Bill Miller's Legg Mason Value Trust Portfolio (as of June 30, 2006)

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 (TWX) which owns AOL -- despite their recent sell-off.
2. The largest position is Sprint-Nextel (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%

Comments

[Rick Williams:]

Does Legg Mason look at "customer satisfaction" when selecting stocks for their portfolio? If so, how do they measure the impact of dis-satisfied customers on a company's performance relative to the S&P 500?

2006 Aug 07 09:37 AM

[John Doe:]

I agree with Rick Williams. EXPEDIA is listed in the top ripoff link at the bad business bureau (www.ripoffreport.com) and has two "dedicated" websites due to poor customer support and lies: www.victimsofexpedia.c... (read some lies here) and www.shameonexpedia.com

Kind regards

2006 Aug 07 02:44 PM