0000922423-12-000166.txt : 20120511 0000922423-12-000166.hdr.sgml : 20120511 20120511112855 ACCESSION NUMBER: 0000922423-12-000166 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120511 DATE AS OF CHANGE: 20120511 EFFECTIVENESS DATE: 20120511 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: 12832869 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 kl05008.txt FORM 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2012 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 5/10/2012 [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: 228 Form 13F Information Table Value Total: 11,877,206 (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 1,716 19229 SH SOLE 19,229 ACCENTURE PLC Common Stock G1151C101 16,553 256637 SH SOLE 256,637 ACTIVISION BLIZZARD INC Common Stock 00507V109 110,652 8631238 SH SOLE 8,631,238 ACTUANT CORP Common Stock 00508X203 45,180 1558458 SH SOLE 1,558,458 ADECOAGRO SA Common Stock L00849106 2,428 224600 SH SOLE 224,600 AGCO CORP Common Stock 001084102 6,976 147765 SH SOLE 147,765 AGNICO-EAGLE MINES LTD Common Stock 008474108 11,305 339918 SH SOLE 339,918 AGRIUM INC Common Stock 008916108 449 5200 SH SOLE 5,200 ALLIANCE DATA SYSTEMS CORP Common Stock 018581108 122,579 973152 SH SOLE 973,152 ALLIED WORLD ASSURANCE CO HOLD Common Stock H01531104 98,533 1434879 SH SOLE 1,434,879 ALTERA CORP Common Stock 021441100 104,931 2635128 SH SOLE 2,635,128 ALTRIA GROUP INC Common Stock 02209S103 103,914 3366184 SH SOLE 3,366,184 AMEDISYS INC Common Stock 023436108 2,624 181500 SH SOLE 181,500 AMERICA MOVIL SAB DE CV ADR 02364W105 20,037 806956 SH SOLE 806,956 AMERICAN FINANCIAL GROUP INC/O Common Stock 025932104 41,604 1078374 SH SOLE 1,078,374 AMERICAN WATER WORKS CO INC Common Stock 030420103 100,425 2951059 SH SOLE 2,951,059 AMERISOURCEBERGEN CORP Common Stock 03073E105 173,782 4379589 SH SOLE 4,379,589 ANGLOGOLD ASHANTI LTD ADR 35128206 46,741 1265997 SH SOLE 1,265,997 ANHEUSER-BUSCH INBEV NV ADR 03524A108 16,864 231900 SH SOLE 231,900 APACHE CORP Common Stock 037411105 125,354 1248047 SH SOLE 1,248,047 APOLLO GROUP INC Common Stock 037604105 7,882 203998 SH SOLE 203,998 APPLE INC Common Stock 037833100 340,302 574068 SH SOLE 574,068 ARCOS DORADOS HOLDINGS INC Common Stock G0457F107 1,031 57000 SH SOLE 57,000 ASSURANT INC Common Stock 04621X108 52,395 1293701 SH SOLE 1,293,701

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- ASSURED GUARANTY LTD Common Stock G0585R106 23,092 1397822 SH SOLE 1,397,822 AURICO GOLD INC Common Stock 05155C105 18,329 2060606 SH SOLE 2,060,606 AVAGO TECHNOLOGIES LTD Common Stock Y0486S104 129,624 3326235 SH SOLE 3,326,235 AVON PRODUCTS INC Common Stock 054303102 119,946 6195596 SH SOLE 6,195,596 BAIDU INC/CHINA ADR 056752108 27,886 191300 SH SOLE 191,300 BAKER HUGHES INC Common Stock 057224107 157,188 3747925 SH SOLE 3,747,925 BANCO BRADESCO SA ADR 059460303 1,285 