13F-HR 1 q404.txt 12/31/2004 PERIOD UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/04 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 February 7, 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: 2,167,320 (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 7905 350850.000SH SOLE 350850.000 Allstate Insurance Grp. COM 020002101 55671 1076395.000SH SOLE 1076395.000 Altria Group Inc COM 02209S103 51487 842663.364SH SOLE 842663.364 American International Group COM 026874107 52930 806002.000SH SOLE 806002.000 American Woodmark Corp COM 030506109 30076 688554.352SH SOLE 688554.352 Anadarko Petroleum Corp. COM 032511107 26090 402560.000SH SOLE 402560.000 Atmel Corp COM 049513104 4430 1130100.000SH SOLE 1130100.00 BankAmerica Corp COM 060505104 205 4370.000 SH SOLE 4370.000 Beazer Homes Inc. COM 07556Q105 44907 307140.769SH SOLE 307140.769 Berkshire Hathaway CL A COM 084670108 352 4.000 SH SOLE 4.000 Black & Decker Corp COM 091797100 71808 812955.000SH SOLE 812955.000 CAVCO INDS INC DEL COM COM 149568107 1533 34075.000SH SOLE 34075.000 Calpine Corp. COM 131347106 13792 3500617.000SH SOLE 3500617.00 Capital One Financial Corp. COM 14040H105 67880 806080.000SH SOLE 806080.000 Cemex S A Ssponsor ADR New Rep COM 151290889 59733 1640102.876SH SOLE 1640102.876 Cendant COM 151313103 56796 2429251.000SH SOLE 2429251.000 Centex Corp COM 152312104 94578 1587415.000SH SOLE 1587415.000 Citigroup Inc. COM 172967101 88097 1828496.031SH SOLE 1828496.031 ConocoPhillips COM 20825C104 30953 356478.000SH SOLE 356478.000 Countrywide Financial Corp. COM 222372104 89088 2407144.328SH SOLE 2407144.328 D&K Healthcare COM 232861104 4270 531700.000SH SOLE 531700.000 DEVON ENERGY CORP NEW COM COM 25179M103 41413 1064044.564SH SOLE 1064044.564 Dell Inc. COM 24702R101 257 6107.000 SH SOLE 6107.000 Dynamic Oil & Gas Inc. COM 267906105 886 306500.000SH SOLE 306500.000 Dynegy Inc. COM 26816Q101 2402 520000.000SH SOLE 520000.000 EResearch COM 29481V108 14403 908720.000SH SOLE 908720.000 Eagle Materials Inc Cl B COM 26969P207 9359 111017.845SH SOLE 111017.845 El Paso Corporation COM 28336l109 8354 803234.000SH SOLE 803234.000 Exelon Corp. COM 30161N101 9229 209420.000SH SOLE 209420.000 Exxon Mobil Corp. COM 30231G102 431 8411.000 SH SOLE 8411.000 Fannie Mae COM 313586109 49258 691728.000SH SOLE 691728.000 Fidelity National Financial COM 316326107 87769 1921800.000SH SOLE 1921800.000 Gabelli Asset Management COM 36239Y102 6058 124860.000SH SOLE 124860.000 General Cable Corp COM 369300108 1745 126000.000SH SOLE 126000.000 General Electric COM 369604103 1147 31422.000SH SOLE 31422.000 Graco Inc. COM 384109104 8192 219336.000SH SOLE 219336.000 Harley Davidson Inc. COM 412822108 13693 225396.000SH SOLE 225396.000 Houston Exploration COM 442120101 29457 523130.000SH SOLE 523130.000 Intel Corp COM 458140100 601 25689.000SH SOLE 25689.000 International Business Machine COM 459200101 14966 151816.034SH SOLE 151816.034 Johnson & Johnson COM 478160104 59167 932946.000SH SOLE 932946.000 LEAP WIRELESS INTL INC COM 521863308 5400 200000.000SH SOLE 200000.000 