Investor Letters

Letters through December 31, 2016

1 letter reporting on the period ending December 31, 2016, in each firm's own reckoning.

Muhlenkamp & Company Quarterly Letter, January 2017 Muhlenkamp attributed its lag versus the S&P 500 to underweight energy, financials and industrials, alongside an overweight position in health care. The firm bought energy during the early-year oil-price weakness, reduced cyclicals as valuations reached its estimates, and retained health care holdings while awaiting a market reassessment. 2016 —