0001140361-12-046709.txt : 20121113 0001140361-12-046709.hdr.sgml : 20121112 20121113113618 ACCESSION NUMBER: 0001140361-12-046709 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 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: 121197015 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 form13fhr.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: 9/30/2012 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: Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA Form 13F File Number: 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 10/26/2012 --------------------------------- --------------------------------- ---------- [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: 266 Form 13F Information Table Value Total: $ 12,953,869 -------------- (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 12,253 132575 SH SOLE 132,575 0 0 0 ABBOTT LABORATORIES Common Stock 002824100 309 4500 SH SOLE 4,500 0 0 0 ACCENTURE PLC Common Stock G1151C101 19,380 276737 SH SOLE 276,737 0 0 0 ACTIVISION BLIZZARD INC Common Stock 00507V109 120,139 10650629 SH SOLE 10,650,629 0 0 0 ACTUANT CORP Common Stock 00508X203 47,120 1646397 SH SOLE 1,646,397 0 0 0 ADECOAGRO SA Common Stock L00849106 18,994 1888100 SH SOLE 1,888,100 0 0 0 AFLAC INC Common Stock 001055102 163 3400 SH SOLE 3,400 0 0 0 AGCO CORP Common Stock 001084102 37,017 779636 SH SOLE 779,636 0 0 0 AGRIUM INC Common Stock 008916108 996 9610 SH SOLE 9,610 0 0 0 ALERE INC Common Stock 01449J105 455 22150 SH SOLE 22,150 0 0 0 ALLIANCE DATA SYSTEMS CORP Common Stock 018581108 111,693 786848 SH SOLE 786,848 0 0 0 ALLIED WORLD ASSURANCE CO HOLD Common Stock H01531104 52,925 685111 SH SOLE 685,111 0 0 0 ALTRIA GROUP INC Common Stock 02209S103 112,977 3383558 SH SOLE 3,383,558 0 0 0 AMAZON.COM INC Common Stock 023135106 661 2600 SH SOLE 2,600 0 0 0 AMERICA MOVIL SAB DE CV ADR 02364W105 23,325 916856 SH SOLE 916,856 0 0 0 AMERICAN FINANCIAL GROUP INC/O Common Stock 025932104 50,766 1339483 SH SOLE 1,339,483 0 0 0 AMERICAN WATER WORKS CO INC Common Stock 030420103 61,255 1652854 SH SOLE 1,652,854 0 0 0 AMERISOURCEBERGEN CORP Common Stock 03073E105 174,358 4504201 SH SOLE 4,504,201 0 0 0 ANADARKO PETROLEUM CORP Common Stock 032511107 89,816 1284552 SH SOLE 1,284,552 0 0 0 ANGLOGOLD ASHANTI LTD ADR 035128206 56,683 1617197 SH SOLE 1,617,197 0 0 0 ANHEUSER-BUSCH INBEV NV ADR 03524A108 27,233 317000 SH SOLE 317,000 0 0 0 APACHE CORP Common Stock 037411105 98,913 1143896 SH SOLE 1,143,896 0 0 0 APOLLO GROUP INC Common Stock 037604105 5,926 203998 SH SOLE 203,998 0 0 0 APPLE INC Common Stock 037833100 384,109 575651 SH SOLE 575,651 0 0 0 ARCOS DORADOS HOLDINGS INC Common Stock