- Quarterly Letter, July 2026 Muhlenkamp & Company sold its Chinese investments after they missed expectations and exited an international ETF concentrated in Korean and Taiwanese chipmakers on valuation concerns. The portfolio manager continued reducing AI-related exposure, retained gold-related holdings despite the metal’s retreat, and kept cash available for more attractive opportunities. second quarter —
One letter so far. We collect each new one as Muhlenkamp & Company publishes it.
