0000922423-11-000319.txt : 20110808 0000922423-11-000319.hdr.sgml : 20110808 20110808094400 ACCESSION NUMBER: 0000922423-11-000319 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110808 DATE AS OF CHANGE: 20110808 EFFECTIVENESS DATE: 20110808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investec Asset Management LTD CENTRAL INDEX KEY: 0001418329 IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-12634 FILM NUMBER: 111015844 BUSINESS ADDRESS: STREET 1: 2 GRESHAM STREET CITY: LONDON STATE: X0 ZIP: EC2V 7QP BUSINESS PHONE: 020 7597 2000 MAIL ADDRESS: STREET 1: 2 GRESHAM STREET CITY: LONDON STATE: X0 ZIP: EC2V 7QP 13F-HR 1 kl08002.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 6/30/2011 Check here if Amendment [ ]; Amendment Number: - This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Investec Asset Management LTD. Address: 2 Gresham Street London, England EC2V 7QP Form 13F File Number: 28-12634 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true,correct and complete, and that it is understood that all required items,statements, schedules, lists, and tables, are considered integral parts of this form. Person signing this report on behalf of the Reporting Manager: Name: Anne Gallagher Title: Chief Compliance Officer Phone: 020 7597 1831 Signature, Place, and Date of Signing: Anne Gallagher London, UK 8/5/2011 [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 211 Form 13F Information Table Value Total: 10,540,027 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "None" and omit the column headings and list entries.] None

ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 VOTING AUTHORITY ------------------ SHARES FAIR MARKET AMOUNT (A) (B) (C) TITLE CUSIP VALUE (IN PUT/CALL INVESTMENT OTHER NAME OF ISSUER OF CLASS NUMBER (THOUSANDS) DISCRETION MANAGERS SOLE SHARED NONE ------------------------- ------------ --------- ----------- --------- ------------- ---------- ----- ------- ---- 3M CO Common Stock 88579Y101 524 5520 SH SOLE 5,520 ACCENTURE PLC Common Stock G1151C101 12,388 205031 SH SOLE 205,031 ACTUANT CORP Common Stock 00508X203 41,032 1529329 SH SOLE 1,529,329 AGNICO-EAGLE MINES LTD Common Stock 008474108 37,999 601391 SH SOLE 601,391 AGRIUM INC Common Stock 008916108 34,077 388300 SH SOLE 388,300 ALLIANCE DATA SYSTEMS CORP Common Stock 018581108 54,814 582694 SH SOLE 582,694 ALLIED WORLD ASSURANCE CO HOLD Common Stock H01531104 77,778 1350781 SH SOLE 1,350,781 ALTERA CORP Common Stock 021441100 116,196 2506916 SH SOLE 2,506,916 ALTRIA GROUP INC Common Stock 02209S103 93,621 3544893 SH SOLE 3,544,893 AMERICA MOVIL SAB DE CV ADR 02364W105 8,315 154328 SH SOLE 154,328 AMERICAN WATER WORKS CO INC Common Stock 030420103 84,700 2876074 SH SOLE 2,876,074 AMERISOURCEBERGEN CORP Common Stock 03073E105 176,441 4261849 SH SOLE 4,261,849 ANGLOGOLD ASHANTI LTD ADR 035128206 44,834 1065197 SH SOLE 1,065,197 ANHEUSER-BUSCH INBEV NV ADR 03524A108 2,071 