# Ron Muhlenkamp — Muhlenkamp

Portfolio USD 345,250,000 · 28 positions · 2026 Q2 · history from 2023 Q4.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/MUHL

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| RUSHA | Rush Enterprises Inc. | 7.0% | USD 24,255,000 | +0.13% |  |
| NEM | Newmont Corp. | 6.3% | USD 21,584,000 | -0.04% |  |
| AEM | Agnico-Eagle Mines Ltd. | 6.2% | USD 21,489,000 | -0.05% |  |
| EQT | EQT Corp. | 6.2% | USD 21,387,000 | +0.25% |  |
| MCK | McKesson Corp. | 6.0% | USD 20,554,000 | +0.12% |  |
| BRK.B | Berkshire Hathaway CL B | 5.6% | USD 19,263,000 | +0.38% |  |
| MCHP | Microchip Technology | 5.4% | USD 18,526,000 | +0.08% |  |
| AAPL | Apple Inc. | 5.2% | USD 17,976,000 | -0.69% |  |
| URI | United Rentals | 5.1% | USD 17,756,000 | +0.45% |  |
| RGLD | Royal Gold Inc. | 5.1% | USD 17,583,000 | +0.22% |  |
| WAB | WABTEC Corp. | 4.9% | USD 17,027,000 | +0% |  |
| BGC | BGC Group Inc. | 4.5% | USD 15,469,000 | +0.22% |  |
| NMIH | NMI Holdings | 4.4% | USD 15,144,000 | +0.64% |  |
| SLB | Schlumberger Ltd. | 4.4% | USD 15,057,000 | +0.53% |  |
| MSFT | Microsoft Corp. | 3.5% | USD 12,226,000 | -0.49% |  |
| ICLR | ICON plc | 3.3% | USD 11,523,000 | +0.5% |  |
| TMHC-OLD | Taylor Morrison Home Corp. | 3.3% | USD 11,380,000 | +0.01% |  |
| LYB | LyondellBasell Industries | 2.9% | USD 9,894,000 | +0.41% |  |
| CE | Celanese Corp. | 2.8% | USD 9,752,000 | +0.57% |  |
| GLD | SPDR Gold Trust | 2.4% | USD 8,129,000 | -0.07% |  |
| AMLP | Alerian MLP ETF | 2.3% | USD 7,809,000 | hold |  |
| EQX | Equinox Gold Corp | 1.5% | USD 5,076,000 | +0.58% |  |
| TRV | Travelers Companies Inc. | 0.6% | USD 2,188,000 | hold |  |
| GEV | Ge Vernova Inc | 0.5% | USD 1,675,000 | hold |  |
| EPD | Enterprise Products Partners LP | 0.3% | USD 914,000 | hold |  |
| RUSHB | Rush Enterprises Inc. - CL B | 0.2% | USD 719,000 | -0.65% |  |
| SLV | iShares Silver Trust | 0.2% | USD 671,000 | new |  |
| XOM | ExxonMobil Holdings Corp. | 0.1% | USD 224,000 | hold |  |

## Moves this quarter (25)

- RUSHA Rush Enterprises Inc.: +0.13% (USD 24,255,000)
- NEM Newmont Corp.: -0.04% (USD 21,584,000)
- AEM Agnico-Eagle Mines Ltd.: -0.05% (USD 21,489,000)
- EQT EQT Corp.: +0.25% (USD 21,387,000)
- MCK McKesson Corp.: +0.12% (USD 20,554,000)
- BRK.B Berkshire Hathaway CL B: +0.38% (USD 19,263,000)
- MCHP Microchip Technology: +0.08% (USD 18,526,000)
- AAPL Apple Inc.: -0.69% (USD 17,976,000)
- URI United Rentals: +0.45% (USD 17,756,000)
- RGLD Royal Gold Inc.: +0.22% (USD 17,583,000)
- WAB WABTEC Corp.: +0% (USD 17,027,000)
- BGC BGC Group Inc.: +0.22% (USD 15,469,000)
- NMIH NMI Holdings: +0.64% (USD 15,144,000)
- SLB Schlumberger Ltd.: +0.53% (USD 15,057,000)
- MTZ MasTec Inc.: sold (USD 13,781,196)
- FRDM Freedom 100 Emeging Mrkt ETF: sold (USD 12,942,486)
- MSFT Microsoft Corp.: -0.49% (USD 12,226,000)
- ICLR ICON plc: +0.5% (USD 11,523,000)
- TMHC-OLD Taylor Morrison Home Corp.: +0.01% (USD 11,380,000)
- LYB LyondellBasell Industries: +0.41% (USD 9,894,000)
- CE Celanese Corp.: +0.57% (USD 9,752,000)
- GLD SPDR Gold Trust: -0.07% (USD 8,129,000)
- EQX Equinox Gold Corp: +0.58% (USD 5,076,000)
- RUSHB Rush Enterprises Inc. - CL B: -0.65% (USD 719,000)
- SLV iShares Silver Trust: new (USD 671,000)

## Portfolio value by quarter

- 2023 Q4: USD 305,796,446 (29 positions)
- 2024 Q1: USD 344,311,730 (29 positions)
- 2024 Q2: USD 320,465,555 (29 positions)
- 2024 Q3: USD 326,366,966 (28 positions)
- 2024 Q4: USD 329,369,530 (30 positions)
- 2025 Q1: USD 305,620,648 (26 positions)
- 2025 Q2: USD 320,485,862 (26 positions)
- 2025 Q3: USD 368,006,366 (31 positions)
- 2025 Q4: USD 371,858,573 (28 positions)
- 2026 Q1: USD 379,752,139 (29 positions)
- 2026 Q2: USD 345,250,000 (28 positions)