0001140361-13-006911.txt : 20130214 0001140361-13-006911.hdr.sgml : 20130214 20130214130540 ACCESSION NUMBER: 0001140361-13-006911 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 EFFECTIVENESS DATE: 20130214 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: 13609970 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: 12/31/2012 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: Woolgate Exchange 25 Basinghall Street London, EC2V 5HA Form 13F File Number: 028-12634 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 2/13/2013 --------------------------------- --------------------------------- ---------- [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: 232 Form 13F Information Table Value Total: $ 12,553,288 -------------- (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 11,325 121972 SH SOLE 121,972 0 0 0 ABBOTT LABORATORIES Common Stock 002824100 314 4800 SH SOLE 4,800 0 0 0 ACCENTURE PLC Common Stock G1151C101 18,328 275608 SH SOLE 275,608 0 0 0 ACTIVISION BLIZZARD INC Common Stock 00507V109 115,713 10895776 SH SOLE 10,895,776 0 0 0 ACTUANT CORP Common Stock 00508X203 45,536 1631538 SH SOLE 1,631,538 0 0 0 ADECOAGRO SA Common Stock L00849106 16,474 1942700 SH SOLE 1,942,700 0 0 0 AFLAC INC Common Stock 001055102 170 3200 SH SOLE 3,200 0 0 0 AGCO CORP Common Stock 001084102 40,359 821636 SH SOLE 821,636 0 0 0 AGRIUM INC Common Stock 008916108 957 9610 SH SOLE 9,610 0 0 0 ALLIANCE DATA SYSTEMS CORP Common Stock 018581108 116,089 801943 SH SOLE 801,943 0 0 0 ALLIED WORLD ASSURANCE CO HOLD Common Stock H01531104 53,501 678945 SH SOLE 678,945 0 0 0 ALTRIA GROUP INC Common Stock 02209S103 113,200 3602786 SH SOLE 3,602,786 0 0 0 AMERICA MOVIL SAB DE CV ADR 02364W105 20,865 901700 SH SOLE 901,700 0 0 0 AMERICAN FINANCIAL GROUP INC/O Common Stock 025932104 52,492 1328237 SH SOLE 1,328,237 0 0 0 AMERICAN WATER WORKS CO INC Common Stock 030420103 60,539 1630472 SH SOLE 1,630,472 0 0 0 AMERISOURCEBERGEN CORP Common Stock 03073E105 197,051 4563476 SH SOLE 4,563,476 0 0 0 ANADARKO PETROLEUM CORP Common Stock 032511107 92,834 1249282 SH SOLE 1,249,282 0 0 0 ANGLOGOLD ASHANTI LTD ADR 035128206 50,481 1609197 SH SOLE 1,609,197 0 0 0 ANHEUSER-BUSCH INBEV NV ADR 03524A108 33,452 382700 SH SOLE 382,700 0 0 0 APACHE CORP Common Stock 037411105 85,995 1095472 SH SOLE 1,095,472 0 0 0 APPLE INC Common Stock 037833100 290,056 544165 SH SOLE 544,165 0 0 0 ARCHER-DANIELS-MIDLAND CO Common Stock 039483102 219 8000 SH SOLE 8,000 0 0 0 ARCOS DORADOS HOLDINGS INC Common Stock G0457F107 383 32000 SH SOLE 32,000 0 0 0 AURICO GOLD INC Common Stock 05155C105 30,430 3699470 SH SOLE 3,699,470 0 0 0 AVAGO TECHNOLOGIES LTD Common Stock Y0486S104 70,975 2241791 SH SOLE 