35700 SH SOLE 35,700 APACHE CORP Common Stock 037411105 62,308 504964 SH SOLE 504,964 APOLLO GROUP INC Common Stock 037604105 8,911 203998 SH SOLE 203,998 APPLE INC Common Stock 037833100 199,797 595219 SH SOLE 595,219 ASSURANT INC Common Stock 04621X108 45,952 1266953 SH SOLE 1,266,953 ASSURED GUARANTY LTD Common Stock G0585R106 58,748 3601953 SH SOLE 3,601,953 AVAGO TECHNOLOGIES LTD Common Stock Y0486S104 29,871 786067 SH SOLE 786,067 AVNET INC Common Stock 053807103 42,381 1329376 SH SOLE 1,329,376 AVON PRODUCTS INC Common Stock 054303102 68,451 2444691 SH SOLE 2,444,691 BAKER HUGHES INC Common Stock 057224107 44,898 618777 SH SOLE 618,777 BANCO BRADESCO SA ADR 059460303 3,040 148354 SH SOLE 148,354 BANCO SANTANDER BRASIL SA/BRAZ ADR 05967A107 1,650 140928 SH SOLE 140,928 BANCOLOMBIA SA ADR 05968L102 2,015 30200 SH SOLE 30,200 BARRICK GOLD CORP Common Stock 067901108 86,871 1916417 SH SOLE 1,916,417 BERRY PETROLEUM CO Common Stock 085789105 3,062 57627 SH SOLE 57,627 BIOGEN IDEC INC Common Stock 09062X103 110,400 1032548 SH SOLE 1,032,548 BLACKROCK INC Common Stock 09247X101 54,209 282617 SH SOLE 282,617 CATERPILLAR INC Common Stock 149123101 3,212 30171 SH SOLE 30,171 CBS CORP Common Stock 124857202 153,696 5394734 SH SOLE 5,394,734 CEMEX SAB DE CV ADR 151290889 24 2800 SH SOLE 2,800 CENTURYLINK INC Common Stock 156700106 127,464 3152700 SH SOLE 3,152,700 CHECK POINT SOFTWARE TECHNOLOG Common Stock M22465104 63,807 1122382 SH SOLE 1,122,382 CHEVRON CORP Common Stock 166764100 172,732 1679620 SH SOLE 1,679,620 CHICAGO BRIDGE & IRON CO NV NY Reg Shrs 167250109 30,299 778907 SH SOLE 778,907 CIA DE BEBIDAS DAS AMERICAS ADR 20441W203 4,158 123280 SH SOLE 123,280 CIA DE MINAS BUENAVENTURA SA ADR 204448104 2 57 SH SOLE 57 CIA ENERGETICA DE MINAS GERAIS ADR 204409601 258 12500 SH SOLE 12,500 CIA SIDERURGICA NACIONAL SA ADR 20440W105 685 55000 SH SOLE 55,000 CIGNA CORP Common Stock 125509109 68,030 1322765 SH SOLE 1,322,765 CISCO SYSTEMS INC Common Stock 17275R102 5,584 357701 SH SOLE 357,701 CLIFFS NATURAL RESOURCES INC Common Stock 18683K101 95,416 1032081 SH SOLE 1,032,081 COACH INC Common Stock 189754104 98,259 1536981 SH SOLE 1,536,981 COCA-COLA CO/THE Common Stock 191216100 25,897 384863 SH SOLE 384,863 COLGATE-PALMOLIVE CO Common Stock 194162103 6,090 69669 SH SOLE 69,669 COMCAST CORP Common Stock 20030N101 38,160 1505926 SH SOLE 1,505,926 COPA HOLDINGS SA Common Stock P31076105 868 13000 SH SOLE 13,000 CREDICORP LTD Common Stock G2519Y108 383 4450 SH SOLE 4,450 DANAHER CORP Common Stock 235851102 34,743 655655 SH SOLE 655,655 DECKERS OUTDOOR CORP Common Stock 243537107 46,847 531501 SH SOLE 531,501 DEERE & CO Common Stock 244199105 32,162 390077 SH SOLE 390,077 DELL INC Common Stock 24702R101 23,324 1399163 SH SOLE 1,399,163 DEVON ENERGY CORP Common Stock 25179M103 97,243 1233894 SH SOLE 1,233,894 DOVER CORP Common Stock 260003108 2,057 30343 SH SOLE 30,343 DR HORTON INC Common