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Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Classic value

Ron Muhlenkamp / Jeff Muhlenkamp

Q2 2026 13F: 28 holdings worth about $345.3M; that quarter 1 new, 5 added, 2 trimmed, 2 sold out.

Firm: Muhlenkamp & Co Inc
Filer: MUHLENKAMP & CO INC CIK 1133219
Last filed: Aug 18, 2026 | Classic value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 28 holdings, top 10 = 58%, stocks $0.3B, options 0%; all four rules met
  • Source for the value approach: Portfolio Manager – Muhlenkamp (Muhlenkamp & Company, Inc.): “We invest in undervalued assets wherever they may be found.” (checked 2026-10-11)

Full selection rules →

13F value
$345.3M
previous $379.8M (−9.1%)
Holdings
28
1 new / 2 sold out
Net deploymentest.
−7.3%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
58%
overlap with the composite 11%
Turnoverest.
0.3%
held 23 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
Sold outMTZMasTec Inc−42.8K—−5.16$321.74 → $416.06$368.90
Sold outFRDMFreedom 100 Emeging Mrkt ETF−236.8K—−3.75$54.65 → ——
NewSLViShares Silver Trust+12.6K—+0.19$68.14 → $53.47$60.81
TrimmedAAPLApple Inc−434−1%−0.04$253.79 → $289.36$271.57
AddedNMIHNMI Holdings Inc+2.3K+1%+0.03$37.51 → $41.09$39.30
AddedSLBSLB Ltd+1.7K+1%+0.02$51.39 → $46.49$48.94
AddedICLRIcon PLC+332+1%+0.02$110.66 → $173.71$142.19
AddedCECelanese Corp+1.2K+1%+0.02$65.77 → $46.00$55.88
AddedEQXEquinox Gold Corp+3.0K+1%+0.01$14.46 → $9.72$12.09
II

All Holdings (27 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
RUSHBRush Enterprises Inc \TX\Consumer discretionary7.2%5.9%332.3K$25.0MHeldQ3 200296$9.64est.$76.50+693%History
NEMNewmont CorpMaterials6.3%6.6%231.1K$21.6MHeldQ4 202311$38.98est.$93.40+140%History
AEMAgnico Eagle Mines LtdMaterials6.2%7.4%138.5K$21.5MHeldQ4 20247$79.38est.$155.13+95%History
EQTEQT CorpEnergy6.2%6.7%402.2K$21.4MHeldQ4 202119$21.38est.$53.17+149%History
MCKMcKesson CorpHealth care6.0%6.2%27.2K$20.6MHeldQ2 201641$169.20est.$755.60+347%History
BRK.BBerkshire Hathaway IncFinancials5.6%4.8%38.5K$19.3MHeldQ3 201928$215.15est.$500.39+133%History
MCHPMicrochip Technology IncInformation technology5.4%3.5%203.1K$18.5MHeldQ1 201738$48.45est.$91.20+88%History
AAPLApple IncInformation technology5.2%4.2%62.1K$18.0MTrimmed −1%Q4 201255$30.88est.$289.36+837%History
URIUnited Rentals IncIndustrials5.1%3.0%15.7K$17.8MHeldQ3 202312$454.44est.$1,133+149%History
RGLDRoyal Gold IncFinancials5.1%5.9%88.1K$17.6MHeldQ4 202023$112.06est.$199.61+78%History
WABWabtec CorpIndustrials4.9%4.2%63.2K$17.0MHeldQ1 201930$79.22est.start point$269.60+240%History
BGCBGC Group IncFinancials4.5%3.7%1.45M$15.5MHeldQ3 202312$5.36est.$10.69+100%History
NMIHNMI Holdings IncFinancials4.4%3.6%368.6K$15.1MAdded +1%Q2 202025$16.69est.start point$41.09+146%History
SLBSLB LtdEnergy4.4%4.4%323.9K$15.1MAdded +1%Q4 202023$22.15est.$46.49+110%History
MSFTMicrosoft CorpInformation technology3.5%3.2%32.8K$12.2MHeldQ4 201063$58.22est.$373.02+541%History
ICLRIcon PLCHealth care3.3%1.9%66.3K$11.5MAdded +1%Q3 20254$160.23est.$173.71+8%History
TMHCTaylor Morrison Home CorpUnclassified3.3%2.4%158.6K$11.4MHeldQ2 202313$47.86est.start point$71.74+50%History
LYBLyondellBasell Industries N.VMaterials2.9%4.0%187.9K$9.9MHeldQ3 20254$53.44est.$52.65−1%History
CECelanese CorpMaterials2.8%3.7%212.0K$9.8MAdded +1%Q2 20255$53.25est.$46.00−14%History
GLDSPDR Gold SharesFunds & ETFs2.4%2.5%22.1K$8.1MHeldQ2 201641$142.68est.$368.38+158%History
AMLPAlerian MLP ETFFunds & ETFs2.3%2.1%150.6K$7.8MHeldQ1 201834$47.64est.$51.85+9%History
EQXEquinox Gold CorpMaterials1.5%2.0%522.3K$5.1MAdded +1%Q3 20254$8.54est.$9.72+14%History
TRVTravelers Cos IncFinancials0.6%0.5%6.6K$2.2MHeldQ1 20256$252.67est.$330.12+31%History
GEVGE Vernova IncInformation technology0.5%0.3%1.4K$1.7MHeldQ3 20254$572.02est.$1,175+105%History
EPDEnterprise Products Partners L.P.Utilities0.3%0.2%24.9K$914KHeldQ1 201930$29.11est.start point$36.76+26%History
SLViShares Silver TrustFunds & ETFs0.2%—12.6K$671KNewQ2 20261$60.81est.$53.47−12%History
—Exxon Mobil CorpUnclassified0.1%0.1%1.6K$224KHeldQ1 20262$145.00est.$136.72−6%
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapRUSHBRush Enterprises Inc \…NEMNewmont CorpAEMAgnico Eagle Mines LtdEQTEQT CorpMCKMcKesson CorpBRK.BBerkshire Hathaway I…MCHPMicrochip Technol…AAPLApple IncURIUnited Rentals In…RGLDRoyal Gold IncWABWabtec CorpBGCBGC Group IncNMIHNMI Holdings I…SLBSLB LtdMSFTMicrosoft Cor…ICLRIcon PLCTMHCTaylor Morri…LYBLyondellBasell I…CECelanese CorpGLDSPDR Gold Sha…AMLPAlerian MLP E…EQXEquinox…TRV
IV

