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Ronald Muhlenkamp Buys Amedisys Inc, Reliance Steel & Aluminum Co., The Hartford Financial Services Group In, Sells ConocoPhillips, Eaton Corp., The Manitowoc Company Inc.

Intelligent Speculator

Ronald Muhlenkamp believes that the crunch is over, but he does not yet have conviction in what the new norm will be. He thinks that with ample capacity in every industry, maybe corporate ROE (return on shareholder equity) averages 11% instead of the historic average of 13 percent. Ron Muhlenkamp is heavy in technologies and healthcare. This is his Q2 portfolio update.

Ronald Muhlenkamp buys Amedisys Inc, Reliance Steel & Aluminum Co., The Hartford Financial Services Group In, China Medical Technologies Inc. ADS, AFLAC Inc., Principal Financial Group Inc., Harris Stratex Networks Inc., sells ConocoPhillips, Eaton Corp., The Manitowoc Company Inc. during the 3-months ended 06/30/2009, according to the most recent filings of his investment company, Muhlenkamp Fund. Ronald Muhlenkamp owns 50 stocks with a total value of $660 million. These are the details of the buys and sells.

New Purchases: AFL, AMED, CMED, HIG, HSTX, PFG, RS,

Added Positions: IGTE, WCC,

Reduced Positions: HD, HOG, PM, RIG, STLY, TEX, WMT,

Sold Out: COP, ETN, MTW,

For the details of Ronald Muhlenkamp's stock buys and sells, go to the Link Here

This is the sector weightings of Ronald Muhlenkamp's portfolio:

Technology 22.5% 22.5%
Financials 17.3% 17.3%
Consumer Services 0.8% 0.8%
Health Care 21.5% 21.5%
Consumer Goods 7.5% 7.5%
Industrials 18.6% 18.6%
Basic Materials 6.7% 6.7%
Oil & Gas 5.2% 5.2%


These are the top 5 holdings of Ronald Muhlenkamp

  1. International Business Machines Corp (IBM) - 412,230 shares, 6.51% of the total portfolio
  2. Bank of America Corp. (BAC) - 3,243,394 shares, 6.48% of the total portfolio
  3. Oracle Corp. (ORCL) - 1,828,028 shares, 5.93% of the total portfolio
  4. Cisco Systems Inc. (CSCO) - 2,081,290 shares, 5.87% of the total portfolio
  5. UnitedHealth Group Inc. (UNH) - 1,432,496 shares, 5.42% of the total portfolio


Added: WESCO International Inc. (WCC)

Ronald Muhlenkamp added to his holdings in WESCO International Inc. by 14.44%. His purchase prices were between $21.92 and $28.14, with an estimated average price of $25.5. The impact to his portfolio due to this purchase was 0.5%. His holdings were 1,047,205 shares as of 06/30/2009.

Wesco International Inc. is a leading provider of electrical products and other industrial MRO supplies and services in North America. The company is also a provider of Integrated Supply services. Their Integrated Supply solutions and outsourcing services fulfill all of a customer's industrial MRO procurement needs through a highly automated proprietary electronic procurement and inventory replenishment system. WESCO International Inc. has a market cap of $942.8 million; its shares were traded at around $22.31 with a P/E ratio of 5.8 and P/S ratio of 0.2. WESCO International Inc. had an annual average earning growth of 40.2% over the past 5 years.

Added: iGate Corp. (IGTE)

Ronald Muhlenkamp added to his holdings in iGate Corp. by 766.71%. His purchase prices were between $3.2 and $6.61, with an estimated average price of $4.9. The impact to his portfolio due to this purchase was 0.19%. His holdings were 209,310 shares as of 06/30/2009.

iGATE Corporation offers a comprehensive range of Information Technology solutions. Their employees specialize in areas such as offshore outsourcing enterprise applications and IT staffing all available via a variety of strategic delivery models. iGate Corp. has a market cap of $391.7 million; its shares were traded at around $7.23 with a P/E ratio of 15.2 and P/S ratio of 1.8. The dividend yield of iGate Corp. stocks is 1.5%.

