0001140361-12-036906.txt : 20120814 0001140361-12-036906.hdr.sgml : 20120814 20120814144412 ACCESSION NUMBER: 0001140361-12-036906 CONFORMED SUBMISSION TYPE: 13F-HR/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 EFFECTIVENESS DATE: 20120814 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 028-12634 FILM NUMBER: 121032010 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/A 1 form13fhra.txt NONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 6/30/2012 Check here if Amendment [X]; Amendment Number: 1 ------- This Amendment (Check only one.): [X] 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 submission. Persons Signing this Report on Behalf of Reporting Manager: Name: Anne Gallagher Title: Chief Compliance Officer Phone: +44 020 7597 1831 Signature, Place, and Date of Signing: /s/ Anne Gallagher London, UK 8/14/2012 --------------------------------- --------------------------------- ---------- [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).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 227 Form 13F Information Table Value Total: $ 11,436,884 -------------- (In 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. NONE

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ -------------- --------- -------- ----------------- ---------- ---------- ---------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- 3M CO Common Stock 88579Y101 4,115 45924 SH SOLE 45,924 0 0 0 ACCENTURE PLC Common Stock G1151C101 15,421 256637 SH SOLE 256,637 0 0 0 ACTIVISION BLIZZARD INC Common Stock 00507V109 104,683 8730829 SH SOLE 8,730,829 0 0 0 ACTUANT CORP Common Stock 00508X203 43,175 1589665 SH SOLE 1,589,665 0 0 0 ADECOAGRO SA Common Stock L00849106 3,867 421700 SH SOLE 421,700 0 0 0 AGCO CORP Common Stock 001084102 561 12279 SH SOLE 12,279 0 0 0 AGRIUM INC Common Stock 008916108 823 9300 SH SOLE 9,300 0 0 0 ALLIANCE DATA SYSTEMS CORP Common Stock 018581108 126,601 937786 SH SOLE 937,786 0 0 0 ALLIED WORLD ASSURANCE CO HOLD Common Stock H01531104 90,335 1136717 SH SOLE 1,136,717 0 0 0 ALTRIA GROUP INC Common Stock 02209S103 118,327 3424797 SH SOLE 3,424,797 0 0 0 AMEDISYS INC Common Stock 023436108 2,260 181500 SH SOLE 181,500 0 0 0 AMERICA MOVIL SAB DE CV ADR 02364W105 21,126 810656 SH SOLE 810,656 0 0 0 AMERICAN FINANCIAL GROUP INC/O Common Stock 025932104 50,990 1299777 SH SOLE 1,299,777 0 0 0 AMERICAN WATER WORKS CO INC Common Stock 030420103 54,856 1600220 SH SOLE 1,600,220 0 0 0 AMERISOURCEBERGEN CORP Common Stock 03073E105 173,243 4402609 SH SOLE 4,402,609 0 0 0 ANGLOGOLD ASHANTI LTD ADR 035128206 56,153 1635197 SH SOLE 1,635,197 0 0 0 ANHEUSER-BUSCH INBEV NV ADR 03524A108 20,446 256700 SH SOLE 256,700 0 0 0 APACHE CORP Common Stock 037411105 98,303 1118474 SH SOLE 1,118,474 0 0 0 