Over Time

From Q1 1999, 106 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$1.0B$2.0B$3.0BQ1 1999Q1 2002Q4 2004Q3 2007Q2 2010Q1 2013Q4 2015Q3 2018Q4 2021Q2 2026

Holdings

Holdings050100Q1 1999Q1 2002Q4 2004Q3 2007Q2 2010Q1 2013Q4 2015Q3 2018Q4 2021Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 1999Q1 2002Q4 2004Q3 2007Q2 2010Q1 2013Q4 2015Q3 2018Q4 2021Q2 2026

Turnover (Est.)

Turnover0%10%20%Q1 1999Q1 2002Q4 2004Q3 2007Q2 2010Q1 2013Q4 2015Q3 2018Q4 2021Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 1999Q1 2002Q4 2004Q3 2007Q2 2010Q1 2013Q4 2015Q3 2018Q4 2021Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 106 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20262812$345.3M0.3%−7.3%13F-HR
Q1 20262921$379.8M3.5%−7.6%13F-HR
Q4 20252803$371.8M0.5%−1.3%13F-HR
Q3 20253172$367.9M2.7%+6.7%13F-HR
Q2 20252611$320.5M4.8%−1.1%13F-HR
Q1 20252615$305.6M1.9%−11.4%13F-HR
Q4 2024 *3020$329.5M0.0%+4.8%13F-HR
Q3 2024 *2801$326.3M0.1%−5.0%13F-HR
Q2 2024 *2911$320.4M0.2%−8.1%13F-HR
Q1 2024 *2900$344.3M0.0%+4.4%13F-HR
Q4 2023 *2913$305.7M3.8%−2.5%13F-HR
Q3 2023 *3133$289.8M5.2%+4.4%13F-HR
Q2 2023 *3100$282.2M——13F-HR
Q4 20222722$236.0M5.9%−2.8%13F-HR
Q3 20222712$224.0M1.5%+4.9%13F-HR
Q2 20222808$213.6M0.0%−15.6%13F-HR
Q1 20223621$287.1M3.8%−7.1%13F-HR
Q4 2021 *3530$286.9M5.5%−0.5%13F-HR
Q3 2021 *3212$260.4M1.1%−1.1%13F-HR
Q2 2021 *3311$272.6M0.1%−0.3%13F-HR
Q1 2021 *3315$270.3M2.3%−8.9%13F-HR
Q4 2020 *3751$248.5M1.8%+11.3%13F-HR
Q3 2020 *3320$193.1M2.6%−6.1%13F-HR
Q2 2020 *3100$187.0M——13F-HR
Q4 2019 *3752$228.8M12.0%+3.1%13F-HR
Q3 2019 *3432$205.1M11.7%−1.2%13F-HR
Q2 2019 *3343$205.7M5.5%−3.9%13F-HR
Q1 2019 *3200$211.1M——13F-HR
Q3 20183115$232.4M2.4%−14.9%13F-HR
Q2 20183522$260.7M3.2%−5.3%13F-HR
Q1 201835117$274.2M5.2%−10.4%13F-HR
Q4 20175143$324.6M3.5%+2.1%13F-HR
Q3 20175037$301.2M6.0%−7.0%13F-HR
Q2 20175465$304.9M2.8%−2.8%13F-HR
Q1 20175386$308.6M9.6%−1.8%13F-HR 13F-HR/A
Q4 20165142$299.8M1.3%+12.6%13F-HR
Q3 20164922$261.4M5.4%−1.4%13F-HR
Q2 20164965$253.9M4.4%+6.8%13F-HR
Q1 201648711$242.9M10.9%−17.5%13F-HR
Q4 201552712$317.3M10.2%−5.5%13F-HR
Q3 20155759$325.2M2.3%−15.7%13F-HR
Q2 201561612$443.9M6.3%−8.0%13F-HR
Q1 201567711$474.8M9.8%−6.5%13F-HR