2,241,791 0 0 0 AVON PRODUCTS INC Common Stock 054303102 114,815 7995456 SH SOLE 7,995,456 0 0 0 BAIDU INC ADR 056752108 20 200 SH SOLE 200 0 0 0 BAKER HUGHES INC Common Stock 057224107 91,790 2247550 SH SOLE 2,247,550 0 0 0 BANCO BRADESCO SA ADR 059460303 844 48604 SH SOLE 48,604 0 0 0 BANRO CORP Common Stock 066800103 11,233 4023371 SH SOLE 4,023,371 0 0 0 BARRICK GOLD CORP Common Stock 067901108 112,313 3209622 SH SOLE 3,209,622 0 0 0 BAXTER INTERNATIONAL INC Common Stock 071813109 273 4100 SH SOLE 4,100 0 0 0 BRF - BRASIL FOODS SA ADR 10552T107 296 14000 SH SOLE 14,000 0 0 0 CAMERON INTERNATIONAL CORP Common Stock 13342B105 40,724 721288 SH SOLE 721,288 0 0 0 CAMPBELL SOUP CO Common Stock 134429109 1,983 56840 SH SOLE 56,840 0 0 0 CANADIAN NATURAL RESOURCES LTD Common Stock 136385101 22,488 781818 SH SOLE 781,818 0 0 0 CAPITAL ONE FINANCIAL CORP Common Stock 14040H105 181,066 3125602 SH SOLE 3,125,602 0 0 0 CARNIVAL CORP Common Stock 143658300 5,276 143487 SH SOLE 143,487 0 0 0 CBS CORP Common Stock 124857202 153,768 4041212 SH SOLE 4,041,212 0 0 0 CEMENTOS PACASMAYO SAA ADR 15126Q109 3,900 291900 SH SOLE 291,900 0 0 0 CHECK POINT SOFTWARE TECHNOLOG Common Stock M22465104 33,318 699370 SH SOLE 699,370 0 0 0 CHEVRON CORP Common Stock 166764100 187,065 1729838 SH SOLE 1,729,838 0 0 0 CHICO'S FAS INC Common Stock 168615102 50,743 2748822 SH SOLE 2,748,822 0 0 0 CIA DE SANEAMENTO BASICO DO ES ADR 20441A102 124,399 1488564 SH SOLE 1,488,564 0 0 0 CIGNA CORP Common Stock 125509109 75,803 1417943 SH SOLE 1,417,943 0 0 0 CISCO SYSTEMS INC Common Stock 17275R102 215,218 10952585 SH SOLE 10,952,585 0 0 0 CITIGROUP INC Common Stock 172967424 178,861 4521267 SH SOLE 4,521,267 0 0 0 CLIFFS NATURAL RESOURCES INC Common Stock 18683K101 55,346 1435315 SH SOLE 1,435,315 0 0 0 COACH INC Common Stock 189754104 73,649 1326763 SH SOLE 1,326,763 0 0 0 COCA-COLA CO/THE Common Stock 191216100 32,519 897086 SH SOLE 897,086 0 0 0 COLGATE-PALMOLIVE CO Common Stock 194162103 13,182 126099 SH SOLE 126,099 0 0 0 COMCAST CORP Common Stock 20030N101 59,052 1579770 SH SOLE 1,579,770 0 0 0 CONSOL ENERGY INC Common Stock 20854P109 47,882 1491637 SH SOLE 1,491,637 0 0 0 COPA HOLDINGS SA Common Stock P31076105 1,541 15500 SH SOLE 15,500 0 0 0 COPART INC Common Stock 217204106 86,023 2916045 SH SOLE 2,916,045 0 0 0 CORNING INC Common Stock 219350105 17,915 1419582 SH SOLE 1,419,582 0 0 0 CREDICORP LTD Common Stock G2519Y108 828 5650 SH SOLE 5,650 0 0 0 CUMMINS INC Common Stock 231021106 1,209 11160 SH SOLE 11,160 0 0 0 DANAHER CORP Common Stock 235851102 46,545 832642 SH SOLE 832,642 0 0 0 DEERE & CO Common Stock 244199105 2,036 23560 SH SOLE 23,560 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- DELL