APOLLO GROUP INC Common Stock 037604105 7,383 203998 SH SOLE 203,998 0 0 0 APPLE INC Common Stock 037833100 328,023 561683 SH SOLE 561,683 0 0 0 ARCOS DORADOS HOLDINGS INC Common Stock G0457F107 591 40000 SH SOLE 40,000 0 0 0 ASSURANT INC Common Stock 04621X108 46,640 1338705 SH SOLE 1,338,705 0 0 0 AURICO GOLD INC Common Stock 05155C105 18,383 2291075 SH SOLE 2,291,075 0 0 0 AVAGO TECHNOLOGIES LTD Common Stock Y0486S104 124,499 3467958 SH SOLE 3,467,958 0 0 0 AVON PRODUCTS INC Common Stock 054303102 110,408 7181268 SH SOLE 7,181,268 0 0 0 BAIDU INC ADR 056752108 23,790 206900 SH SOLE 206,900 0 0 0 BAKER HUGHES INC Common Stock 057224107 109,429 2662499 SH SOLE 2,662,499 0 0 0 BANCO BRADESCO SA ADR 059460303 1,092 73404 SH SOLE 73,404 0 0 0 BANCOLOMBIA SA ADR 05968L102 1,150 18600 SH SOLE 18,600 0 0 0 BANRO CORP Common Stock 066800103 4,662 1274276 SH SOLE 1,274,276 0 0 0 BARRICK GOLD CORP Common Stock 067901108 95,446 2538654 SH SOLE 2,538,654 0 0 0 BORGWARNER INC Common Stock 099724106 68,152 1039062 SH SOLE 1,039,062 0 0 0 BRF - BRASIL FOODS SA ADR 10552T107 608 40000 SH SOLE 40,000 0 0 0 BUNGE LTD Common Stock G16962105 376 6000 SH SOLE 6,000 0 0 0 C&J ENERGY SERVICES INC Common Stock 12467B304 1,110 60000 SH SOLE 60,000 0 0 0 CAMPBELL SOUP CO Common Stock 134429109 1,836 55000 SH SOLE 55,000 0 0 0 CANADIAN NATURAL RESOURCES LTD Common Stock 136385101 57,383 2142025 SH SOLE 2,142,025 0 0 0 CAPITAL ONE FINANCIAL CORP Common Stock 14040H105 162,702 2976618 SH SOLE 2,976,618 0 0 0 CARBO CERAMICS INC Common Stock 140781105 263 3433 SH SOLE 3,433 0 0 0 CARNIVAL CORP Common Stock 143658300 1,719 50153 SH SOLE 50,153 0 0 0 CBS CORP Common Stock 124857202 129,322 3945151 SH SOLE 3,945,151 0 0 0 CHEVRON CORP Common Stock 166764100 142,972 1355187 SH SOLE 1,355,187 0 0 0 CHICAGO BRIDGE & IRON CO NV Common Stock 167250109 35,098 924607 SH SOLE 924,607 0 0 0 CIA DE BEBIDAS DAS AMERICAS ADR 20441W203 7,014 182980 SH SOLE 182,980 0 0 0 CIA DE SANEAMENTO BASICO DO ES ADR 20441A102 80,606 1062564 SH SOLE 1,062,564 0 0 0 CIGNA CORP Common Stock 125509109 60,906 1384227 SH SOLE 1,384,227 0 0 0 CISCO SYSTEMS INC Common Stock 17275R102 165,223 9622808 SH SOLE 9,622,808 0 0 0 CLIFFS NATURAL RESOURCES INC Common Stock 18683K101 55,779 1131649 SH SOLE 1,131,649 0 0 0 COACH INC Common Stock 189754104 75,402 1289363 SH SOLE 1,289,363 0 0 0 COCA-COLA CO/THE Common Stock 191216100 36,460 466299 SH SOLE 466,299 0 0 0 COLGATE-PALMOLIVE CO Common Stock 194162103 8,971 86179 SH SOLE 86,179 0 0 0 COMCAST CORP Common Stock 20030N101 49,704 1554712 SH SOLE 1,554,712 0 0 0 COPA HOLDINGS SA Common Stock P31076105 1,608 19500 SH SOLE 19,500 0 0 0 COPART INC Common Stock 217204106 58,781 2481275 SH SOLE 2,481,275 0 0 0 CORNING INC Common Stock 219350105 