LEAR CORP COM COM 521865105 24810 406650.000SH SOLE 406650.000 LENNAR CORP CL A COM 526057104 2198 38775.000SH SOLE 38775.000 Lamson & Sessions COM 513696104 3076 338000.000SH SOLE 338000.000 MARSHALL EDWARDS INC COM COM 572322303 463 51790.000SH SOLE 51790.000 MAVERICK TUBE CORP COM 577914104 536 17680.000SH SOLE 17680.000 Masco Corp COM 574599106 42348 1159265.386SH SOLE 1159265.386 Mastec Inc. COM 576323109 7786 770130.000SH SOLE 770130.000 Meritage Corp. COM 59001A102 61459 545330.000SH SOLE 545330.000 Merrill Lynch COM 590188108 47301 791390.000SH SOLE 791390.000 Metris Companies COM 591598107 1658 130000.000SH SOLE 130000.000 Mohawk Industries, Inc. COM 608190104 46004 504150.000SH SOLE 504150.000 Monaco Coach COM 60886R103 4463 216950.000SH SOLE 216950.000 Morgan Stanley COM 617446448 9432 169893.000SH SOLE 169893.000 NOVAGOLD RES INC COM NEW COM 66987E206 1819 234700.000SH SOLE 234700.000 NVR Inc. COM 62944T105 101953 132510.000SH SOLE 132510.000 Nabors Industries LTD New (Ber COM G6359F103 45420 885555.000SH SOLE 885555.000 National RV Holdings COM 637277104 4576 475186.000SH SOLE 475186.000 Nextel Communications A COM 65332V103 23418 780329.000SH SOLE 780329.000 Novogen LTD COM 67010F103 1824 82610.000SH SOLE 82610.000 OCA INC COM 67083Q101 6090 959020.000SH SOLE 959020.000 Opsware Inc. COM 68383A101 1894 258000.000SH SOLE 258000.000 PPL CORP COM COM 69351T106 15984 300000.000SH SOLE 300000.000 Patterson Energy Inc. COM 703481101 43801 2251970.000SH SOLE 2251970.000 Photon Dynamics Inc. COM 719364101 9067 374200.000SH SOLE 374200.000 Polaris Industries, Inc. COM 731068102 38130 560570.000SH SOLE 560570.000 Pulte Homes, Inc. COM 745867101 20742 325110.000SH SOLE 325110.000 R G Barry Corp COM 068798107 1134 322200.000SH SOLE 322200.000 Rush Enterprises CLA COM 781846209 3678 226605.000SH SOLE 226605.000 Rush Enterprises CLB COM 781846308 4899 283005.000SH SOLE 283005.000 SANOFI-AVENTIS-ADR COM 80105N105 18723 467500.000SH SOLE 467500.000 Sovereign Bancorp Inc. COM 845905108 677 30000.000SH SOLE 30000.000 Stanley Furniture Inc New COM 854305208 19276 428835.000SH SOLE 428835.000 Telefonos De Mexico COM 879403780 5557 145020.000SH SOLE 145020.000 Terex Corp Del COM 880779103 11217 235400.000SH SOLE 235400.000 Texas Industries Inc. COM 882491103 14698 235625.451SH SOLE 235625.451 Thor Industries Inc. COM 885160101 39243 1059200.000SH SOLE 1059200.000 Toll Brothers Inc. COM 889478103 52812 769740.000SH SOLE 769740.000 Tyco International LTD COM 902124106 54080 1513146.364SH SOLE 1513146.364 U S Bancorp Del New COM 902973304 538 17190.000SH SOLE 17190.000 UTStarcom, Inc. COM 918076100 22955 1036340.000SH SOLE 1036340.000 United Technologies Corp. COM 913017109 337 3265.000 SH SOLE 3265.000 UnitedHealth Group Inc. COM 91324P102 40795 463420.000SH SOLE 463420.000 Washington Mutual Inc. COM 939322103 24855 587872.000SH SOLE 587872.000 Whirlpool Corp COM 963320106 25468 367975.000SH SOLE 367975.000 Winnebago Inds. Inc. COM 974637100 42989 1100590.000SH SOLE 1100590.000 Muhlenkamp Fund MUT 962096103 370 4688.395 SH SOLE 4688.395