Stock 23331A109 3,829 332386 SH SOLE 332,386 DST SYSTEMS INC Common Stock 233326107 735 13918 SH SOLE 13,918 EBAY INC Common Stock 278642103 852 26408 SH SOLE 26,408 ECOPETROL SA ADR 279158109 944 21440 SH SOLE 21,440 ELDORADO GOLD CORP Common Stock 284902103 835 56612 SH SOLE 56,612 EMC CORP/MASSACHUSETTS Common Stock 268648102 121,950 4426501 SH SOLE 4,426,501 EMPRESAS ICA SAB DE CV ADR 292448206 738 80000 SH SOLE 80,000 ENCANA CORP Common Stock 292505104 166,844 5407033 SH SOLE 5,407,033 ENERGIZER HOLDINGS INC Common Stock 29266R108 44,466 614508 SH SOLE 614,508 ENERSIS SA ADR 29274F104 1,933 83700 SH SOLE 83,700 ENSCO PLC ADR 29358Q109 1,236 23190 SH SOLE 23,190 EXELON CORP Common Stock 30161N101 16,840 393102 SH SOLE 393,102 EXPEDIA INC Common Stock 30212P105 854 29472 SH SOLE 29,472 EXXON MOBIL CORP Common Stock 30231G102 203,367 2498974 SH SOLE 2,498,974 FEMALE HEALTH CO/THE Common Stock 314462102 2,146 429209 SH SOLE 429,209 FLEXTRONICS INTERNATIONAL LTD Common Stock Y2573F102 24,424 3804401 SH SOLE 3,804,401 FOMENTO ECONOMICO MEXICANO SAB ADR 344419106 1,237 18600 SH SOLE 18,600 FOREST OIL CORP Common Stock 346091705 32,587 1220032 SH SOLE 1,220,032 FOSSIL INC Common Stock 349882100 89,855 763295 SH SOLE 763,295

ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 VOTING AUTHORITY ------------------ SHARES FAIR MARKET AMOUNT (A) (B) (C) TITLE CUSIP VALUE (IN PUT/CALL INVESTMENT OTHER NAME OF ISSUER OF CLASS NUMBER (THOUSANDS) DISCRETION MANAGERS SOLE SHARED NONE ------------------------- ------------- --------- ----------- --------- ------------- ---------- ----- ------- ---- GENERAL DYNAMICS CORP Common Stock 369550108 44,370 595415 SH SOLE 595,415 GENERAL ELECTRIC CO Common Stock 369604103 8,549 453302 SH SOLE 453,302 GERDAU SA ADR 373737105 619 58800 SH SOLE 58,800 GOLD FIELDS ADR 38059T106 46,008 3153403 SH SOLE 3,153,403 GOLDCORP INC Common Stock 380956409 116,838 2420519 SH SOLE 2,420,519 GOOGLE INC Common Stock 38259P508 8,862 17501 SH SOLE 17,501 GREAT BASIN GOLD LTD Common Stock 390124105 6,465 3130608 SH SOLE 3,130,608 GRUPO FINANCIERO GALICIA SA ADR 399909100 456 33709 SH SOLE 33,709 GRUPO TELEVISA SA ADR 40049J206 1,459 59300 SH SOLE 59,300 HARTFORD FINANCIAL SERVICES GR Common Stock 416515104 42,099 1596488 SH SOLE 1,596,488 HECLA MINING CO Common Stock 422704106 24,034 3125387 SH SOLE 3,125,387 HELMERICH & PAYNE INC Common Stock 423452101 75,879 1147593 SH SOLE 1,147,593 HERBALIFE LTD Common Stock G4412G101 99,712 1729904 SH SOLE 1,729,904 HEWLETT-PACKARD CO Common Stock 428236103 113,659 3122512 SH SOLE 3,122,512 HOME DEPOT INC Common Stock 437076102 971 26798 SH SOLE 26,798 HUNTINGTON INGALLS INDUSTRIES Common Stock 446413106 76 2208 SH SOLE 2,208 IDEX CORP Common Stock 45167R104 49,145 1071871 SH SOLE 1,071,871 IMAX CORP Common Stock 45245E109 38,277 1180287 SH SOLE 1,180,287 INTEL CORP Common Stock 458140100 791 35712 SH SOLE 35,712 INTERNATIONAL BUSINESS