INC Common Stock 24702R101 33,977 3354073 SH SOLE 3,354,073 0 0 0 DENBURY RESOURCES INC Common Stock 247916208 1,103 68110 SH SOLE 68,110 0 0 0 DESARROLLADORA HOMEX SAB DE CV ADR 25030W100 665 53320 SH SOLE 53,320 0 0 0 DEVON ENERGY CORP Common Stock 25179M103 22,327 429036 SH SOLE 429,036 0 0 0 DOW CHEMICAL CO/THE Common Stock 260543103 2,088 64599 SH SOLE 64,599 0 0 0 DR HORTON INC Common Stock 23331A109 6,336 320343 SH SOLE 320,343 0 0 0 DST SYSTEMS INC Common Stock 233326107 18,219 300639 SH SOLE 300,639 0 0 0 DUN & BRADSTREET CORP/THE Common Stock 26483E100 90,722 1153491 SH SOLE 1,153,491 0 0 0 ELDORADO GOLD CORP Common Stock 284902103 41,240 3208051 SH SOLE 3,208,051 0 0 0 EMBRAER SA ADR 29082A107 5,950 208700 SH SOLE 208,700 0 0 0 EMC CORP/MA Common Stock 268648102 131,195 5185571 SH SOLE 5,185,571 0 0 0 EMPRESAS ICA SAB DE CV ADR 292448206 2,857 284000 SH SOLE 284,000 0 0 0 ENBRIDGE INC Common Stock 29250N105 18,119 419365 SH SOLE 419,365 0 0 0 ENERGIZER HOLDINGS INC Common Stock 29266R108 51,032 638063 SH SOLE 638,063 0 0 0 ENERSIS SA ADR 29274F104 8,826 484400 SH SOLE 484,400 0 0 0 ENSCO PLC Common Stock G3157S106 80,318 1354900 SH SOLE 1,354,900 0 0 0 EXELON CORP Common Stock 30161N101 23,198 780024 SH SOLE 780,024 0 0 0 EXPEDIA INC Common Stock 30212P303 19,586 318730 SH SOLE 318,730 0 0 0 EXXON MOBIL CORP Common Stock 30231G102 91,693 1059417 SH SOLE 1,059,417 0 0 0 FEMALE HEALTH CO/THE Common Stock 314462102 1,203 170935 SH SOLE 170,935 0 0 0 FIFTH THIRD BANCORP Common Stock 316773100 182 12000 SH SOLE 12,000 0 0 0 FISERV INC Common Stock 337738108 112,381 1422001 SH SOLE 1,422,001 0 0 0 FOMENTO ECONOMICO MEXICANO SAB ADR 344419106 1,259 12500 SH SOLE 12,500 0 0 0 FRANCO-NEVADA CORP Common Stock 351858105 78,002 1367857 SH SOLE 1,367,857 0 0 0 FREEPORT-MCMORAN COPPER & GOLD Common Stock 35671D857 34,529 1009608 SH SOLE 1,009,608 0 0 0 GENERAL ELECTRIC CO Common Stock 369604103 11,479 546890 SH SOLE 546,890 0 0 0 GERDAU SA ADR 373737105 504 56100 SH SOLE 56,100 0 0 0 GOLD FIELDS ADR 38059T106 49,189 3938303 SH SOLE 3,938,303 0 0 0 GOLDCORP INC Common Stock 380956409 48,753 1328408 SH SOLE 1,328,408 0 0 0 GOLDMAN SACHS GROUP INC/THE Common Stock 38141G104 112,500 881941 SH SOLE 881,941 0 0 0 GOOGLE INC Common Stock 38259P508 38,200 53850 SH SOLE 53,850 0 0 0 GRUPO AEROPORTUARIO DEL SUREST ADR 40051E202 10,135 88900 SH SOLE 88,900 0 0 0 GRUPO FINANCIERO SANTANDER MEX ADR 40053C105 1,084 67000 SH SOLE 67,000 0 0 0 HALLIBURTON CO Common Stock 406216101 60,199 1735350 SH SOLE 1,735,350 0 0 0 HELMERICH & PAYNE INC Common Stock 423452101 80,749 1441680 SH SOLE 1,441,680 0 0 0 HERBALIFE LTD Common Stock G4412G101 68,291 2073207 SH SOLE 2,073,207 0 0 0 