Q4 20147155$498.7M8.4%−13.7%13F-HR
Q3 201471122$553.5M5.1%+1.2%13F-HR
Q2 201461410$566.8M5.6%−6.0%13F-HR
Q1 20146769$568.6M8.2%−1.0%13F-HR
Q4 201370152$574.2M3.3%+4.8%13F-HR
Q3 20135735$503.1M4.6%−1.2%13F-HR
Q2 20135993$480.0M9.8%−5.8%13F-HR
Q1 201353710$480.3M8.1%−9.2%13F-HR 13F-HR/A
Q4 20125674$468.2M8.5%−2.3%13F-HR
Q3 20125347$471.2M8.0%+4.1%13F-HR
Q2 20125634$428.5M2.4%−16.6%13F-HR
Q1 20125773$548.7M12.3%+0.4%13F-HR
Q4 2011 *53132$484.0M13.6%+8.0%13F-HR
Q3 2011 *4259$406.5M9.1%−17.4%13F-HR
Q2 2011 *4618$593.2M3.4%−12.1%13F-HR
Q1 2011 *5375$687.6M8.2%−8.2%13F-HR
Q4 2010 *51134$711.0M13.7%+12.2%13F-HR
Q3 2010 *4269$590.2M17.7%+2.0%13F-HR
Q2 2010 *45510$535.1M11.7%−17.1%13F-HR
Q1 20105067$775.9M10.9%+2.9%13F-HR
Q4 20095189$716.8M25.9%+0.1%13F-HR
Q3 20095225$697.9M1.4%−19.2%13F-HR
Q2 20095583$686.3M9.2%−2.6%13F-HR
Q1 20095087$573.8M19.6%+4.7%13F-HR
Q4 200849138$631.0M24.9%+8.4%13F-HR
Q3 200844410$805.2M3.8%−22.9%13F-HR
Q2 20085015$1.2B3.3%−10.3%13F-HR
Q1 20085436$1.4B14.1%−9.1%13F-HR
Q4 200757311$1.8B6.9%−13.0%13F-HR
Q3 200765812$2.3B10.2%−8.0%13F-HR
Q2 20076915$2.7B1.5%−6.3%13F-HR
Q1 200773313$2.7B3.7%−16.5%13F-HR
Q4 20068356$3.4B3.0%−7.5%13F-HR
Q3 200684311$3.3B5.0%−2.9%13F-HR
Q2 2006 *92116$3.3B4.2%+9.8%13F-HR
Q1 2006 *8765$3.6B1.4%+4.2%13F-HR
Q4 2005 *86109$3.4B2.6%+3.6%13F-HR
Q3 2005 *8555$3.3B1.5%+12.7%13F-HR
Q2 2005 *8514$2.8B3.0%+9.1%13F-HR
Q1 2005 *8855$2.5B0.7%+18.7%13F-HR
Q4 20048850$2.2B0.5%+23.3%13F-HR
Q3 20048378$1.5B2.5%+3.1%13F-HR
Q2 200484310$1.5B3.8%+2.8%13F-HR
Q1 200491611$1.5B2.9%+11.9%13F-HR 13F-HR/A
Q4 20039673$1.3B1.7%+8.3%13F-HR 13F-HR/A
Q3 200392153$1.0B0.3%+19.5%13F-HR 13F-HR/A 13F-HR/A
Q2 200380516$823.1M13.1%−2.8%13F-HR 13F-HR/A
Q1 20039129$671.6M4.0%−3.0%13F-HR 13F-HR/A
Q4 200298104$728.5M3.3%+2.2%13F-HR 13F-HR/A
Q3 2002 *92912$667.1M5.6%+4.3%13F-HR 13F-HR/A
Q2 2002 *95104$797.7M1.8%+21.7%13F-HR 13F-HR/A
Q1 2002 *8968$764.1M4.4%+5.7%13F-HR 13F-HR/A
Q4 2001 *91611$681.3M8.5%+6.3%13F-HR 13F-HR/A
Q3 2001 *96410$525.3M6.7%+7.7%13F-HR 13F-HR/A
Q2 2001 *102137$620.7M2.4%+25.1%13F-HR 13F-HR/A
Q1 2001 *9600$446.9M——13F-HR/A
Q3 2000701110$332.7M11.3%+12.3%13F-HR 13F-HR/A
Q2 20006974$285.8M13.9%−0.0%13F-HR 13F-HR/A
Q1 20006657$299.8M10.9%+3.7%13F-HR 13F-HR/A
