13F-HR 1 q105.txt QUARTER ENDING 3/31/05 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/05 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: 3000 Stonewood Drive, Suite 310 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: 724-935-5520, Ext: 116 /s/ Jack Kunkle March 13, 2005 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: 88 Form 13F Information Table Value Total: 2,482,461 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- ----- A T M I Inc. COM 00207R101 6281 250850.000SH SOLE 250850.000 Allstate Insurance Grp. COM 020002101 82221 1520925.000SH SOLE 1520925.000 Altria Group Inc COM 02209S103 63986 978533.364SH SOLE 978533.364 American International Group COM 026874107 45072 813436.000SH SOLE 813436.000 American Woodmark Corp COM 030506109 23772 655244.352SH SOLE 655244.352 Anadarko Petroleum Corp. COM 032511107 30635 402560.000SH SOLE 402560.000 Beazer Homes Inc. COM 07556Q105 45961 921806.304SH SOLE 921806.304 Black & Decker Corp COM 091797100 64233 813185.000SH SOLE 813185.000 CAVCO INDS INC DEL COM COM 149568107 1648 68150.000SH SOLE 68150.000 Calpine Corp. COM 131347106 9800 3500017.000SH SOLE 3500017.000 Capital One Financial Corp. COM 14040H105 93570 1251440.000SH SOLE 1251440.000 Cemex S A Ssponsor ADR New Rep COM 151290889 83041 2290778.876SH SOLE 2290778.876 Cendant COM 151313103 60546 2947729.968SH SOLE 2947729.968 Centex Corp COM 152312104 91127 1591185.000SH SOLE 1591185.000 Citigroup Inc. COM 172967101 96255 2141850.031SH SOLE 2141850.031 ConocoPhillips COM 20825C104 38933 361028.000SH SOLE 361028.000 Countrywide Financial Corp. COM 222372104 84844 2613803.328SH SOLE 2613803.328 D&K Healthcare COM 232861104 4421 528200.000SH SOLE 528200.000 DEVON ENERGY CORP NEW COM COM 25179M103 51253 1073367.564SH SOLE 1073367.564 Dell Inc. COM 24702R101 280 7287.000 SH SOLE 7287.000 DuPont COM 263534109 731 14266.000SH SOLE 14266.000 Dynamic Oil & Gas Inc. COM 267906105 729 306500.000SH SOLE 306500.000 Dynegy Inc. COM 26816Q101 2033 520000.000SH SOLE 520000.000 EResearch COM 29481V108 13987 1187315.000SH SOLE 1187315.000 Eagle Materials Inc Cl B COM 26969P207 8689 110264.845SH SOLE 110264.845 El Paso Corporation COM 28336l109 8498 803234.000SH SOLE 803234.000 Exelon Corp. COM 30161N101 9646 210195.000SH SOLE 210195.000 Exxon Mobil Corp. COM 30231G102 472 7915.000 SH SOLE 7915.000 Fannie Mae COM 313586109 59878 1099687.000SH SOLE 1099687.000 Fidelity National Financial COM 316326107 63299 1921648.000SH SOLE 1921648.000 Gabelli Asset Management COM 36239Y102 5575 124860.000SH SOLE 124860.000 General Electric COM 369604103 1178 32677.000SH SOLE 32677.000 Graco Inc. COM 384109104 8852 219336.000SH SOLE 219336.000 Harley Davidson Inc. COM 412822108 13019 225396.000SH SOLE 225396.000 Houston Exploration COM 442120101 37031 650245.000SH SOLE 650245.000 Intel Corp COM 458140100 639 27520.538SH SOLE 27520.538 International Business Machine COM 459200101 13964 152808.403SH SOLE 152808.403 Johnson & Johnson COM 478160104 76451 1138346.000SH SOLE 1138346.000 LEAP WIRELESS INTL INC COM 521863308 5210 200000.000SH SOLE 200000.000 LEAR CORP COM COM 521865105 17805 401370.000SH SOLE 401370.000 LENNAR CORP CL A COM 526057104 