Muhlenkamp & Co. Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Muhlenkamp & Co. Inc. reported 31 stock positions worth $367.9 million. Its top holding was Agnico Eagle Mines (AEM) at 6.9% of the portfolio, followed by Eqt (EQT, 6.7%) and Newmont (NEM, 6.5%). Compared with Q2 2025, it opened 7 new positions, sold out of 2, added to 16 and reduced 6. The biggest buy was a new position in Icon (ICLR) and the biggest sale an exit from Dow (DOW).
- Most Recent 13F
- Q2 2026
- Location
- WEXFORD, PA
- CIK
- 0001133219
- Portfolio Value
- $367.9M (Q3 2025)
- SEC Filing
- 0001133219-25-000006 ↗ filed Nov 7, 2025
Holdings Value
Holdings 31 stocks · $367.9M
| AEM Agnico Eagle Mines Ltd. | 6.93% | 151,311 | $25.5M | Add +0.0% |
| EQT Eqt Corp. | 6.67% | 450,963 | $24.5M | Reduce -0.0% |
| NEM Newmont Corp. | 6.51% | 283,943 | $23.9M | Add +0.0% |
| MTZ Mastec Inc. | 6.12% | 105,786 | $22.5M | Reduce -0.3% |
| MCK McKesson Corp. | 5.69% | 27,108 | $20.9M | Add +0.1% |
| RUSHA Rush Enterprises Inc. Class A | 5.44% | 374,051 | $20.0M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 5.24% | 38,380 | $19.3M | Add +0.1% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 4.86% | 466,347 | $17.9M | Add +0.1% |
| RGLD Royal Gold Inc. | 4.78% | 87,585 | $17.6M | Add +0.1% |
| MSFT Microsoft Corp. | 4.55% | 32,347 | $16.8M | Add +0.1% |
| BGC BGC Group Inc. Class A | 4.50% | 1,751,739 | $16.6M | Add +0.1% |
| AAPL Apple Inc. | 4.34% | 62,673 | $16.0M | Add +0.1% |
| URI United Rentals Inc. | 4.03% | 15,523 | $14.8M | Reduce -0.0% |
| MCHP Microchip Technology Inc. | 3.52% | 201,753 | $13.0M | Add +0.1% |
| ICLR Icon PLC | 3.49% | 73,467 | $12.9M | New |
| WAB Wabtec Corp. | 3.43% | 63,030 | $12.6M | Add +0.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 2.99% | 319,738 | $11.0M | Add +0.2% |
| TMHC Taylor Morrison Home Corp. | 2.82% | 157,398 | $10.4M | Add +0.2% |
| LYB Lyondellbasell Indu Class A | 2.45% | 184,075 | $9.0M | New |
| AMLP Alerian MLP ETF | 2.25% | 176,721 | $8.3M | Add +0.0% |
| GLD SPDR Gold Shares | 2.15% | 22,242 | $7.9M | Reduce -0.3% |
| CE Celanese Corp. | 2.11% | 184,455 | $7.8M | Add +22.0% |
| JD Jd.com Inc.-ADR | 1.72% | 181,412 | $6.3M | Reduce -11.0% |
| EQX Equinox Gold Corp. | 1.57% | 514,257 | $5.8M | New |
| TRV The Travelers Cos Inc. | 0.50% | 6,627 | $1.9M | Reduce -0.3% |
| GTLS Chart Industries Inc. | 0.43% | 7,924 | $1.6M | New |
| GEV GE Vernova Inc. | 0.24% | 1,426 | $877K | New |
| RCL Royal Caribbean Cruises Ltd. | 0.23% | 2,671 | $864K | New |
| EPD Enterprise Products Partners | 0.21% | 24,855 | $777K | No change |
| RUSHB Rush Enterprises Inc. Class B | 0.15% | 9,501 | $546K | No change |
| FCF First Commonwealth Finl Corp. | 0.05% | 10,154 | $173K | New |
Portfolio Sells Q2 2025 → Q3 2025
| DOW Dow Inc. | Sold out | 0.00% | −1.89 |
| EQT Eqt Corp. | Reduce -0.0% | 6.67% | −1.54 |
| RIG Transocean Ltd. | Sold out | 0.00% | −0.86 |
| JD Jd.com Inc.-ADR | Reduce -11.0% | 1.72% | −0.35 |
| TRV The Travelers Cos Inc. | Reduce -0.3% | 0.50% | −0.05 |
| GLD SPDR Gold Shares | Reduce -0.3% | 2.15% | +0.03 |
| URI United Rentals Inc. | Reduce -0.0% | 4.03% | +0.38 |
| MTZ Mastec Inc. | Reduce -0.3% | 6.12% | +0.48 |
Portfolio Buys Q2 2025 → Q3 2025
| ICLR Icon PLC | New | 3.49% | +3.49 |
| LYB Lyondellbasell Indu Class A | New | 2.45% | +2.45 |
| EQX Equinox Gold Corp. | New | 1.57% | +1.57 |
| NEM Newmont Corp. | Add +0.0% | 6.51% | +1.35 |
| AEM Agnico Eagle Mines Ltd. | Add +0.0% | 6.93% | +1.32 |
| GTLS Chart Industries Inc. | New | 0.43% | +0.43 |
| AAPL Apple Inc. | Add +0.1% | 4.34% | +0.33 |
| GEV GE Vernova Inc. | New | 0.24% | +0.24 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.23% | +0.23 |
| FCF First Commonwealth Finl Corp. | New | 0.05% | +0.05 |
| RGLD Royal Gold Inc. | Add +0.1% | 4.78% | −0.08 |
| TMHC Taylor Morrison Home Corp. | Add +0.2% | 2.82% | −0.19 |
| SLB SLB Ltd. | Add +0.2% | 2.99% | −0.38 |
| AMLP Alerian MLP ETF | Add +0.0% | 2.25% | −0.44 |
| MSFT Microsoft Corp. | Add +0.1% | 4.55% | −0.46 |
| MCK McKesson Corp. | Add +0.1% | 5.69% | −0.50 |
| CE Celanese Corp. | Add +22.0% | 2.11% | −0.50 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.1% | 5.24% | −0.57 |
| RUSHA Rush Enterprises Inc. Class A | Add +0.1% | 5.44% | −0.57 |
| WAB Wabtec Corp. | Add +0.1% | 3.43% | −0.68 |
| MCHP Microchip Technology Inc. | Add +0.1% | 3.52% | −0.90 |
| BGC BGC Group Inc. Class A | Add +0.1% | 4.50% | −1.08 |
| NMIH Nmi Holdings Inc. | Add +0.1% | 4.86% | −1.27 |
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 |