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MUHLENKAMP FUND (MUHLX)

FUND PERFORMANCE

PERFORMANCE

MUHLENKAMP FUND (MUHLX)

NAV$62.48
NAV Change (Dollars)$0.48
NAV Change (Percentage)0.77%
YTD (Percentage)0.40%
As of Date2/22/2024

For a printer-friendly version of the Average Annual Returns, the Top 20 Holdings, and other Fund data, view the Quarterly Fund Fact Sheet.

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.

Muhlenkamp Fund Average Annual Return

MONTHLY – AS OF 1/31/2024

Year to Date
Past Year
Past 3 Years
Past 5 Years
Past 10 Years
Past 15 Years
Since Inception (11/01/88)
Return Before Taxes
-1.61%
9.26%
14.39%
12.53%
6.57%
9.46%
9.00%
Return After Taxes on Distributions*
-1.61%
8.87%
13.01%
11.15%
4.90%
8.16%
8.19%
Return After Taxes on Distributions and Sale of Fund Shares*
-0.95%
5.48%
11.11%
9.77%
4.81%
7.64%
7.87%
S&P 500**
1.68%
20.82%
10.99%
14.30%
12.62%
14.77%
10.75%
Consumer Price Index***
3.35%
3.35%
5.60%
4.07%
2.79%
2.55%
2.70%

Muhlenkamp Fund Average Annual Return

QUARTERLY – AS OF 12/31/2023

Year to Date
Past Year
Past 3 Years
Past 5 Years
Past 10 Years
Past 15 Years
Since Inception (11/01/88)
Return Before Taxes
13.92%
13.92%
14.78%
14.11%
6.12%
9.00%
9.08%
Return After Taxes on Distributions*
13.51%
13.51%
13.40%
12.71%
4.46%
7.70%
8.26%
Return After Taxes on Distributions and Sale of Fund Shares*
8.24%
8.24%
11.41%
11.07%
4.42%
7.21%
7.94%
S&P 500**
26.29%
26.29%
10.00%
15.69%
12.03%
13.97%
10.72%
Consumer Price Index***
3.35%
3.35%
5.60%
4.07%
2.79%
2.55%
2.70%

EXPENSE RATIO

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.) 

Annual Returns SINCE INCEPTION

ONE-YEAR PERIOD ENDING 12/31/####

Total Return Muhlenkamp Fund
Total Return S&P 500 Index**
Portfolio Turnover Rate
Net Asset Value
Total Assets (In Millions)
1988
NA
16.61%
10.04%
NA
$1
1989
12.50%
31.69%
34.46%
$11.04
$1
1990
-14.80%
-3.10%
47.47%
$9.21
$1
1991
45.40%
30.47%
52.50%
$13.25
$2
1992
15.80%
7.62%
20.10%
$15.20
$5
1993
18.10%
10.08%
14.10%
$17.86
$12
1994
-7.20%
1.32%
25.60%
$16.23
$17
1995
32.90%
37.58%
22.70%
$21.26
$24
1996
29.96%
22.96%
16.90%
$27.52
$42
1997
33.28%
33.36%
13.89%
$36.55
$125
1998
3.22%
28.58%
27.03%
$37.65
$195
1999
11.40%
21.04%
14.52%
$41.11
$179
2000
25.30%
-9.10%
32.04%
$48.98
$267
2001
9.33%
-11.89%
10.52%
$53.55
$540
2002
-19.92%
-22.10%
11.17%
$42.89
$600
2003
48.07%
28.69%
9.15%
$63.51
$1,157
2004
24.51%
10.88%
7.00%
$78.97
$1,992
2005
7.88%
4.91%
6.05%
$84.44
$3,084
2006
4.08%
15.80%
11.58%
$87.15
$2,880
2007
-9.66%
5.49%
22.30%
$65.00
$1,491
2008
-40.39%
-37.00%
39.88%
$38.60
$608
2009
31.49%
26.46%
64.78%
$50.69
$716
2010
6.14%
15.06%
75.49%
$53.80
$641
2011
-4.74%
2.11%
42.51%
$51.19
$487
2012
12.52%
16.00%
38.09%
$52.22
$427
2013
34.43%
32.39%
26.21%
$68.03
$489
2014
0.64%
13.69%
33.93%
$59.50
$436
2015
-6.21%
1.38%
19.46%
$50.33
$326
2016
-3.70%
11.96%
39.75%
$48.47
$255
2017
18.77%
21.83%
19.32%
$55.21
$260
2018
-13.29%
-4.38%
9.55%
$41.71
$187
2019
14.39%
31.49%
40.19%
$47.12
$186
2020
11.86%
18.40%
24.64%
$47.79
$180
2021
29.02%
28.71%
8.06%
$57.21
$202
2022
2.88%
-18.11%
15.40%
$55.11
$277
2023
13.92%
26.29%
15.40%
$62.23
$231

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 December 2023 – 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.