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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 (NASDAQ:GOOG) stock in the IPO, his position in Amazon Inc. (NASDAQ:AMZN) is larger than his position in Google.
  2. The largest position is Sprint-Nextel (NYSE:S). Mr Miller owned Nextel, which was subsequently purchased by Sprint.
  3. The second largest position is United Healthcare (NYSE: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. (NASDAQ: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.
(NYSE:BZH)
0.65%
Centex Corporation
(CTX)
1.67%
Pulte Homes, Inc.
(NYSE:PHM)
1.89%
The Ryland Group, Inc.
(NYSE:RYL)
0.68%
.
Internet and Catalog Retail
11.65%
Amazon.com, Inc.
(AMZN)
4.16%
eBay Inc.
(NASDAQ:EBAY)
2.97%
Expedia, Inc.
(NASDAQ:EXPE)
1.91%
IAC/InterActiveCorp
(NASDAQ:IACI)
2.61%
.
Leisure Equipment and Products
3.21%
Eastman Kodak Company
(EK)
3.21%
.
Media
5.93%
The DIRECTV Group, Inc.
(NASDAQ:DTV)
2.31%
Time Warner Inc.
(NYSE:TWX)
1.73%
WPP Group plc
(WPP LN)
1.89%
.
Multi-Line Retail
3.18%
Sears Holdings Corporation
(NASDAQ:SHLD)
3.18%
.
Specialty Retail
2.08%
The Home Depot, Inc.
(NYSE:HD)
2.08%
.
.
Financials
14.32%
.
Consumer Finance
1.75%
Capital One Financial Corporation
(NYSE:COF)
1.75%
.
Diversified Financial Services
6.28%
Citigroup Inc.
(NYSE:C)
2.44%
J.P. Morgan Chase & Co.
(NYSE:JPM)
3.84%
.
Insurance
1.95%
American International Group, Inc.
(NYSE: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
(NYSE:MTG)
1.64%
.
.
Health Care
14.12%
.
Health Care Providers and Services
12.71%
Aetna Inc.
(NYSE:AET)
3.29%
Health Net Inc.
(NYSE:HNT)
2.47%
McKesson Corporation
(NYSE:MCK)
2.02%
UnitedHealth Group Incorporated
(UNH)
4.93%
.
Pharmaceuticals
1.41%
Pfizer Inc.
(NYSE:PFE)
1.41%
.
.
Industrials
7.49%
.
Building Products
0.59%
Masco Corporation
(NYSE:MAS)
0.59%
.
Commercial Services and Supplies
1.94%
Waste Management Inc.
(WMI)
1.94%
.
Industrial Conglomerates
4.96%
General Electric Company
(NYSE:GE)
0.21%
Tyco International Ltd.
(NYSE:TYC)
4.75%
.
.
Information Technology
17.32%
.
Communications Equipment
1.28%
Cisco Systems, Inc.
(NASDAQ:CSCO)
1.28%
.
Computers and Peripherals
5.74%
Dell Inc.
(DELL)
1.62%
Hewlett-Packard Company
(NYSE:HPQ)
1.31%
International Business Machines Corporation
(NYSE:IBM)
1.21%
Seagate Technology
(NASDAQ:STX)
1.60%
.
Internet Software and Services
6.54%
Google Inc.
(GOOG)
3.98%
Yahoo! Inc.
(NASDAQ:YHOO)
2.56%
.
Software
3.76%
CA Inc.
(NASDAQ:CA)
0.79%
Electronic Arts Inc.
(ERTS)
2.15%
Intuit Inc.
(NASDAQ:INTU)
0.70%
Symantec Corporation
(NASDAQ:SYMC)
0.12%
.
.
Telecommunication Services
10.57%
.
Diversified Telecommunication Services
3.72%
Qwest Communications International Inc.
(NYSE: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
(NYSE: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)