Ronald Muhlenkamp – Muhlenkamp & Co Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Muhlenkamp & Co portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Jul 24, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Celanese Corporation (CE)

Increases – Microchip Technology Incorporat (MCHP), Transocean (H8817H100), BGC Group, Inc. (BGC), Dow Inc. (DOW), Schlumberger N.V. (SLB), and 15 more

Reductions – SPDR Gold Trust (GLD), McKesson Corporation (MCK)

Complete Exits – UnitedHealth Group Incorporated (UNH)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Muhlenkamp & Co Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2021Jun 30, 2021	KEX Kirby Corporation	Kirby Corporation	Buy	+275+0.2%	$10.01K	165,126
Q2 2021Jun 30, 2021	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+232+3.4%	$266.00	6,974
Q2 2021Jun 30, 2021	WCC WESCO International, Inc.	WESCO International, Inc.	Buy	+218+0.2%	$13.45K	130,793
Q2 2021Jun 30, 2021	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+215+0.2%	$13.04K	125,135
Q2 2021Jun 30, 2021	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+204+0.2%	$8.39K	125,623
Q2 2021Jun 30, 2021	CVS CVS Health Corporation	CVS Health Corporation	Buy	+189+0.2%	$9.08K	108,834
Q2 2021Jun 30, 2021	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+180+0.2%	$14.24K	95,091
Q2 2021Jun 30, 2021	MTH Meritage Homes Corporation	Meritage Homes Corporation	Buy	+164+0.2%	$9.11K	96,801
Q2 2021Jun 30, 2021	AAPL Apple Inc.	Apple Inc.	Buy	+133+0.2%	$10.92K	79,742
Q2 2021Jun 30, 2021	LEN Lennar Corporation	Lennar Corporation	Buy	+114+0.2%	$6.80K	68,408
Q2 2021Jun 30, 2021	GLD SPDR Gold Trust	SPDR Gold Trust	Buy	+100+0.2%	$6.90K	41,637
Q2 2021Jun 30, 2021	MCK McKesson Corporation	McKesson Corporation	Buy	+83+0.1%	$12.55K	65,631
Q2 2021Jun 30, 2021	WAB Westinghouse Air Brake Technolo	Westinghouse Air Brake Technolo	Buy	+82+0.1%	$4.56K	55,358
Q2 2021Jun 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+75+0.2%	$12.13K	44,776
Q2 2021Jun 30, 2021	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+58+0.2%	$10.29K	37,033
Q2 2021Jun 30, 2021	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+41+0.2%	$9.79K	24,453
Q2 2021Jun 30, 2021	AVGO Broadcom Inc.	Broadcom Inc.	Buy	+41+0.2%	$11.64K	24,411
Q2 2021Jun 30, 2021	BIIB Biogen Inc.	Biogen Inc.	Buy	+34+0.2%	$6.31K	18,218
Q2 2021Jun 30, 2021	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+33+0.1%	$2.78K	24,383
Q2 2021Jun 30, 2021	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+30+0.2%	$7.32K	19,349
Q2 2021Jun 30, 2021	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy	+29+0.1%	$3.03K	20,882
Q2 2021Jun 30, 2021	EQC Equity	Equity	Sell - Position Exit	-38,348-100.0%	$0.00	-
Q1 2021Mar 31, 2021	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+130,966+73.0%	$8.44K	310,376
Q1 2021Mar 31, 2021	EQC Equity	Equity	Buy - Position Entry	+38,348	$1.01K	38,348
Q1 2021Mar 31, 2021	AMLP Alerian MLP ETF	Alerian MLP ETF	Buy	+22,744+8.8%	$9.10K	280,436
Q1 2021Mar 31, 2021	RGLD Royal Gold, Inc.	Royal Gold, Inc.	Buy	+4,426+22.2%	$2.76K	24,350
Q1 2021Mar 31, 2021	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy	+3,485+20.1%	$3.18K	20,853
Q1 2021Mar 31, 2021	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+864+0.3%	$7.29K	330,061
Q1 2021Mar 31, 2021	PFE Pfizer, Inc.	Pfizer, Inc.	Buy	+640+2.7%	$1.23K	24,379
Q1 2021Mar 31, 2021	RUSHA Rush Enterprises, Inc.	Rush Enterprises, Inc.	Buy	+637+0.2%	$14.06K	317,711

Page 16 of 49 • 1443 total trades

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