1,705 131874 SH SOLE 131,874 0 0 0 CREDICORP LTD Common Stock G2519Y108 837 6650 SH SOLE 6,650 0 0 0 CUMMINS INC Common Stock 231021106 1,047 10800 SH SOLE 10,800 0 0 0 DANAHER CORP Common Stock 235851102 39,380 756145 SH SOLE 756,145 0 0 0 DEERE & CO Common Stock 244199105 16,468 205800 SH SOLE 205,800 0 0 0 DELL INC Common Stock 24702R101 27,187 2171451 SH SOLE 2,171,451 0 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ -------------- --------- -------- ----------------- ---------- ---------- ---------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- DENBURY RESOURCES INC Common Stock 247916208 12,092 800243 SH SOLE 800,243 0 0 0 DESARROLLADORA HOMEX SAB DE CV ADR 25030W100 5,303 344372 SH SOLE 344,372 0 0 0 DEVON ENERGY CORP Common Stock 25179M103 92,407 1593504 SH SOLE 1,593,504 0 0 0 DR HORTON INC Common Stock 23331A109 5,888 320343 SH SOLE 320,343 0 0 0 DST SYSTEMS INC Common Stock 233326107 6,288 115770 SH SOLE 115,770 0 0 0 EBAY INC Common Stock 278642103 5,470 130196 SH SOLE 130,196 0 0 0 ECOPETROL SA ADR 279158109 36 640 SH SOLE 640 0 0 0 ELDORADO GOLD CORP Common Stock 284902103 74,705 6073217 SH SOLE 6,073,217 0 0 0 EMBRAER SA ADR 29082A107 4,606 173600 SH SOLE 173,600 0 0 0 EMC CORP/MASSACHUSETTS Common Stock 268648102 94,072 3670403 SH SOLE 3,670,403 0 0 0 EMPRESAS ICA SAB DE CV ADR 292448206 1,612 232000 SH SOLE 232,000 0 0 0 ENCANA CORP Common Stock 292505104 108,375 5211436 SH SOLE 5,211,436 0 0 0 ENERGIZER HOLDINGS INC Common Stock 29266R108 47,082 625679 SH SOLE 625,679 0 0 0 ENERSIS SA ADR 29274F104 7,338 392400 SH SOLE 392,400 0 0 0 ENSCO PLC Common Stock G3157S106 1,522 32400 SH SOLE 32,400 0 0 0 EXELON CORP Common Stock 30161N101 20,177 536327 SH SOLE 536,327 0 0 0 EXPEDIA INC Common Stock 30212P303 5,903 122785 SH SOLE 122,785 0 0 0 EXPRESS INC Common Stock 30219E103 41,397 2278321 SH SOLE 2,278,321 0 0 0 EXTORRE GOLD MINES LTD Common Stock 30227B109 212 51255 SH SOLE 51,255 0 0 0 EXXON MOBIL CORP Common Stock 30231G102 108,845 1271996 SH SOLE 1,271,996 0 0 0 FEMALE HEALTH CO/THE Common Stock 314462102 978 170935 SH SOLE 170,935 0 0 0 FISERV INC Common Stock 337738108 100,944 1397724 SH SOLE 1,397,724 0 0 0 FLEXTRONICS INTERNATIONAL LTD Common Stock Y2573F102 7,276 1173474 SH SOLE 1,173,474 0 0 0 FOMENTO ECONOMICO MEXICANO SAB ADR 344419106 2,017 22600 SH SOLE 22,600 0 0 0 FOREST OIL CORP Common Stock 346091705 26,624 3632216 SH SOLE 3,632,216 0 0 0 FRANCO-NEVADA CORP Common Stock 351858105 34,834 771314 SH SOLE 771,314 0 0 0 GERDAU SA ADR 373737105 842 96100 SH SOLE 96,100 0 0 0 GOLD FIELDS ADR 38059T106 51,583 4026803 SH SOLE 4,026,803 0 0 0 GOLDCORP INC Common Stock 380956409 126,594 3368642 SH SOLE 3,368,642 0 0 0 GOOGLE INC Common Stock 38259P508 23,358 40267 SH SOLE 40,267 