Ronald Muhlenkamp – Muhlenkamp & Co Options Positions & Derivatives (Jun 30, 2025)

As of Jun 30, 2025, the Muhlenkamp & Co portfolio disclosed options positions in its latest SEC 13F filing reported on Jul 24, 2025. These filings include call and put options tied to underlying equity holdings, providing a deeper look at the fund's use of derivatives for exposure and hedging.

The reported options activity included 70 call contracts and 46 put contracts across companies such as Ally Financial Inc. (ALLY), Gilead Sciences, Inc. (GILD), Bank of America Corporation (BAC). Options positions can signal strategies around hedging risk, enhancing leverage, or adjusting portfolio exposure during market shifts.

Balances

Muhlenkamp & Co Options Activity

Date	Symbol	Name	Option	Quantity	Value
Q2 2016	BIIB Biogen Inc.	Biogen Inc.	CALL	3,000	$725
Q2 2016	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	CALL	19,000	$545
Q2 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	CALL	3,200	$267
Q2 2016	PHM PulteGroup, Inc.	PulteGroup, Inc.	CALL	13,000	$253
Q2 2016	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	PUT	4,000	$375
Q1 2016	BIIB Biogen Inc.	Biogen Inc.	CALL	3,000	$781
Q1 2016	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	CALL	19,000	$541
Q1 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	CALL	3,200	$294
Q1 2016	GM General Motors Company	General Motors Company	CALL	6,400	$201
Q1 2016	PHM PulteGroup, Inc.	PulteGroup, Inc.	CALL	13,000	$243
Q4 2015	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	CALL	68,200	$1,852
Q4 2015	GM General Motors Company	General Motors Company	CALL	359,600	$12,230
Q4 2015	MS Morgan Stanley	Morgan Stanley	CALL	1,000	$32
Q4 2015	PHM PulteGroup, Inc.	PulteGroup, Inc.	CALL	13,000	$232
Q4 2015	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	CALL	2,600	$104
Q3 2015	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	CALL	68,200	$1,790
Q3 2015	GM General Motors Company	General Motors Company	CALL	359,600	$10,795
Q3 2015	MS Morgan Stanley	Morgan Stanley	CALL	1,000	$32
Q3 2015	PHM PulteGroup, Inc.	PulteGroup, Inc.	CALL	13,000	$245
Q3 2015	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	CALL	2,600	$123
Q2 2015	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	CALL	68,200	$1,873
Q2 2015	GM General Motors Company	General Motors Company	CALL	359,600	$11,986
Q2 2015	MS Morgan Stanley	Morgan Stanley	CALL	1,000	$39
Q2 2015	PHM PulteGroup, Inc.	PulteGroup, Inc.	CALL	13,000	$262
Q2 2015	SPY SPDR S&P 500	SPDR S&P 500	PUT	6,200	$1,276
Q2 2015	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	PUT	5,200	$433

Page 4 of 4 • 116 total positions

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