MUHLENKAMP FUND
IF YOU WANT TO INVEST WITH INTELLIGENCE, YOU'VE COME TO THE RIGHT PLACE.We like to dig deep into financial statements and annual reports, combing over the details until we find what we think to be the hidden gems. We talk to Wall Street analysts, and customers of the companies we’re investigating. Because when we are more familiar with our investments, we are more confident that we’re making wise choices that may build our clients’ wealth.
FUND OVERVIEW
MUHLENKAMP FUND (MUHLX)
| NAV | $60.42 |
| NAV Change (Dollars) | $0.45 |
| As of Date | 12/1/2023 |
FUND FACTS
Style: Multi-Cap Core
Inception Date: 11/01/1988
Ticker Symbol: MUHLX
CUSIP: 56166Y438
Min Initial Investment: $1,500 or $200 (AIP)*
Sales Charge: None
Gross Expense Ratio: 1.28%
Net Expense Ratio: 1.26%**
**Muhlenkamp & Company, Inc. (the “Adviser”) has contractually agreed to waive its management fees, and pay Fund expenses, in order to ensure that effective May 1, 2023, Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.20% of the Fund’s average daily net assets. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the date on which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least April 30, 2024. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.
Objective
The investment objective of the Muhlenkamp Fund is to maximize total after-tax return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.
Strategy
Invest in the common stock of highly profitable companies, as measured by Return on Equity (ROE), that sell at value prices, as measured by Price-to-Earnings Ratios (P/E).
Price-to-Earnings (P/E) is the current price of a stock divided by the (trailing) 12 months earnings per share.
Return on Equity (ROE) is a company’s net income (earnings) divided by the owner’s equity in the business (Book Value); ROE = Earnings/Book Value. This percentage indicates company profitability or how efficiently a company is using its equity capital.
Portfolio Manager
Jeffrey P. Muhlenkamp, CFA, has been active in professional investment management since 2008. He is a graduate of both the United States Military Academy and Chapman University.
Administrator and Transfer Agent
U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201
(800) 860-3863
Investment Advisor
Muhlenkamp & Company, Inc.
(877) 935-5520
Custodian
U.S. Bank, N.A.