73404 SH SOLE 73,404 BANCOLOMBIA SA ADR 05968L102 1,203 18600 SH SOLE 18,600 BANRO CORP Common Stock 066800103 4,831 1045166 SH SOLE 1,045,166 BARRICK GOLD CORP Common Stock 067901108 93,026 2142029 SH SOLE 2,142,029 BERRY PETROLEUM CO Common Stock 085789105 1,598 33922 SH SOLE 33,922 BIOGEN IDEC INC Common Stock 09062X103 107,458 853045 SH SOLE 853,045 BRF - BRASIL FOODS SA ADR 10552T107 800 40000 SH SOLE 40,000 BUNGE LTD Common Stock G16962105 741 10824 SH SOLE 10,824 C&J ENERGY SERVICES INC Common Stock 12467B304 2,597 146000 SH SOLE 146,000 CANADIAN NATURAL RESOURCES LTD Common Stock 136385101 116,828 3531878 SH SOLE 3,531,878 CAPITAL ONE FINANCIAL CORP Common Stock 14040H105 173,861 3119135 SH SOLE 3,119,135 CARBO CERAMICS INC Common Stock 140781105 362 3433 SH SOLE 3,433 CATERPILLAR INC Common Stock 149123101 946 17768 SH SOLE 17,768 CBS CORP Common Stock 124857202 149,715 4415062 SH SOLE 4,415,062 CHEVRON CORP Common Stock 166764100 199,894 1863986 SH SOLE 1,863,986 CHICAGO BRIDGE & IRON CO NV NY Reg Shrs 167250109 39,385 911907 SH SOLE 911,907 CIA DE BEBIDAS DAS AMERICAS ADR 20441W203 7,792 188580 SH SOLE 188,580 CIA DE SANEAMENTO BASICO DO ES ADR 20441A102 73,353 957364 SH SOLE 957,364 CIGNA CORP Common Stock 125509109 66,184 1343843 SH SOLE 1,343,843 CISCO SYSTEMS INC Common Stock 17275R102 239,376 11317977 SH SOLE 11,317,977 CLIFFS NATURAL RESOURCES INC Common Stock 18683K101 77,466 1118484 SH SOLE 1,118,484 COACH INC Common Stock 189754104 99,187 1283473 SH SOLE 1,283,473 COCA-COLA CO/THE Common Stock 191216100 32,495 439057 SH SOLE 439,057 COLGATE-PALMOLIVE CO Common Stock 194162103 8,427 86179 SH SOLE 86,179 COMCAST CORP Common Stock 20030N101 46,851 1561174 SH SOLE 1,561,174

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- COPA HOLDINGS SA Common Stock P31076105 1,307 16500 SH SOLE 16,500 CREDICORP LTD Common Stock G2519Y108 877 6650 SH SOLE 6,650 CSX CORP Common Stock 126408103 10,905 506754 SH SOLE 506,754 DANAHER CORP Common Stock 235851102 41,770 751266 SH SOLE 751,266 DEERE & CO Common Stock 244199105 1,176 14509 SH SOLE 14,509 DELL INC Common Stock 24702R101 28,488 1716124 SH SOLE 1,716,124 DENBURY RESOURCES INC Common Stock 247916208 13,387 734343 SH SOLE 734,343 DESARROLLADORA HOMEX SAB DE CV ADR 25030W100 5,395 287586 SH SOLE 287,586 DEVON ENERGY CORP Common Stock 25179M103 130,461 1834380 SH SOLE 1,834,380 DOVER CORP Common Stock 260003108 1,124 17860 SH SOLE 17,860 DR HORTON INC Common Stock 23331A109 4,860 320343 SH SOLE 320,343 DST SYSTEMS INC Common Stock 233326107 2,629 48479 SH SOLE 48,479 EBAY INC Common Stock 278642103 3,391 91907 SH SOLE 91,907 ECOPETROL SA ADR 279158109 39 640 SH SOLE 640 ELDORADO GOLD CORP Common Stock 284902103 85,235 6218113 SH SOLE 6,218,113 EMC CORP/MASSACHUSETTS Common Stock 268648102 118,892 3978959 SH SOLE 3,978,959 ENCANA CORP Common Stock 292505104 111,398 5683367 