13F-HR 1 q106.txt FIRST QUARTER 2006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2006 Check here if Amendment []; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Muhlenkamp & Company Address: 5000 Stonewood Drive, Suite 300 Wexford, PA 15090 Form 13F File Number: 28-03447 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Jack Kunkle Title: Analyst Phone: 724-934-5126 /s/ Jack Kunkle May 15, 2006 Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 87 Form 13F Information Table Value Total: 3,596,016 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- ------ Allstate Insurance Grp. COM 020002101 125163 2401894.8420SH SOLE 2401894.8420 Altria Group Inc COM 02209S103 91876 1296591.5817SH SOLE 1296591.5817 American International Group COM 026874107 121780 1842641.0000SH SOLE 1842641.0000 American Woodmark Corp COM 030506109 18882 531897.6535SH SOLE 531897.6535 Anadarko Petroleum Corp. COM 032511107 126184 1249220.0000SH SOLE 1249220.0000 BHP BILLITON LTD SPONSORED ADR COM 088606108 38675 970525.0000SH SOLE 970525.0000 BankAmerica Corp COM 060505104 454 9979.4065SH SOLE 9979.4065 Beazer Homes Inc. COM 07556Q105 60389 919161.3800SH SOLE 919161.3800 Berkshire Hathaway CL B COM 084670207 256 85.0000 SH SOLE 85.0000 Black & Decker Corp COM 091797100 70696 813623.8109SH SOLE 813623.8109 CHAPARRAL STL CO DEL COM COM 159423102 16936 260880.0000SH SOLE 260880.0000 Capital One Financial Corp. COM 14040H105 133562 1658740.7350SH SOLE 1658740.7350 Caterpillar COM 149123101 14471 201520.0000SH SOLE 201520.0000 Cemex S A Ssponsor ADR New Rep COM 151290889 172961 2649518.3575SH SOLE 2649518.3575 Cendant COM 151313103 42353 2441105.0000SH SOLE 2441105.0000 Centex Corp COM 152312104 126101 2034210.2220SH SOLE 2034210.2220 Cisco Systems Inc COM 17275R102 275 12674.0000SH SOLE 12674.0000 Citigroup Inc. COM 172967101 120130 2543520.9112SH SOLE 2543520.9112 ConocoPhillips COM 20825C104 120095 1901744.8400SH SOLE 1901744.8400 Countrywide Financial Corp. COM 222372104 135286 3686280.2951SH SOLE 3686280.2951 DEVON ENERGY CORP NEW COM COM 25179M103 93143 1522691.5640SH SOLE 1522691.5640 DOLLAR THRIFTY AUTOMOT COM COM 256743105 218 4800.0000SH SOLE 4800.0000 Dell Inc. COM 24702R101 312 10499.0000SH SOLE 10499.0000 Dynegy Inc. COM 26816Q101 4416 920000.0000SH SOLE 920000.0000 EResearch COM 29481V108 17055 1185195.0000SH SOLE 1185195.0000 Eagle Materials Inc Cl B COM 26969P207 20757 325399.8453SH SOLE 325399.8453 El Paso Corporation COM 28336l109 9653 801079.0000SH SOLE 801079.0000 Exxon Mobil Corp. COM 30231G102 416 6832.0000SH SOLE 6832.0000 FIDELITY NATIONAL TITLE-CL A COM 31620R105 7167 314774.9750SH SOLE 314774.9750 Fannie Mae COM 313586109 101029 1965545.0002SH SOLE 1965545.0002 Fidelity National Financial COM 316326107 70692 1989642.0830SH SOLE 1989642.0830 GAMCO INVESTORS INC-A COM 361438104 4979 124640.0000SH SOLE 124640.0000 General Electric COM 369604103 1408 40483.3032SH SOLE 40483.3032 Graco Inc. COM 384109104 9959 219206.0000SH SOLE 219206.0000 Harley Davidson Inc. COM 412822108 22028 424595.0000SH SOLE 424595.0000 Houston Exploration COM 442120101 40952 777080.0000SH SOLE 777080.0000 Intel Corp COM 458140100 774 39781.8362SH SOLE 39781.8362 International Business Machine COM 459200101 12517 151778.3785SH SOLE 151778.3785 J.P. Morgan Chase & Co. COM 46625h100 245 5889.0000SH