0 0 0 GREAT BASIN GOLD LTD Common Stock 390124105 1,457 2165846 SH SOLE 2,165,846 0 0 0 GRUPO AEROPORTUARIO DEL SUREST ADR 40051E202 4,692 60100 SH SOLE 60,100 0 0 0 HALLIBURTON CO Common Stock 406216101 63,015 2219624 SH SOLE 2,219,624 0 0 0 HELMERICH & PAYNE INC Common Stock 423452101 51,113 1175547 SH SOLE 1,175,547 0 0 0 HERBALIFE LTD Common Stock G4412G101 75,076 1553403 SH SOLE 1,553,403 0 0 0 HEWLETT-PACKARD CO Common Stock 428236103 3,936 195745 SH SOLE 195,745 0 0 0 HOME DEPOT INC/THE Common Stock 437076102 4,455 84072 SH SOLE 84,072 0 0 0 IDEX CORP Common Stock 45167R104 43,509 1116195 SH SOLE 1,116,195 0 0 0 ILLINOIS TOOL WORKS INC Common Stock 452308109 124,285 2349879 SH SOLE 2,349,879 0 0 0 IMAX CORP Common Stock 45245E109 28,770 1197256 SH SOLE 1,197,256 0 0 0 IMPERIAL OIL LTD Common Stock 453038408 40,814 976939 SH SOLE 976,939 0 0 0 INTEL CORP Common Stock 458140100 7,917 297068 SH SOLE 297,068 0 0 0 INTERNATIONAL SPEEDWAY CORP Common Stock 460335201 7,661 292651 SH SOLE 292,651 0 0 0 INTERPUBLIC GROUP OF COS INC/T Common Stock 460690100 5,119 471717 SH SOLE 471,717 0 0 0 INTREPID POTASH INC Common Stock 46121Y102 25,248 1109301 SH SOLE 1,109,301 0 0 0 IPATH MSCI INDIA INDEX ETN ETP 06739F291 12,293 238373 SH SOLE 238,373 0 0 0 IPATH S&P 500 VIX SHORT-TERM F ETP 06740C261 2,879 189261 SH SOLE 189,261 0 0 0 ISHARES IBOXX $ HIGH YIELD COR ETP 464288513 13,957 153009 SH SOLE 153,009 0 0 0 ISHARES IBOXX INVESTMENT GRADE ETP 464287242 31,224 265377 SH SOLE 265,377 0 0 0 ISHARES MSCI JAPAN INDEX FUND ETP 464286848 2,436 258888 SH SOLE 258,888 0 0 0 ITAU UNIBANCO HOLDING SA ADR 465562106 904 64914 SH SOLE 64,914 0 0 0 JABIL CIRCUIT INC Common Stock 466313103 61,863 3042958 SH SOLE 3,042,958 0 0 0 JAZZ PHARMACEUTICALS PLC Common Stock G50871105 9,761 216863 SH SOLE 216,863 0 0 0 JOHNSON & JOHNSON Common Stock 478160104 54,533 807173 SH SOLE 807,173 0 0 0 JPMORGAN CHASE & CO Common Stock 46625H100 225,312 6305974 SH SOLE 6,305,974 0 0 0 KB HOME Common Stock 48666K109 1,398 142652 SH SOLE 142,652 0 0 0 KELLOGG CO Common Stock 487836108 6,380 129332 SH SOLE 129,332 0 0 0 KIMBERLY-CLARK CORP Common Stock 494368103 3,458 41276 SH SOLE 41,276 0 0 0 KINROSS GOLD CORP Common Stock 496902404 77,190 9469547 SH SOLE 9,469,547 0 0 0 KRAFT FOODS INC Common Stock 50075N104 7,051 182575 SH SOLE 182,575 0 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ -------------- --------- -------- ----------------- ---------- ---------- ---------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- LABORATORY CORP OF AMERICA HOL Common Stock 50540R409 67,020 723679 SH SOLE 723,679 0 0 0 LENNAR CORP Common Stock 526057104 7,231 233951 SH SOLE 233,951 0 0 0 LIFEPOINT HOSPITALS INC Common Stock 53219L109 55,405 1352003 SH SOLE 