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Why An Investment Manager
Intelligent investing in the securities markets is a business. Like any other business, it is both a science and an art. Sound investing must rely on a basic understanding of the sciences of economics, finance and accounting. It also requires an artful understanding of people, ideas and concepts, and of their potential for fulfillment.

The business of investing has always been and will continue to be complex. Utilizing a qualified investment professional is as important as obtaining the services of highly trained professionals in other areas. Investment management requires full-time attention. Muhlenkamp & Company, Inc. believes an investor's best interest is served by knowledgeable, professional supervision on a continuous basis.

Who We Serve And How
Muhlenkamp & Company, Inc. provides professional investment management for pension plans, profit sharing plans, endowment funds, individual and corporate accounts, and a no-load mutual fund. We also provide investment-consulting services on a fee basis.

We review each client's financial situation to determine and clarify investment objectives and goals. We review the risks and rewards existing in security investing. When there is a mutual understanding, Muhlenkamp & Company, Inc. can begin to construct a portfolio to meet the client's objectives. Each client's portfolio is then managed on a continuous basis.

Our policy is to ensure that clients are kept fully informed about their portfolios. We work closely with clients in the planning and initial stages. Periodic reviews are held with each client; each client is urged to keep us informed of any change in his/her financial situation so it may be reflected in our portfolio management.

Orders for the purchase or sale of securities are placed with national or regional brokerage firms selected by Muhlenkamp & Company, Inc. These firms provide a variety of research assistance and may offer superior service or execution. All purchases and sales are reported by the broker directly to Muhlenkamp & Company and to the client. Muhlenkamp & Company, Inc. provides a complete statement of holdings to each client on a quarterly basis. A schedule of transactions having tax consequences is furnished at yearend.

We normally recommend the safekeeping of securities with a custodian of the client's choice. We are willing, if desired, to help in making such arrangements.

Our Philosophy
Muhlenkamp & Company, Inc. believes that continuous portfolio supervision, based on a thorough knowledge of investment fundamentals, economic value and a sense of timing, is the key to successful investing.

Investments are made principally in securities listed on the major security exchanges. We may also purchase securities of selected companies traded in the over-the-counter markets. We do not participate in private placements. We do not manage commodities, collectibles, or real estate.

We will not buy securities on margin, sell short, or use options unless we have consulted with the client to discuss the risks involved and obtain approval.
We do not subscribe to the philosophy that securities can be acquired and held forever. We believe that the securities markets, as well as industries and companies, can be cyclical in nature. These cycles may be inherent in the industry or the company itself, may be national --or even international -- in scope. Technological, economic, monetary, social or political forces, alone or in combination with one another, determine cycles. The life span of these cycles will vary, and may be long or short.

For these reasons, we place our emphasis on a business-like evaluation of current conditions. We study market history to get a better understanding of security values under different conditions, but do not try to apply historical evaluation methods directly to today's markets.

We believe in diversification and recognize that the proportion of classes of securities to be held at any given time may vary, depending upon economic and market conditions. The relationship of money instruments, bonds and stocks in portfolios will change as we perceive these conditions.

Investment Goals
Muhlenkamp & Company, Inc.'s goals are as follows:

1. Preserve capital.
2. Achieve a reasonable total return on invested capital without subjecting the portfolio to unacceptable business or market risks. We define "reasonable return" as 4-6% annually, over inflation

Investment Methods
We utilize political, economic, fundamental and technical input to accomplish these investment goals. This input consists of data and its interpretation. To the extent available, we acquire data and its interpretation from outside sources including economists, banks, broker-dealers, research organizations, business publications and government sources. We do not attempt to duplicate good research available from outside sources. We do monitor, however, the data we receive to ensure its accuracy, and insist on understanding the basis for conflicting opinions and their implications for investment decisions.

We concentrate our proprietary research efforts in those areas where good data or a diversity of knowledgeable opinions are not yet available.

With this input, we are in a position to make sound, informed judgments concerning business fundamentals, security valuations and market timing.

History
Muhlenkamp & Company, Inc., a Pennsylvania Corporation effective October 1, 1981, is a successor to Muhlenkamp & Company, a sole Proprietorship.

Fees
Fees are payable quarterly, in advance, based on market values.

Our minimum fee is $1,250 quarterly.

Either party, upon written notice to the other, may cancel our investment management contract. Any prepaid fees will be refunded pro-rata.

This brochure and enclosures may be considered as a disclosure statement. It has not been passed upon or approved by the Securities and Exchange Commission and the Commission has not passed upon or approved the qualifications or business practices of Muhlenkamp & Company, Inc. or the accuracy or adequacy of this written statement.

Performance

Click here for Muhlenkamp & Company Investment Management Performance History- Net of Fees

Consolidated performance for all discretionary accounts with dividends and other earnings reinvested. Performance figures reflect the deduction of broker commission expenses and the deduction of investment advisory fees. Such fees are described in Part II of the adviser’s Form ADV. The advisory fees and any other expenses incurred in the management of the investment advisory account will reduce the client’s return.

It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the above accounts. A list of all security recommendations made within the past twelve months is available upon request.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The CPI is the most widely used measure of inflation and is used as a means of adjusting dollar values. We measure investment returns against the CPI to gauge how effective we are at preserving and increasing the purchasing power of our clients assets.

Click here for a copy of the Management Brochure formatted as PDF.

The ADV section of the Management Brochure is approximately 3MB, involving a potentially long download and print time. If you'd prefer to receive a printed copy, please contact Anthony Muhlenkamp at (877) 935-5520 ext 139 or (724) 935-5520 ext 139 or click here to have us send you the information.