SH SOLE 5,683,367 ENERGIZER HOLDINGS INC Common Stock 29266R108 45,903 618804 SH SOLE 618,804 ENERSIS SA ADR 29274F104 7,888 390700 SH SOLE 390,700 ENSCO PLC ADR 29358Q109 1,323 25000 SH SOLE 25,000 EXELON CORP Common Stock 30161N101 17,551 447626 SH SOLE 447,626 EXPEDIA INC Common Stock 30212P303 1,721 51447 SH SOLE 51,447 EXPRESS INC Common Stock 30219E103 45,276 1812467 SH SOLE 1,812,467 EXXON MOBIL CORP Common Stock 30231G102 42,355 488354 SH SOLE 488,354 FEMALE HEALTH CO/THE Common Stock 314462102 1,169 214435 SH SOLE 214,435 FISERV INC Common Stock 337738108 95,429 1375261 SH SOLE 1,375,261 FLEXTRONICS INTERNATIONAL LTD Common Stock Y2573F102 20,549 2842206 SH SOLE 2,842,206 FOMENTO ECONOMICO MEXICANO SAB ADR 344419106 1,859 22600 SH SOLE 22,600 FOREST OIL CORP Common Stock 346091705 38,078 3141708 SH SOLE 3,141,708 FRANCO-NEVADA CORP Common Stock 351858105 31,578 735841 SH SOLE 735,841 GENERAL DYNAMICS CORP Common Stock 369550108 45,464 619562 SH SOLE 619,562

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- GERDAU SA ADR 373737105 925 96100 SH SOLE 96,100 GOLD FIELDS ADR 38059T106 51,591 3711603 SH SOLE 3,711,603 GOLDCORP INC Common Stock 380956409 92,518 2053215 SH SOLE 2,053,215 GOOGLE INC Common Stock 38259P508 16,249 25430 SH SOLE 25,340 GREAT BASIN GOLD LTD Common Stock 390124105 1,688 2425846 SH SOLE 2,425,846 HALLIBURTON CO Common Stock 406216101 48,748 1468757 SH SOLE 1,468,757 HELMERICH & PAYNE INC Common Stock 423452101 62,543 1159278 SH SOLE 1,159,278 HERBALIFE LTD Common Stock G4412G101 109,349 1588911 SH SOLE 1,588,911 HEWLETT-PACKARD CO Common Stock 428236103 4,665 195745 SH SOLE 195,745 HOME DEPOT INC/THE Common Stock 437076102 1,663 33053 SH SOLE 33,053 IDEX CORP Common Stock 45167R104 45,747 1085857 SH SOLE 1,085,857 ILLINOIS TOOL WORKS INC Common Stock 452308109 116,892 2046423 SH SOLE 2,046,423 IMAX CORP Common Stock 45245E109 29,758 1217581 SH SOLE 1,217,581 IMPERIAL OIL LTD Common Stock 453038408 25,446 561172 SH SOLE 561,172 INTEL CORP Common Stock 458140100 3,497 124406 SH SOLE 124,406 INTERNATIONAL BUSINESS MACHINE Common Stock 459200101 581 2786 SH SOLE 2,786 INTERNATIONAL SPEEDWAY CORP Common Stock 460335201 5,031 122468 SH SOLE 122,468 INTERPUBLIC GROUP OF COS INC/T Common Stock 460690100 3,712 197066 SH SOLE 197,066 INTREPID POTASH INC Common Stock 46121Y102 20,926 860079 SH SOLE 860,079 INTUIT INC Common Stock 461202103 1,368 22737 SH SOLE 22,737 IPATH MSCI INDIA INDEX ETN ETP 06739F291 13,461 238373 SH SOLE 238,373 IPATH S&P 500 VIX SHORT- TERM F ETP 06740C261 3,183 189261 SH SOLE 189,261 ISHARES IBOXX $HIGH YIELD COR ETP 464288513 6,128 67459 SH SOLE 67,459 ISHARES IBOXX INVESTMENT GRADE ETP 464287242 29,287 253127 SH SOLE 253,127 ISHARES MSCI JAPAN INDEX FUND ETP 464286848 2,635 258888 SH SOLE 258,888 ITAU UNIBANCO HOLDING SA ADR 465562106 1,246 64914 SH SOLE 64,914 JABIL CIRCUIT INC Common Stock 466313103 68,181 2714214 SH SOLE 2,714,214 JAZZ PHARMACEUTICALS PLC Common Stock G50871105 9,822 202645 SH SOLE 202,645 JM SMUCKER CO/THE Common Stock 832696405 1,272 15625 SH SOLE 15,625 JOHNSON & JOHNSON Common Stock 478160104 49,205 745982 SH SOLE 745,982 JPMORGAN CHASE & CO Common Stock 46625H100 225,143 4896544 SH SOLE 4,896,544

