Private Accounts for portfolios of $500,000 or more.

Muhlenkamp & Company provides professional investment management for pension plans, profit sharing plans, endowment funds, and individual and corporate accounts valued at $500,000 or more.

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Private Account Fact Sheet

Overview Growth of $100,000
Portfolio Characteristics Annualized Performance
Top Ten Holdings Contact Us
Annual Returns  

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  Style
All-Cap

  Objective
Maximize total return, 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).

  Portfolio Manager

Ron Muhlenkamp, CFA. Mr. Muhlenkamp has been active in professional 
investment management since 1968. He is a CFA, and a graduate of both 
M.I.T. and the Harvard Business School.


 

  Portfolio Characteristics
Average ROE 27.13*
Long-Term Earnings 13.62%*
Average Projected P/E 11.67*
Portfolio Turnover 51%**

*Source: Bloomberg as of 6/30/08 
**Unaudited, Trailing 12 Months

Return on Equity (ROE) is a company's net income (earnings), divided by the owner's equity in the business (book value).

Price/Earnings Ratio (P/E) is the current stock price divided by the earnings per shar


  Top Ten Holdings as of 6/30/08
Company
Industry
Percent of Net Assets
Caterpillar, Inc. Machinery
5.68
Oracle Corporation Software
5.18
Harris Corporation Communications Equipment
5.16
International Business Machines Computers & Peripherals
4.94
Cisco Systems, Inc. Communications Equipment
4.59
Corning, Inc. Communications Equipment
4.4
Amgen, Inc. Biotechnology
4.35
Berkshire Hathaway, Inc. Insurance
4.12
Transocean, Inc. Energy Equipment & Services
4.01
Devon Energy Corporation Oil, Gas & Consumable Fuels
3.83

  Average Annual Returns (net of fees)
2007 -8.18  

1992

18.30%

2006 4.94%  

1991

38.70%

2005 8.26%  
1990
-12.20%
2004 24.78%  
1989
16.00%
2003 45.24%   1988 19.10%

2002

-20.10%

  1987 -2.40%

2001

3.30%

  1986 13.10%

2000

21.20%

  1985 22.70%

1999

7.80%

  1984 7.20%

1998

1.10%

  1983 19.70%

1997

32.70%

  1982 24.40%

1996

28.20%

  1981 11.10%

1995

37.30%

  1980 18.30%

1994

-9.90%

  1979 17.30%

1993

19.00%

  1978 9.90%
         
         
         

  Growth of a $100,000 Investment Since March 31, 1977

  Annualized Performance (net of fees) as of 6/30/08
 
Year to Date
One
Year
Past
3 Years
Past
5
Years
Past
10 Years
Past
15 Years
Average Account
-15.34% -26.36% -5.13% 6.05% 4.12% 9.52%
             

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.

  For Further Information  

Investment Adviser
Muhlenkamp & Company, Inc.
5000 Stonewood Drive, Suite 300
Wexford, PA 15090
(877) 935-5520 or (724) 935-5520

 

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