Muhlenkamp & Company 13F, Q3 2025
Muhlenkamp · quarter ending 30 September 2025 · filed 7 November 2025 · SEC CIK 1133219
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 31 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| AGNICO EAGLE MINES LTD | AEM | $25.50M | 6.9% | unchanged |
| EQT CORP | EQT | $24.55M | 6.7% | unchanged |
| NEWMONT CORP | NEM | $23.94M | 6.5% | unchanged |
| MASTEC INC | MTZ | $22.51M | 6.1% | unchanged |
| MCKESSON CORP | MCK | $20.94M | 5.7% | unchanged |
| RUSH ENTERPRISES INC | RUSHA | $20.00M | 5.4% | unchanged |
| BERKSHIRE HATHAWAY INC DEL | BRK/B | $19.30M | 5.2% | unchanged |
| NMI HLDGS INC | NMIH | $17.88M | 4.9% | unchanged |
| ROYAL GOLD INC | RGLD | $17.57M | 4.8% | unchanged |
| MICROSOFT CORP | MSFT | $16.75M | 4.5% | unchanged |
| BGC GROUP INC | BGC | $16.57M | 4.5% | unchanged |
| APPLE INC | AAPL | $15.96M | 4.3% | unchanged |
| UNITED RENTALS INC | URI | $14.82M | 4.0% | unchanged |
| MICROCHIP TECHNOLOGY INC. | MCHP | $12.96M | 3.5% | unchanged |
| ICON PLC | $12.86M | 3.5% | new | |
| WABTEC | WAB | $12.64M | 3.4% | unchanged |
| SCHLUMBERGER LTD | SLB | $10.99M | 3.0% | unchanged |
| TAYLOR MORRISON HOME CORP | TMHC | $10.39M | 2.8% | unchanged |
| LYONDELLBASELL INDUSTRIES N | $9.03M | 2.5% | new | |
| ALPS ETF TR | AMLP | $8.29M | 2.3% | unchanged |
| SPDR GOLD TR | GLD | $7.91M | 2.1% | unchanged |
| CELANESE CORP DEL | CE | $7.76M | 2.1% | +22% shares |
| JD.COM INC | JD | $6.35M | 1.7% | -11% shares |
| EQUINOX GOLD CORP | EQX | $5.77M | 1.6% | new |
| TRAVELERS COMPANIES INC | TRV | $1.85M | 0.5% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Muhlenkamp & Company opened 7 new positions, added to 1, trimmed 1, left 22 unchanged and exited 2. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001133219-25-000006, filed by MUHLENKAMP & CO INC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.