G0457F107 494 32000 SH SOLE 32,000 0 0 0 AURICO GOLD INC Common Stock 05155C105 18,839 2682530 SH SOLE 2,682,530 0 0 0 AUTOZONE INC Common Stock 053332102 792 2142 SH SOLE 2,142 0 0 0 AVAGO TECHNOLOGIES LTD Common Stock Y0486S104 122,905 3525158 SH SOLE 3,525,158 0 0 0 AVON PRODUCTS INC Common Stock 054303102 130,614 8188971 SH SOLE 8,188,971 0 0 0 BAIDU INC ADR 056752108 24,123 206500 SH SOLE 206,500 0 0 0 BAKER HUGHES INC Common Stock 057224107 128,890 2849659 SH SOLE 2,849,659 0 0 0 BANCO BRADESCO SA ADR 059460303 781 48604 SH SOLE 48,604 0 0 0 BANRO CORP Common Stock 066800103 10,366 2231791 SH SOLE 2,231,791 0 0 0 BARRICK GOLD CORP Common Stock 067901108 119,243 2855774 SH SOLE 2,855,774 0 0 0 BAXTER INTERNATIONAL INC Common Stock 071813109 229 3800 SH SOLE 3,800 0 0 0 BORGWARNER INC Common Stock 099724106 73,428 1062482 SH SOLE 1,062,482 0 0 0 BRF - BRASIL FOODS SA ADR 10552T107 554 32000 SH SOLE 32,000 0 0 0 BUNGE LTD Common Stock G16962105 402 6000 SH SOLE 6,000 0 0 0 C&J ENERGY SERVICES INC Common Stock 12467B304 896 45000 SH SOLE 45,000 0 0 0 CAMERON INTERNATIONAL CORP Common Stock 13342B105 24,956 445086 SH SOLE 445,086 0 0 0 CAMPBELL SOUP CO Common Stock 134429109 1,979 56840 SH SOLE 56,840 0 0 0 CANADIAN NATURAL RESOURCES LTD Common Stock 136385101 23,974 777761 SH SOLE 777,761 0 0 0 CAPITAL ONE FINANCIAL CORP Common Stock 14040H105 174,962 3068963 SH SOLE 3,068,963 0 0 0 CARBO CERAMICS INC Common Stock 140781105 216 3433 SH SOLE 3,433 0 0 0 CARNIVAL CORP Common Stock 143658300 5,727 157166 SH SOLE 157,166 0 0 0 CBS CORP Common Stock 124857202 143,579 3952069 SH SOLE 3,952,069 0 0 0 CEMENTOS PACASMAYO SAA ADR 15126Q109 2,197 213100 SH SOLE 213,100 0 0 0 CF INDUSTRIES HOLDINGS INC Common Stock 125269100 333 1500 SH SOLE 1,500 0 0 0 CHARLES SCHWAB CORP/THE Common Stock 808513105 1,754 137100 SH SOLE 137,100 0 0 0 CHEVRON CORP Common Stock 166764100 244,888 2100961 SH SOLE 2,100,961 0 0 0 CHICO'S FAS INC Common Stock 168615102 50,311 2778100 SH SOLE 2,778,100 0 0 0 CIA DE SANEAMENTO BASICO DO ES ADR 20441A102 108,356 1334264 SH SOLE 1,334,264 0 0 0 CIGNA CORP Common Stock 125509109 67,505 1431103 SH SOLE 1,431,103 0 0 0 CISCO SYSTEMS INC Common Stock 17275R102 189,396 9921240 SH SOLE 9,921,240 0 0 0 CITIGROUP INC Common Stock 172967424 1,307 39950 SH SOLE 39,950 0 0 0 CLIFFS NATURAL RESOURCES INC Common Stock 18683K101 56,340 1439826 SH SOLE 1,439,826 0 0 0 COACH INC Common Stock 189754104 35,473 633220 SH SOLE 633,220 0 0 0 COCA-COLA CO/THE Common Stock 191216100 32,065 845384 SH SOLE 845,384 0 0 0 COLGATE-PALMOLIVE CO Common Stock 194162103 16,933 157925 SH SOLE 157,925 0 0 0 COMCAST CORP Common Stock 20030N101 