Ronald Muhlenkamp's Strategic Exit from JD.com Inc: A 13F Filing Insight
Exploring the Investment Moves of a Seasoned Value Investor
This article first appeared on GuruFocus. Exploring the Investment Moves of a Seasoned Value Investor Ronald Muhlenkamp (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Ronald H. Muhlenkamp is the founder and president of Muhlenkamp & Company, Inc., and portfolio manager for the company's self-named mutual fund (MUHLX). Muhlenkamp is a patient value investor. The stocks in his portfolio stay an average of 10 years. He is a value guru who believes that over time, stock prices do reflect the values of the underlying businesses.
When picking stocks, he looks for companies with solid balance sheets, and a return on equity capital (ROE) of 15% or better. Although his methods change with inflation and interest rates, he currently looks for companies with a P/E ratio lower than the companies' ROE and expected growth rates. He focuses on the long-term "Business of Investing" because he thinks that it is more profitable and more reliable. As a long-term investor, his "normal" position is to be 100% invested in corporate stocks. Warning! GuruFocus has detected 8 Warning Signs with NEM. Is NEM fairly valued? Test your thesis with our free DCF calculator.
Ronald Muhlenkamp's Strategic Exit from JD.com Inc: A 13F Filing Insight Key Position Increases Ronald Muhlenkamp (Trades, Portfolio) also increased stakes in a total of 20 stocks, among them: The most notable increase was Celanese Corp (NYSE:CE), with an additional 24,948 shares, bringing the total to 209,403 shares. This adjustment represents a significant 13.53% increase in share count, a 0.28% impact on the current portfolio, with a total value of $8,853,560. The second largest increase was Microsoft Corp (NASDAQ:MSFT), with an additional 658 shares, bringing the total to 33,005.
This adjustment represents a significant 2.03% increase in share count, with a total value of $15,961,760. Summary of Sold Out Ronald Muhlenkamp (Trades, Portfolio) completely exited 3 of the holdings in the fourth quarter of 2025, as detailed below: JD.com Inc (NASDAQ:JD): Ronald Muhlenkamp (Trades, Portfolio) sold all 181,412 shares, resulting in a -1.72% impact on the portfolio. Royal Caribbean Group (NYSE:RCL): Ronald Muhlenkamp (Trades, Portfolio) liquidated all 2,671 shares, causing a -0.23% impact on the portfolio. Key Position Reduces Ronald Muhlenkamp (Trades, Portfolio) also reduced positions in 3 stocks.
The most significant changes include: Reduced Alerian MLP ETF (AMLP) by 420 shares, resulting in a -0.24% decrease in shares and a -0.01% impact on the portfolio. The stock traded at an average price of $46.81 during the quarter and has returned 11.08% over the past 3 months and 7.66% year-to-date. Reduced Agnico Eagle Mines Ltd (NYSE:AEM) by 42 shares, resulting in a -0.03% reduction in shares and a 0% impact on the portfolio. The stock traded at an average price of $168.07 during the quarter and has returned 27.64% over the past 3 months and 17.11% year-to-date. Story Continues Portfolio Overview At the fourth quarter of 2025, Ronald Muhlenkamp (Trades, Portfolio)'s portfolio included 28 stocks, with top holdings including 7.64% in Newmont Corp (NYSE:NEM), 6.9% in Agnico Eagle Mines Ltd (NYSE:AEM), 6.5% in EQT Corp (NYSE:EQT), 6.18% in MasTec Inc (NYSE:MTZ), and 6% in McKesson Corp (NYSE:MCK).
Ronald Muhlenkamp's Strategic Exit from JD.com Inc: A 13F Filing Insight The holdings are mainly concentrated in 7 of all the 11 industries: Basic Materials, Financial Services, Industrials, Technology, Energy, Healthcare, and Consumer Cyclical. Ronald Muhlenkamp's Strategic Exit from JD.com Inc: A 13F Filing Insight View Comments