New Purchase: Amedisys Inc (AMED)

Ronald Muhlenkamp initiated holdings in Amedisys Inc. His purchase prices were between $28.81 and $38.03, with an estimated average price of $32.2. The impact to his portfolio due to this purchase was 2.43%. His holdings were 485,355 shares as of 06/30/2009.

Amedisys Inc. is a leading multi-regional provider of home health care nursing services. They operate home care nursing offices in southern and southeastern United States. Amedisys Inc has a market cap of $1.18 billion; its shares were traded at around $43.23 with a P/E ratio of 10.4 and P/S ratio of 1. Amedisys Inc had an annual average earning growth of 59% over the past 5 years.

New Purchase: Reliance Steel & Aluminum Co. (RS)

Ronald Muhlenkamp initiated holdings in Reliance Steel & Aluminum Co.. His purchase prices were between $32.95 and $42.48, with an estimated average price of $37.3. The impact to his portfolio due to this purchase was 2.17%. His holdings were 372,745 shares as of 06/30/2009.

Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the United States. Through a network of metals service centers the company provides value-added materials management and metals processing services and distributes a full line of metal products including carbon alloy stainless and specialty steel aluminum brass and copper products to customers in a broad range of industries. Some of these metals service centers provide processing services for specialty metals only. Reliance Steel & Aluminum Co. has a market cap of $2.69 billion; its shares were traded at around $36.73 with a P/E ratio of 11.6 and P/S ratio of 0.3. The dividend yield of Reliance Steel & Aluminum Co. stocks is 1.1%. Reliance Steel & Aluminum Co. had an annual average earning growth of 20.1% over the past 10 years.

New Purchase: The Hartford Financial Services Group In (HIG)

Ronald Muhlenkamp initiated holdings in The Hartford Financial Services Group In. His purchase prices were between $9.56 and $18.1, with an estimated average price of $13. The impact to his portfolio due to this purchase was 1.54%. His holdings were 856,855 shares as of 06/30/2009.

Hartford Financial Services is one of the nation's largest investment and insurance companies offers a complete line of insurance and financial service products to customers all over the world. The company is a provider of automobile and homeowners coverages; commercial property and casualty insurance; reinsurance; and a variety of life insurance investment products employee benefits group retirement plans and institutional liability funding products. The Hartford Financial Services Group In has a market cap of $6.34 billion; its shares were traded at around $19.47 with and P/S ratio of 0.8. The dividend yield of The Hartford Financial Services Group In stocks is 1%. The Hartford Financial Services Group In had an annual average earning growth of 7.2% over the past 10 years.

New Purchase: China Medical Technologies Inc. ADS (CMED)

Ronald Muhlenkamp initiated holdings in China Medical Technologies Inc. ADS. His purchase prices were between $18.11 and $24.93, with an estimated average price of $21.3. The impact to his portfolio due to this purchase was 1.18%. His holdings were 390,000 shares as of 06/30/2009.

China Medical Technologies Inc. is a China-based medical device company that develops manufactures and markets products using HIFU for the treatment of solid cancers and benign tumors in China. They design and development HIFU tumor therapy devices in China. Their HIFU therapy system is SFDA-approved and has been used to treat over 20000 patient cases. In addition they offer an integrated luminescence immunoassay IVD system using ECLIA technology to detect and monitor various diseases and disorders through laboratory evaluation and analysis of blood or urine. China Medical Technologies Inc. ADS has a market cap of $447.9 million; its shares were traded at around $16.37 with a P/E ratio of 7 and P/S ratio of 3.6.

New Purchase: AFLAC Inc. (AFL)

Ronald Muhlenkamp initiated holdings in AFLAC Inc.. His purchase prices were between $24.73 and $37.33, with an estimated average price of $31.6. The impact to his portfolio due to this purchase was 0.85%. His holdings were 180,000 shares as of 06/30/2009.