55,440 1549895 SH SOLE 1,549,895 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- COMMUNITY HEALTH SYSTEMS INC Common Stock 203668108 1,942 65267 SH SOLE 65,267 0 0 0 CONOCOPHILLIPS Common Stock 20825C104 1,567 27400 SH SOLE 27,400 0 0 0 CONSOL ENERGY INC Common Stock 20854P109 34,802 1158140 SH SOLE 1,158,140 0 0 0 COPA HOLDINGS SA Common Stock P31076105 1,260 15500 SH SOLE 15,500 0 0 0 COPART INC Common Stock 217204106 78,670 2836982 SH SOLE 2,836,982 0 0 0 CORNING INC Common Stock 219350105 17,560 1335343 SH SOLE 1,335,343 0 0 0 CREDICORP LTD Common Stock G2519Y108 708 5650 SH SOLE 5,650 0 0 0 CUMMINS INC Common Stock 231021106 1,029 11160 SH SOLE 11,160 0 0 0 DANAHER CORP Common Stock 235851102 43,172 782819 SH SOLE 782,819 0 0 0 DEERE & CO Common Stock 244199105 1,933 23360 SH SOLE 23,360 0 0 0 DELL INC Common Stock 24702R101 35,046 3554396 SH SOLE 3,554,396 0 0 0 DELPHI AUTOMOTIVE PLC Common Stock G27823106 991 31961 SH SOLE 31,961 0 0 0 DENBURY RESOURCES INC Common Stock 247916208 1,101 68110 SH SOLE 68,110 0 0 0 DESARROLLADORA HOMEX SAB DE CV ADR 25030W100 727 53320 SH SOLE 53,320 0 0 0 DEVON ENERGY CORP Common Stock 25179M103 64,177 1060782 SH SOLE 1,060,782 0 0 0 DOW CHEMICAL CO/THE Common Stock 260543103 1,871 64599 SH SOLE 64,599 0 0 0 DR HORTON INC Common Stock 23331A109 6,612 320343 SH SOLE 320,343 0 0 0 DST SYSTEMS INC Common Stock 233326107 20,441 361404 SH SOLE 361,404 0 0 0 DUN & BRADSTREET CORP/THE Common Stock 26483E100 102,258 728165 SH SOLE 728,165 0 0 0 EASTMAN CHEMICAL CO Common Stock 277432100 165 2900 SH SOLE 2,900 0 0 0 ECOPETROL SA ADR 279158109 38 640 SH SOLE 640 0 0 0 ELDORADO GOLD CORP Common Stock 284902103 72,818 4779821 SH SOLE 4,779,821 0 0 0 EMBRAER SA ADR 29082A107 5,393 202600 SH SOLE 202,600 0 0 0 EMC CORP/MASSACHUSETTS Common Stock 268648102 152,218 5581891 SH SOLE 5,581,891 0 0 0 EMPRESAS ICA SAB DE CV ADR 292448206 1,796 232000 SH SOLE 232,000 0 0 0 ENBRIDGE INC Common Stock 29250N105 17,082 437712 SH SOLE 437,712 0 0 0 ENCANA CORP Common Stock 292505104 26,297 1201826 SH SOLE 1,201,826 0 0 0 ENERGIZER HOLDINGS INC Common Stock 29266R108 48,194 645946 SH SOLE 645,946 0 0 0 ENERSIS SA ADR 29274F104 7,310 446000 SH SOLE 446,000 0 0 0 ENSCO PLC Common Stock G3157S106 80,972 1484100 SH SOLE 1,484,100 0 0 0 EXELON CORP Common Stock 30161N101 29,022 815679 SH SOLE 815,679 0 0 0 EXPEDIA INC Common Stock 30212P303 20,103 347570 SH SOLE 347,570 0 0 0 EXPRESS INC Common Stock 30219E103 35,010 2362366 SH SOLE 2,362,366 0 0 0 EXXON MOBIL CORP Common Stock 30231G102 108,917 1190997 SH SOLE 1,190,997 0 0 0 FEMALE HEALTH CO/THE Common Stock 314462102 1,231 170935 SH SOLE 170,935 0 0 0 FIFTH THIRD