MUHLENKAMP FUND (MUHLX)
| NAV | $75.10 |
| NAV Change (Dollars) | $-0.04 |
| NAV Change (Percentage) | -0.05% |
| YTD (Percentage) | 17.36% |
| As of Date | 12/5/2025 |
Performance data quoted, before and after taxes, represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.
Average Annual Returns for the Month Ending 3/31/2024
| Past Year | Past 3 Years | Past 5 Years | Past 10 Years | Since Inception (11/01/88) | |
|---|---|---|---|---|---|
| Return Before Taxes | 20.55% | 12.82% | 14.08% | 6.91% | 9.22% |
| Return After Taxes on Distributions* | 20.30% | 11.51% | 12.71% | 5.25% | 8.42% |
| Return After Taxes on Distributions and Sale of Fund Shares* | 12.33% | 9.83% | 11.02% | 5.04% | 8.06% |
| S&P 500** | 29.88% | 11.49% | 15.05% | 12.96% | 10.96% |
| Consumer Price Index*** | 3.15% | 5.67% | 4.19% | 2.83% | 2.72% |
For a printer-friendly version of the Average Annual Returns, the Top 20 Holdings, and other Fund data, view the Quarterly Fund Fact Sheet.
Mutual fund investing involves risk. Principal loss is possible.
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRA. Please consult your tax adviser for advice concerning your particular situation and for any updates to the tax law.
** The S&P 500 is a widely recognized, un-managed index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but does not reflect any deductions for fees, expenses, or taxes. It is not possible to invest directly in an index.
*** Consumer Price Index (CPI) – As of March 2024 – U.S. CPI Urban Consumers NSA (Non-Seasonally Adjusted), Index. The Consumer Price Index tracks the prices paid by urban consumers for goods and services and is generally accepted as a measure of price inflation. Price inflation affects consumers’ purchasing power.
TOP 20 HOLDINGS
For a printer-friendly version of the Average Annual Returns, the Top 20 Holdings, and other Fund data, view the Quarterly Fund Fact Sheet.
| HOLDING | INDUSTRY | % OF NET ASSETS |
INDUSTRY % OF PORTFOLIO |
|---|---|---|---|
| Rush Enterprises, Inc. – Class A | Trading Companies & Distributors | 6.28% | 9.1% |
| McKesson Corporation | Health Care Providers & Services | 6.11% | 9.5% |
| Broadcom, Inc. | Semiconductors & Semiconductor Equipment | 5.71% | 8.4% |
| Schlumberger Ltd. | Energy Equipment & Services | 4.64% | 6.4% |
| EQT Corporation | Oil, Gas & Consumable Fuels | 4.46% | 8.5% |
| Berkshire Hathaway, Inc. – Class B | Diversified Financial Services | 4.43% | 4.4% |
| Kirby Corporation | Marine | 4.33% | 4.3% |
| NMI Holdings, Inc. | Thrifts & Mortgage Finance | 4.08% | 4.1% |
| Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | 4.05% | 8.5% |
| Microsoft Corporation | Software | 3.54% | 3.5% |
| BCG Group, Inc. | Capital Markets | 3.53% | 3.5% |
| Dow, Inc. | Chemicals | 3.53% | 3.5% |
| Alerian MLP | Exchange Traded Funds | 3.46% | 3.5% |
| UnitedHealth Group, Inc. | Health Care Providers & Services | 3.38% | 9.5% |
| MasTec, Inc. | Technology Hardware & Equipment | 3.28% | 3.3% |
| Royal Gold, Inc. | Metals & Mining | 3.14% | 6.2% |
| Newmont Corporation | Metals & Mining | 3.03% | 6.2% |
| Pulte Group, Inc. | Household Durables | 2.89% | 5.2% |
| United Rentals, Inc. | Trading Companies & Distributors | 2.86% | 9.1% |
| Microchip Technology, Inc. | Semiconductors & Semiconductor Equipment | 2.70% | 8.4% |
Fund holdings are subject to change and are not recommendations to buy or sell any security.