HEWLETT-PACKARD CO Common Stock 428236103 1,606 112700 SH SOLE 112,700 0 0 0 HOME DEPOT INC/THE Common Stock 437076102 8,757 141588 SH SOLE 141,588 0 0 0 ICICI BANK LTD ADR 45104G104 25,629 587676 SH SOLE 587,676 0 0 0 IDEX CORP Common Stock 45167R104 53,079 1140740 SH SOLE 1,140,740 0 0 0 ILLINOIS TOOL WORKS INC Common Stock 452308109 176,576 2903741 SH SOLE 2,903,741 0 0 0 INTEL CORP Common Stock 458140100 16,172 783911 SH SOLE 783,911 0 0 0 INTERNATIONAL BUSINESS MACHINE Common Stock 459200101 56,299 293913 SH SOLE 293,913 0 0 0 INTERNATIONAL SPEEDWAY CORP Common Stock 460335201 20,688 749031 SH SOLE 749,031 0 0 0 INTERPUBLIC GROUP OF COS INC/T Common Stock 460690100 13,509 1225870 SH SOLE 1,225,870 0 0 0 IPATH MSCI INDIA INDEX ETN ETP 06739F291 14,178 238373 SH SOLE 238,373 0 0 0 IPATH S&P 500 VIX SHORT-TERM F ETP 06740C188 1,504 47315 SH SOLE 47,315 0 0 0 ISHARES IBOXX $ HIGH YIELD COR ETP 464288513 12,930 138509 SH SOLE 138,509 0 0 0 ISHARES IBOXX INVESTMENT GRADE ETP 464287242 41,450 342592 SH SOLE 342,592 0 0 0 ISHARES MSCI JAPAN INDEX FUND ETP 464286848 2,524 258888 SH SOLE 258,888 0 0 0 ITAU UNIBANCO HOLDING SA ADR 465562106 328 19914 SH SOLE 19,914 0 0 0 JAZZ PHARMACEUTICALS PLC Common Stock G50871105 17,097 321365 SH SOLE 321,365 0 0 0 JOHNSON & JOHNSON Common Stock 478160104 87,610 1249779 SH SOLE 1,249,779 0 0 0 JPMORGAN CHASE & CO Common Stock 46625H100 237,680 5405499 SH SOLE 5,405,499 0 0 0 KB HOME Common Stock 48666K109 2,254 142652 SH SOLE 142,652 0 0 0 KEEGAN RESOURCES INC Common Stock 487275109 794 200237 SH SOLE 200,237 0 0 0 KELLOGG CO Common Stock 487836108 8,895 159268 SH SOLE 159,268 0 0 0 KEYCORP Common Stock 493267108 99,958 11871538 SH SOLE 11,871,538 0 0 0 KIMBERLY-CLARK CORP Common Stock 494368103 3,890 46078 SH SOLE 46,078 0 0 0 KINROSS GOLD CORP Common Stock 496902404 92,658 9548001 SH SOLE 9,548,001 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- KLA-TENCOR CORP Common Stock 482480100 224 4700 SH SOLE 4,700 0 0 0 KRAFT FOODS GROUP INC Common Stock 50076Q106 7,229 158989 SH SOLE 158,989 0 0 0 LABORATORY CORP OF AMERICA HOL Common Stock 50540R409 66,817 771385 SH SOLE 771,385 0 0 0 LENNAR CORP Common Stock 526057104 9,047 233951 SH SOLE 233,951 0 0 0 LEUCADIA NATIONAL CORP Common Stock 527288104 2,295 96466 SH SOLE 96,466 0 0 0 LINCOLN NATIONAL CORP Common Stock 534187109 119,800 4625478 SH SOLE 4,625,478 0 0 0 LYONDELLBASELL INDUSTRIES NV Common Stock N53745100 161,176 2823186 SH SOLE 2,823,186 0 0 0 MACY'S INC Common Stock 55616P104 127,120 3257814 SH SOLE 3,257,814 0 0 0 MARATHON OIL CORP Common Stock 565849106 62,363 2034009 SH SOLE 2,034,009 0 0 0 MARATHON PETROLEUM CORP Common Stock 56585A102 94,268 1496324 SH SOLE 1,496,324 