2187 38585.000SH SOLE 38585.000 Lamson & Sessions COM 513696104 3363 338000.000SH SOLE 338000.000 MARSHALL EDWARDS INC COM COM 572322303 645 77397.000SH SOLE 77397.000 MAVERICK TUBE CORP COM 577914104 13935 428645.000SH SOLE 428645.000 Masco Corp COM 574599106 40528 1168960.386SH SOLE 1168960.386 Mastec Inc. COM 576323109 6323 770130.000SH SOLE 770130.000 Meritage Corp. COM 59001A102 64256 1090560.000SH SOLE 1090560.000 Merrill Lynch COM 590188108 65162 1151270.000SH SOLE 1151270.000 Metris Companies COM 591598107 1507 130000.000SH SOLE 130000.000 Mohawk Industries, Inc. COM 608190104 42459 503660.000SH SOLE 503660.000 Monaco Coach COM 60886R103 3504 216950.000SH SOLE 216950.000 Morgan Stanley COM 617446448 15430 269523.000SH SOLE 269523.000 NOVAGOLD RES INC COM NEW COM 66987E206 2366 284700.000SH SOLE 284700.000 NVR Inc. COM 62944T105 104020 132510.000SH SOLE 132510.000 Nabors Industries LTD New (Ber COM G6359F103 70463 1191465.000SH SOLE 1191465.000 National RV Holdings COM 637277104 5272 518886.000SH SOLE 518886.000 Nextel Communications A COM 65332V103 22207 781379.000SH SOLE 781379.000 Novogen LTD COM 67010F103 3832 201710.000SH SOLE 201710.000 OCA INC COM 67083Q101 4076 959020.000SH SOLE 959020.000 PHH CORP COM 693320202 2618 119706.000SH SOLE 119706.000 PPL CORP COM COM 69351T106 16197 300000.000SH SOLE 300000.000 Patterson Energy Inc. COM 703481101 61945 2475825.000SH SOLE 2475825.000 Pfizer Inc COM 717081103 59173 2252475.000SH SOLE 2252475.000 Photon Dynamics Inc. COM 719364101 5226 274200.000SH SOLE 274200.000 Polaris Industries, Inc. COM 731068102 39358 560420.000SH SOLE 560420.000 Procter & Gamble Co COM 742718109 207 3904.146 SH SOLE 3904.146 Pulte Homes, Inc. COM 745867101 23942 325160.000SH SOLE 325160.000 R G Barry Corp COM 068798107 1466 322200.000SH SOLE 322200.000 Rush Enterprises CLA COM 781846209 3553 226605.000SH SOLE 226605.000 Rush Enterprises CLB COM 781846308 4771 283005.000SH SOLE 283005.000 SANOFI-AVENTIS-ADR COM 80105N105 19794 467500.000SH SOLE 467500.000 Sovereign Bancorp Inc. COM 845905108 697 31450.000SH SOLE 31450.000 Stanley Furniture Inc New COM 854305208 20247 428235.000SH SOLE 428235.000 Telefonos De Mexico COM 879403780 54469 1577450.000SH SOLE 1577450.000 Terex Corp Del COM 880779103 10196 235465.000SH SOLE 235465.000 Texas Industries Inc. COM 882491103 12600 234425.451SH SOLE 234425.451 Thor Industries Inc. COM 885160101 37937 1268370.000SH SOLE 1268370.000 Toll Brothers Inc. COM 889478103 68949 874435.000SH SOLE 874435.000 Tyco International LTD COM 902124106 50774 1502181.364SH SOLE 1502181.364 U S Bancorp Del New COM 902973304 492 17070.000SH SOLE 17070.000 UTStarcom, Inc. COM 918076100 10707 977774.000SH SOLE 977774.000 United Technologies Corp. COM 913017109 300 2950.000 SH SOLE 2950.000 UnitedHealth Group Inc. COM 91324P102 63984 670835.000SH SOLE 670835.000 Washington Mutual Inc. COM 939322103 23147 586012.000SH SOLE 586012.000 Whirlpool Corp COM 963320106 32156 474765.000SH SOLE 474765.000 Winnebago Inds. Inc. COM 974637100 34917 1104965.000SH SOLE 1104965.000 YUM BRANDS INC COM COM 988498101 25212 486620.000SH SOLE 486620.000 Muhlenkamp Fund MUT 962096103 327 4251.333 SH SOLE 4251.333