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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Muhlenkamp is defensively positioned after 18 months of reducing AI exposure, viewing semiconductor valuations as dangerously elevated and comparable to 2000-2002 bubble risk. Manager sold international chip exposure and Chinese holdings, building cash while maintaining gold positions despite near-term weakness."
Muhlenkamp is defensively positioned after 18 months of reducing AI exposure, viewing semiconductor valuations as dangerously elevated and comparable to 2000-2002 bubble risk. Manager sold international chip exposure and Chinese holdings, building cash while maintaining gold positions despite near-term weakness. Fund up high-single-digits year-to-date but prioritizing capital preservation over deployment, waiting patiently for attractive entry points in what he views as an overvalued market.
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