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:
- 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.
- The largest position is Sprint-Nextel (S). Mr Miller owned Nextel, which was subsequently purchased by Sprint.
- 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% |
| | | |
| | ||