1,352,003 0 0 0 LINCOLN NATIONAL CORP Common Stock 534187109 87,979 4022809 SH SOLE 4,022,809 0 0 0 LOWE'S COS INC Common Stock 548661107 41,547 1460853 SH SOLE 1,460,853 0 0 0 LYONDELLBASELL INDUSTRIES NV Common Stock N53745100 128,367 3187666 SH SOLE 3,187,666 0 0 0 MACY'S INC Common Stock 55616P104 111,885 3257202 SH SOLE 3,257,202 0 0 0 MARATHON PETROLEUM CORP Common Stock 56585A102 65,666 1461840 SH SOLE 1,461,840 0 0 0 MARKET VECTORS GOLD MINERS ETF ETP 57060U100 14,957 334078 SH SOLE 334,078 0 0 0 MASTERCARD INC Common Stock 57636Q104 94,031 218622 SH SOLE 218,622 0 0 0 MCDONALD'S CORP Common Stock 580135101 9,535 107706 SH SOLE 107,706 0 0 0 MDC HOLDINGS INC Common Stock 552676108 11,975 366546 SH SOLE 366,546 0 0 0 MEDTRONIC INC Common Stock 585055106 50,059 1292528 SH SOLE 1,292,528 0 0 0 MERCK & CO INC Common Stock 58933Y105 10,197 244237 SH SOLE 244,237 0 0 0 METLIFE INC Common Stock 59156R108 51,254 1661400 SH SOLE 1,661,400 0 0 0 MICROSOFT CORP Common Stock 594918104 190,784 6236814 SH SOLE 6,236,814 0 0 0 MONSANTO CO Common Stock 61166W101 15,042 181708 SH SOLE 181,708 0 0 0 MOODY'S CORP Common Stock 615369105 64,986 1777992 SH SOLE 1,777,992 0 0 0 MOSAIC CO/THE Common Stock 61945C103 41,738 762207 SH SOLE 762,207 0 0 0 MOTOROLA SOLUTIONS INC Common Stock 620076307 2,553 53054 SH SOLE 53,054 0 0 0 MSCI INC Common Stock 55354G100 54,539 1603149 SH SOLE 1,603,149 0 0 0 MURPHY OIL CORP Common Stock 626717102 88,406 1757927 SH SOLE 1,757,927 0 0 0 MYLAN INC/PA Common Stock 628530107 78,547 3675592 SH SOLE 3,675,592 0 0 0 NABORS INDUSTRIES LTD Common Stock G6359F103 52,377 3637314 SH SOLE 3,637,314 0 0 0 NASDAQ OMX GROUP INC/THE Common Stock 631103108 56,675 2499999 SH SOLE 2,499,999 0 0 0 NATIONAL OILWELL VARCO INC Common Stock 637071101 1,044 16200 SH SOLE 16,200 0 0 0 NETEASE INC ADR 64110W102 73,611 1250826 SH SOLE 1,250,826 0 0 0 NEW GOLD INC Common Stock 644535106 56,911 5975045 SH SOLE 5,975,045 0 0 0 NEWFIELD EXPLORATION CO Common Stock 651290108 35,573 1213678 SH SOLE 1,213,678 0 0 0 NEWMONT MINING CORP Common Stock 651639106 110,130 2270254 SH SOLE 2,270,254 0 0 0 NEXEN INC Common Stock 65334H102 67,739 4005580 SH SOLE 4,005,580 0 0 0 NIKE INC Common Stock 654106103 4,105 46767 SH SOLE 46,767 0 0 0 NORFOLK SOUTHERN CORP Common Stock 655844108 71,629 998040 SH SOLE 998,040 0 0 0 NORTHROP GRUMMAN CORP Common Stock 666807102 7,025 110132 SH SOLE 110,132 0 0 0 NU SKIN ENTERPRISES INC Common Stock 67018T105 65,019 1386330 SH SOLE 1,386,330 0 0 0 OCCIDENTAL PETROLEUM CORP Common Stock 674599105 225,117 2624664 SH SOLE 2,624,664 0 0 0 ORACLE CORP Common Stock 68389X105 172,614 5811907 SH SOLE 5,811,907 0 0 0 PATTERSON-UTI ENERGY INC Common Stock 703481101 88,638 6087809 SH SOLE 6,087,809 0 0 0 PEPSICO