Muhlenkamp & Co Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

To understand the psychological portrait of Muhlenkamp & Co., one must first look at the scale and structure of its holdings. With a portfolio value of approximately $371.82 million , Muhlenkamp operates as a boutique investment manager. Unlike "mega-funds" that manage hundreds of billions and are often forced into over-diversification due to liquidity constraints, Muhlenkamp’s scale allows for a "best ideas" approach. The fact that the firm holds only 28 positions is a definitive signal of an active management philosophy . In an era where many institutional investors have become "closet indexers," Muhlenkamp’s concentration suggests a willingness to deviate significantly from benchmark weights to pursue alpha. A portfolio of fewer than 30 stocks implies that each position must undergo rigorous scrutiny; there is no room for "filler" stocks. Every holding is expected to contribute meaningfully to the total return, and the risk is managed through deep fundamental understanding rather than broad-based statistical diversification.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The most striking feature of the sector allocation is the massive concentration in Materials (27.56%) . When combined with Energy (10.53%) , nearly 38% of the portfolio is tied to basic resources and commodities. This is a profound macro statement. Typically, such a heavy weighting in Materials—specifically gold miners like NEM (Newmont) and AEM (Agnico Eagle) —suggests a defensive posture against currency debasement or a hedge against persistent inflation. It indicates that Muhlenkamp views "hard assets" as the superior risk-adjusted play in the current environment.

Based on this allocation, we can infer that Muhlenkamp & Co. is preparing for an economic environment characterized by: 1. Sticky Inflation : The heavy Materials and Energy tilt is the classic playbook for an inflationary regime. 2. Resilient Domestic Growth : The Industrials and Financials exposure suggests they do not anticipate a severe recession, but rather a period where companies with tangible assets and strong balance sheets outperform. 3. Valuation Sensitivity : The underweighting of high-growth tech (relative to the S&P 500) and the exit from international discretionary names like JD indicate a retreat from "expensive" or "high-uncertainty" growth toward "certainty of cash flow."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Newmont occupies the #1 spot with a 7.64% weight. This is a "conviction holding" in every sense of the word. Newmont is the world’s largest gold miner, and Muhlenkamp has increased its weight from 6.51% to 7.64% this quarter. While the share change was a nominal +0.19% , the significant jump in portfolio weight suggests that Newmont’s market performance outperformed the rest of the portfolio, and the institution was happy to let this "winner run."

The Top 10 holdings reveal a "Barbell Strategy": This construction suggests that Muhlenkamp is not trying to time the market but is instead building a portfolio that can perform in multiple scenarios: it has the "inflation protection" if prices stay high, and the "quality protection" if the economy slows down.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

A clear trend emerges from the additions: Industrial and Material Cyclicals . Between CE , SLB , TMHC (Taylor Morrison) , and EQX (Equinox Gold) , the firm is putting its incremental capital into businesses that produce or service the "physical world." Even the addition to ICLR (ICON) , a clinical research organization, points to a preference for "essential services" within the healthcare sector.

The total estimated addition amount across these top 8 targets is roughly $1.8 million . When we look at the cash recouped from the exits (Section V), particularly the $6.3 million from JD.com , it becomes clear that this is an "inventory reallocation" strategy. Muhlenkamp is taking money off the table from high-risk international growth and redeploying it into "known" domestic value names and high-quality tech. This move decreases the overall "geopolitical risk" of the portfolio while increasing its "cyclical offensive" capabilities.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The quality of these exits appears high. By liquidating JD and RCL , Muhlenkamp has recouped over $7.2 million in cash. This capital was not just "sitting idle" but was actively redeployed into the "Major Buys" discussed in Section IV. This is a clear example of "Sell A to Buy B" strategy rotation . The firm sold "uncertain international growth" and "volatile discretionary travel" to buy "distressed domestic materials" (Celanese) and "quality domestic tech" (Microsoft).

The primary risk signal from these exits is a wariness of the global consumer . By exiting JD and RCL, Muhlenkamp is signaling that they are skeptical of the "consumer-led recovery" narrative. Instead, they are retreating to the "supply side" of the economy—materials, energy, and infrastructure. This suggests a belief that in the current economic phase, producers of essential goods will have better pricing power and more resilient earnings than sellers of discretionary services.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

This quarter, the firm has distilled its investment logic into a highly focused "fortress" strategy. The logic chain is clear: 1. Sold What? : International e-commerce (JD) and discretionary travel (RCL). 2. Why? : To eliminate exposure to high-uncertainty consumer markets and geopolitical "wildcards." 3. Bought What? : Distressed specialty chemicals (Celanese), energy services (SLB), and AI-driven quality tech (Microsoft). 4. Overall Result : A portfolio that is more concentrated, more domestic, and more heavily weighted toward the "physical economy" and "inflation-resilient assets."

3. Disclaimer :

This analysis is provided for informational and educational purposes only. It does not constitute investment advice, financial guidance, or an offer to buy or sell any securities. The strategies employed by Muhlenkamp & Co. are tailored to their specific mandates, risk tolerances, and capital structures. Individual investors must conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Past performance is never a guarantee of future results.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.