BANCORP Common Stock 316773100 245 15800 SH SOLE 15,800 0 0 0 FISERV INC Common Stock 337738108 105,443 1424322 SH SOLE 1,424,322 0 0 0 FLEXTRONICS INTERNATIONAL LTD Common Stock Y2573F102 8,019 1336438 SH SOLE 1,336,438 0 0 0 FOMENTO ECONOMICO MEXICANO SAB ADR 344419106 1,150 12500 SH SOLE 12,500 0 0 0 FOREST OIL CORP Common Stock 346091705 30,692 3632216 SH SOLE 3,632,216 0 0 0 FRANCO-NEVADA CORP Common Stock 351858105 76,966 1306831 SH SOLE 1,306,831 0 0 0 GAP INC/THE Common Stock 364760108 1,757 49100 SH SOLE 49,100 0 0 0 GENERAL ELECTRIC CO Common Stock 369604103 8,661 381357 SH SOLE 381,357 0 0 0 GERDAU SA ADR 373737105 743 78100 SH SOLE 78,100 0 0 0 GILEAD SCIENCES INC Common Stock 375558103 3,167 47750 SH SOLE 47,750 0 0 0 GOLD FIELDS ADR 38059T106 50,878 3959403 SH SOLE 3,959,403 0 0 0 GOLDCORP INC Common Stock 380956409 152,490 3325847 SH SOLE 3,325,847 0 0 0 GOLDMAN SACHS GROUP INC/THE Common Stock 38141G104 1,955 17200 SH SOLE 17,200 0 0 0 GOOGLE INC Common Stock 38259P508 34,878 46227 SH SOLE 46,227 0 0 0 GRUPO AEROPORTUARIO DEL SUREST ADR 40051E202 5,325 60100 SH SOLE 60,100 0 0 0 HALLIBURTON CO Common Stock 406216101 56,301 1671136 SH SOLE 1,671,136 0 0 0 HARTFORD FINANCIAL SERVICES GR Common Stock 416515104 1,594 82000 SH SOLE 82,000 0 0 0 HELMERICH & PAYNE INC Common Stock 423452101 68,894 1447049 SH SOLE 1,447,049 0 0 0 HERBALIFE LTD Common Stock G4412G101 95,454 1935890 SH SOLE 1,935,890 0 0 0 HESS CORP Common Stock 42809H107 45,261 842542 SH SOLE 842,542 0 0 0 HEWLETT-PACKARD CO Common Stock 428236103 1,923 112700 SH SOLE 112,700 0 0 0 HOME DEPOT INC/THE Common Stock 437076102 9,320 154380 SH SOLE 154,380 0 0 0 IDEX CORP Common Stock 45167R104 48,054 1150437 SH SOLE 1,150,437 0 0 0 ILLINOIS TOOL WORKS INC Common Stock 452308109 162,668 2735290 SH SOLE 2,735,290 0 0 0 ILLUMINA INC Common Stock 452327109 829 17200 SH SOLE 17,200 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- IMPERIAL OIL LTD Common Stock 453038408 96 2082 SH SOLE 2,082 0 0 0 INTEL CORP Common Stock 458140100 20,991 925533 SH SOLE 925,533 0 0 0 INTERNATIONAL BUSINESS MACHINE Common Stock 459200101 5,103 24600 SH SOLE 24,600 0 0 0 INTERNATIONAL SPEEDWAY CORP Common Stock 460335201 20,636 727388 SH SOLE 727,388 0 0 0 INTERPUBLIC GROUP OF COS INC/T Common Stock 460690100 14,865 1336751 SH SOLE 1,336,751 0 0 0 IPATH MSCI INDIA INDEX ETN ETP 06739F291 13,995 238373 SH SOLE 238,373 0 0 0 IPATH S&P 500 VIX SHORT-TERM F ETP 06740C261 1,705 189261 SH SOLE 189,261 0 0 0 ISHARES IBOXX $ HIGH YIELD COR ETP 464288513 13,302 144009 SH SOLE 144,009 0 0 0 ISHARES IBOXX INVESTMENT GRADE ETP 464287242 41,717 342592 SH SOLE 342,592 0 0 0 ISHARES MSCI JAPAN