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- KB HOME Common Stock 48666K109 1,270 142652 SH SOLE 142,652 KELLOGG CO Common Stock 487836108 6,936 129332 SH SOLE 129,332 KEYCORP Common Stock 493267108 5,442 640294 SH SOLE 640,294 KIMBERLY-CLARK CORP Common Stock 494368103 3,050 41276 SH SOLE 41,276 KINROSS GOLD CORP Common Stock 496902404 58,142 5958795 SH SOLE 5,958,795 KRAFT FOODS INC Common Stock 50075N104 2,909 76535 SH SOLE 76,535 LABORATORY CORP OF AMERICA HOL Common Stock 50540R409 64,529 704933 SH SOLE 704,933 LENNAR CORP Common Stock 526057104 6,359 233951 SH SOLE 233,951 LIFEPOINT HOSPITALS INC Common Stock 53219L109 52,602 1333719 SH SOLE 1,333,719 LINCOLN NATIONAL CORP Common Stock 534187109 105,442 4000058 SH SOLE 4,000,058 LYONDELLBASELL INDUSTRIES NV Common Stock N53745100 137,515 3150399 SH SOLE 3,150,399 MACY'S INC Common Stock 55616P104 130,668 3288886 SH SOLE 3,288,886 MARKET VECTORS GOLD MINERS ETF ETP 57060U100 11,099 223912 SH SOLE 223,912 MASTERCARD INC Common Stock 57636Q104 116,361 276696 SH SOLE 276,696 MDC HOLDINGS INC Common Stock 552676108 5,158 200003 SH SOLE 200,003 MEDTRONIC INC Common Stock 585055106 42,260 1078332 SH SOLE 1,078,332 MERCK & CO INC Common Stock 58933Y105 3,920 102093 SH SOLE 102,093 MICROSOFT CORP Common Stock 594918104 188,642 5849368 SH SOLE 5,849,368 MONSANTO CO Common Stock 61166W101 558 7000 SH SOLE 7,000 MOSAIC CO/THE Common Stock 61945C103 11,710 211800 SH SOLE 211,800 MOTOROLA SOLUTIONS INC Common Stock 620076307 1,126 22157 SH SOLE 22,157 MURPHY OIL CORP Common Stock 626717102 108,651 1930881 SH SOLE 1,930,881 MYLAN INC/PA Common Stock 628530107 12,850 547975 SH SOLE 547,975 NABORS INDUSTRIES LTD Common Stock G6359F103 47,018 2688256 SH SOLE 2,688,256 NASDAQ OMX GROUP INC/THE Common Stock 631103108 62,634 2418313 SH SOLE 2,418,313 NATIONAL OILWELL VARCO INC Common Stock 637071101 1,287 16200 SH SOLE 16,200 NETEASE INC ADR ADR 64110W102 67,683 1164943 SH SOLE 1,164,943 NEW GOLD INC Common Stock 644535106 61,580 6248319 SH SOLE 6,248,319 NEWFIELD EXPLORATION CO Common Stock 651290108 17,002 490263 SH SOLE 490,263 NEWMONT MINING CORP Common Stock 651639106 94,830 1849613 SH SOLE 1,849,613 NEXEN INC Common Stock 65334H102 109,034 5958116 SH SOLE 5,958,116

