# Muhlenkamp & Company: 13F portfolio, Q2 2026

Investment firm, Wexford.

Source: SEC Form 13F filed 2026-08-18 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1133219/000113321926000003/0001133219-26-000003-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/muhlenkamp
Updated: 2026-08-18 · Next filing due by 2026-11-14

## Summary
- Reported value: $345.3M (Q1 2026: $379.8M)
- Positions: 28 (Q1 2026: 29)
- Top 10 holdings: 58.0% of the portfolio
- This quarter: 1 new, 16 added to, 6 trimmed, 2 sold out

## What Muhlenkamp & Company did in Q2 2026
Muhlenkamp & Company opened a new position in iShares Silver Trust. It sold out of Mastec and Ea Series Trust. Rush Enterprises is now the largest holding, at 7.0% of the portfolio.

## Biggest buys
- iShares Silver Trust (SLV): New
- NMI Holdings (NMIH): +0.6%
- Equinox Gold (EQX): +0.6%
- Celanese (CE): +0.6%
- Slb (SLB): +0.5%

## Biggest sells
- Mastec (MTZ): Sold out
- Ea Series Trust (FRDM): Sold out
- Apple (AAPL): −0.7%
- Rush Enterprises (RUSHB): −0.6%
- Microsoft (MSFT): −0.5%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Rush Enterprises | RUSHA | 7.0% | $24.3M | +0.1% | Q3 2024 or earlier |
| 2 | Newmont | NEM | 6.3% | $21.6M | −0.0% | Q3 2024 or earlier |
| 3 | Agnico Eagle Mines | AEM | 6.2% | $21.5M | −0.0% | Q4 2024 |
| 4 | Eqt | EQT | 6.2% | $21.4M | +0.2% | Q3 2024 or earlier |
| 5 | Mckesson | MCK | 6.0% | $20.6M | +0.1% | Q3 2024 or earlier |
| 6 | Berkshire Hathaway | BRK-B | 5.6% | $19.3M | +0.4% | Q3 2024 or earlier |
| 7 | Microchip Technology | MCHP | 5.4% | $18.5M | +0.1% | Q3 2024 or earlier |
| 8 | Apple | AAPL | 5.2% | $18.0M | −0.7% | Q3 2024 or earlier |
| 9 | United Rentals | URI | 5.1% | $17.8M | +0.4% | Q3 2024 or earlier |
| 10 | Royal Gold | RGLD | 5.1% | $17.6M | +0.2% | Q3 2024 or earlier |
| 11 | Westinghouse Air Brake Technologies | WAB | 4.9% | $17.0M | +0.0% | Q3 2024 or earlier |
| 12 | BGC Group | BGC | 4.5% | $15.5M | +0.2% | Q3 2024 or earlier |
| 13 | NMI Holdings | NMIH | 4.4% | $15.1M | +0.6% | Q3 2024 or earlier |
| 14 | Slb | SLB | 4.4% | $15.1M | +0.5% | Q3 2024 or earlier |
| 15 | Microsoft | MSFT | 3.5% | $12.2M | −0.5% | Q3 2024 or earlier |

13 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/muhlenkamp

## Other value investors
- Oaktree Capital (Howard Marks): https://valuepeg.com/managers/oaktree-capital
- Pershing Square (Bill Ackman): https://valuepeg.com/managers/pershing-square
- Polen Capital: https://valuepeg.com/managers/polen-capital
- Scion Asset Management (Michael Burry): https://valuepeg.com/managers/scion-asset-management
- Semper Augustus: https://valuepeg.com/managers/semper-augustus

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.