In Q2 2026, Muhlenkamp & Company held 27 US-listed stocks worth $345m. Its biggest move was selling all of its Mastec (3.6% the quarter before), followed by selling all of its Ea Series Trust (3.4% the quarter before). It started 1 new position and sold out of 2. Its largest holding is Rush Enterprises at 7.2%.
3% of the $207m of shares held in Muhlenkamp & Company’s one US-registered fund, Muhlenkamp Fund, by value, are not in its 13F. Those holdings are marked with a gold dot below.
US holdings from the 13F
Q2 2026, filed 18 Aug 2026 (filing): 1 new, 16 added to, 5 trimmed, 2 sold out. Select a row to see it over time.How this works
Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter
Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions.How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2014
2016
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
RUSHAMCKAAPLEQTBRK.BMSFTEverything else
2013: Rush Enterprises 0.0%, Mckesson 0.0%, Apple 0.0%, EQT 0.0%, Berkshire Hathaway 0.0%, Microsoft 3.7%; 2014: Rush Enterprises 0.0%, Mckesson 0.0%, Apple 3.3%, EQT 0.0%, Berkshire Hathaway 3.4%, Microsoft 0.0%; 2015: Rush Enterprises 0.0%, Mckesson 0.0%, Apple 4.8%, EQT 0.0%, Berkshire Hathaway 0.0%, Microsoft 4.8%; 2016: Rush Enterprises 4.8%, Mckesson 3.2%, Apple 5.5%, EQT 0.0%, Berkshire Hathaway 0.0%, Microsoft 4.6%; 2017: Rush Enterprises 4.0%, Mckesson 3.2%, Apple 7.3%, EQT 0.0%, Berkshire Hathaway 0.0%, Microsoft 5.8%; 2019: Rush Enterprises 5.2%, Mckesson 4.3%, Apple 7.6%, EQT 0.0%, Berkshire Hathaway 3.6%, Microsoft 7.0%; 2020: Rush Enterprises 5.4%, Mckesson 5.0%, Apple 4.3%, EQT 0.0%, Berkshire Hathaway 3.4%, Microsoft 4.0%; 2021: Rush Enterprises 4.8%, Mckesson 5.7%, Apple 4.9%, EQT 0.0%, Berkshire Hathaway 0.0%, Microsoft 5.2%; 2022: Rush Enterprises 5.5%, Mckesson 6.1%, Apple 0.0%, EQT 6.4%, Berkshire Hathaway 4.9%, Microsoft 0.0%; 2023: Rush Enterprises 6.2%, Mckesson 5.8%, Apple 0.0%, EQT 5.7%, Berkshire Hathaway 4.4%, Microsoft 0.0%; Q3 ’24: Rush Enterprises 6.2%, Mckesson 5.8%, Apple 4.5%, EQT 5.1%, Berkshire Hathaway 5.4%, Microsoft 4.2%; Q4 ’24: Rush Enterprises 6.3%, Mckesson 6.7%, Apple 4.8%, EQT 6.3%, Berkshire Hathaway 5.3%, Microsoft 4.1%; Q1 ’25: Rush Enterprises 6.7%, Mckesson 8.5%, Apple 4.5%, EQT 7.9%, Berkshire Hathaway 6.7%, Microsoft 0.0%; Q2 ’25: Rush Enterprises 6.2%, Mckesson 6.2%, Apple 0.0%, EQT 8.2%, Berkshire Hathaway 5.8%, Microsoft 5.0%; Q3 ’25: Rush Enterprises 5.6%, Mckesson 5.7%, Apple 4.3%, EQT 6.7%, Berkshire Hathaway 5.2%, Microsoft 4.5%; Q4 ’25: Rush Enterprises 5.6%, Mckesson 6.0%, Apple 4.6%, EQT 6.5%, Berkshire Hathaway 5.2%, Microsoft 4.3%; Q1 ’26: Rush Enterprises 5.9%, Mckesson 6.2%, Apple 4.2%, EQT 6.7%, Berkshire Hathaway 4.8%, Microsoft 0.0%; Q2 ’26: Rush Enterprises 7.2%, Mckesson 6.0%, Apple 5.2%, EQT 6.2%, Berkshire Hathaway 5.6%, Microsoft 0.0%
Total returns after fees for the MUHLX share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $131 a year on $10,000. Past returns don’t predict future ones.
Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $260m. Cash, bonds and other assets make up 20.6%. Changes are against 31 Mar 2026: 0 new, 0 added to, 1 trimmed, 3 sold out.
Muhlenkamp Fund holdings with change from the previous filing
Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
US holdings by sector
Materials19.6%
Technology14.1%
Financials12.1%
Insurance10.6%
Industrials10.6%
Energy10.6%
Health care9.3%
Consumer discretionary7.2%
Utilities0.3%
Not classified5.6%
Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.