13F-HR 1 q405.txt HOLDINGS 12-31-05 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/05 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 February 22, 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: 86 Form 13F Information Table Value Total: 3,404,933 (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 129695 2398649.842SH SOLE 2398649.842 Altria Group Inc COM 02209S103 96859 1296293.468SH SOLE 1296293.468 American International Group COM 026874107 123987 1817195.000SH SOLE 1817195.000 American Woodmark Corp COM 030506109 15365 619809.654SH SOLE 619809.654 Anadarko Petroleum Corp. COM 032511107 117264 1237620.000SH SOLE 1237620.000 BankAmerica Corp COM 060505104 261 5654.000 SH SOLE 5654.000 Beazer Homes Inc. COM 07556Q105 67592 927956.380SH SOLE 927956.380 Berkshire Hathaway CL B COM 084670207 220 75.000 SH SOLE 75.000 Black & Decker Corp COM 091797100 70803 814203.811SH SOLE 814203.811 CHAPARRAL STL CO DEL COM COM 159423102 7000 231400.000SH SOLE 231400.000 Calpine Corp. COM 131347106 481 2312100.000SH SOLE 2312100.000 Capital One Financial Corp. COM 14040H105 142034 1643910.735SH SOLE 1643910.735 Cemex S A Ssponsor ADR New Rep COM 151290889 156006 2629461.370SH SOLE 2629461.370 Cendant COM 151313103 43084 2497606.756SH SOLE 2497606.756 Centex Corp COM 152312104 144657 2023460.222SH SOLE 2023460.222 Cisco Systems Inc COM 17275R102 279 16324.000SH SOLE 16324.000 Citigroup Inc. COM 172967101 121823 2510261.275SH SOLE 2510261.275 ConocoPhillips COM 20825C104 108903 1871828.840SH SOLE 1871828.840 Countrywide Financial Corp. COM 222372104 125124 3659677.295SH SOLE 3659677.295 DEVON ENERGY CORP NEW COM COM 25179M103 94288 1507642.564SH SOLE 1507642.564 Dell Inc. COM 24702R101 504 16839.000SH SOLE 16839.000 Dynegy Inc. COM 26816Q101 2517 520000.000SH SOLE 520000.000 EResearch COM 29481V108 17893 1184975.000SH SOLE 1184975.000 Eagle Materials Inc Cl B COM 26969P207 12865 109241.845SH SOLE 109241.845 El Paso Corporation COM 28336l109 9755 802234.000SH SOLE 802234.000 Exxon Mobil Corp. COM 30231G102 381 6775.000 SH SOLE 6775.000 FIDELITY NATIONAL TITLE-CL A COM 31620R105 8133 333996.000SH SOLE 333996.000 Fannie Mae COM 313586109 94913 1944540.000SH SOLE 1944540.000 Fidelity National Financial COM 316326107 72530 1971461.083SH SOLE 1971461.083 GAMCO INVESTORS INC-A COM 361438104 5435 124860.000SH SOLE 124860.000 General Electric COM 369604103 1748 49872.000SH SOLE 49872.000 Graco Inc. COM 384109104 8001 219336.000SH SOLE 219336.000 Harley Davidson Inc. COM 412822108 21873 424796.000SH SOLE 424796.000 Houston Exploration COM 442120101 41069 777830.000SH SOLE 777830.000 Intel Corp COM 458140100 915 36658.836SH SOLE 36658.836 International Business Machine COM 459200101 12476 151778.379SH SOLE 151778.379 Johnson & Johnson COM 478160104 87002 1447627.870SH SOLE 1447627.870 LENNAR CORP CL A COM 526057104 2640 43265.000SH SOLE 43265.000 LONE STAR TECHNOLOGIES COM COM 542312103 916 17725.000SH SOLE 17725.000 Lamson & Sessions COM 513696104 5955 238000.000SH SOLE 238000.000 MARSHALL EDWARDS INC COM COM 