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
Q4 2017Dec 31, 2017	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Sell	-2,395-1.8%	$7.15K	127,750
Q4 2017Dec 31, 2017	FHI Federated Hermes, Inc.	Federated Hermes, Inc.	Sell	-2,485-0.9%	$10.44K	289,401
Q4 2017Dec 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,551-1.1%	$19.58K	228,862
Q4 2017Dec 31, 2017	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-2,594-1.5%	$10.70K	174,575
Q4 2017Dec 31, 2017	LYB LyondellBasell	LyondellBasell	Sell - Position Exit	-2,900-100.0%	$0.00	-
Q4 2017Dec 31, 2017	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-3,534-1.6%	$15.80K	220,613
Q4 2017Dec 31, 2017	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-4,040-25.7%	$562.00	11,666
Q4 2017Dec 31, 2017	HBI Hanesbrands Inc.	Hanesbrands Inc.	Sell	-7,359-1.5%	$9.95K	475,778
Q4 2017Dec 31, 2017	CCJ Cameco Corporation	Cameco Corporation	Sell	-14,696-1.7%	$7.85K	850,562
Q4 2017Dec 31, 2017	ON ON Semiconductor Corporation	ON Semiconductor Corporation	Sell	-198,632-16.4%	$21.22K	1,013,293
Q3 2017Sep 30, 2017	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Buy - Position Entry	+92,220	$6.69K	92,220
Q3 2017Sep 30, 2017	TSLA Tesla, Inc.	Tesla, Inc.	Sell - Position Exit	-75-100.0%	$0.00	-
Q3 2017Sep 30, 2017	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-325-0.6%	$11.50K	58,699
Q3 2017Sep 30, 2017	MCK McKesson Corporation	McKesson Corporation	Sell	-409-0.6%	$10.90K	70,956
Q3 2017Sep 30, 2017	MGNX MacroGenics, Inc.	MacroGenics, Inc.	Sell	-415-3.2%	$236.00	12,752
Q3 2017Sep 30, 2017	RUSHB Rush Enterprises, Inc.	Rush Enterprises, Inc.	Sell	-500-3.1%	$685.00	15,706
Q3 2017Sep 30, 2017	GM General Motors Company	General Motors Company	Sell - Position Exit	-665-100.0%	$0.00	-
Q3 2017Sep 30, 2017	AAPL Apple Inc.	Apple Inc.	Sell	-745-0.5%	$22.72K	147,401
Q3 2017Sep 30, 2017	MS Morgan Stanley	Morgan Stanley	Sell	-752-10.4%	$313.00	6,505
Q3 2017Sep 30, 2017	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-805-0.5%	$11.29K	177,169
Q3 2017Sep 30, 2017	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Sell	-855-0.9%	$8.87K	98,815
Q3 2017Sep 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-975-0.4%	$17.24K	231,413
Q3 2017Sep 30, 2017	BIIB Biogen Inc.	Biogen Inc.	Sell	-998-3.9%	$7.69K	24,547
Q3 2017Sep 30, 2017	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-1,538-0.7%	$18.16K	224,147
Q3 2017Sep 30, 2017	GME GameStop Corporation	GameStop Corporation	Sell	-1,819-0.7%	$5.26K	254,700
Q3 2017Sep 30, 2017	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-1,970-2.3%	$10.05K	82,630
Q3 2017Sep 30, 2017	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Sell	-2,005-1.5%	$6.28K	130,145
Q3 2017Sep 30, 2017	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-5,200-20.0%	$287.00	20,800
Q3 2017Sep 30, 2017	CCJ Cameco Corporation	Cameco Corporation	Sell	-5,540-0.6%	$8.37K	865,258
Q3 2017Sep 30, 2017	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-5,540-16.8%	$982.00	27,494

Page 29 of 49 • 1443 total trades

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