AFLAC Inc. is a general business holding company and acts as a management company overseeing the operations of its subsidiaries by providing management services and making capital available. Its primary business is supplemental health and life insurance which is marketed and administered primarily through its subsidiary American Family Life Assurance Company of Columbus. AFLAC Inc. has a market cap of $19.66 billion; its shares were traded at around $42.06 with a P/E ratio of 9.5 and P/S ratio of 1.3. The dividend yield of AFLAC Inc. stocks is 2.6%. AFLAC Inc. had an annual average earning growth of 17.3% over the past 10 years. GuruFocus rated AFLAC Inc. the business predictability rank of 5-star.

New Purchase: Principal Financial Group Inc. (PFG)

Ronald Muhlenkamp initiated holdings in Principal Financial Group Inc.. His purchase prices were between $14.47 and $23.68, with an estimated average price of $18.9. The impact to his portfolio due to this purchase was 0.56%. His holdings were 196,660 shares as of 06/30/2009.

The Principal Financial Group is a leading provider of retirement savings investment and insurance products and services. In addition they offer a broad range of individual life and disability insurance group life and health insurance and residential mortgage loan origination and servicing in the United States. Principal Financial Group Inc. has a market cap of $7.93 billion; its shares were traded at around $25.54 with a P/E ratio of 8.6 and P/S ratio of 0.8. The dividend yield of Principal Financial Group Inc. stocks is 1.9%. Principal Financial Group Inc. had an annual average earning growth of 12.2% over the past 5 years.

New Purchase: Harris Stratex Networks Inc. (HSTX)

Ronald Muhlenkamp initiated holdings in Harris Stratex Networks Inc.. His purchase prices were between $4.13 and $6.61, with an estimated average price of $5.4. The impact to his portfolio due to this purchase was 0.13%. His holdings were 135,413 shares as of 06/30/2009.

HARRIS STRATEX NETWORKS INC. is the world's leading independent supplier of turnkey wireless transmission solutions. The company offers reliable flexible and scalable wireless network solutions backed by comprehensive professional services and support. Harris Stratex Networks serves all global markets including mobile network operators public safety agencies private network operators utility and transportation companies government agencies and broadcasters. Harris Stratex Networks is recognized around the world for innovative best-in-class wireless networking solutions and services. Harris Stratex Networks Inc. has a market cap of $402.9 million; its shares were traded at around $6.83 with and P/S ratio of 0.5.

Reduced: HarleyDavidson Inc. (HOG)

Ronald Muhlenkamp reduced to his holdings in HarleyDavidson Inc. by 41.58%. His sale prices were between $16.37 and $21.4, with an estimated average price of $18. The impact to his portfolio due to this sale was -0.01%. Ronald Muhlenkamp still held 10,680 shares as of 06/30/2009.

Harley-Davidson is an American motorcycle manufacturer. The company operates in two segments: Motorcycles and Related Products and Financial Services. The Motorcycles segment designs manufactures and sells heavyweight touring custom and performance motorcycles as well as a complete line of motorcycle parts accessories and general merchandise. The Financial Services is engaged in the business of financing and servicing wholesale inventory receivables and consumer retail installment sales contracts (primarily motorcycles). HarleyDavidson Inc. has a market cap of $5.32 billion; its shares were traded at around $22.7 with a P/E ratio of 12.5 and P/S ratio of 1. The dividend yield of HarleyDavidson Inc. stocks is 1.8%. HarleyDavidson Inc. had an annual average earning growth of 20.6% over the past 10 years. GuruFocus rated HarleyDavidson Inc. the business predictability rank of 4-star.

Reduced: WalMart Stores Inc. (WMT)

Ronald Muhlenkamp reduced to his holdings in WalMart Stores Inc. by 23.58%. His sale prices were between $47.35 and $50.79, with an estimated average price of $49.1. The impact to his portfolio due to this sale was -0.01%. Ronald Muhlenkamp still held 5,420 shares as of 06/30/2009.

