MuhlenkampSuperinvestor
About Muhlenkamp’s 13F portfolio
Muhlenkamp is an institutional investment manager that discloses its US-listed holdings each quarter through an SEC Form 13F filing. As of , Muhlenkamp reported $379.8M across 29 US-listed positions (). Its largest position is AGNICO EAGLE MINES LTD (AEM) at 7.4% of the reported book, and its ten biggest holdings make up 56% of the portfolio. Browse every manager in the fund managers directory, or see the legendary investors we track on the superinvestors page.
| # | Stock | Price | % of portfolio | Shares | Value |
|---|---|---|---|---|---|
| 1 |  AEM AGNICO EAGLE MINES LTD | — — | 7.4% | 139K | $28.1M |
| 2 |  EQT EQT CORP | — — | 6.7% | 401K | $25.5M |
| 3 |  NEM NEWMONT CORP | — — | 6.6% | 231K | $25.0M |
| 4 |  MCK MCKESSON CORP | — — | 6.2% | 27K | $23.5M |
| 5 |  RGLD ROYAL GOLD INC | — — | 5.9% | 88K | $22.4M |
| 6 |  RUSHA RUSH ENTERPRISES INC | — — | 5.8% | 332K | $21.9M |
| 7 |  BRK/B BERKSHIRE HATHAWAY INC DEL | — — | 4.8% | 38K | $18.4M |
| 8 |  SLB SLB LIMITED | — — | 4.4% | 322K | $16.6M |
| 9 |  AAPL APPLE INC | — — | 4.2% | 63K | $15.9M |
| 10 |  WAB WABTEC | — — | 4.2% | 63K | $15.8M |
| 11 |  LYB LYONDELLBASELL INDUSTRIES NV | — — | 4.0% | 187K | $15.1M |
| 12 |  BGC BGC GROUP INC | — — | 3.7% | 1.4M | $14.1M |
| 13 |  CE CELANESE CORP DEL | — — | 3.7% | 211K | $13.9M |
| 14 |  MTZ MASTEC INC | — — | 3.6% | 43K | $13.8M |
| 15 |  NMIH NMI HLDGS INC | — — | 3.6% | 366K | $13.7M |
| 16 |  MCHP MICROCHIP TECHNOLOGY INC. | — — | 3.5% | 203K | $13.1M |
| 17 |  FRDM EA SERIES TRUST | — — | 3.4% | 237K | $12.9M |
| 18 |  MSFT MICROSOFT CORP | — — | 3.2% | 33K | $12.2M |
| 19 |  URI UNITED RENTALS INC | — — | 3.0% | 16K | $11.4M |
| 20 |  GLD SPDR GOLD TR | — — | 2.5% | 22K | $9.5M |
| 21 |  TMHC TAYLOR MORRISON HOME CORP | — — | 2.4% | 159K | $9.2M |
| 22 |  AMLP ALPS ETF TR | — — | 2.1% | 151K | $7.9M |
| 23 |  EQX EQUINOX GOLD CORP | — — | 2.0% | 519K | $7.5M |
| 24 |  ICLR ICON PLC | — — | 1.9% | 66K | $7.3M |
| 25 |  TRV TRAVELERS COMPANIES INC | — — | 0.5% | 7K | $1.9M |
Showing 1–25 of 29 positions on this page reported in this 13F.
Tiles are sized by portfolio weight and coloured by sector; the “est.” figure on each tile is the estimated dividend- and split-adjusted return since the first reported quarter — not the manager’s profit or cost basis.
“Est. return” = estimated dividend/split-adjusted return since the first reported quarter — not the manager’s profit or cost basis.
- Basic Materials28%
- Unclassified15%
- Energy11%
- Industrials11%
- Technology11%
- Consumer Cyclical8.4%
- Healthcare8.1%
- Financial Services7.8%
How this return is calculated
Estimated dividend- and split-adjusted return from the end of the first consecutive reported quarter in which the current holding appears in Bullish Whales’ 13F history, through the manager’s latest reported quarter. Current disclosed holdings only. Start dates differ by holding, changes in position size are not modeled, and positions no longer reported are excluded. Not the manager’s cost basis, purchase date, realized profit or loss, live performance, or portfolio performance.