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- NIKE INC Common Stock 654106103 5,071 46767 SH SOLE 46,767 NOBLE CORP Common Stock H5833N103 915 24432 SH SOLE 24,432 NORFOLK SOUTHERN CORP Common Stock 655844108 63,537 965162 SH SOLE 965,162 NORTHROP GRUMMAN CORP Common Stock 666807102 2,820 46157 SH SOLE 46,157 NU SKIN ENTERPRISES INC Common Stock 67018T105 79,424 1371507 SH SOLE 1,371,507 OCCIDENTAL PETROLEUM CORP Common Stock 674599105 218,041 2289625 SH SOLE 2,289,625 OPEN TEXT CORP Common Stock 683715106 48,393 791388 SH SOLE 791,388 ORACLE CORP Common Stock 68389X105 156,997 5384006 SH SOLE 5,384,006 PATTERSON-UTI ENERGY INC Common Stock 703481101 94,985 5493638 SH SOLE 5,493,638 PEPSICO INC Common Stock 713448108 28,588 430871 SH SOLE 430,871 PETROLEO BRASILEIRO SA ADR 71654V101 159,016 6233290 SH SOLE 6,233,290 PETROLEO BRASILEIRO SA ADR 71654V408 460 29015 SH SOLE 29,015 PFIZER INC Common Stock 717081103 262,741 11594933 SH SOLE 11,594,933 PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 91,504 1032662 SH SOLE 1,032,662 PNC FINANCIAL SERVICES GROUP I Common Stock 693475105 90,290 1400055 SH SOLE 1,400,055 POTASH CORP OF SASKATCHEWAN IN Common Stock 73755L107 23,617 516898 SH SOLE 516,898 PRECISION CASTPARTS CORP Common Stock 740189105 53,071 306948 SH SOLE 306,948 PRICELINE.COM INC Common Stock 741503403 197,682 275515 SH SOLE 275,515 PROCTER & GAMBLE CO/THE Common Stock 742718109 50,848 756549 SH SOLE 756,549 PULTEGROUP INC Common Stock 745867101 4,794 541721 SH SOLE 541,721 QUALCOMM INC Common Stock 747525103 109,800 1614223 SH SOLE 1,614,223 QUICKSILVER RESOURCES INC Common Stock 74837R104 16,936 3360349 SH SOLE 3,360,349 RADIOSHACK CORP Common Stock 750438103 22,117 3555830 SH SOLE 3,555,830 REINSURANCE GROUP OF AMERICA I Common Stock 759351604 46,510 782069 SH SOLE 782,069 ROPER INDUSTRIES INC Common Stock 776696106 62,622 631517 SH SOLE 631,517 ROYAL GOLD INC Common Stock 780287108 63,555 974470 SH SOLE 974,470 RYLAND GROUP INC/THE Common Stock 783764103 1,293 67063 SH SOLE 67,063 SANDISK CORP Common Stock 80004C101 29,920 603341 SH SOLE 603,341 SCHLUMBERGER LTD Common Stock 806857108 69,513 994042 SH SOLE 994,042 SHANDA GAMES LTD ADR 81941U105 34,360 6607694 SH SOLE 6,607,694 SIGNET JEWELERS LTD Common Stock G81276100 255,206 5330920 SH SOLE 5,330,920

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- SK TELECOM CO LTD ADR 78440P108 1,504 108140 SH SOLE 108,140 SKYLINE CORP Common Stock 830830105 1,106 144620 SH SOLE 144,620 SOCIEDAD QUIMICA Y MINERA DE C ADR 833635105 733 12500 SH SOLE 12,500 SOUTHERN COPPER CORP Common Stock 84265V105 570 17990 SH SOLE 17,990 SOUTHWEST AIRLINES CO Common Stock 844741108 1,050 127384 SH SOLE 127,384 SOUTHWESTERN ENERGY CO Common Stock 845467109 104,419 3412375 SH SOLE 3,412,375 SPDR S&P EMERGING EUROPE ETF ETP 78463X608 7,951 186334 SH SOLE 186,334 SUNCOR ENERGY INC Common Stock 867224107 139,067 4264826 SH SOLE 4,264,826 SUNPOWER CORP Common Stock 867652406 638 100000 SH SOLE 100,000 SUPERVALU INC Common Stock 868536103 18,688 3272900 SH SOLE 3,272,900 SYMANTEC CORP Common Stock 871503108 1,562 83538 SH SOLE 83,538 TALISMAN ENERGY INC