![]() "The question is: How do they monetize that, and is that a durable advantage?" Muhlenkamp said. While he said the technology will become ubiquitous and should be a growth driver for Microsoft in particular, he warned that the firm must squeeze money from AI to meet its lofty expectations. ![]() However, exposure to AI isn't the reason why Muhlenkamp is fired up about those tech titans. Shares of those two mega-cap firms are up about 39% and 36% this year, respectively, and are considered by Goldman Sachs to be two of the biggest winners from the nascent AI boom that has investors in a craze. Two of Muhlenkamp's top-20 holdings, Apple ( AAPL) and Microsoft ( MSFT), also happen to be among the market's biggest winners this year. That dynamic, combined with surging oil prices, led to a second-straight banner year for energy companies, and Muhlenkamp was well-positioned to take advantage of it.Īlthough energy stocks have since reversed to become the worst-performing sector of 2023, Muhlenkamp said he's stuck with the group while riding the broad rebound in technology stocks. When interest rates spiked last year as inflation surged, investors abandoned expensive, fast-growing technology stocks in favor of value-oriented names. How Muhlenkamp beat his index - and 8 places he's investing now The fund is in the top 1% in the last three years after beating 95% of peers last year and 87% in 2023, according to Morningstar. Regardless of what's happened in the economy or markets, the veteran investor's namesake Muhlenkamp Fund ( MUHLX) has found a way to dominate. "But nine months ago, I'd have been 90-10 or 80-20." "I'd probably have to come down 50-50, maybe even 60-40, for the recession," Muhlenkamp told Insider in a recent interview. A downturn is still plausible, but it's no longer the near-guarantee Muhlenkamp once warned it was. ![]() Surprisingly resilient labor and housing market data have given investors reason to think there may not be a recession after all. The solid returns and unusually low volatility that US stocks have enjoyed in 2023 are a striking contrast to what was the worst year for the S&P 500 since 2009. This year's stock market is almost the exact opposite of 2022, but the results have been roughly the same for standout fund manager Jeff Muhlenkamp. Here are eight companies or areas of the market that Muhlenkamp said he's bullish on. ![]()
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