MACHINE Common Stock 459200101 1,623 9459 SH SOLE 9,459 INTERNATIONAL SPEEDWAY CORP Common Stock 460335201 999 35150 SH SOLE 35,150 INTERPUBLIC GROUP OF COS INC/T Common Stock 460690100 708 56634 SH SOLE 56,634 INTREPID POTASH INC Common Stock 46121Y102 32,636 1004178 SH SOLE 1,004,178 INTUIT INC Common Stock 461202103 2,004 38635 SH SOLE 38,635 IPATH MSCI INDIA INDEX ETN ETP 06739F291 6,761 96465 SH SOLE 96,465 IPATH S&P 500 VIX SHORT-TERM F ETP 06740C261 4,438 209950 SH SOLE 209,950 ISHARES IBOXX $ HIGH YIELD COR ETP 464288513 9,622 105374 SH SOLE 105,374 ISHARES IBOXX INVESTMENT GRADE ETP 464287242 895 8127 SH SOLE 8,127 ISHARES MSCI JAPAN INDEX FUND ETP 464286848 6,345 608380 SH SOLE 608,380 ITAU UNIBANCO HOLDING SA ADR 465562106 6,130 260314 SH SOLE 260,314 JA SOLAR HOLDINGS CO LTD ADR 466090107 49,868 8985137 SH SOLE 8,985,137 JM SMUCKER CO/THE Common Stock 832696405 2,029 26542 SH SOLE 26,542 JOHNSON & JOHNSON Common Stock 478160104 38,113 572948 SH SOLE 572,948 JPMORGAN CHASE & CO Common Stock 46625H100 157,788 3854129 SH SOLE 3,854,129 KB HOME Common Stock 48666K109 1,395 142652 SH SOLE 142,652 KELLOGG CO Common Stock 487836108 8,205 148314 SH SOLE 148,314 KIMBERLY-CLARK CORP Common Stock 494368103 2,600 39068 SH SOLE 39,068 KINROSS GOLD CORP Common Stock 496902404 206,248 13069622 SH SOLE 13,069,622 KRAFT FOODS INC Common Stock 50075N104 775 21988 SH SOLE 21,988 LABORATORY CORP OF AMERICA HOL Common Stock 50540R409 67,029 692524 SH SOLE 692,524 LDK SOLAR CO LTD ADR 50183L107 551 75000 SH SOLE 75,000 LENNAR CORP Common Stock 526057104 4,246 233951 SH SOLE 233,951 LIFEPOINT HOSPITALS INC Common Stock 53219L109 50,275 1286456 SH SOLE 1,286,456 LINCOLN NATIONAL CORP Common Stock 534187109 93,999 3299358 SH SOLE 3,299,358 LYONDELLBASELL INDUSTRIES NV Common Stock N53745100 81,751 2122300 SH SOLE 2,122,300 MAGNA INTERNATIONAL INC Common Stock 559222401 58,737 1086917 SH SOLE 1,086,917 MARKET VECTORS GOLD MINERS ETF ETP 57060U100 12,223 223912 SH SOLE 223,912 MASTERCARD INC Common Stock 57636Q104 160,956 534135 SH SOLE 534,135 MDC HOLDINGS INC Common Stock 552676108 2,282 92600 SH SOLE 92,600 MEDTRONIC INC Common Stock 585055106 30,694 796623 SH SOLE 796,623 MEMC ELECTRONIC MATERIALS INC Common Stock 552715104 725 85000 SH SOLE 85,000 MERCK & CO INC Common Stock 58933Y105 3,631 102881 SH SOLE 102,881 MICROSOFT CORP Common Stock 594918104 131,782 5068519 SH SOLE 5,068,519 MONSANTO CO Common Stock 61166W101 43,731 602856 SH SOLE 602,856 MOTOROLA MOBILITY HOLDINGS INC Common Stock 620097105 123 5570 SH SOLE 5,570 MOTOROLA SOLUTIONS INC Common Stock 620076307 293 6368 SH SOLE 6,368 MURPHY OIL CORP Common Stock 626717102 38,582 587608 SH SOLE 587,608 NABORS INDUSTRIES LTD Common Stock G6359F103 58,995 2394293 SH SOLE 2,394,293 NASDAQ OMX GROUP INC/THE Common Stock 631103108 60,293 2383115 SH SOLE 2,383,115 NATIONAL OILWELL VARCO INC Common Stock 637071101 5,475 70000 SH SOLE 70,000 NEVSUN