13F-HR 1 q204.txt 2ND QUARTER 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06/30/2004 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 August 4, 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: 84 Form 13F Information Table Value Total: 1,466,470 (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 9582 350850.000SH SOLE 350850.000 Allstate Insurance Grp. COM 020002101 16863 362245.000SH SOLE 362245.000 Altria Group Inc COM 02209S103 32114 641636.000SH SOLE 641636.000 American Woodmark Corp COM 030506109 21673 362124.992SH SOLE 362124.992 Anadarko Petroleum Corp. COM 032511107 11880 202735.000SH SOLE 202735.000 Atmel Corp COM 049513104 6723 1135600.000SH SOLE 1135600.000 Beazer Homes Inc. COM 07556Q105 31757 316590.769SH SOLE 316590.769 Berkshire Hathaway CL A COM 084670108 267 3.000 SH SOLE 3.000 Black & Decker Corp COM 091797100 50388 811005.000SH SOLE 811005.000 CAVCO INDS INC DEL COM COM 149568107 1363 34342.000SH SOLE 34342.000 Calpine Corp. COM 131347106 13037 3017897.000SH SOLE 3017897.000 Capital One Financial Corp. COM 14040H105 50915 744590.000SH SOLE 744590.000 Cemex S A Ssponsor ADR New Rep COM 151290889 32611 1120655.221SH SOLE 1120655.221 Cendant COM 151313103 50773 2074051.000SH SOLE 2074051.000 Centex Corp COM 152312104 72846 1592255.000SH SOLE 1592255.000 Citigroup Inc. COM 172967101 42356 910881.031SH SOLE 910881.031 ConocoPhillips COM 20825C104 11690 153231.000SH SOLE 153231.000 Countrywide Financial Corp. COM 222372104 84590 1204128.164SH SOLE 1204128.164 Cytyc Corp Com COM 232946103 2545 100300.000SH SOLE 100300.000 D&K Healthcare COM 232861104 6516 543000.000SH SOLE 543000.000 DEVON ENERGY CORP NEW COM COM 25179M103 28121 426079.564SH SOLE 426079.564 Dell Inc. COM 24702R101 201 5607.000 SH SOLE 5607.000 Dynamic Oil & Gas Inc. COM 267906105 1119 306500.000SH SOLE 306500.000 Dynegy Inc. COM 26816Q101 2215 520000.000SH SOLE 520000.000 Eagle Materials Inc Cl B COM 26969P207 7821 112940.000SH SOLE 112940.000 El Paso Corporation COM 28336l109 8705 1104714.000SH SOLE 1104714.000 EnPro Industries Inc. COM 29355X107 2987 130000.000SH SOLE 130000.000 Ethan Allen Interiors Inc COM 297602104 1077 30000.000SH SOLE 30000.000 Exelon Corp. COM 30161N101 6932 208220.000SH SOLE 208220.000 Fannie Mae COM 313586109 49027 687042.000SH SOLE 687042.000 Fidelity National Financial COM 316326107 71916 1925972.000SH SOLE 1925972.000 Furniture Brands Intl. Inc. COM 360921100 251 10000.000SH SOLE 10000.000 Gabelli Asset Management COM 36239Y102 5307 124860.000SH SOLE 124860.000 General Cable Corp COM 369300108 1077 126000.000SH SOLE 126000.000 General Electric COM 369604103 1002 30933.000SH SOLE 30933.000 Graco Inc. COM 384109104 6857 220836.000SH SOLE 220836.000 Harley Davidson Inc. COM 412822108 13961 225396.000SH SOLE 225396.000 Houston Exploration COM 442120101 16513 318530.000SH SOLE 318530.000 Intel Corp COM 458140100 709 25704.000SH SOLE 25704.000 International Business Machine COM 459200101 13334 151265.291SH