MUHLX Performance — Muhlenkamp Fund, Institutional Class
Data updated: 2026-08-26
MUHLX returned +8.10% year to date and +17.21% over one year to Jun 2026. Annualised returns are +14.07% over 3 years and +12.34% over 5 years. The fund beat its US Multi-Cap Value category average: $100 invested three years ago grew to $148, against $142 for the category, and to $117 over one year, against $112. Volatility over the past three years was 13.57% a year. In the 12 months to Jun 2026 the fund lost a net $15.1M, and assets reached $260.33M.
MUHLX Growth of $100
What $100 invested in Muhlenkamp Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Multi-Cap Value category average over the same months.
| Period | MUHLX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $117 | $112 |
| 3 years (Jul 2023 – Jun 2026) | $148 | $142 |
| 5 years (Jul 2021 – Jun 2026) | $179 | $143 |
| Since data start (Jan 2020 – Jun 2026) | $239 | $176 |
MUHLX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +8.10% |
| 1 year | +17.21% |
| 3 years (annualised) | +14.07% |
| 5 years (annualised) | +12.34% |
MUHLX Annual Returns
Calendar-year total returns of Muhlenkamp Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +8.10% |
| 2025 | +17.82% |
| 2024 | +10.94% |
| 2023 | +13.92% |
| 2022 | +2.87% |
| 2021 | +29.00% |
| 2020 | +11.86% |
MUHLX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +6.5% | +8.4% | −5.5% | +4.2% | −2.1% | −2.9% | — | — | — | — | — | — |
| 2025 | +4.8% | −1.0% | +0.1% | −2.0% | +2.8% | +3.9% | −1.4% | +4.5% | +3.5% | −3.2% | +4.7% | +0.4% |
| 2024 | −1.6% | +2.5% | +6.0% | −2.8% | +4.8% | −0.5% | +6.0% | −0.4% | +0.4% | −1.8% | +6.3% | −7.6% |
| 2023 | +2.6% | −1.6% | +0.1% | +0.4% | 0.0% | +6.9% | +4.6% | −1.9% | −3.4% | −2.7% | +4.2% | +4.7% |
| 2022 | −1.5% | +2.5% | +4.3% | −2.7% | +2.9% | −7.3% | +4.5% | +0.2% | −4.3% | +5.4% | +2.3% | −2.5% |
| 2021 | −0.6% | +6.7% | +6.2% | +3.0% | +5.2% | −2.2% | +0.1% | +0.7% | −3.4% | +4.8% | −1.1% | +7.2% |
| 2020 | −2.7% | −8.5% | −18.1% | +13.8% | +5.9% | +2.0% | +3.9% | +6.1% | −1.9% | −1.3% | +11.5% | +5.0% |
MUHLX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 13.57%
- 3-year Sharpe ratio: 0.70 (vs 4.5% risk-free rate)
- Best month: +8.44% (Feb 2026)
- Worst month: −7.61% (Dec 2024)
MUHLX Fund Flows
Monthly money in and out of Muhlenkamp Fund, from SEC Form N-PORT.
- 12-month net flow: −$15.1M
- 12-month gross sales (incl. reinvestments): $20.6M
- Sales ÷ redemptions: 0.58×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $159K | $5.6M | −$5.4M |
| May 2026 | $981K | $3.8M | −$2.9M |
| Apr 2026 | $5.0M | $1.9M | $3.1M |
| Mar 2026 | $2.3M | $1.3M | $997K |
| Feb 2026 | $1.3M | $1.8M | −$444K |
| Jan 2026 | $857K | $4.7M | −$3.8M |
| Dec 2025 | $8.5M | $2.8M | $5.7M |
| Nov 2025 | $205K | $2.2M | −$2.0M |
| Oct 2025 | $244K | $4.7M | −$4.5M |
| Sep 2025 | $332K | $1.6M | −$1.3M |
| Aug 2025 | $315K | $2.5M | −$2.2M |
| Jul 2025 | $408K | $2.7M | −$2.3M |
MUHLX Assets Under Management
Net assets of Muhlenkamp Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $260.33M |
| 2026-03-31 | $267.84M |
| 2025-12-31 | $248.57M |
| 2025-09-30 | $253.40M |
| 2025-06-30 | $243.35M |
| 2025-03-31 | $234.79M |
| 2024-12-31 | $235.67M |
| 2024-09-30 | $248.52M |
| 2024-06-30 | $237.39M |
| 2024-03-31 | $239.21M |
| 2023-12-31 | $231.00M |
| 2023-09-30 | $218.80M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.