Uncommon Cents Investing LLC

FIRM OVERVIEW Uncommon Cents Investing LLC is a registered investment advisory firm headquartered in Colorado Springs, Colorado, built upon a distinctive value-oriented and contrarian investment philosophy. Founded by Jeff Muhlenkamp, the firm distinguishes itself through an independent, fundamentals-driven approach that often diverges from prevailing market consensus. The firm's memorable name reflects its investment ethos—seeking "uncommon" opportunities that conventional wisdom may overlook, with the wordplay on "cents" emphasizing focus on value and capital appreciation. As an SEC-registered advisor filing 13F reports under CIK #0001729754, Uncommon Cents Investing maintains transparency regarding its U.S. equity holdings, providing insight into its contrarian portfolio construction. With a CIK registration dating to 2017, the firm has accumulated several years of 13F filing history spanning multiple market environments including the 2018 volatility period, the 2020 pandemic crash and recovery, and the 2022 rate-driven correction. Jeff Muhlenkamp maintains an active educational presence through commentary, videos, and investment insights that articulate the firm's value-driven philosophy. Users can leverage the platform's 13F history tools to examine the evolution of the firm's contrarian positions across market cycles. UNCOMMON CENTS INVESTING LLC INVESTMENT STRATEGY Uncommon Cents Investing employs a value-oriented, contrarian investment philosophy that actively seeks out-of-favor securities trading below intrinsic value. The firm's approach emphasizes independent fundamental analysis, willingness to diverge from market consensus, and patience to hold positions until value is recognized. This methodology draws from classic value investing principles while incorporating pragmatic assessment of business quality, management capability, and margin of safety. Observable patterns from 13F filings suggest a concentrated portfolio with significant exposure to value-oriented sectors including energy, financials, and industrials—sectors that often trade at discounts to growth-oriented segments of the market. The investment style demonstrates willingness to take concentrated positions in companies and sectors that may be out of favor with mainstream investors, reflecting conviction-based portfolio construction rather than benchmark-relative positioning. Low turnover is characteristic of this patient, long-term approach, allowing time for value recognition catalysts to materialize. Jeff Muhlenkamp's investment commentary articulates clear reasoning behind positions, providing transparency into the fundamental thesis underlying holdings. The **Sector Allocation History** accessible through the platform reveals how Uncommon Cents has positioned across different market segments over its filing history, while **Top 10 Holdings Concentration** metrics illuminate the high-conviction nature of this concentrated value approach. RISK PROFILE The risk characteristics of Uncommon Cents Investing reflect its concentrated, contrarian value investment philosophy. Portfolios constructed with conviction-weighted positions in out-of-favor securities can exhibit elevated volatility and meaningful divergence from broad market indices during periods when value factors underperform or when concentrated sector positions move against the portfolio. Energy and financial sector concentration, in particular, introduces sensitivity to commodity prices, interest rate movements, and sector-specific regulatory dynamics. Contrarian strategies inherently accept periods of discomfort as positions may decline further before value is recognized—requiring investor patience and conviction alignment. However, the value orientation may provide meaningful downside protection during market corrections when overvalued growth stocks decline more severely, and the patient approach avoids performance-chasing behavior that can lock in losses. With several years of 13F filing history, Uncommon Cents' portfolio behavior can be analyzed across meaningful market events including the energy sector collapse and recovery, the pandemic-driven selloff, and the value-versus-growth rotation of 2021-2022. Analyzing the **Max Drawdown Depth** through historical backtesting quantifies peak-to-trough capital decline during various stress scenarios. The **Volatility Profile** offers context on return consistency inherent in concentrated value investing. ANALYTICS SUMMARY Uncommon Cents Investing LLC represents a distinctive Colorado-based investment advisor offering a contrarian, value-oriented approach that diverges from mainstream investment conventions. Under Jeff Muhlenkamp's leadership as founder and portfolio manager, the firm has built a multi-year track record of implementing concentrated value strategies while maintaining transparent communication with clients through educational content and investment commentary. The **13F Portfolio Composition** data enables users to replicate disclosed holdings, normalized to a user-defined notional, to simulate historical capital trajectory and risk-adjusted outcomes for this concentrated value strategy. The firm's contrarian approach produces investment behavior that may exhibit low correlation with growth-oriented strategies and momentum-driven markets, potentially providing diversification benefits within a broader allocation framework. The **Annualized Return (CAGR)** derived from backtested replication provides insight into long-term compounding within this value-focused mandate, while the **Sharpe Ratio** contextualizes risk-adjusted efficiency given the elevated volatility inherent in concentrated positioning. The **Sector Allocation History** reveals the magnitude of sector concentration and how positioning has evolved through different market regimes. A diagnostic question for deeper analysis: How has Uncommon Cents Investing's contrarian value approach performed during factor rotation periods when value outperforms growth, and does the concentrated portfolio demonstrate asymmetric capture—participating meaningfully in value rallies while maintaining resilience during prolonged growth dominance?

Uncommon Cents Investing Llc reported $431M in 13F assets as of 2026 Q1. Note: 13F AUM reflects only long equity positions reported to the SEC and may differ from total assets under management.

Uncommon Cents Investing Llc holds 208 disclosed positions. The top 10 holdings represent +22.91% of the reported portfolio, indicating a diversified investment approach.

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Uncommon Cents Investing Llc is managed by Jeff Muhlenkamp (Founder / Portfolio Manager).