Wal-Mart Stores Inc. is the world's largest retailer. They are engaged in the operation of mass merchandising stores which serve their customers primarily through the operation of three segments which are the Wal-Mart Stores segment the SAM'S Club segment and the International segment. WalMart Stores Inc. has a market cap of $201.81 billion; its shares were traded at around $51.79 with a P/E ratio of 15.1 and P/S ratio of 0.5. The dividend yield of WalMart Stores Inc. stocks is 2.1%. WalMart Stores Inc. had an annual average earning growth of 13.3% over the past 10 years. GuruFocus rated WalMart Stores Inc. the business predictability rank of 5-star.

Reduced: The Home Depot Inc. (HD)

Ronald Muhlenkamp reduced to his holdings in The Home Depot Inc. by 20.77%. His sale prices were between $22.65 and $26.07, with an estimated average price of $24.5. The impact to his portfolio due to this sale was -0.03%. Ronald Muhlenkamp still held 42,185 shares as of 06/30/2009.

Home Depot is the one of world's largest home improvement retailer. The company offers a level of service unprecedented among warehouse-style retailers. Home Depot stores cater to do-it-yourselfers as well as home improvement construction and building maintenance professionals. The Home Depot currently operates in the USA Canada Chile Puerto Rico and Argentina. The company also operates EXPO Design Centers across the U.S. and Villager's Hardware in New Jersey. The Home Depot Inc. has a market cap of $46.23 billion; its shares were traded at around $27.14 with a P/E ratio of 16 and P/S ratio of 0.6. The dividend yield of The Home Depot Inc. stocks is 3.3%. The Home Depot Inc. had an annual average earning growth of 19.5% over the past 10 years. GuruFocus rated The Home Depot Inc. the business predictability rank of 5-star.

Reduced: Stanley Furniture Company Inc. (STLY)

Ronald Muhlenkamp reduced to his holdings in Stanley Furniture Company Inc. by 27.26%. His sale prices were between $8.67 and $11.01, with an estimated average price of $10. The impact to his portfolio due to this sale was -0.23%. Ronald Muhlenkamp still held 514,130 shares as of 06/30/2009.

Stanley Furniture Company is a designer and manufacturer of residential wood furniture exclusively targeted at the upper-medium price range. They offer diversified product lines across all major style and product categories within this price range. Their product depth and extensive style selections make them a complete wood furniture resource for retailers in its price range and allow them to respond more quickly to shifting consumer preferences. Stanley Furniture Company Inc. has a market cap of $113.5 million; its shares were traded at around $10.99 with and P/S ratio of 0.5.

Reduced: Terex Corp. (TEX)

Ronald Muhlenkamp reduced to his holdings in Terex Corp. by 33.98%. His sale prices were between $12.01 and $17.9, with an estimated average price of $14. The impact to his portfolio due to this sale was -0.37%. Ronald Muhlenkamp still held 590,765 shares as of 06/30/2009.

Terex Corp. is a global manufacturer of a broad range of construction and mining related capital equipment. The company strives to manufacture high quality machines which are low cost simple to use and easy to maintain. The company's principal products include telescopic mobile cranes aerial work platforms utility aerial devices telescopic material handlers truck mounted mobile cranes rigid and articulated off-highway trucks and high capacity surface mining trucks and related components and replacement parts. Terex Corp. has a market cap of $1.45 billion; its shares were traded at around $15.19 with a P/E ratio of 24.6 and P/S ratio of 0.2. Terex Corp. had an annual average earning growth of 11.3% over the past 10 years.

Reduced: Transocean Inc. (RIG)

Ronald Muhlenkamp reduced to his holdings in Transocean Inc. by 24.26%. His sale prices were between $66.82 and $82.58, with an estimated average price of $74. The impact to his portfolio due to this sale was -0.42%. Ronald Muhlenkamp still held 154,654 shares as of 06/30/2009.