INDEX FUND ETP 464286848 2,371 258888 SH SOLE 258,888 0 0 0 ITAU UNIBANCO HOLDING SA ADR 465562106 992 64914 SH SOLE 64,914 0 0 0 JABIL CIRCUIT INC Common Stock 466313103 57,266 3059099 SH SOLE 3,059,099 0 0 0 JAZZ PHARMACEUTICALS PLC Common Stock G50871105 12,696 222700 SH SOLE 222,700 0 0 0 JOHNSON & JOHNSON Common Stock 478160104 74,468 1080661 SH SOLE 1,080,661 0 0 0 JPMORGAN CHASE & CO Common Stock 46625H100 195,997 4841821 SH SOLE 4,841,821 0 0 0 JUNIPER NETWORKS INC Common Stock 48203R104 867 50666 SH SOLE 50,666 0 0 0 KB HOME Common Stock 48666K109 2,047 142652 SH SOLE 142,652 0 0 0 KELLOGG CO Common Stock 487836108 7,081 137066 SH SOLE 137,066 0 0 0 KEYCORP Common Stock 493267108 103,953 11893972 SH SOLE 11,893,972 0 0 0 KIMBERLY-CLARK CORP Common Stock 494368103 3,541 41276 SH SOLE 41,276 0 0 0 KINROSS GOLD CORP Common Stock 496902404 98,058 9593027 SH SOLE 9,593,027 0 0 0 KLA-TENCOR CORP Common Stock 482480100 210 4400 SH SOLE 4,400 0 0 0 LABORATORY CORP OF AMERICA HOL Common Stock 50540R409 69,092 747184 SH SOLE 747,184 0 0 0 LENNAR CORP Common Stock 526057104 8,134 233951 SH SOLE 233,951 0 0 0 LEVEL 3 COMMUNICATIONS INC Common Stock 52729N308 1,713 74589 SH SOLE 74,589 0 0 0 LIFE TIME FITNESS INC Common Stock 53217R207 1,142 24974 SH SOLE 24,974 0 0 0 LIFEPOINT HOSPITALS INC Common Stock 53219L109 58,867 1376044 SH SOLE 1,376,044 0 0 0 LINCOLN NATIONAL CORP Common Stock 534187109 99,526 4114331 SH SOLE 4,114,331 0 0 0 LOWE'S COS INC Common Stock 548661107 44,405 1468423 SH SOLE 1,468,423 0 0 0 LYONDELLBASELL INDUSTRIES NV Common Stock N53745100 166,520 3223386 SH SOLE 3,223,386 0 0 0 MACY'S INC Common Stock 55616P104 124,182 3300967 SH SOLE 3,300,967 0 0 0 MARATHON PETROLEUM CORP Common Stock 56585A102 81,615 1495048 SH SOLE 1,495,048 0 0 0 MARKET VECTORS GOLD MINERS ETF ETP 57060U100 17,943 334078 SH SOLE 334,078 0 0 0 MATTEL INC Common Stock 577081102 302 8500 SH SOLE 8,500 0 0 0 MCGRAW-HILL COS INC/THE Common Stock 580645109 262 4800 SH SOLE 4,800 0 0 0 MDC HOLDINGS INC Common Stock 552676108 27,507 714270 SH SOLE 714,270 0 0 0 MEDTRONIC INC Common Stock 585055106 78,519 1820935 SH SOLE 1,820,935 0 0 0 MEMC ELECTRONIC MATERIALS INC Common Stock 552715104 511 168635 SH SOLE 168,635 0 0 0 MERCK & CO INC Common Stock 58933Y105 31,504 698531 SH SOLE 698,531 0 0 0 METLIFE INC Common Stock 59156R108 106,923 3102801 SH SOLE 3,102,801 0 0 0 MICROSOFT CORP Common Stock 594918104 199,484 6698584 SH SOLE 6,698,584 0 0 0 MONDELEZ INTERNATIONAL INC Common Stock 50075N104 21,384 517154 SH SOLE 517,154 0 0 0 MONSANTO CO Common Stock 61166W101 40,353 443339 SH SOLE 443,339 0 0 0 MOODY'S CORP Common Stock 615369105 100,481 2274875 