Significant Portfolio Shifts in Ronald Muhlenkamp’s Q3 2024 13F Filing Highlighted by Broadcom Exit

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Ronald Muhlenkamp (Trades, Portfolio), the seasoned founder and portfolio manager at Muhlenkamp & Company, Inc., has recently made notable changes to his investment portfolio according to the 13F filing for the third quarter of 2024. Known for his patient value investing approach, Muhlenkamp selects stocks based on strong financial metrics and holds them for an average of 10 years. His investment philosophy focuses on companies with robust balance sheets and a return on equity (ROE) of at least 15%, adjusting his strategy based on inflation and interest rate movements to optimize long-term gains.

Significant Portfolio Shifts in Ronald Muhlenkamp’s Q3 2024 13F Filing Highlighted by Broadcom Exit

Ronald Muhlenkamp (Trades, Portfolio) has increased his stakes in a total of 16 stocks during this quarter. Noteworthy adjustments include:

  • Newmont Corp (NYSE:NEM) saw an addition of 1,751 shares, bringing the total to 281,302 shares. This change marks a 0.63% increase in share count and a 0.03% impact on the current portfolio, with a total value of $15,035,580.

  • Royal Gold Inc (NASDAQ:RGLD) experienced an increase of 669 shares, resulting in a total of 86,749 shares. This adjustment represents a 0.78% increase in share count, with a total value of $12,170,930.

Ronald Muhlenkamp (Trades, Portfolio) has completely exited one holding in the third quarter of 2024, as detailed below:

  • Broadcom Inc (NASDAQ:AVGO): The sale of all 81,290 shares resulted in a -4.07% impact on the portfolio.

Reductions were made in 9 stocks, with significant changes including:

  • Kirby Corp (NYSE:KEX) was reduced by 24,200 shares, resulting in a -24.96% decrease in shares and a -0.9% impact on the portfolio. The stock traded at an average price of $119.27 during the quarter and has returned 10.20% over the past 3 months and 63.60% year-to-date.

  • McKesson Corp (NYSE:MCK) saw a reduction of 29 shares, leading to a -0.08% reduction in shares and a -0.01% impact on the portfolio. The stock traded at an average price of $556.84 during the quarter and has returned 12.81% over the past 3 months and 34.57% year-to-date.

As of the third quarter of 2024, Ronald Muhlenkamp (Trades, Portfolio)’s portfolio included 28 stocks. The top holdings were 6.01% in Rush Enterprises Inc (NASDAQ:RUSHA), 5.85% in McKesson Corp (NYSE:MCK), 5.85% in NMI Holdings Inc (NASDAQ:NMIH), 5.38% in Berkshire Hathaway Inc (NYSE:BRK.B), and 5.06% in EQT Corp (NYSE:EQT). The holdings are mainly concentrated in 8 of all the 11 industries: Financial Services, Energy, Industrials, Consumer Cyclical, Basic Materials, Technology, Healthcare, and Communication Services.

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