0 0 0 MARKET VECTORS GOLD MINERS ETF ETP 57060U100 15,498 334078 SH SOLE 334,078 0 0 0 MARSH & MCLENNAN COS INC Common Stock 571748102 172 5000 SH SOLE 5,000 0 0 0 MATTEL INC Common Stock 577081102 337 9200 SH SOLE 9,200 0 0 0 MCGRAW-HILL COS INC/THE Common Stock 580645109 284 5200 SH SOLE 5,200 0 0 0 MDC HOLDINGS INC Common Stock 552676108 24,300 661057 SH SOLE 661,057 0 0 0 MEDTRONIC INC Common Stock 585055106 71,361 1739653 SH SOLE 1,739,653 0 0 0 MERCADOLIBRE INC Common Stock 58733R102 52,241 664900 SH SOLE 664,900 0 0 0 MERCK & CO INC Common Stock 58933Y105 26,270 641671 SH SOLE 641,671 0 0 0 METLIFE INC Common Stock 59156R108 167,442 5083234 SH SOLE 5,083,234 0 0 0 MICROSOFT CORP Common Stock 594918104 203,423 7610292 SH SOLE 7,610,292 0 0 0 MOLSON COORS BREWING CO Common Stock 60871R209 105,487 2465227 SH SOLE 2,465,227 0 0 0 MONDELEZ INTERNATIONAL INC Common Stock 609207105 12,147 476930 SH SOLE 476,930 0 0 0 MONSANTO CO Common Stock 61166W101 43,153 455924 SH SOLE 455,924 0 0 0 MOODY'S CORP Common Stock 615369105 117,063 2326362 SH SOLE 2,326,362 0 0 0 MOSAIC CO/THE Common Stock 61945C103 254 4485 SH SOLE 4,485 0 0 0 MOTOROLA SOLUTIONS INC Common Stock 620076307 7,675 137836 SH SOLE 137,836 0 0 0 MYLAN INC/PA Common Stock 628530107 103,169 3754328 SH SOLE 3,754,328 0 0 0 NABORS INDUSTRIES LTD Common Stock G6359F103 56,676 3922231 SH SOLE 3,922,231 0 0 0 NASDAQ OMX GROUP INC/THE Common Stock 631103108 63,221 2527839 SH SOLE 2,527,839 0 0 0 NATIONAL OILWELL VARCO INC Common Stock 637071101 22,529 329609 SH SOLE 329,609 0 0 0 NEW GOLD INC Common Stock 644535106 59,905 5417566 SH SOLE 5,461,717 0 0 0 NEWFIELD EXPLORATION CO Common Stock 651290108 30,694 1146155 SH SOLE 1,146,155 0 0 0 NEWMONT MINING CORP Common Stock 651639106 115,771 2492916 SH SOLE 2,492,916 0 0 0 NOBLE ENERGY INC Common Stock 655044105 84,457 830125 SH SOLE 830,125 0 0 0 NORTHROP GRUMMAN CORP Common Stock 666807102 19,330 286036 SH SOLE 286,036 0 0 0 NRG ENERGY INC Common Stock 629377508 58,737 2554878 SH SOLE 2,554,878 0 0 0 NU SKIN ENTERPRISES INC Common Stock 67018T105 52,206 1409082 SH SOLE 1,409,082 0 0 0 OASIS PETROLEUM INC Common Stock 674215108 15,793 496650 SH SOLE 496,650 0 0 0 OCCIDENTAL PETROLEUM CORP Common Stock 674599105 265,888 3470667 SH SOLE 3,470,667 0 0 0 ORACLE CORP Common Stock 68389X105 232,884 6989328 SH SOLE 6,989,328 0 0 0 PATTERSON-UTI ENERGY INC Common Stock 703481101 77,417 4155497 SH SOLE 4,155,497 0 0 0 PEPSICO INC Common Stock 713448108 35,226 514777 SH SOLE 514,777 0 0 0 PETROLEO BRASILEIRO SA ADR 71654V101 108,560 5624862 SH SOLE 5,624,862 0 0 0 PFIZER INC Common Stock 717081103 305,681 12188242 SH SOLE 12,188,242 0 0 0 PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 