Insights from the Latest 13F Filing for Q2 2024
Ronald H. Muhlenkamp, the founder and president of Muhlenkamp & Company, Inc., and the portfolio manager for the MUHLX mutual fund, is renowned for his patient value investing approach. With an average holding period of 10 years, Muhlenkamp focuses on companies with robust financials, a return on equity (ROE) of at least 15%, and P/E ratios that are attractively lower than their ROE and growth rates. His investment philosophy centers on the long-term profitability and reliability of the "Business of Investing," maintaining a typical stance of full investment in corporate stocks.
Summary of New Buys
Ronald Muhlenkamp (Trades, Portfolio)'s recent 13F filing revealed the addition of new stocks to his portfolio, including:
- iShares Bitcoin Trust (IBIT, Financial), with 14,000 shares, making up 0.15% of the portfolio and valued at approximately $477,960.
Key Position Increases
During the second quarter of 2024, Muhlenkamp increased his stakes in several companies:
- Apple Inc (AAPL, Financial) saw an addition of 235 shares, bringing the total to 62,839 shares. This adjustment increased the share count by 0.38% and had a 0.02% impact on the current portfolio, totaling $13,235,150 in value.
- Microchip Technology Inc (MCHP, Financial) also saw an increase of 410 shares, bringing the total to 117,189 shares, representing a 0.35% increase in share count and a total value of $10,722,790.
Summary of Sold Out Positions
Muhlenkamp completely exited the following position in Q2 2024:
- Bristol-Myers Squibb Co (BMY, Financial), where all 135,045 shares were sold, impacting the portfolio by -2.13%.
Key Position Reductions
Significant reductions were made in several holdings, including:
- Broadcom Inc (AVGO, Financial), which saw a reduction of 7,756 shares, decreasing the share count by 48.83% and impacting the portfolio by -2.99%. The stock traded at an average price of $140.14 during the quarter and has returned 27.84% over the past three months and 52.87% year-to-date.
- Kirby Corp (KEX, Financial) was reduced by 72,367 shares, a 42.74% decrease, impacting the portfolio by -2%. The stock's average trading price during the quarter was $111.71, with a return of 34.23% over the past three months and 65.12% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Ronald Muhlenkamp (Trades, Portfolio)'s portfolio comprised 29 stocks. The top holdings included 7.04% in McKesson Corp (MCK, Financial), 5.2% in EQT Corp (EQT, Financial), 4.93% in NMI Holdings Inc (NMIH, Financial), 4.85% in Rush Enterprises Inc (RUSHA, Financial), and 4.84% in Berkshire Hathaway Inc (BRK.B, Financial). The investments are primarily concentrated across eight industries: Energy, Technology, Financial Services, Industrials, Healthcare, Consumer Cyclical, Basic Materials, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