- AddedSLBSLB LIMITED+0.0%$16.6M
- AddedLYBLYONDELLBASELL INDUSTRIES NV+0.7%$15.1M
- AddedCECELANESE CORP DEL+0.7%$13.9M
- NewFRDMEA SERIES TRUST—$12.9M
- AddedTMHCTAYLOR MORRISON HOME CORP+0.0%$9.2M
- AddedEQXEQUINOX GOLD CORP+0.2%$7.5M
- NewXOMEXXON MOBIL CORP—$278K
- ReducedAEMAGNICO EAGLE MINES LTD−8.4%$28.1M
- ReducedEQTEQT CORP−11.1%$25.5M
- ReducedNEMNEWMONT CORP−18.7%$25.0M
- ReducedMCKMCKESSON CORP−0.1%$23.5M
- ReducedRGLDROYAL GOLD INC−0.0%$22.4M
- ReducedRUSHARUSH ENTERPRISES INC−11.6%$21.9M
- ReducedBRK/BBERKSHIRE HATHAWAY INC DEL−0.2%$18.4M
- ReducedAAPLAPPLE INC−0.4%$15.9M
- ReducedWABWABTEC−0.2%$15.8M
- ReducedBGCBGC GROUP INC−17.9%$14.1M
Reading Muhlenkamp’s 13F portfolio
Muhlenkamp’s $379.8M 13F book is spread across 29 reported positions and is concentrated toward its biggest ideas, with the top ten holdings at 56%. The largest positions carry real weight, so how those names perform matters a lot to the overall book. Its five largest positions are AEM, EQT, NEM, MCK and RGLD, led by AGNICO EAGLE MINES LTD (AEM) at 7.4% of the portfolio. The heaviest sector exposure is Basic Materials (28%), then Energy (11%).
What Muhlenkamp changed last quarter
Between 2025-12-31 and Q1 2026, Muhlenkamp was a net seller: it opened 2 new positions and added to 5 more, while trimming 18 and closing 1 outright. Against a 29-name book, that is moderate turnover, pointing to steady rotation within the portfolio. Its largest new or increased position was SLB LIMITED (SLB), and its biggest reduction was AGNICO EAGLE MINES LTD (AEM).
What a 13F does and doesn’t reveal
A 13F captures only Muhlenkamp’s long positions in US-listed stocks at a single quarter-end, so it is best read as a lagged snapshot rather than a live portfolio. It won’t show shorts, cash, bonds, or holdings listed outside the US, and it never reveals the price paid or the reasoning behind a trade. The signal is in the pattern over time: which names Muhlenkamp is building up, trimming, or exiting, and how concentrated the book stays from quarter to quarter.
Frequently asked questions
What is an SEC 13F filing?
A Form 13F is a report that every institutional investment manager with at least $100 million in US-listed securities must file with the SEC within 45 days of each quarter's end. It lists the manager's long positions in US-listed stocks and certain options, with the share count and market value of each. Muhlenkamp's profile on this page is built directly from those filings.
How current is the 13F data on Muhlenkamp's page?
It reflects Muhlenkamp's most recently filed 13F, currently the quarter ending Q1 2026. Because managers have up to 45 days after a quarter closes to file, a 13F is always a slightly lagged view rather than a live portfolio. When Muhlenkamp files its next quarterly report, this page refreshes automatically.
Can I see Muhlenkamp's complete list of holdings?
This page highlights Muhlenkamp's largest positions rather than all 29 names in the filing. The complete, position-by-position 13F is public and available from the SEC's EDGAR database under Muhlenkamp's filings.
Does a 13F show everything Muhlenkamp owns?
No. A 13F only covers long positions in US-listed stocks and certain options. It leaves out short positions, cash, bonds, commodities, foreign-listed stocks, and private holdings, so it is a partial view of Muhlenkamp's book rather than its full strategy or total assets.
Is 13F data investment advice?
No. Everything here is educational. 13F positions are disclosed with a delay, cover only long US-listed holdings, and never explain why Muhlenkamp made a trade or at what price. Treat it as a research lens, not a recommendation, and speak with a licensed financial advisor before making investment decisions.
Not investment advice. Holdings data comes from public SEC Form 13F filings, which are filed with a delay of up to 45 days and may be amended later. It describes historical, disclosed positions in US-listed securities only, meaning no shorts, cash, or foreign holdings, and it is not a recommendation. Always do your own research and speak with a licensed financial advisor before making investment decisions.