SOLE 5889.0000 Johnson & Johnson COM 478160104 86479 1460307.8700SH SOLE 1460307.8700 LENNAR CORP CL A COM 526057104 2721 45065.0000SH SOLE 45065.0000 LONE STAR TECHNOLOGIES COM COM 542312103 2008 36240.0000SH SOLE 36240.0000 Lamson & Sessions COM 513696104 6624 238000.0000SH SOLE 238000.0000 MARSHALL EDWARDS INC COM COM 572322303 432 77397.0000SH SOLE 77397.0000 MAVERICK TUBE CORP COM 577914104 48837 921625.0000SH SOLE 921625.0000 Masco Corp COM 574599106 36800 1132658.3860SH SOLE 1132658.3860 Mastec Inc. COM 576323109 6542 461700.0000SH SOLE 461700.0000 Meritage Corp. COM 59001A102 59305 1079060.0000SH SOLE 1079060.0000 Merrill Lynch COM 590188108 140386 1782453.5420SH SOLE 1782453.5420 Microsoft Corp COM 594918104 804 29561.1095SH SOLE 29561.1095 Mohawk Industries, Inc. COM 608190104 36042 446511.0000SH SOLE 446511.0000 Morgan Stanley COM 617446448 17457 277894.0000SH SOLE 277894.0000 NOVAGOLD RES INC COM NEW COM 66987E206 5886 384700.0000SH SOLE 384700.0000 NVR Inc. COM 62944T105 112625 152412.0000SH SOLE 152412.0000 Nabors Industries LTD New (Ber COM G6359F103 131850 1841990.0000SH SOLE 1841990.0000 National RV Holdings COM 637277104 2929 457633.0000SH SOLE 457633.0000 Nokia Corp Spon ADR COM 654902204 289 13930.0000SH SOLE 13930.0000 Novogen LTD COM 67010F103 3549 251710.0000SH SOLE 251710.0000 PHH CORP COM 693320202 2630 98505.0000SH SOLE 98505.0000 Patterson Energy Inc. COM 703481101 102618 3210834.0460SH SOLE 3210834.0460 Pfizer Inc COM 717081103 77624 3114935.8187SH SOLE 3114935.8187 Polaris Industries, Inc. COM 731068102 30474 558540.0000SH SOLE 558540.0000 Procter & Gamble Co COM 742718109 265 4597.1458SH SOLE 4597.1458 Pulte Homes, Inc. COM 745867101 25005 650840.0000SH SOLE 650840.0000 RTI International Metals Inc. COM 74973W107 15342 279705.0000SH SOLE 279705.0000 Rush Enterprises CLA COM 781846209 3984 226605.0000SH SOLE 226605.0000 Rush Enterprises CLB COM 781846308 4718 283005.0000SH SOLE 283005.0000 SPRINT NEXTEL CORP COM 852061100 24175 935546.0000SH SOLE 935546.0000 Stanley Furniture Inc New COM 854305208 24740 845805.0000SH SOLE 845805.0000 TIDEWATER INC COM COM 886423102 316 5715.0000SH SOLE 5715.0000 Telefonos De Mexico COM 879403780 73817 3283665.0000SH SOLE 3283665.0000 Terex Corp Del COM 880779103 49559 625435.0000SH SOLE 625435.0000 Texas Industries Inc. COM 882491103 12213 201900.0000SH SOLE 201900.0000 Thor Industries Inc. COM 885160101 87626 1642165.0000SH SOLE 1642165.0000 Toll Brothers Inc. COM 889478103 68363 1974110.0000SH SOLE 1974110.0000 Tyco International LTD COM 902124106 19841 738125.0000SH SOLE 738125.0000 U S Bancorp Del New COM 902973304 521 17070.0000SH SOLE 17070.0000 United Technologies Corp. COM 913017109 334 5760.0000SH SOLE 5760.0000 UnitedHealth Group Inc. COM 91324P102 109786 1965373.1220SH SOLE 1965373.1220 Wal-Mart Stores COM 931142103 344 7292.0000SH SOLE 7292.0000 Washington Mutual Inc. COM 939322103 54901 1288157.0000SH SOLE 1288157.0000 Wells Fargo & Co. COM 949746101 265 4155.0000SH SOLE 4155.0000 Whirlpool Corp COM 963320106 55244 603955.0000SH SOLE 603955.0000 Winnebago Inds. Inc. COM 974637100 33189 1093899.1950SH SOLE 1093899.1950 Wyeth COM 983024100 653 13458.0000SH SOLE 13458.0000 YRC WORLDWIDE INC COM 984249102 61288 1610295.0000SH SOLE 1610295.0000 Muhlenkamp Fund 962096103 369 4289.3240SH SOLE 4289.3240