RESOURCES LTD Common Stock 64156L101 23,561 3875215 SH SOLE 3,875,215 NEW GOLD INC Common Stock 644535106 78,144 7579602 SH SOLE 7,579,602 NEWMONT MINING CORP Common Stock 651639106 134,681 2495483 SH SOLE 2,495,483 NEXEN INC Common Stock 65334H102 173,880 7719043 SH SOLE 7,719,043 NIKE INC Common Stock 654106103 4,208 46767 SH SOLE 46,767 NOBLE CORP Common Stock H5833N103 28,779 730257 SH SOLE 730,257 NORDSON CORP Common Stock 655663102 51,020 930182 SH SOLE 930,182 NORTHROP GRUMMAN CORP Common Stock 666807102 919 13257 SH SOLE 13,257 NU SKIN ENTERPRISES INC Common Stock 67018T105 85,729 2283068 SH SOLE 2,283,068 OCCIDENTAL PETROLEUM CORP Common Stock 674599105 199,422 1916778 SH SOLE 1,916,778 OPEN TEXT CORP Common Stock 683715106 49,677 775952 SH SOLE 775,952 ORACLE CORP Common Stock 68389X105 105,345 3200993 SH SOLE 3,200,993

ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 VOTING AUTHORITY ------------------ SHARES FAIR MARKET AMOUNT (A) (B) (C) TITLE CUSIP VALUE (IN PUT/CALL INVESTMENT OTHER NAME OF ISSUER OF CLASS NUMBER (THOUSANDS) DISCRETION MANAGERS SOLE SHARED NONE ------------------------- ------------ --------- ----------- --------- ------------- ---------- ----- ------- ---- PATTERSON-UTI ENERGY INC Common Stock 703481101 80,610 2550149 SH SOLE 2,550,149 PEPSICO INC/NC Common Stock 713448108 17,270 245202 SH SOLE 245,202 PETROHAWK ENERGY CORP Common Stock 716495106 121,904 4941377 SH SOLE 4,941,377 PETROLEO BRASILEIRO SA ADR 71654V101 284,558 9275031 SH SOLE 9,275,031 PETROLEO BRASILEIRO SA ADR 71654V408 5,811 171615 SH SOLE 171,615 PFIZER INC Common Stock 717081103 109,702 5325356 SH SOLE 5,325,356 PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 83,944 1257211 SH SOLE 1,257,211 POTASH CORP OF SASKATCHEWAN IN Common Stock 73755L107 41,329 725205 SH SOLE 725,205 PRECISION CASTPARTS CORP Common Stock 740189105 49,804 302485 SH SOLE 302,485 PRICELINE.COM INC Common Stock 741503403 158,575 309759 SH SOLE 309,759 PROCTER & GAMBLE CO/THE Common Stock 742718109 22,408 352501 SH SOLE 352,501 PULTE GROUP INC Common Stock 745867101 4,307 562244 SH SOLE 562,244 QUALCOMM INC Common Stock 747525103 72,267 1272532 SH SOLE 1,272,532 QUICKSILVER RESOURCES INC Common Stock 74837R104 73,533 4981937 SH SOLE 4,981,937 RANGE RESOURCES CORP Common Stock 75281A109 73,472 1323827 SH SOLE 1,323,827 REINSURANCE GROUP OF AMERICA I Common Stock 759351604 44,999 739385 SH SOLE 739,385 RENESOLA LTD ADR 75971T103 22,118 4237249 SH SOLE 4,237,249 ROPER INDUSTRIES INC Common Stock 776696106 51,887 622892 SH SOLE 622,892 ROWAN COS INC Common Stock 779382100 93,832 2417717 SH SOLE 2,417,717 ROYAL GOLD INC Common Stock 780287108 51,188 873955 SH SOLE 873,955 RYLAND GROUP INC Common Stock 783764103 1,109 67063 SH SOLE 67,063 SANDISK CORP Common Stock 80004C101 25,881 623629 SH SOLE 623,629 SCOTTS MIRACLE-GRO CO/THE Common Stock 810186106 36,562 712567 SH SOLE 712,567 SHANDA GAMES LTD ADR 