13F-HR 1 q304.txt 09/30/04 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 09/30/04 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 November 12, 2004 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: 83 Form 13F Information Table Value Total: 1,543,478 (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 7185 350850.000SH SOLE 350850.000 Allstate Insurance Grp. COM 020002101 37274 776695.000SH SOLE 776695.000 Altria Group Inc COM 02209S103 30207 642163.364SH SOLE 642163.364 American Woodmark Corp COM 030506109 26660 720051.352SH SOLE 720051.352 Anadarko Petroleum Corp. COM 032511107 13473 203035.000SH SOLE 203035.000 Atmel Corp COM 049513104 4111 1135600.000SH SOLE 1135600.000 Beazer Homes Inc. COM 07556Q105 33636 314680.769SH SOLE 314680.769 Berkshire Hathaway CL A COM 084670108 260 3.000 SH SOLE 3.000 Black & Decker Corp COM 091797100 63176 815805.000SH SOLE 815805.000 CAVCO INDS INC DEL COM COM 149568107 1287 34075.000SH SOLE 34075.000 Calpine Corp. COM 131347106 8704 3001247.000SH SOLE 3001247.000 Capital One Financial Corp. COM 14040H105 55039 744770.000SH SOLE 744770.000 Cemex S A Ssponsor ADR New Rep COM 151290889 34676 1232273.158SH SOLE 1232273.158 Cendant COM 151313103 44842 2076041.000SH SOLE 2076041.000 Centex Corp COM 152312104 80312 1591605.000SH SOLE 1591605.000 Citigroup Inc. COM 172967101 40444 916691.031SH SOLE 916691.031 ConocoPhillips COM 20825C104 12695 153231.000SH SOLE 153231.000 Countrywide Financial Corp. COM 222372104 94795 2406568.328SH SOLE 2406568.328 D&K Healthcare COM 232861104 5309 539000.000SH SOLE 539000.000 DEVON ENERGY CORP NEW COM COM 25179M103 30226 425658.564SH SOLE 425658.564 Dynamic Oil & Gas Inc. COM 267906105 901 306500.000SH SOLE 306500.000 Dynegy Inc. COM 26816Q101 2595 520000.000SH SOLE 520000.000 Eagle Materials Inc Cl B COM 26969P207 7713 111780.845SH SOLE 111780.845 El Paso Corporation COM 28336l109 10139 1103234.000SH SOLE 1103234.000 Exelon Corp. COM 30161N101 7640 208220.000SH SOLE 208220.000 Exxon Mobil Corp. COM 30231G102 212 4391.000 SH SOLE 4391.000 Fannie Mae COM 313586109 43811 691022.000SH SOLE 691022.000 Fidelity National Financial COM 316326107 73366 1925617.000SH SOLE 1925617.000 Gabelli Asset Management COM 36239Y102 5350 124860.000SH SOLE 124860.000 General Cable Corp COM 369300108 1341 126000.000SH SOLE 126000.000 General Electric COM 369604103 1072 31922.000SH SOLE 31922.000 Graco Inc. COM 384109104 7348 219336.000SH SOLE 219336.000 Harley Davidson Inc. COM 412822108 13398 225396.000SH SOLE 225396.000 Houston Exploration COM 442120101 19752 332800.000SH SOLE 332800.000 Intel Corp COM 458140100 436 21755.000SH SOLE 21755.000 International Business Machine COM 459200101 12970 151265.681SH SOLE 151265.681 Johnson & Johnson COM 478160104 41021 728226.000SH SOLE 728226.000 LEAP WIRELESS INTL INC COM 521863308 4400 200000.000SH SOLE 200000.000 LEAR CORP COM COM 521865105 22279 409170.000SH SOLE 409170.000 