Muhlenkamp & Co. Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Muhlenkamp & Co. Inc. reported 28 stock positions worth $371.8 million. Its top holding was Newmont (NEM) at 7.6% of the portfolio, followed by Agnico Eagle Mines (AEM, 6.9%) and Eqt (EQT, 6.5%). Compared with Q3 2025, it sold out of 3, added to 20 and reduced 3. The biggest buy was Newmont (NEM, shares +0%) and the biggest sale an exit from Jd.com Inc.-ADR (JD).
- Most Recent 13F
- Q2 2026
- Location
- WEXFORD, PA
- CIK
- 0001133219
- Portfolio Value
- $371.8M (Q4 2025)
- SEC Filing
- 0001133219-26-000001 ↗ filed Feb 4, 2026
Holdings Value
Holdings 28 stocks · $371.8M
| NEM Newmont Corp. | 7.64% | 284,481 | $28.4M | Add +0.2% |
| AEM Agnico Eagle Mines Ltd. | 6.90% | 151,269 | $25.6M | Reduce -0.0% |
| EQT Eqt Corp. | 6.50% | 451,127 | $24.2M | Add +0.0% |
| MTZ Mastec Inc. | 6.18% | 105,760 | $23.0M | Reduce -0.0% |
| MCK McKesson Corp. | 6.00% | 27,193 | $22.3M | Add +0.3% |
| RUSHA Rush Enterprises Inc. Class A | 5.45% | 375,519 | $20.3M | Add +0.4% |
| RGLD Royal Gold Inc. | 5.26% | 87,928 | $19.5M | Add +0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 5.19% | 38,411 | $19.3M | Add +0.1% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 5.13% | 467,789 | $19.1M | Add +0.3% |
| AAPL Apple Inc. | 4.59% | 62,841 | $17.1M | Add +0.3% |
| MSFT Microsoft Corp. | 4.29% | 33,005 | $16.0M | Add +2.0% |
| BGC BGC Group Inc. Class A | 4.23% | 1,759,280 | $15.7M | Add +0.4% |
| WAB Wabtec Corp. | 3.63% | 63,301 | $13.5M | Add +0.4% |
| ICLR Icon PLC | 3.62% | 73,865 | $13.5M | Add +0.5% |
| MCHP Microchip Technology Inc. | 3.48% | 202,985 | $12.9M | Add +0.6% |
| URI United Rentals Inc. | 3.40% | 15,606 | $12.6M | Add +0.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 3.32% | 322,031 | $12.4M | Add +0.7% |
| TMHC Taylor Morrison Home Corp. | 2.51% | 158,548 | $9.3M | Add +0.7% |
| CE Celanese Corp. | 2.38% | 209,403 | $8.9M | Add +13.5% |
| GLD SPDR Gold Shares | 2.38% | 22,301 | $8.8M | Add +0.3% |
| AMLP Alerian MLP ETF | 2.23% | 176,301 | $8.3M | Reduce -0.2% |
| LYB Lyondellbasell Indu Class A | 2.16% | 185,821 | $8.0M | Add +0.9% |
| EQX Equinox Gold Corp. | 1.96% | 518,022 | $7.3M | Add +0.7% |
| TRV The Travelers Cos Inc. | 0.52% | 6,627 | $1.9M | No change |
| GTLS Chart Industries Inc. | 0.44% | 7,924 | $1.6M | No change |
| GEV GE Vernova Inc. | 0.25% | 1,426 | $932K | No change |
| EPD Enterprise Products Partners | 0.21% | 24,855 | $797K | No change |
| RUSHB Rush Enterprises Inc. Class B | 0.14% | 9,501 | $535K | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| NEM Newmont Corp. | Add +0.2% | 7.64% | +1.13 |
| RGLD Royal Gold Inc. | Add +0.4% | 5.26% | +0.48 |
| EQX Equinox Gold Corp. | Add +0.7% | 1.96% | +0.39 |
| SLB SLB Ltd. | Add +0.7% | 3.32% | +0.34 |
| MCK McKesson Corp. | Add +0.3% | 6.00% | +0.31 |
| NMIH Nmi Holdings Inc. | Add +0.3% | 5.13% | +0.27 |
| CE Celanese Corp. | Add +13.5% | 2.38% | +0.27 |
| AAPL Apple Inc. | Add +0.3% | 4.59% | +0.26 |
| GLD SPDR Gold Shares | Add +0.3% | 2.38% | +0.23 |
| WAB Wabtec Corp. | Add +0.4% | 3.63% | +0.20 |
| ICLR Icon PLC | Add +0.5% | 3.62% | +0.13 |
| RUSHA Rush Enterprises Inc. Class A | Add +0.4% | 5.45% | +0.01 |
| MCHP Microchip Technology Inc. | Add +0.6% | 3.48% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.1% | 5.19% | −0.05 |
| EQT Eqt Corp. | Add +0.0% | 6.50% | −0.17 |
| MSFT Microsoft Corp. | Add +2.0% | 4.29% | −0.26 |
| BGC BGC Group Inc. Class A | Add +0.4% | 4.23% | −0.28 |
| LYB Lyondellbasell Indu Class A | Add +0.9% | 2.16% | −0.29 |
| TMHC Taylor Morrison Home Corp. | Add +0.7% | 2.51% | −0.31 |
| URI United Rentals Inc. | Add +0.5% | 3.40% | −0.63 |
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 |