OPEN AN ACCOUNT
Before opening an account, please refer to the prospectus for important information about the investment company including investment objectives, risks, charges, and expenses.
The minimum initial investment is $1,500 or $200 if the Automatic Investment Plan (AIP) is chosen.
The links below open a PDF with fill-in capabilities for you to complete, print, sign (we require your original signature), and mail to the address indicated on the application.
Regular Account Application
Use this account application to open a new Muhlenkamp Fund account with an Individual Owner, Joint Owner, Custodial (Uniform Transfers to Minors Act), or Trust Registration.
Entity Account Application
Use this Entity Account Application to open a new Muhlenkamp Fund account for a C Corporation, Partnership, Limited Liability Company, S Corporation, Other Entity, or a Tax Exempt Organization. Do not use for IRA accounts.
Individual Retirement Account (IRA) Application and Forms
Use these forms to open a Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA or Rollover IRA, to transfer funds from an existing IRA into a Muhlenkamp Fund IRA, or to Change an IRA beneficiary. IRA Disclosure Statement / Custodial Agreement available here. NOTE: If you are opening a SEP IRA, you will need IRS Form 5305-SEP in addition to our application. If you are opening a SIMPLE IRA, you will need IRS Form 5305-SA and either 5304-SIMPLE or 5305-SIMPLE in addition to our application. Visit the IRS.gov website for these forms. Search Forms and Publications box to search for the publication number (e.g., 5305).
Coverdell Education Savings Account (CESA) Application and Forms
Use these forms to open a Coverdell Education Savings Account or transfer funds from an existing CESA to a Muhlenkamp CESA. CESA Disclosure Statement / Custodial Agreement available here.
ACCOUNT MAINTENANCE
The Account Options Form is used to make changes to existing accounts only. Changes to account options include:
- Address Change
- Telephone Access
- Online Account Access
- Distribution Options
- Automatic Investment Plan (AIP)
- Systematic Withdrawal Plan (SWP)
- Bank Information
MUHLENKAMP FUND REPORTS
- Fund Prospectus
- Summary Propsectus
- Statement of Additional Information (SAI), April 30, 2023
Documents meet regulatory requirements when viewed using Internet Explorer.
- Annual Report, December 31, 2023
- Total Portfolio Holdings, March 31, 2023
- Total Portfolio Holdings, September 30, 2023
- Proxy Voting: Policies and Procedures
ACCOUNT ACCESS
Shareholders of the Muhlenkamp Fund can use the MUHLENKAMP FUND ACCOUNT ACCESS SITE to:
- View account(s), including balances and transaction history.
- Purchase shares or redeem shares (redemptions limited to $50,000).
- Subscribe to electronic delivery of quarterly statements and annual tax statements.
- Order duplicate statements.
First Class Mail:
Muhlenkamp Fund
U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
Overnight Mail:
Muhlenkamp Fund
U.S. Bank Global Fund Services
615 E Michigan Street
Milwaukee, WI 53202
Phone:
800.860.3863
Individual Investing
You know that real investing isn’t a game or a gamble, it’s a skill and a profession. You expect your money manager to challenge you, speak to you like an equal, help you grow and learn. We serve our clients with transparency, integrity, and wise counsel. If this is the relationship you’ve been looking for, let’s start the conversation.
Business Investing
As small business owners ourselves, we know how it works. Owners show up early. Leave late. Skip vacation. Get paid last. The business is your investment portfolio. Until one day, it isn’t. Once the business is generating more cash than it needs, what do you do with that money? We work with small businesses who are ready to invest outside of their business.
The Muhlenkamp Way
We start with the premise we are only interested in owning good companies, but we believe you can turn a good company into a bad investment if you pay too much for it. We use a business-like evaluation of each company designed to identify what a company is worth as a business today.