SH SOLE 2,274,875 0 0 0 MOSAIC CO/THE Common Stock 61945C103 16,883 293051 SH SOLE 293,051 0 0 0 MOTOROLA SOLUTIONS INC Common Stock 620076307 7,600 150344 SH SOLE 150,344 0 0 0 MSCI INC Common Stock 55354G100 59,398 1659628 SH SOLE 1,659,628 0 0 0 MURPHY OIL CORP Common Stock 626717102 55,401 1031873 SH SOLE 1,031,873 0 0 0 MYLAN INC/PA Common Stock 628530107 91,600 3754117 SH SOLE 3,754,117 0 0 0 NABORS INDUSTRIES LTD Common Stock G6359F103 49,042 3495491 SH SOLE 3,495,491 0 0 0 NASDAQ OMX GROUP INC/THE Common Stock 631103108 59,788 2566553 SH SOLE 2,566,553 0 0 0 NATIONAL FUEL GAS CO Common Stock 636180101 18,345 170000 SH SOLE 170,000 0 0 0 NATIONAL OILWELL VARCO INC Common Stock 637071101 1,298 16200 SH SOLE 16,200 0 0 0 NETAPP INC Common Stock 64110D104 921 28000 SH SOLE 28,000 0 0 0 NETEASE INC ADR 64110W102 82,320 1466326 SH SOLE 1,466,326 0 0 0 NEW GOLD INC Common Stock 644535106 61,026 4983137 SH SOLE 4,983,137 0 0 0 NEWFIELD EXPLORATION CO Common Stock 651290108 37,726 1204537 SH SOLE 1,204,537 0 0 0 NEWMONT MINING CORP Common Stock 651639106 141,413 2524780 SH SOLE 2,524,780 0 0 0 NEXEN INC Common Stock 65334H102 72,505 2865113 SH SOLE 2,865,113 0 0 0 NIELSEN HOLDINGS NV Common Stock N63218106 1,598 53300 SH SOLE 53,300 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- NIKE INC Common Stock 654106103 4,439 46767 SH SOLE 46,767 0 0 0 NORFOLK SOUTHERN CORP Common Stock 655844108 65,844 1034790 SH SOLE 1,034,790 0 0 0 NORTHROP GRUMMAN CORP Common Stock 666807102 20,722 311939 SH SOLE 311,939 0 0 0 NRG ENERGY INC Common Stock 629377508 55,370 2588590 SH SOLE 2,588,590 0 0 0 NU SKIN ENTERPRISES INC Common Stock 67018T105 54,851 1412602 SH SOLE 1,412,602 0 0 0 OCCIDENTAL PETROLEUM CORP Common Stock 674599105 240,038 2789198 SH SOLE 2,789,198 0 0 0 OFFICEMAX INC Common Stock 67622P101 756 94152 SH SOLE 94,152 0 0 0 ORACLE CORP Common Stock 68389X105 186,943 5936584 SH SOLE 5,936,584 0 0 0 PATTERSON-UTI ENERGY INC Common Stock 703481101 67,166 4240248 SH SOLE 4,240,248 0 0 0 PAYCHEX INC Common Stock 704326107 1,688 50700 SH SOLE 50,700 0 0 0 PEPSICO INC Common Stock 713448108 31,272 441879 SH SOLE 441,879 0 0 0 PETROLEO BRASILEIRO SA ADR 71654V101 112,030 5076130 SH SOLE 5,076,130 0 0 0 PETROLEO BRASILEIRO SA ADR 71654V408 2 96 SH SOLE 96 0 0 0 PFIZER INC Common Stock 717081103 351,660 14151322 SH SOLE 14,151,322 0 0 0 PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 49,396 549216 SH SOLE 549,216 0 0 0 PNC FINANCIAL SERVICES GROUP I Common Stock 693475105 132,766 2104049 SH SOLE 2,104,049 0 0 0 PPG INDUSTRIES INC Common Stock 693506107 230 2000 SH SOLE 2,000 0 0 0 PRECISION CASTPARTS CORP Common Stock 740189105 