INC Common Stock 713448108 30,445 430871 SH SOLE 430,871 0 0 0 PETROLEO BRASILEIRO SA ADR 71654V101 107,288 5914427 SH SOLE 5,914,427 0 0 0 PETROLEO BRASILEIRO SA ADR 71654V408 81 4315 SH SOLE 4,315 0 0 0 PFIZER INC Common Stock 717081103 289,039 12566948 SH SOLE 12,566,948 0 0 0 PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 94,841 1086877 SH SOLE 1,086,877 0 0 0 PNC FINANCIAL SERVICES GROUP I Common Stock 693475105 109,853 1797634 SH SOLE 1,797,634 0 0 0 POTASH CORP OF SASKATCHEWAN IN Common Stock 73755L107 54,351 1244004 SH SOLE 1,244,004 0 0 0 PRECISION CASTPARTS CORP Common Stock 740189105 50,494 306972 SH SOLE 306,972 0 0 0 PRICELINE.COM INC Common Stock 741503403 157,825 237502 SH SOLE 237,502 0 0 0 PROCTER & GAMBLE CO/THE Common Stock 742718109 46,489 759001 SH SOLE 759,001 0 0 0 PULTEGROUP INC Common Stock 745867101 5,796 541721 SH SOLE 541,721 0 0 0 QUALCOMM INC Common Stock 747525103 73,096 1312783 SH SOLE 1,312,783 0 0 0 RADIOSHACK CORP Common Stock 750438103 17,558 4572330 SH SOLE 4,572,330 0 0 0 REINSURANCE GROUP OF AMERICA I Common Stock 759351604 42,230 793653 SH SOLE 793,653 0 0 0 ROPER INDUSTRIES INC Common Stock 776696106 63,107 640157 SH SOLE 640,157 0 0 0 ROYAL GOLD INC Common Stock 780287108 36,078 460173 SH SOLE 460,173 0 0 0 RYLAND GROUP INC/THE Common Stock 783764103 1,715 67063 SH SOLE 67,063 0 0 0 SCHLUMBERGER LTD Common Stock 806857108 110,804 1707045 SH SOLE 1,707,045 0 0 0 SHANDA GAMES LTD ADR 81941U105 25,550 6387614 SH SOLE 6,387,614 0 0 0 SIGNET JEWELERS LTD Common Stock G81276100 235,319 5360523 SH SOLE 5,360,523 0 0 0 SK TELECOM CO LTD ADR 78440P108 1,662 137340 SH SOLE 137,340 0 0 0 SKYLINE CORP Common Stock 830830105 735 144620 SH SOLE 144,620 0 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ -------------- --------- -------- ----------------- ---------- ---------- ---------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- SOCIEDAD QUIMICA Y MINERA DE C ADR 833635105 1,809 32500 SH SOLE 32,500 0 0 0 SOUTHERN COPPER CORP Common Stock 84265V105 567 17990 SH SOLE 17,990 0 0 0 SOUTHWEST AIRLINES CO Common Stock 844741108 3,516 381359 SH SOLE 381,359 0 0 0 SOUTHWESTERN ENERGY CO Common Stock 845467109 109,622 3433204 SH SOLE 3,433,204 0 0 0 SPDR S&P EMERGING EUROPE ETF ETP 78463X608 6,682 186334 SH SOLE 186,334 0 0 0 STAPLES INC Common Stock 855030102 4,424 338996 SH SOLE 338,996 0 0 0 SUNCOR ENERGY INC Common Stock 867224107 132,128 4575347 SH SOLE 4,575,347 0 0 0 SUNPOWER CORP Common Stock 867652406 481 100000 SH SOLE 100,000 0 0 0 SUPERVALU INC Common Stock 868536103 16,954 3272900 SH SOLE 3,272,900 0 0 0 SYMANTEC CORP Common Stock 871503108 5,632 385534 SH SOLE 385,534 0 0 0 TALISMAN ENERGY INC Common Stock 87425E103 69,267 6050916 SH SOLE 6,050,916 0 0 0 TATA