LENNAR CORP CL A COM 526057104 1827 38375.000SH SOLE 38375.000 Lamson & Sessions COM 513696104 4896 538000.000SH SOLE 538000.000 MARSHALL EDWARDS INC COM COM 572322303 460 51790.000SH SOLE 51790.000 MAVERICK TUBE CORP COM 577914104 545 17680.000SH SOLE 17680.000 Masco Corp COM 574599106 36357 1052915.386SH SOLE 1052915.386 Mastec Inc. COM 576323109 3827 728980.000SH SOLE 728980.000 Meritage Corp. COM 59001A102 42957 546530.000SH SOLE 546530.000 Merrill Lynch COM 590188108 24398 490700.000SH SOLE 490700.000 Metris Companies COM 591598107 1271 130000.000SH SOLE 130000.000 Mohawk Industries, Inc. COM 608190104 40274 507293.000SH SOLE 507293.000 Monaco Coach COM 60886R103 4697 216950.000SH SOLE 216950.000 Morgan Stanley COM 617446448 8351 169395.000SH SOLE 169395.000 NOVAGOLD RES INC COM NEW COM 66987E206 1173 184700.000SH SOLE 184700.000 NVR Inc. COM 62944T105 73118 132700.000SH SOLE 132700.000 Nabors Industries LTD New (Ber COM G6359F103 41729 881295.000SH SOLE 881295.000 National RV Holdings COM 637277104 4924 396136.000SH SOLE 396136.000 Nextel Communications A COM 65332V103 1008 42290.000SH SOLE 42290.000 Novogen LTD COM 67010F103 1481 81350.000SH SOLE 81350.000 OCA INC COM 67083Q101 4642 979260.000SH SOLE 979260.000 Opsware Inc. COM 68383A101 886 158000.000SH SOLE 158000.000 PPL CORP COM COM 69351T106 14154 300000.000SH SOLE 300000.000 Patterson Energy Inc. COM 703481101 40692 2133840.000SH SOLE 2133840.000 Photon Dynamics Inc. COM 719364101 5566 274200.000SH SOLE 274200.000 Polaris Industries, Inc. COM 731068102 31320 561090.000SH SOLE 561090.000 Pulte Homes, Inc. COM 745867101 19952 325110.000SH SOLE 325110.000 R G Barry Corp COM 068798107 828 322200.000SH SOLE 322200.000 Rush Enterprises CLA COM 781846209 2722 248605.000SH SOLE 248605.000 Rush Enterprises CLB COM 781846308 3308 283005.000SH SOLE 283005.000 Sovereign Bancorp Inc. COM 845905108 655 30000.000SH SOLE 30000.000 Stanley Furniture Inc New COM 854305208 18944 430535.000SH SOLE 430535.000 Telefonos De Mexico COM 879403780 1004 31100.000SH SOLE 31100.000 Terex Corp Del COM 880779103 5811 133900.000SH SOLE 133900.000 Texas Industries Inc. COM 882491103 12121 235625.451SH SOLE 235625.451 Thor Industries Inc. COM 885160101 19662 742790.000SH SOLE 742790.000 Toll Brothers Inc. COM 889478103 8568 184940.000SH SOLE 184940.000 Tyco International LTD COM 902124106 46848 1527986.364SH SOLE 1527986.364 U S Bancorp Del New COM 902973304 497 17190.000SH SOLE 17190.000 UTStarcom, Inc. COM 918076100 11849 735515.000SH SOLE 735515.000 United Technologies Corp. COM 913017109 212 2265.000 SH SOLE 2265.000 UnitedHealth Group Inc. COM 91324P102 18907 256400.000SH SOLE 256400.000 Washington Mutual Inc. COM 939322103 23106 591242.000SH SOLE 591242.000 Whirlpool Corp COM 963320106 19581 325855.000SH SOLE 325855.000 Winnebago Inds. Inc. COM 974637100 37962 1095890.000SH SOLE 1095890.000 Muhlenkamp Fund MUT 962096103 333 4882.628 SH SOLE 4882.628