51,970 318172 SH SOLE 318,172 0 0 0 PRECISION DRILLING CORP Common Stock 74022D308 19,989 2544402 SH SOLE 2,544,402 0 0 0 PRICELINE.COM INC Common Stock 741503403 145,481 235128 SH SOLE 235,128 0 0 0 PROCTER & GAMBLE CO/THE Common Stock 742718109 60,571 873291 SH SOLE 873,291 0 0 0 PULTEGROUP INC Common Stock 745867101 8,397 541721 SH SOLE 541,721 0 0 0 QUALCOMM INC Common Stock 747525103 92,769 1484536 SH SOLE 1,484,536 0 0 0 RADIOSHACK CORP Common Stock 750438103 10,882 4572330 SH SOLE 4,572,330 0 0 0 REINSURANCE GROUP OF AMERICA I Common Stock 759351604 47,289 817164 SH SOLE 817,164 0 0 0 REYNOLDS AMERICAN INC Common Stock 761713106 282 6500 SH SOLE 6,500 0 0 0 ROPER INDUSTRIES INC Common Stock 776696106 72,656 661172 SH SOLE 661,172 0 0 0 ROYAL GOLD INC Common Stock 780287108 24,717 247514 SH SOLE 247,514 0 0 0 RYLAND GROUP INC/THE Common Stock 783764103 2,012 67063 SH SOLE 67,063 0 0 0 SCHLUMBERGER LTD Common Stock 806857108 17,509 242071 SH SOLE 242,071 0 0 0 SHANDA GAMES LTD ADR 81941U105 6,527 1722246 SH SOLE 1,722,246 0 0 0 SIGNET JEWELERS LTD Common Stock G81276100 261,176 5385497 SH SOLE 5,385,497 0 0 0 SK TELECOM CO LTD ADR 78440P108 2,134 146740 SH SOLE 146,740 0 0 0 SKYLINE CORP Common Stock 830830105 782 144620 SH SOLE 144,620 0 0 0 SOCIEDAD QUIMICA Y MINERA DE C ADR 833635105 689 11170 SH SOLE 11,170 0 0 0 SOUTHERN COPPER CORP Common Stock 84265V105 515 14990 SH SOLE 14,990 0 0 0 SOUTHWEST AIRLINES CO Common Stock 844741108 10,481 1195084 SH SOLE 1,195,084 0 0 0 SOUTHWESTERN ENERGY CO Common Stock 845467109 83,355 2396640 SH SOLE 2,396,640 0 0 0 SPDR S&P EMERGING EUROPE ETF ETP 78463X608 7,688 186334 SH SOLE 186,334 0 0 0 ST JUDE MEDICAL INC Common Stock 790849103 1,761 41800 SH SOLE 41,800 0 0 0 STAPLES INC Common Stock 855030102 17,102 1484544 SH SOLE 1,484,544 0 0 0 STILLWATER MINING CO Common Stock 86074Q102 237 20129 SH SOLE 20,129 0 0 0 SUNCOR ENERGY INC Common Stock 867224107 130,348 3965865 SH SOLE 3,965,865 0 0 0 SUNPOWER CORP Common Stock 867652406 451 100000 SH SOLE 100,000 0 0 0 SUPERVALU INC Common Stock 868536103 10,077 4181200 SH SOLE 4,181,200 0 0 0 SYMANTEC CORP Common Stock 871503108 19,626 1090349 SH SOLE 1,090,349 0 0 0 TALISMAN ENERGY INC Common Stock 87425E103 88,072 6595028 SH SOLE 6,595,028 0 0 0 TARGET CORP Common Stock 87612E106 311 4900 SH SOLE 4,900 0 0 0 TATA MOTORS LTD ADR 876568502 14,956 582407 SH SOLE 582,407 0 0 0 TECHNOLOGY SELECT SECTOR SPDR ETP 81369Y803 3,603 116852 SH SOLE 116,852 0 0 0 TECK RESOURCES LTD Common Stock 878742204 49,046 1663530 SH SOLE 1,663,530 0 0 0 TELEFONICA BRASIL SA ADR 87936R106 77,451 3562605 SH SOLE 3,562,605 0 0 0 TENARIS SA ADR 88031M109 11,073 