Fund Evaluator:
Muhlenkamp (MUHLX)
Follow This Fund
Best Performing in Large Value Over the Last Year
| 39.1% | American Beacon Man Lg Cp Value Inv (BWLIX) |
| 33.9% | PGIM Jennison Focused Value Z (PJGZX) |
| 32.5% | LSV Conservative Value Equity Investor (LVAVX) |
| 31.7% | Fidelity Advisor Blue Chip Value Z (FFVPX) |
| 31.6% | Fidelity Blue Chip Value (FBCVX) |
Fund Details
Muhlenkamp Overview
Muhlenkamp (MUHLX) is an actively managed U.S. Equity Large Value fund. Muhlenkamp launched the fund in 1988.
The investment seeks to maximize total after-tax return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk. The fund principally invests in a diversified list of common stocks of companies of any capitalization, determined by the investment adviser to be highly profitable, yet undervalued. The Adviser looks for companies the advisor believes to have above-average profitability, as measured by corporate return-on-equity, and that sell at below-average prices, as measured by price-to-earnings-ratios.
About Muhlenkamp (MUHLX)
There are 1 members of the management team with an average tenure of 12.59 years: Jeffrey Muhlenkamp (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Consumer Price TR USD index with a weighting of 100%. Muhlenkamp has 26 securities in its portfolio. The top 10 holdings constitute 55.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Muhlenkamp is part of the Equity global asset class and is within the U.S. Equity fund group. Muhlenkamp has 12.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.6%. There is 12.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Muhlenkamp has 11.7% of the portfolio in cash.
Assets Under Management
The fund has $260 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MUHLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Muhlenkamp expense ratio is high compared to funds in the Large Value category. Muhlenkamp has an expense ratio of 1.24%, which is 34% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Muhlenkamp has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, Muhlenkamp returned -2.9%, which earned it a grade of F, as the Large Value category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Muhlenkamp has a trailing yield of 0.37%, which is below the 1.25% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Muhlenkamp Grades
Year to date, the fund has returned 8.1%, 3.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 17.2% over the past year (grade of D), 14.1% over the past three years (grade of D) and 12.3% per year over the past five years (grade of A) and 11.5% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Muhlenkamp, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MUHLX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MUHLX Return (NAV) | -2.9% | -0.9% | 17.2% | 14.1% | 12.3% | 11.5% |
| MUHLX Grade | F | F | D | D | A | C |
| +/- Category | -4.5% | -10.7% | -3.8% | -1.9% | 2.0% | 0.2% |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| MUHLX Tax Cost Ratio | na | na | 0.8% | 1.0% | 1.5% | 1.4% |
MUHLX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MUHLX Return (NAV) | 8.1% | 17.8% | 10.9% | 13.9% | 2.9% | 29.0% | 11.9% | 14.4% | -13.3% | 18.8% | -3.7% |
| MUHLX Grade | D | A | F | B | A | A | A | F | F | B | F |
| +/- Category | -3.0% | 2.6% | -3.2% | 2.1% | 8.9% | 3.2% | 8.0% | -11.2% | -4.8% | 2.4% | -18.2% |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 13.6% |
| Total Risk Index: | 1.12 - Above Average |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (93% Rank) |
| Beta: | 0.58 |
| R-Squared: | 31% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $260 Mil |
| Fund Total Assets: | $ 260 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 12.6 years | |||
| Average Tenure: 12.6 years | |||
| Managers (Year): Muhlenkamp Jeffrey (2013) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 55.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.7% |
Portfolio Allocation |
|
| Domestic Stock: | 75.6% |
| Foreign Stock: | 12.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 11.7% |
Purchase Information
| Fund Family: | Muhlenkamp |
| Phone Number: | 800-860-3863 |
| Website: |
| Status: | Open |
| Inception Date: | November 1, 1988 |
| Min. Initial Purchase: | $1,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.24% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Muhlenkamp |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