572322303 484 77397.000SH SOLE 77397.000 MAVERICK TUBE CORP COM 577914104 34678 870000.000SH SOLE 870000.000 Masco Corp COM 574599106 37146 1230415.386SH SOLE 1230415.386 Mastec Inc. COM 576323109 7153 683180.000SH SOLE 683180.000 Meritage Corp. COM 59001A102 67938 1079760.000SH SOLE 1079760.000 Merrill Lynch COM 590188108 105730 1561048.542SH SOLE 1561048.542 Microsoft Corp COM 594918104 569 21775.000SH SOLE 21775.000 Mohawk Industries, Inc. COM 608190104 40012 460018.000SH SOLE 460018.000 Morgan Stanley COM 617446448 15433 271998.000SH SOLE 271998.000 NOVAGOLD RES INC COM NEW COM 66987E206 3501 384700.000SH SOLE 384700.000 NVR Inc. COM 62944T105 107056 152502.000SH SOLE 152502.000 Nabors Industries LTD New (Ber COM G6359F103 123151 1625755.000SH SOLE 1625755.000 National RV Holdings COM 637277104 3089 461733.000SH SOLE 461733.000 Nokia Corp Spon ADR COM 654902204 227 12430.000SH SOLE 12430.000 Novogen LTD COM 67010F103 4574 251710.000SH SOLE 251710.000 OCA INC COM 67083Q101 373 931580.000SH SOLE 931580.000 PHH CORP COM 693320202 2767 98754.000SH SOLE 98754.000 Patterson Energy Inc. COM 703481101 104357 3167139.046SH SOLE 3167139.046 Pfizer Inc COM 717081103 71539 3067712.819SH SOLE 3067712.819 Polaris Industries, Inc. COM 731068102 28112 560000.000SH SOLE 560000.000 Procter & Gamble Co COM 742718109 330 5697.146 SH SOLE 5697.146 Pulte Homes, Inc. COM 745867101 25617 650840.000SH SOLE 650840.000 R G Barry Corp COM 068798107 1985 322200.000SH SOLE 322200.000 RTI International Metals Inc. COM 74973W107 10615 279705.000SH SOLE 279705.000 Rush Enterprises CLA COM 781846209 3372 226605.000SH SOLE 226605.000 Rush Enterprises CLB COM 781846308 4075 283005.000SH SOLE 283005.000 SHELLBRIDGE OIL & GAS INC COM 822729109 378 306500.000SH SOLE 306500.000 SPRINT NEXTEL CORP COM 852061100 23124 989878.000SH SOLE 989878.000 Stanley Furniture Inc New COM 854305208 19646 847555.000SH SOLE 847555.000 Telefonos De Mexico COM 879403780 79727 3230435.000SH SOLE 3230435.000 Terex Corp Del COM 880779103 35836 603295.000SH SOLE 603295.000 Texas Industries Inc. COM 882491103 12134 243460.000SH SOLE 243460.000 Thor Industries Inc. COM 885160101 65093 1624480.000SH SOLE 1624480.000 Toll Brothers Inc. COM 889478103 68634 1981350.000SH SOLE 1981350.000 Tyco International LTD COM 902124106 27534 954055.000SH SOLE 954055.000 U S Bancorp Del New COM 902973304 540 18070.000SH SOLE 18070.000 United Technologies Corp. COM 913017109 322 5760.000 SH SOLE 5760.000 UnitedHealth Group Inc. COM 91324P102 121166 1949893.122SH SOLE 1949893.122 Washington Mutual Inc. COM 939322103 56036 1288187.000SH SOLE 1288187.000 Wells Fargo & Co. COM 949746101 268 4265.000 SH SOLE 4265.000 Whirlpool Corp COM 963320106 50807 606575.000SH SOLE 606575.000 Winnebago Inds. Inc. COM 974637100 36575 1099014.195SH SOLE 1099014.195 Wyeth COM 983024100 395 8575.000 SH SOLE 8575.000 YRC WORLDWIDE INC COM 984249102 6383 143080.000SH SOLE 143080.000 YUM BRANDS INC COM COM 988498101 22841 487220.000SH SOLE 487220.000 Muhlenkamp Fund 962096103 362 4289.324 SH SOLE 4289.324