Q4 19996853$287.3M7.2%+2.0%13F-HR 13F-HR/A 13F-HR/A
Q3 199966144$271.6M4.6%+50.9%13F-HR 13F-HR/A
Q2 199956722$203.6M4.8%−40.9%13F-HR 13F-HR/A
Q1 19997100$279.0M——13F-HR 13F-HR/A
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
MTZMasTec IncQ2 2023 – Q2 20266%—
FRDMFreedom 100 Emeging Mrkt ETFQ1 2026 – Q2 20263%—
JDJD.com, IncQ4 2024 – Q4 20253%—
DOWDow IncQ2 2023 – Q3 20254%—
RIGTransocean LtdQ2 2023 – Q3 20253%—
UNHUnitedHealth Group IncQ2 2023 – Q2 20255%—
OXYOccidental Petroleum CorpQ2 2023 – Q1 20255%—
KEXKirby CorpQ2 2023 – Q1 20255%—
PHMPulteGroup IncQ2 2023 – Q1 20254%—
TGNATegna IncQ2 2023 – Q1 20254%Still filing with the SEC
SPDNDir DLY SP 500 BR 1X Etf-UsiQ3 2022 – Q4 20225%—
—Tenneco IncQ2 2020 – Q4 20224%Acquired or delisted Nov 28, 2022
MTHMeritage Homes CorpQ2 2020 – Q2 20227%—
WCCWesco International IncQ4 2020 – Q2 20226%—
LENLennar CorpQ2 2020 – Q2 20224%—
LMTLockheed Martin CorpQ2 2020 – Q2 20224%—
BFHBread Financial Holdings, IncQ2 2020 – Q1 20225%—
ONOn SemiconductorQ3 2014 – Q3 20187%Still filing with the SEC
TCEHYTencent Holdings Ltd-Uns ADRQ3 2016 – Q3 20185%—
—Lannet Inc ComQ1 2016 – Q3 20184%—
NPSNYNaspers Ltd-N SHS ADRQ3 2017 – Q3 20183%—
PHMPulteGroup IncQ4 2017 – Q3 20182%—
BMYBristol-Myers Squibb CoQ1 2014 – Q2 20186%—
—Powershares Buyback AchieversQ3 2014 – Q2 20183%—
HBIHanesbrands IncQ1 2013 – Q1 20185%—
DCHDauch CorpQ1 2012 – Q1 20184%—
—Teva PharmaceuticalQ4 2011 – Q1 20184%—
SAVEQSpirit Airlines IncQ4 2012 – Q1 20184%Bankruptcy filing more than 2 years after the sale Nov 18, 2024
OLEDUniversal Display CorpQ3 2012 – Q1 20182%—
—Dow Chemical CoQ1 2017 – Q3 20172%Still filing with the SEC
SLBSLB LtdQ3 2015 – Q3 20172%—
ALGTAllegiant Travel COQ4 2009 – Q2 20174%—
—Rex Energy CorpQ3 2011 – Q2 20174%—
—Twenty-First Century Fox, IncQ1 2017 – Q2 20173%Acquired or delisted Apr 1, 2019
HALHalliburton CoQ1 2012 – Q1 20174%Still filing with the SEC
WCIC2009 Real Estate CorporationQ3 2013 – Q1 20174%—
—Neustar IncQ2 2014 – Q3 20163%—
BKRBaker Hughes CoQ1 2015 – Q2 20162%Still filing with the SEC
JPMJPMorgan Chase & CoQ4 2011 – Q1 20167%—
ARRSArris International LtdQ4 2015 – Q1 20165%Acquired or delisted Apr 15, 2019