51,511 615866 SH SOLE 615,866 0 0 0 PLATINUM GROUP METALS LTD Common Stock 72765Q205 2,746 3375000 SH SOLE 3,375,000 0 0 0 PPG INDUSTRIES INC Common Stock 693506107 298 2200 SH SOLE 2,200 0 0 0 PRECISION CASTPARTS CORP Common Stock 740189105 59,595 314616 SH SOLE 314,616 0 0 0 PRECISION DRILLING CORP Common Stock 74022D308 20,516 2485116 SH SOLE 2,485,116 0 0 0 PRICELINE.COM INC Common Stock 741503403 28,706 46211 SH SOLE 46,211 0 0 0 PROCTER & GAMBLE CO/THE Common Stock 742718109 61,334 903430 SH SOLE 903,430 0 0 0 PROSHARES SHORT S&P500 ETP 74347R503 1,270 37335 SH SOLE 37,335 0 0 0 PULTEGROUP INC Common Stock 745867101 9,838 541721 SH SOLE 541,721 0 0 0 QEP RESOURCES INC Common Stock 74733V100 15,425 509582 SH SOLE 509,582 0 0 0 QUALCOMM INC Common Stock 747525103 96,512 1556143 SH SOLE 1,556,143 0 0 0 RADIOSHACK CORP Common Stock 750438103 9,693 4572330 SH SOLE 4,572,330 0 0 0 REYNOLDS AMERICAN INC Common Stock 761713106 290 7000 SH SOLE 7,000 0 0 0 ROPER INDUSTRIES INC Common Stock 776696106 73,072 655476 SH SOLE 655,476 0 0 0 RYLAND GROUP INC/THE Common Stock 783764103 2,448 67063 SH SOLE 67,063 0 0 0 SANDSTORM GOLD LTD Common Stock 80013R206 1,192 101454 SH SOLE 101,454 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 ------------------------------ -------------- --------- -------- -------- --- ---- ---------- ---------- ---- ------ ---- SCHLUMBERGER LTD Common Stock 806857108 15,065 217419 SH SOLE 217,419 0 0 0 SIGNET JEWELERS LTD Common Stock G81276100 296,479 5547513 SH SOLE 5,547,513 0 0 0 SK TELECOM CO LTD ADR 78440P108 2,286 144440 SH SOLE 144,440 0 0 0 SKYLINE CORP Common Stock 830830105 587 144620 SH SOLE 144,620 0 0 0 SOCIEDAD QUIMICA Y MINERA DE C ADR 833635105 644 11170 SH SOLE 11,170 0 0 0 SOUTHERN COPPER CORP Common Stock 84265V105 568 14990 SH SOLE 14,990 0 0 0 SOUTHWEST AIRLINES CO Common Stock 844741108 11,172 1090973 SH SOLE 1,090,973 0 0 0 SOUTHWESTERN ENERGY CO Common Stock 845467109 64,086 1918169 SH SOLE 1,918,169 0 0 0 SPDR S&P EMERGING EUROPE ETF ETP 78463X608 8,078 186334 SH SOLE 186,334 0 0 0 STAPLES INC Common Stock 855030102 14,178 1243707 SH SOLE 1,243,707 0 0 0 SUNCOR ENERGY INC Common Stock 867224107 145,784 4437710 SH SOLE 4,437,710 0 0 0 SUPERVALU INC Common Stock 868536103 15,999 6477500 SH SOLE 6,477,500 0 0 0 SYMANTEC CORP Common Stock 871503108 18,807 999840 SH SOLE 999,840 0 0 0 TAIWAN SEMICONDUCTOR MANUFACTU ADR 874039100 915 53300 SH SOLE 53,300 0 0 0 TALISMAN ENERGY INC Common Stock 8.74E+107 40,402 3575872 SH SOLE 3,575,872 0 0 0 TARGET CORP Common Stock 8.76E+110 314 5300 SH SOLE 5,300 0 0 0 TATA MOTORS LTD ADR 876568502 22,759 792440 SH SOLE 792,440 0 0 0 TECHNOLOGY SELECT SECTOR SPDR ETP 81369Y803 