Every quarter, mutual fund managers publicly disclose their quarter-end holdings via the Securities and Exchange Commission's. Let's take a look to see what moves Ron Muhlenkamp and his Muhlenkamp Fund made last quarter.
Meet the Muhlenkamp Fund
Ronald Muhlenkamp founded the Muhlenkamp Fund in 1977. The total market value of the fund's disclosed equity holdings as of March 31 -- the latest quarter for which data is available -- was $589 million across 50 holdings.
Why should you care? The Muhlenkamp Fund has finished in the top 12% of large-cap value funds over the past 15 years.
The fund's 10 largest positions (by value) and associated changes as of March 31 were:
(NYSE: UNH)-- no change
Philip Morris International
(NYSE: PM)-- no change
(Nasdaq: ORCL)-- reduced 5.0%
(NYSE: F)-- no change
(NYSE: LH)-- reduced 6.9%
(Nasdaq: INTC)-- no change
(NYSE: DD)-- no change
(NYSE: ABT)-- no change
(NYSE: BRK-B)-- no change
PNC Financial Services Group
(NYSE: PNC)-- no change
Outside the top 10 holdings:
- Rising Positions: The fund increased its positions in American Superconductor and True Religion Apparel.
- Falling Positions: The fund reduced its exposure to Pfizer and Wesco International.
- Eliminated Positions: During the quarter, the fund sold out of several stock positions, including Transocean and General Motors.
Selected Q1 2011 commentary
The Muhlenkamp Fund has a highly diversified portfolio, with technology and health-care stocks making up just less than half of the portfolio. Here's where the firm is winning and losing, and making new bets, at the moment:
- Current winner: UnitedHealth Group did well, rising more than 25% in the first three months of the year.
- Current loser: Ford Motor fell 11% in price in the first quarter.
- New bets: New additions included Consol Energy and Alliance Data Systems.
So there you have it -- the blow-by-blow of the Muhlenkamp Fund's latest moves. Tell us what you think in the comments section below.
The Motley Fool owns shares of Philip Morris International, Oracle, UnitedHealth Group, Berkshire Hathaway, Abbott Labs, Transocean, Intel, and Ford and has bought calls on Intel. Motley Fool newsletter services have recommended buying shares of Ford, Berkshire Hathaway, LabCorp, UnitedHealth Group, Philip Morris International, Pfizer, Intel, Abbott Labs, and General Motors, as well as creating diagonal call positions on Intel and UnitedHealth Group. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.