MOTORS LTD ADR 876568502 12,790 582407 SH SOLE 582,407 0 0 0 TECHNOLOGY SELECT SECTOR SPDR ETP 81369Y803 2,873 99922 SH SOLE 99,922 0 0 0 TELEFONICA BRASIL SA ADR 87936R106 83,866 3389905 SH SOLE 3,389,905 0 0 0 TENARIS SA ADR 88031M109 6,078 173800 SH SOLE 173,800 0 0 0 TERNIUM SA ADR 880890108 45,504 2325200 SH SOLE 2,325,200 0 0 0 TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 86,354 2189505 SH SOLE 2,189,505 0 0 0 THERMO FISHER SCIENTIFIC INC Common Stock 883556102 80,256 1546058 SH SOLE 1,546,058 0 0 0 TIM PARTICIPACOES SA ADR 88706P205 1,407 51239 SH SOLE 51,239 0 0 0 TIME WARNER INC Common Stock 887317303 91,293 2371249 SH SOLE 2,371,249 0 0 0 TOWERS WATSON & CO Common Stock 891894107 46,019 768271 SH SOLE 768,271 0 0 0 TUPPERWARE BRANDS CORP Common Stock 899896104 101,583 1855065 SH SOLE 1,855,065 0 0 0 ULTRA PETROLEUM CORP Common Stock 903914109 95,839 4154252 SH SOLE 4,154,252 0 0 0 UNITED TECHNOLOGIES CORP Common Stock 913017109 106,255 1406789 SH SOLE 1,406,789 0 0 0 UNITEDHEALTH GROUP INC Common Stock 91324P102 202,734 3465547 SH SOLE 3,465,547 0 0 0 US BANCORP Common Stock 902973304 3,671 114160 SH SOLE 114,160 0 0 0 VALE SA ADR 9.19E+109 16,887 850721 SH SOLE 850,721 0 0 0 VALE SA ADR 9.19E+208 5,616 287854 SH SOLE 287,854 0 0 0 VALERO ENERGY CORP Common Stock 91913Y100 178,650 7397544 SH SOLE 7,397,544 0 0 0 VALIDUS HOLDINGS LTD Common Stock G9319H102 46,576 1454145 SH SOLE 1,454,145 0 0 0 VALSPAR CORP Common Stock 920355104 61,244 1166780 SH SOLE 1,166,780 0 0 0 VALUECLICK INC Common Stock 92046N102 61,488 3751559 SH SOLE 3,751,559 0 0 0 VELTI PLC Common Stock G93285107 4,225 650000 SH SOLE 650,000 0 0 0 VERIZON COMMUNICATIONS INC Common Stock 92343V104 158,257 3561150 SH SOLE 3,561,150 0 0 0 VF CORP Common Stock 918204108 50,099 375412 SH SOLE 375,412 0 0 0 WAL-MART STORES INC Common Stock 931142103 8,675 124427 SH SOLE 124,427 0 0 0 WALT DISNEY CO/THE Common Stock 254687106 6,537 134784 SH SOLE 134,784 0 0 0 WASHINGTON POST CO/THE Common Stock 939640108 8,715 23312 SH SOLE 23,312 0 0 0 WEATHERFORD INTERNATIONAL LTD Common Stock H27013103 198 15716 SH SOLE 15,716 0 0 0 WELLS FARGO & CO Common Stock 949746101 11,341 339151 SH SOLE 339,151 0 0 0 WESCO INTERNATIONAL INC Common Stock 95082P105 47,518 825681 SH SOLE 825,681 0 0 0 WHITING PETROLEUM CORP Common Stock 966387102 36,465 886804 SH SOLE 886,804 0 0 0 WOLVERINE WORLD WIDE INC Common Stock 978097103 34,132 880153 SH SOLE 880,153 0 0 0 WUXI APPTEC CO LTD ADR 929352102 333 23600 SH SOLE 23,600 0 0 0 WYNDHAM WORLDWIDE CORP Common Stock 98310W108 91,293 1731007 SH SOLE 1,731,007 0 0 0 YAMANA GOLD INC Common Stock 98462Y100 51,340 3331593 SH SOLE 3,331,593 0 0 0 ZIMMER HOLDINGS INC Common Stock 98956P102 85,939 1335280 SH SOLE 1,335,280 0 0 0