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The S&P 500-beating Legg Mason Value Trust [LMVTX], managed by contrarian investor Bill Miller (pictured right), disclosed its portfolio positions as of end-March. Here's the portfolio, preceded by four quick comments:

Quick Comments:

  1. Despite the fact that Mr Miller is famed for his contrarian purchase of Google (GOOG) stock in the IPO, his position in Amazon Inc. (AMZN) is larger than his position in Google.
  2. The largest position is Sprint-Nextel (S). Mr Miller owned Nextel, which was subsequently purchased by Sprint.
  3. The second largest position is United Healthcare (UNH). UNH has falled dramatically since March, and is now close to its 52-week low. Those wishing to replicate Mr Miller's stock picks may view this as a buying opportunity.
  4. Dell Inc. (DELL) added to the portfolio. Like other value managers, Mr Miller has added a position in Dell as the stock continues to fall.
Legg Mason Value Trust Portfolio Holdings as of March 31, 2006
 
Name/Industry/Sector
Ticker
% of Net Assets
.
Consumer Discretionary
30.94%
.
Household Durables
4.89%
Beazer Homes USA, Inc.
(BZH)
0.65%
Centex Corporation
(CTX)
1.67%
Pulte Homes, Inc.
(PHM)
1.89%
The Ryland Group, Inc.
(RYL)
0.68%
.
Internet and Catalog Retail
11.65%
Amazon.com, Inc.
(AMZN)
4.16%
eBay Inc.
(EBAY)
2.97%
Expedia, Inc.
(EXPE)
1.91%
IAC/InterActiveCorp
(IACI)
2.61%
.
Leisure Equipment and Products
3.21%
Eastman Kodak Company
(EK)
3.21%
.
Media
5.93%
The DIRECTV Group, Inc.
(DTV)
2.31%
Time Warner Inc.
(TWX)
1.73%
WPP Group plc
(WPP LN)
1.89%
.
Multi-Line Retail
3.18%
Sears Holdings Corporation
(SHLD)
3.18%
.
Specialty Retail
2.08%
The Home Depot, Inc.
(HD)
2.08%
.
.
Financials
14.32%
.
Consumer Finance
1.75%
Capital One Financial Corporation
(COF)
1.75%
.
Diversified Financial Services
6.28%
Citigroup Inc.
(C)
2.44%
J.P. Morgan Chase & Co.
(JPM)
3.84%
.
Insurance
1.95%
American International Group, Inc.
(AIG)
0.23%
The St. Paul Travelers Companies, Inc.
(STA)
1.72%
.
Thrifts and Mortgage Finance
4.34%
Countrywide Financial Corporation
(CFC)
2.70%
MGIC Investment Corporation
(MTG)
1.64%
.
.
Health Care
14.12%
.
Health Care Providers and Services
12.71%
Aetna Inc.
(AET)
3.29%
Health Net Inc.
(HNT)
2.47%
McKesson Corporation
(MCK)
2.02%
UnitedHealth Group Incorporated
(UNH)
4.93%
.
Pharmaceuticals
1.41%
Pfizer Inc.
(PFE)
1.41%
.
.
Industrials
7.49%
.
Building Products
0.59%
Masco Corporation
(MAS)
0.59%
.
Commercial Services and Supplies
1.94%
Waste Management Inc.
(WMI)
1.94%
.
Industrial Conglomerates
4.96%
General Electric Company
(GE)
0.21%
Tyco International Ltd.
(TYC)
4.75%
.
.
Information Technology
17.32%
.
Communications Equipment
1.28%
Cisco Systems, Inc.
(CSCO)
1.28%
.
Computers and Peripherals
5.74%
Dell Inc.
(DELL)
1.62%
Hewlett-Packard Company
(HPQ)
1.31%
International Business Machines Corporation
(IBM)
1.21%
Seagate Technology
(STX)
1.60%
.
Internet Software and Services
6.54%
Google Inc.
(GOOG)
3.98%
Yahoo! Inc.
(YHOO)
2.56%
.
Software
3.76%
CA Inc.
(CA)
0.79%
Electronic Arts Inc.
(ERTS)
2.15%
Intuit Inc.
(INTU)
0.70%
Symantec Corporation
(SYMC)
0.12%
.
.
Telecommunication Services
10.57%
.
Diversified Telecommunication Services
3.72%
Qwest Communications International Inc.
(Q)
3.72%
.
Wireless Telecommunication Services
6.85%
Sprint Nextel Corporation
(S)
6.85%
.
.
Utilities
4.31%
.
Independent Power Producers and Energy Traders
4.31%
The AES Corporation
(AES)
4.31%
.
.
Repurchase Agreements
1.06%
Bank of America 4.75% 4-3-06
(Aaa)
0.53%
J.P. Morgan Chase & Co. 4.70% 4-3-06
(Aaa)
0.53%
Portfolio Holdings Are
Subject To Change
Source: Bill Miller's Portfolio (as of March 31, 2006)