133 4610 SH SOLE 4,610 0 0 0 TELEFONICA BRASIL SA ADR 87936R106 85,942 3572005 SH SOLE 3,572,005 0 0 0 TEMPUR-PEDIC INTERNATIONAL INC Common Stock 88023U101 24,850 789142 SH SOLE 789,142 0 0 0 TENARIS SA ADR 88031M109 11,725 279700 SH SOLE 279,700 0 0 0 TERNIUM SA ADR 880890108 60,155 2554370 SH SOLE 2,554,370 0 0 0 TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 88,378 2366840 SH SOLE 2,366,840 0 0 0 THERMO FISHER SCIENTIFIC INC Common Stock 883556102 100,556 1576607 SH SOLE 1,576,607 0 0 0 TIME WARNER INC Common Stock 887317303 123,370 2579334 SH SOLE 2,579,334 0 0 0 TOWERS WATSON & CO Common Stock 891894107 45,087 802117 SH SOLE 802,117 0 0 0 TRANSOCEAN LTD Common Stock H8817H100 69,745 1562031 SH SOLE 1,562,031 0 0 0 TUPPERWARE BRANDS CORP Common Stock 899896104 84,735 1321915 SH SOLE 1,321,915 0 0 0 ULTRA PETROLEUM CORP Common Stock 903914109 27,436 1513304 SH SOLE 1,513,304 0 0 0 UNITED TECHNOLOGIES CORP Common Stock 913017109 75,825 924581 SH SOLE 924,581 0 0 0 UNITEDHEALTH GROUP INC Common Stock 91324P102 186,972 3447123 SH SOLE 3,447,123 0 0 0 US BANCORP Common Stock 902973304 3,283 102798 SH SOLE 102,798 0 0 0 VALE SA ADR 9.19E+109 21,567 1028957 SH SOLE 1,028,957 0 0 0 VALE SA ADR 9.19E+208 6,865 338154 SH SOLE 338,154 0 0 0 VALEANT PHARMACEUTICALS INTERN Common Stock 91911K102 143,081 2393882 SH SOLE 2,393,882 0 0 0 VALERO ENERGY CORP Common Stock 91913Y100 332,724 9751591 SH SOLE 9,751,591 0 0 0 VALIDUS HOLDINGS LTD Common Stock G9319H102 52,474 1517470 SH SOLE 1,517,470 0 0 0 VALSPAR CORP Common Stock 920355104 66,628 1067751 SH SOLE 1,067,751 0 0 0 VALUECLICK INC Common Stock 92046N102 73,953 3810038 SH SOLE 3,810,038 0 0 0 VELTI PLC Common Stock G93285107 4,500 1000000 SH SOLE 1,000,000 0 0 0 VERIZON COMMUNICATIONS INC Common Stock 92343V104 116,788 2699052 SH SOLE 2,699,052 0 0 0 VF CORP Common Stock 918204108 57,914 383611 SH SOLE 383,611 0 0 0 WAL-MART STORES INC Common Stock 931142103 22,344 327484 SH SOLE 327,484 0 0 0 WASHINGTON POST CO/THE Common Stock 939640108 22,129 60592 SH SOLE 60,592 0 0 0 WEATHERFORD INTERNATIONAL LTD/ Common Stock H27013103 64,581 5771272 SH SOLE 5,771,272 0 0 0 WELLS FARGO & CO Common Stock 949746101 12,661 370408 SH SOLE 370,408 0 0 0 WESCO INTERNATIONAL INC Common Stock 95082P105 56,844 843003 SH SOLE 843,003 0 0 0 WHITING PETROLEUM CORP Common Stock 966387102 39,215 904196 SH SOLE 904,196 0 0 0 WOLVERINE WORLD WIDE INC Common Stock 978097103 36,857 899390 SH SOLE 899,390 0 0 0 WUXI PHARMATECH CAYMAN INC ADR 929352102 260 16500 SH SOLE 16,500 0 0 0 YAMANA GOLD INC Common Stock 98462Y100 107,333 6246128 SH SOLE 6,246,128 0 0 0 ZIMMER HOLDINGS INC Common Stock 98956P102 112,403 1686221 SH SOLE 1,686,221 0 0 0