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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-June. Here's the portfolio, preceded by some quick comments:

Quick Comments:

  1. Mr Miller, known for his investments in Internet stocks, still has significant exposure to them -- almost 19% of the total portfolio, and more than that if you include Time Warner (NYSE:TWX) which owns AOL -- despite their recent sell-off.
  2. The largest position is Sprint-Nextel (NYSE:S). Mr Miller owned Nextel, which was subsequently purchased by Sprint.
  3. Mr Miller's recent letter to shareholders discussed his position in homebuilder stocks, Internet stocks and his lack of exposure to the energy sector.
Portfolio Holdings as of June 30, 2006
 
Name/Industry/Sector
Ticker
% of Net Assets
.
Consumer Discretionary
28.19%
.
Household Durables
3.92%
Beazer Homes USA, Inc.
BZH
0.48%
Centex Corporation
CTX
1.46%
Pulte Homes, Inc.
PHM
1.52%
The Ryland Group, Inc.
RYL
0.46%
.
Internet and Catalog Retail
8.77%
Amazon.com, Inc.
AMZN
4.74%
Expedia, Inc.
EXPE
1.52%
IAC/InterActiveCorp
IACI
2.51%
.
Leisure Equipment and Products
2.88%
Eastman Kodak Company
EK
2.88%
.
Media
6.73%
The DIRECTV Group, Inc.
DTV
2.50%
Time Warner Inc.
TWX
2.19%
WPP Group plc
WPP LN
2.04%
.
Multi-Line Retail
4.00%
Sears Holdings Corporation
SHLD
4.00%
.
Specialty Retail
1.89%
The Home Depot, Inc.
HD
1.89%
.
Financials
15.23%
.
Consumer Finance
2.00%
Capital One Financial Corporation
COF
2.00%
.
Diversified Financial Services
6.83%
Citigroup Inc.
C
2.67%
J.P. Morgan Chase & Co.
JPM
4.16%
.
Insurance
2.60%
American International Group, Inc.
AIG
0.62%
The St. Paul Travelers Companies, Inc.
STA
1.98%
.
Thrifts and Mortgage Finance
3.80%
Countrywide Financial Corporation
CFC
3.01%
MGIC Investment Corporation
MTG
0.79%
.
Health Care
12.03%
.
Health Care Providers and Services
10.52%
Aetna Inc.
AET
2.86%
Health Net Inc.
HNT
2.35%
McKesson Corporation
MCK
1.07%
UnitedHealth Group Incorporated
UNH
4.24%
.
Pharmaceuticals
1.51%
Pfizer Inc.
PFE
1.51%
.
Industrials
8.19%
.
Building Products
0.58%
Masco Corporation
MAS
0.58%
.
Commercial Services and Supplies
1.78%
Waste Management Inc.
WMI
1.78%
.
Industrial Conglomerates
5.83%
General Electric Company
GE
0.61%
Tyco International Ltd.
TYC
5.22%
.
Information Technology
18.99%
.
Communications Equipment
1.24%
Cisco Systems, Inc.
CSCO
1.24%
.
Computers and Peripherals
5.76%
Dell Inc.
DELL
1.65%
Hewlett-Packard Company
HPQ
1.42%
International Business Machines Corporation
IBM
1.21%
Seagate Technology
STX
1.48%
.
Internet Software and Services
9.68%
eBay Inc.
EBAY
2.39%
Google Inc.
GOOG
4.42%
Yahoo! Inc.
YHOO
2.87%
.
Software
2.31%
CA Inc.
CA
0.65%
Electronic Arts Inc.
ERTS
1.50%
Symantec Corporation
SYMC
0.16%
.
Telecommunication Services
11.03%
.
Diversified Telecommunication Services
5.34%
Embarq Corporation
EQ
0.58%
Qwest Communications International Inc.
Q
4.76%
.
Wireless Telecommunication Services
5.69%
Sprint Nextel Corporation
S
5.69%
.
Utilities
5.01%
.
Independent Power Producers and Energy Traders
5.01%
The AES Corporation
AES
5.01%
.
Repurchase Agreements:
1.14%
.
Bank of America 5.15% 7-3-06
Aaa
0.57%
Goldman, Sachs & Company 5.19% 7-3-06
Aaa
0.57%
Source: Bill Miller's Legg Mason Value Trust Portfolio (as of June 30, 2006)