The Muhlenkamp Investment Team

Ronald H. Muhlenkamp
Founder, President, and Portfolio Manager

Ronald H. Muhlenkamp is founder and president of Muhlenkamp & Company, Inc., established in 1977 to manage private accounts for individuals and institutions. In 1988, Muhlenkamp & Company launched a no-load mutual fund as an investment vehicle for all investors, no matter their asset size.

A top-rated investment manager, frequent guest of the media, and featured speaker at investment shows nationwide, Mr. Muhlenkamp’s entire business career has been devoted to the professional management of investment portfolios. His work since 1968 has been focused on extensive studies of investment management philosophies, both fundamental and technical. As a result of this research, he developed a proprietary method of evaluating both equity and fixed income securities, which continues to be employed by Muhlenkamp & Company. In addition to publishing his quarterly newsletter, Muhlenkamp Memorandum, Mr. Muhlenkamp is the author of Ron’s Road to Wealth: Insights for the Curious Investor.

Mr. Muhlenkamp received a Bachelor of Science degree in Engineering from M.I.T. in 1966, and a Masters in Business Administration from the Harvard Business School in 1968. He holds a Chartered Financial Analyst (CFA) designation. He and his wife, Connie, make their home on a farm near Pittsburgh, but travel extensively to meet and talk with companies and clients around the country.

The majority of Mr. Muhlenkamp’s long-term investment assets are invested in the Company’s self-named mutual fund.

John H. Kunkle, III
Equity Analyst

John H. Kunkle joined Muhlenkamp & Company in February 1992 as a Research Analyst. Since joining the firm, he has concentrated on finding investments of value for the company’s clients and the company’s no-load mutual fund. He also oversees the daily operations of the Company’s management information systems. His long-standing interest in computer applications couples well with the practice of financial analysis.

Mr. Kunkle began his career at Dollar Bank as a branch manager of their second largest office located in Pittsburgh, Pennsylvania. At Dollar Bank, he counseled personal and business clients on a wide spectrum of banking products and services ranging from mortgages to business loans. While underwriting business loans, he was able to gain insight into the intricacies of the balance sheet and its various components. His dedication to client satisfaction and personal finance enabled him to respond to the financial needs of a large client base in diverse business sectors.

After five years of banking, Mr. Kunkle returned to school to obtain an advanced degree in finance and business. At the University of Pittsburgh, he studied various techniques of evaluating the intrinsic value of corporations and the practice of portfolio management.

John H. Kunkle received his Bachelor of Arts degree in economics from Denison University in 1985 and a Masters in Business Administration from the University of Pittsburgh in 1991.

Kenneth J. Dupre
Equity Analyst

Kenneth J. Dupre is an Investment Analyst for Muhlenkamp & Company, Inc. Mr. Dupre’s responsibilities are primarily research oriented, including reviewing research reports and company financials; interviewing and visiting company management; investigating competitors and the general industry; and making portfolio recommendations including the use of options. Mr. Dupre also serves as Managing Partner of Chalk L Partnership, an investment partnership, located in Champion, PA. Since October 1997, Mr. Dupre has served on the Board of Directors of Decamedics Inc., a medical start-up company. He has also served on the Board of Directors for Applied Concepts Inc., a start-up hand tool company that was bought by Emerson Electric in 1994. Mr. Dupre formerly worked as an account executive for PhysicianCare, a group health company located in Charlotte, NC. Kenneth J. Dupre received a dual Bachelor of Science in Economics and Industrial Administration from Carnegie Mellon University in 1989, and a Masters in Computational Finance from Carnegie Mellon in 1996. Ken also holds the Chartered Financial Analyst (CFA) designation and teaches Finance as an adjunct professor at St. Vincent’s College in Latrobe, PA.

Tammy S. Neff
Equity Analyst

Tammy S. Neff joined Muhlenkamp & Company, Inc. in September 2003 as an Investment Analyst. Ms. Neff’s responsibilities are primarily research oriented including evaluating company financial statements, annual reports and proxy statements; analyzing industry and company research reports; interviewing and visiting company management teams; and making investment recommendations for inclusion in the Muhlenkamp portfolio.

Ms. Neff has 14 years of experience in the healthcare industry as a Psychiatric Nurse Clinician and Healthcare Administrator. Most recently, she served as Director of Operations for the University of Pittsburgh Department of Psychiatry Faculty Practice Plan.

Tammy S. Neff received dual Bachelor of Science Degrees in Nursing and Psychology from Carlow College in 1989. She earned a Masters Degree in Business Administration from the University of Pittsburgh in 1994 and holds the Chartered Financial Analyst (CFA) designation.

Brian Jacobs
Equity Analyst

Brian Jacobs, Investment Analyst, joined Muhlenkamp & Company in 2005. Brian conducts thorough bottom-up research on companies, their competitors and industries in order to recommend portfolio actions for Muhlenkamp & Company clients.

Prior to joining the firm, Brian served five years as Senior Equity Analyst and Portfolio Manager with Fort Pitt Capital Group, Inc. There Brian was an all-sector, multi-capitalization equity analyst and portfolio manager for value-disciplined separate accounts and was co-manager of the Fort Pitt Capital Total Return Fund. Brian was also a member of the Fort Pitt Capital Investment Policy Committee helping to determine, implement and disseminate investment strategy for clients.

Other professional experience includes equity portfolio management at C.S. McKee & Co., banking responsibilities with PNC Bank, N.A., and serving as a civilian analyst for the U.S. Department of the Navy. Brian is a 1991 graduate of Allegheny College where he was awarded his Bachelor of Arts in Economics. In 1996 Brian earned his Masters of Business Administration in Finance from Duke University’s Fuqua School of Business. Brian also holds the Chartered Financial Analyst (CFA) designation. Brian resides in the North Hills of Pittsburgh with his wife Martha and their two children.

Stephen Bierker
Trader

Stephen Bierker joined Muhlenkamp & Company in June of 2005 as a client service representative and was appointed Trader in October 2007. His responsibilities include trading activities related to the Company’s separately managed accounts and no-load mutual fund

Mr. Bierker has an extensive background in corporate finance. He began his career at the May Department Stores Company, where he held positions of increasing responsibility focused primarily on planning and profit enhancing initiatives. His final position as Director of Profit Improvement enabled him to work with the senior management team to identify and prioritize process design changes and capital budgeting. Mr. Bierker also worked with The Meridian Group which focuses primarily on turnaround consulting for companies in financial distress.

Mr. Bierker received his Masters of Business Administration from the University of Pittsburgh in 2003 where he was a Dean’s Scholar. He completed two Signature programs, the first in Corporate Finance/Valuation and the second in International Economics. His undergraduate studies were completed in 1989 at Penn State University, where he received a Bachelor of Science in Marketing. Additionally, he has a CFA designation and maintains series 7 and 66 securities licenses.