Muhlenkamp & Co Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The current snapshot of the portfolio reveals a highly concentrated investment philosophy. With only 29 distinct holdings , Muhlenkamp & Co. clearly eschews the "closet indexing" that plagues many larger institutional managers. A portfolio of this size indicates that every position is meaningful and that the investment team possesses a high degree of confidence in their fundamental analysis. In the world of institutional finance, a count of fewer than 30 stocks typically signals a "best ideas" mandate, where the manager is willing to accept higher idiosyncratic risk in exchange for the potential of significant outperformance. This concentration suggests that the firm is not looking to smooth out volatility through excessive diversification but is instead focused on deep fundamental research and the patience to wait for the market to recognize the intrinsic value of its chosen enterprises.

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 this allocation is the massive 32.05% weight in the Materials sector . When combined with Financials (13.79%) and Energy (12.40%), the top three sectors account for a staggering 58.24% of the total portfolio. This level of concentration is a hallmark of a manager who is not afraid to deviate from the S&P 500's sector weights. In a typical broad-market index, Technology often commands the lion's share of the weight, but for Muhlenkamp, the "real economy" takes center stage. This heavy focus on Materials and Energy suggests a strong belief in the persistence of commodity cycles and perhaps a hedge against long-term inflationary pressures. By allocating nearly a third of the portfolio to Materials, the firm is essentially betting on the producers of the world's most essential inputs—gold, copper, and chemicals.

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

Agnico Eagle Mines stands as the premier holding in the Muhlenkamp portfolio, representing 7.41% of the total assets. This is a classic "conviction holding" that the firm has maintained for over a year. Despite a quarterly share reduction of 8.38% , the portfolio weight actually increased from 6.9% to 7.41%. This divergence is a critical data point: it indicates that the market value of Agnico Eagle Mines rose significantly during the quarter, outperforming the rest of the portfolio to such an extent that the firm's weight in the stock grew even as they were actively selling shares. This is a "trimming into strength" maneuver. Agnico Eagle is widely regarded as one of the highest-quality senior gold miners, with a focus on low-political-risk jurisdictions (primarily Canada, Australia, and Finland). Muhlenkamp’s commitment to this name suggests a belief that the company’s superior operational execution and the underlying gold price will continue to drive value, even if they choose to harvest some profits at the margin.

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

The most significant move this quarter was the initiation of a $13.03 million position in the Freedom 100 Emerging Markets ETF. This is a "new exploratory position" that immediately jumped to a 3.41% weight in the portfolio. The logic behind this move is likely a "valuation trough mining" play on a global scale. The FRDM ETF is unique in that it selects emerging market countries based on economic and political freedom metrics, effectively filtering out countries with high state intervention. By making this move, Muhlenkamp is signaling a belief that emerging markets, particularly those with freer economies, offer a compelling value proposition compared to a domestic market that may be reaching full valuation. This represents a strategic diversification away from U.S.-centric risks and a bet on the long-term growth and catch-up potential of developing nations.

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 most dramatic move of the quarter was the 59.50% reduction in MasTec, Inc., which resulted in an estimated cash-out of over $20 million . This is a "strategic retreat" of the highest order. MasTec, an infrastructure construction company, had been a significant holding for over five years. The decision to slash the position by more than half suggests that Muhlenkamp believes the "infrastructure play" has largely played out or that the company's valuation has become stretched relative to its growth prospects. Given the high dollar amount and the high original weight (6.18%), this move was the primary source of liquidity for the firm this quarter. It represents a clear judgment that the risk-reward profile for MasTec has deteriorated, possibly due to rising labor costs or a peak in the project cycle.

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

The logic chain is distinct: 1. Sold What : Aggressively reduced exposure to domestic infrastructure (MasTec) and trimmed core gold and energy holdings (Newmont, EQT, Agnico Eagle). 2. Why Sell : To capture significant capital gains after a period of outperformance and to mitigate the risk of "valuation fatigue" in U.S. cyclicals. 3. Bought What : Initiated a major position in a freedom-weighted emerging markets ETF (FRDM) and added to global chemical leaders (LyondellBasell, Celanese). 4. Why Buy : To seek out "deep value" in international markets that have been ignored by the domestic-centric AI boom, and to position for a recovery in the global industrial and chemical cycles. 5. Overall Result : The portfolio remains highly concentrated (29 stocks) and heavily tilted toward materials and energy, but it now possesses a more global footprint and a leaner, more optimized industrial core.

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.