SOLE 151265.291 Johnson & Johnson COM 478160104 40461 726418.000SH SOLE 726418.000 LEAR CORP COM COM 521865105 24359 412930.000SH SOLE 412930.000 LENNAR CORP CL A COM 526057104 1734 38775.000SH SOLE 38775.000 Lamson & Sessions COM 513696104 4326 538000.000SH SOLE 538000.000 MARSHALL EDWARDS INC COM COM 572322303 385 51790.000SH SOLE 51790.000 Masco Corp COM 574599106 12254 393005.000SH SOLE 393005.000 Mastec Inc. COM 576323109 3976 732230.000SH SOLE 732230.000 Meritage Corp. COM 59001A102 37601 546530.000SH SOLE 546530.000 Merrill Lynch COM 590188108 26357 488280.000SH SOLE 488280.000 Metris Companies COM 591598107 1130 130000.000SH SOLE 130000.000 Mohawk Industries, Inc. COM 608190104 37231 507714.000SH SOLE 507714.000 Monaco Coach COM 60886R103 6111 216950.000SH SOLE 216950.000 Morgan Stanley COM 617446448 8935 169320.000SH SOLE 169320.000 NOVAGOLD RES INC COM NEW COM 66987E206 863 184700.000SH SOLE 184700.000 NVR Inc. COM 62944T105 64118 132420.000SH SOLE 132420.000 Nabors Industries LTD New (Ber COM G6359F103 35204 778505.000SH SOLE 778505.000 National RV Holdings COM 637277104 4383 297136.000SH SOLE 297136.000 Novogen LTD COM 67010F103 1510 81350.000SH SOLE 81350.000 Opsware Inc. COM 68383A101 1251 158000.000SH SOLE 158000.000 Orthodontic Centers of America COM 68750P103 6658 812960.000SH SOLE 812960.000 PPL CORP COM COM 69351T106 13770 300000.000SH SOLE 300000.000 Patterson Energy Inc. COM 703481101 35253 1055160.000SH SOLE 1055160.000 Photon Dynamics Inc. COM 719364101 9616 274200.000SH SOLE 274200.000 Polaris Industries, Inc. COM 731068102 26932 561090.000SH SOLE 561090.000 Pulte Homes, Inc. COM 745867101 16797 322830.000SH SOLE 322830.000 R G Barry Corp COM 068798107 525 322200.000SH SOLE 322200.000 Rush Enterprises CLA COM 781846209 3232 248605.000SH SOLE 248605.000 Rush Enterprises CLB COM 781846308 3668 283005.000SH SOLE 283005.000 Sovereign Bancorp Inc. COM 845905108 663 30000.000SH SOLE 30000.000 St. Paul Travelers Companies, COM 792860108 18100 446461.000SH SOLE 446461.000 Stanley Furniture Inc New COM 854305208 18222 432735.000SH SOLE 432735.000 Supervalu Inc. COM 868536103 5571 182000.000SH SOLE 182000.000 Telefonos De Mexico COM 879403780 1224 36790.000SH SOLE 36790.000 Terex Corp Del COM 880779103 4435 129950.000SH SOLE 129950.000 Texas Industries Inc. COM 882491103 9701 235625.451SH SOLE 235625.451 Thor Industries Inc. COM 885160101 22666 677400.000SH SOLE 677400.000 Toll Brothers Inc. COM 889478103 3301 78000.000SH SOLE 78000.000 Tyco International LTD COM 902124106 51028 1539770.000SH SOLE 1539770.000 UTStarcom, Inc. COM 918076100 22326 738065.000SH SOLE 738065.000 United Technologies Corp. COM 913017109 207 2265.000 SH SOLE 2265.000 UnitedHealth Group Inc. COM 91324P102 8442 135610.000SH SOLE 135610.000 Washington Mutual Inc. COM 939322103 23002 595292.000SH SOLE 595292.000 Whirlpool Corp COM 963320106 22477 327655.000SH SOLE 327655.000 Winnebago Inds. Inc. COM 974637100 36846 988360.000SH SOLE 988360.000