81941U105 25,825 3960933 SH SOLE 3,960,933 SIGNET JEWELERS LTD Common Stock G81276100 238,341 5058742 SH SOLE 5,058,742 SK TELECOM CO LTD ADR 78440P108 1,108 59240 SH SOLE 59,240 SKYLINE CORP Common Stock 830830105 2,788 159337 SH SOLE 159,337 SONOCO PRODUCTS CO Common Stock 835495102 42,484 1195376 SH SOLE 1,195,376 SOUTHWESTERN ENERGY CO Common Stock 845467109 140,498 3276531 SH SOLE 3,276,531 SPDR S&P EMERGING EUROPE ETF ETP 78463X608 9,617 186334 SH SOLE 186,334 SPRINT NEXTEL CORP Common Stock 852061100 271 50315 SH SOLE 50,315 SUNCOR ENERGY INC Common Stock 867224107 106,346 2715193 SH SOLE 2,715,193 SYMANTEC CORP Common Stock 871503108 474 24037 SH SOLE 24,037 TECHNOLOGY SELECT SECTOR SPDR ETP 81369Y803 1,992 77500 SH SOLE 77,500 TECK RESOURCES LTD Common Stock 878742204 103,828 2044149 SH SOLE 2,044,149 TELECOMUNICACOES DE SAO PAULO ADR 87929A102 3,818 128557 SH SOLE 128,557 TERNIUM SA ADR 880890108 2,599 88000 SH SOLE 88,000 TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 102,435 2124329 SH SOLE 2,124,329 THERMO FISHER SCIENTIFIC INC Common Stock 883556102 95,283 1479783 SH SOLE 1,479,783 THQ INC Common Stock 872443403 376 103906 SH SOLE 103,906 TIM PARTICIPACOES SA ADR 88706P106 812 16500 SH SOLE 16,500 TRANSOCEAN LTD Common Stock H8817H100 145,646 2255978 SH SOLE 2,255,978 TRAVELERS COS INC/THE Common Stock 89417E109 86,289 1478056 SH SOLE 1,478,056 TRIQUINT SEMICONDUCTOR INC Common Stock 89674K103 859 84326 SH SOLE 84,326 TUPPERWARE BRANDS CORP Common Stock 899896104 115,994 1719707 SH SOLE 1,719,707 ULTRA PETROLEUM CORP Common Stock 903914109 216,771 4732981 SH SOLE 4,732,981 UNITED RENTALS INC Common Stock 911363109 50,518 1988893 SH SOLE 1,988,893 UNITED TECHNOLOGIES CORP Common Stock 913017109 62,443 705495 SH SOLE 705,495 UNITEDHEALTH GROUP INC Common Stock 91324P102 171,654 3327922 SH SOLE 3,327,922 UNUM GROUP Common Stock 91529Y106 38,924 1527622 SH SOLE 1,527,622 VALE SA ADR 91912E105 35,903 1123714 SH SOLE 1,123,714 VALE SA ADR 91912E204 2,203 76054 SH SOLE 76,054 VALERO ENERGY CORP Common Stock 91913Y100 29,075 1137060 SH SOLE 1,137,060 VALSPAR CORP Common Stock 920355104 54,392 1508375 SH SOLE 1,508,375 VERIZON COMMUNICATIONS INC Common Stock 92343V104 128,278 3445543 SH SOLE 3,445,543 VF CORP Common Stock 918204108 49,597 456862 SH SOLE 456,862 VIRGIN MEDIA INC Common Stock 92769L101 52,568 1756360 SH SOLE 1,756,360 WAL-MART STORES INC Common Stock 931142103 2,907 54706 SH SOLE 54,706 WALT DISNEY CO/THE Common Stock 254687106 5,262 134784 SH SOLE 134,784 WARNACO GROUP INC/THE Common Stock 934390402 72,202 1381848 SH SOLE 1,381,848 WASHINGTON POST CO/THE Common Stock 939640108 1,172 2798 SH SOLE 2,798 WEATHERFORD INTERNATIONAL LTD Common Stock H27013103 154,874 8259925 SH SOLE 8,259,925 WESCO INTERNATIONAL INC Common Stock 95082P105 70,464 1302711 SH SOLE 1,302,711 WHITING PETROLEUM CORP Common Stock 966387102 72,452 1273100 SH SOLE 1,273,100 Total 10,540,027