271600 SH SOLE 271,600 0 0 0 TERNIUM SA ADR 880890108 51,949 2647770 SH SOLE 2,647,770 0 0 0 TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 95,680 2310554 SH SOLE 2,310,554 0 0 0 THERMO FISHER SCIENTIFIC INC Common Stock 883556102 95,572 1624540 SH SOLE 1,624,540 0 0 0 TIME WARNER INC Common Stock 887317303 115,022 2537434 SH SOLE 2,537,434 0 0 0 TOWERS WATSON & CO Common Stock 891894107 42,946 809542 SH SOLE 809,542 0 0 0 TRANSOCEAN LTD Common Stock H8817H100 58,827 1310462 SH SOLE 1,310,462 0 0 0 TUPPERWARE BRANDS CORP Common Stock 899896104 71,175 1328131 SH SOLE 1,328,131 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- ULTRA PETROLEUM CORP Common Stock 903914109 78,692 3580162 SH SOLE 3,580,162 0 0 0 UNITED TECHNOLOGIES CORP Common Stock 913017109 73,642 940626 SH SOLE 940,626 0 0 0 UNITEDHEALTH GROUP INC Common Stock 91324P102 190,207 3432713 SH SOLE 3,432,713 0 0 0 US BANCORP Common Stock 902973304 3,526 102798 SH SOLE 102,798 0 0 0 VALE SA ADR 91912E105 17,879 998817 SH SOLE 998,817 0 0 0 VALE SA ADR 91912E204 5,695 328054 SH SOLE 328,054 0 0 0 VALEANT PHARMACEUTICALS INTERN Common Stock 91911K102 129,706 2346777 SH SOLE 2,346,777 0 0 0 VALERO ENERGY CORP Common Stock 91913Y100 262,891 8298325 SH SOLE 8,298,325 0 0 0 VALIDUS HOLDINGS LTD Common Stock G9319H102 51,146 1508292 SH SOLE 1,508,292 0 0 0 VALSPAR CORP Common Stock 920355104 67,796 1208484 SH SOLE 1,208,484 0 0 0 VALUECLICK INC Common Stock 92046N102 65,834 3829768 SH SOLE 3,829,768 0 0 0 VELTI PLC Common Stock G93285107 5,440 650000 SH SOLE 650,000 0 0 0 VERIZON COMMUNICATIONS INC Common Stock 92343V104 124,207 2725632 SH SOLE 2,725,632 0 0 0 VF CORP Common Stock 918204108 61,847 388098 SH SOLE 388,098 0 0 0 WAL-MART STORES INC Common Stock 931142103 26,299 356354 SH SOLE 356,354 0 0 0 WALT DISNEY CO/THE Common Stock 254687106 7,047 134784 SH SOLE 134,784 0 0 0 WASHINGTON POST CO/THE Common Stock 939640108 26,229 72251 SH SOLE 72,251 0 0 0 WEATHERFORD INTERNATIONAL LTD/ Common Stock H27013103 50,583 3444342 SH SOLE 3,444,342 0 0 0 WELLS FARGO & CO Common Stock 949746101 12,790 370408 SH SOLE 370,408 0 0 0 WESCO INTERNATIONAL INC Common Stock 95082P105 48,995 856550 SH SOLE 856,550 0 0 0 WHITING PETROLEUM CORP Common Stock 966387102 43,190 911560 SH SOLE 911,560 0 0 0 WOLVERINE WORLD WIDE INC Common Stock 978097103 40,256 907290 SH SOLE 907,290 0 0 0 WUXI PHARMATECH CAYMAN INC ADR 929352102 396 26500 SH SOLE 26,500 0 0 0 YAMANA GOLD INC Common Stock 98462Y100 83,482 4373902 SH SOLE 4,373,902 0 0 0 YUM! BRANDS INC Common Stock 988498101 1,390 20950 SH SOLE 20,950 0 0 0 ZIMMER HOLDINGS INC Common Stock 98956P102 114,372 1691399 SH SOLE 1,691,399 0 0 0