +0.02 |
| WAB Wabtec Corp. | Reduce -0.2% | 3.70% | +0.11 |
| TMHC Taylor Morrison Home Corp. | Reduce -0.1% | 3.05% | +0.16 |
| NMIH Nmi Holdings Inc. | Reduce -0.2% | 5.46% | +0.28 |
| RUSHA Rush Enterprises Inc. Class A | Reduce -0.1% | 6.49% | +0.31 |
| UNH Unitedhealth Group Inc. | Reduce -0.9% | 4.29% | +0.41 |
| BGC BGC Group Inc. Class A | Reduce -0.0% | 5.20% | +0.43 |
| SLB SLB Ltd. | Reduce 0.0% | 4.32% | +0.64 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 6.65% | +1.39 |
| EQT Eqt Corp. | Reduce -0.3% | 7.87% | +1.55 |
| MCK McKesson Corp. | Reduce -0.2% | 8.50% | +1.81 |
Portfolio Buys Q4 2024 → Q1 2025
| AEM Agnico Eagle Mines Ltd. | Add +0.5% | 5.36% | +1.79 |
| JD Jd.com Inc.-ADR | Add +110.4% | 2.74% | +1.72 |
| NEM Newmont Corp. | Add +0.6% | 4.48% | +1.29 |
| RGLD Royal Gold Inc. | Add +0.6% | 4.68% | +1.20 |
| TRV The Travelers Cos Inc. | New | 0.58% | +0.58 |
| GLD SPDR Gold Shares | Add +1.1% | 2.10% | +0.48 |
| AMLP Alerian MLP ETF | Add +0.9% | 3.00% | +0.44 |
| RIG Transocean Ltd. | Add +0.0% | 1.06% | −0.10 |
| MSFT Microsoft Corp. | Add +0.6% | 3.96% | −0.14 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 28 | $345.3M | RUSHA, NEM, AEM, EQT, MCK |
| Q1 2026 | 29 | $379.8M | AEM, EQT, NEM, MCK, RGLD |
| Q4 2025 | 28 | $371.8M | NEM, AEM, EQT, MTZ, MCK |
| Q3 2025 | 31 | $367.9M | AEM, EQT, NEM, MTZ, MCK |
| Q2 2025 | 26 | $320.5M | EQT, MCK, NMIH, RUSHA, BRK.B |
| Q1 2025 | 26 | $305.6M | MCK, EQT, BRK.B, RUSHA, NMIH |
| Q4 2024 | 30 | $329.5M | MCK, EQT, RUSHA, BRK.B, NMIH |
| Q3 2024 | 28 | $326.3M | RUSHA, NMIH, MCK, BRK.B, EQT |
| Q2 2024 | 29 | $320.4M | MCK, EQT, NMIH, RUSHA, BRK.B |
| Q1 2024 | 29 | $344.3M | AVGO, MCK, RUSHA, SLB, EQT |