Common Stock 87425E103 88,658 7066136 SH SOLE 7,066,136 TATA MOTORS LTD ADR 876568502 14,992 555887 SH SOLE 555,887 TECHNOLOGY SELECT SECTOR SPDR ETP 81369Y803 2,337 77500 SH SOLE 77,500 TELEFONICA BRASIL SA ADR 87936R106 102,408 3343405 SH SOLE 3,343,405 TERNIUM SA ADR 880890108 32,596 1376500 SH SOLE 1,376,500 TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 98,558 2187251 SH SOLE 2,187,251 THERMO FISHER SCIENTIFIC INC Common Stock 883556102 85,953 1524538 SH SOLE 1,524,538 TIM PARTICIPACOES SA ADR 88706P205 1,653 51239 SH SOLE 51,239 TIME WARNER INC Common Stock 887317303 87,830 2326640 SH SOLE 2,326,640 TRANSOCEAN LTD/SWITZERLAND Common Stock H8817H100 37,063 677576 SH SOLE 677,576 TRAVELERS COS INC/THE Common Stock 89417E109 1,402 23679 SH SOLE 23,679 TRIPADVISOR INC Common Stock 896945201 1,249 35004 SH SOLE 35,004 TUPPERWARE BRANDS CORP Common Stock 899896104 116,601 1836244 SH SOLE 1,836,244 ULTRA PETROLEUM CORP Common Stock 903914109 113,063 4996157 SH SOLE 4,996,157 UNITED TECHNOLOGIES CORP Common Stock 913017109 108,697 1310560 SH SOLE 1,310,560 UNITEDHEALTH GROUP INC Common Stock 91324P102 205,516 3486864 SH SOLE 3,486,864 UNUM GROUP Common Stock 91529Y106 46,029 1880301 SH SOLE 1,880,301 US BANCORP Common Stock 902973304 3,658 115453 SH SOLE 115,453 VALE SA ADR 91912E105 20,587 908937 SH SOLE 908,937 VALE SA ADR 91912E204 6,506 286754 SH SOLE 286,754

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 ------------------------- ----------- --------- ----------- ----------- ------------- -------- ---- ------ ---- VALERO ENERGY CORP Common Stock 91913Y100 108,111 4195231 SH SOLE 4,195,231 VALIDUS HOLDINGS LTD Common Stock G9319H102 34,236 1106185 SH SOLE 1,106,185 VALSPAR CORP Common Stock 920355104 55,826 1156055 SH SOLE 1,156,055 VALUECLICK INC Common Stock 92046N102 65,936 3340209 SH SOLE 3,340,209 VELTI PLC Common Stock G93285107 8,808 650000 SH SOLE 650,000 VERIZON COMMUNICATIONS INC Common Stock 92343V104 143,512 3753909 SH SOLE 3,753,909 VF CORP Common Stock 918204108 53,322 365270 SH SOLE 365,270 WAL-MART STORES INC Common Stock 931142103 5,422 88588 SH SOLE 88,588 WALT DISNEY CO/THE Common Stock 254687106 5,901 134784 SH SOLE 134,784 WARNACO GROUP INC/THE Common Stock 934390402 93,371 1598805 SH SOLE 1,598,805 WASHINGTON POST CO/THE Common Stock 939640108 3,644 9753 SH SOLE 9,753 WEATHERFORD INTERNATIONAL LTD Common Stock H27013103 237 15716 SH SOLE 15,716 WESCO INTERNATIONAL INC Common Stock 95082P105 92,210 1411881 SH SOLE 1,411,881 WHITING PETROLEUM CORP Common Stock 966387102 45,784 843175 SH SOLE 843,175 WUXI PHARMATECH CAYMAN INC ADR 929352102 340 23600 SH SOLE 23,600 WYNDHAM WORLDWIDE CORP Common Stock 98310W108 102,664 2222409 SH SOLE 2,222,409 YAMANA GOLD INC Common Stock 98462Y100 56,768 3646350 SH SOLE 3,646,350 ZIMMER HOLDINGS INC Common Stock 98956P102 79,657 1205180 SH SOLE 1,205,180 11,877,206