Transocean LTD. formerly Transocean Inc. is an international provider of offshore contract drilling services for oil and gas wells. The company offers deepwater and harsh environment drilling oil and gas drilling management and drilling engineering and project management services as well as explores develops and produces oil and gas resources. The company is based in Houston Texas. Transocean Inc. has a market cap of $24.23 billion; its shares were traded at around $75.56 with a P/E ratio of 5.6 and P/S ratio of 2. Transocean Inc. had an annual average earning growth of 6% over the past 10 years.

Reduced: PHILIP MORRIS INTERNATIONAL INC (PM)

Ronald Muhlenkamp reduced to his holdings in PHILIP MORRIS INTERNATIONAL INC by 20.51%. His sale prices were between $36.7 and $43.54, with an estimated average price of $40.5. The impact to his portfolio due to this sale was -1.05%. Ronald Muhlenkamp still held 777,262 shares as of 06/30/2009.

Philip Morris International is the leading international tobacco company with products sold in over 160 countries. They own 7 of the top 15 brands in the world and have a strong mix of international and local products that seek to appeal to a wide array of adult smokers. PHILIP MORRIS INTERNATIONAL INC has a market cap of $91.45 billion; its shares were traded at around $46.62 with a P/E ratio of 14.6 and P/S ratio of 1.5. The dividend yield of PHILIP MORRIS INTERNATIONAL INC stocks is 4.6%.

Sold Out: The Manitowoc Company Inc. (MTW)

Ronald Muhlenkamp sold out his holdings in The Manitowoc Company Inc.. His sale prices were between $4.29 and $7.76, with an estimated average price of $5.9. The impact to his portfolio due to this sale was less than 0.01%.

Manitowoc Company Inc. is a diversified capital goods manufacturer. They are principally engaged in: a) the design and manufacture of commercial ice machines ice/beverage dispensers and refrigeration products for the foodservice lodging convenience store healthcare and the soft-drink bottling and dispensing industries; (b) the design and manufacture of cranes and related products which are used by the energy construction mining and other industries; and (c) ship-repair conversion and new construction services for the maritime industry. The Manitowoc Company Inc. has a market cap of $890.3 million; its shares were traded at around $6.83 with a P/E ratio of 4 and P/S ratio of 0.2. The dividend yield of The Manitowoc Company Inc. stocks is 1.2%. The Manitowoc Company Inc. had an annual average earning growth of 11.1% over the past 10 years. GuruFocus rated The Manitowoc Company Inc. the business predictability rank of 3.5-star.

Sold Out: Eaton Corp. (ETN)

Ronald Muhlenkamp sold out his holdings in Eaton Corp.. His sale prices were between $42.91 and $48.7, with an estimated average price of $44.8. The impact to his portfolio due to this sale was less than 0.01%.

Eaton Corporation is a global diversified industrial manufacturer. Eaton is one of the leaders in fluid power systems electrical power quality and controls automotive air management and fuel economy and intelligent truck components for fuel economy and safety. Eaton Corp. has a market cap of $8.96 billion; its shares were traded at around $54.11 with a P/E ratio of 17.8 and P/S ratio of 0.6. The dividend yield of Eaton Corp. stocks is 3.8%. Eaton Corp. had an annual average earning growth of 7.4% over the past 10 years.

Sold Out: ConocoPhillips (COP)

Ronald Muhlenkamp sold out his holdings in ConocoPhillips. His sale prices were between $39.35 and $45.95, with an estimated average price of $42.6. The impact to his portfolio due to this sale was less than 0.01%.

ConocoPhillips is a major international integrated energy company with operations in some 49 countries. ConocoPhillips has a market cap of $64.85 billion; its shares were traded at around $43.77 with a P/E ratio of 7.1 and P/S ratio of 0.3. The dividend yield of ConocoPhillips stocks is 4.4%. ConocoPhillips had an annual average earning growth of 19% over the past 10 years.


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