Muhlenkamp Memorandum Issue #121

Click here for a printer-friendly PDF of the Memorandum.

Refer to the SMA All-Cap Value Fact Sheet for the Top 20 Holdings and performance data as of the most recent quarter-end.

In this Muhlenkamp Memorandum:
Quarterly Letter
2016 was a disappointing year for us as our accounts, on average, lost about 3.56% of their value over the course of the year (individual performance varies by account), while the S&P 500 gained 11.96%—both figures include reinvestment of income. The obvious question is “Why the underperformance relative to your benchmark?”…

Letter from the President
As Ron and Jeff pointed out in their discussion of performance, 2016 was disappointing. So our clients and shareholders have rightfully been asking what we are going to do differently to improve performance…

Register for our Upcoming Webcast
On Thursday, February 16, 2017 from 4:00 p.m. – 5:00 p.m. ET, join Tony Muhlenkamp as he hosts a chat with Portfolio Managers Ron and Jeff Muhlenkamp. You will have the opportunity to submit questions during the second half of our webcast.

Make a Financial New Year’s Resolution
The beginning of a new year is a great time to get on the right course. We created our Muhlenkamp Marathon Financial Training Workbook (with some running tips, too) to provide 26.2 miles of financial guidance…

Archive Available – December 1, 2016 Webcast
Is the economy back to pre-recessionary levels? Your answer may depend on what data you use and how you define your terms. Jeff and Ron Muhlenkamp walk through over 20 economic charts from foreign currencies vs. the dollar, to their 10-point checklist they use as a guide.

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