0001140361-13-019103.txt : 20130507 0001140361-13-019103.hdr.sgml : 20130507 20130507122608 ACCESSION NUMBER: 0001140361-13-019103 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130507 DATE AS OF CHANGE: 20130507 EFFECTIVENESS DATE: 20130507 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: 13818849 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: 3/31/2013 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 5/7/2013 --------------------------------- --------------------------------- ---------- [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: 206 Form 13F Information Table Value Total: $ 12,404,192 -------------- (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 13,024 122507 SH SOLE 122,507 0 0 0 ACCENTURE PLC Common Stock G1151C101 21,321 280653 SH SOLE 280,653 0 0 0 ACTIVISION BLIZZARD INC Common Stock 00507V109 103,614 7111490 SH SOLE 7,111,490 0 0 0 ACTUANT CORP Common Stock 00508X203 50,226 1640308 SH SOLE 1,640,308 0 0 0 ADECOAGRO SA Common Stock L00849106 3,694 480388 SH SOLE 480,388 0 0 0 AGCO CORP Common Stock 1084102 43,693 838311 SH SOLE 838,311 0 0 0 AGRIUM INC Common Stock 8916108 1,400 14362 SH SOLE 14,362 0 0 0 ALLIANCE DATA SYSTEMS CORP Common Stock 18581108 131,393 811622 SH SOLE 811,622 0 0 0 ALLIED WORLD ASSURANCE CO HOLD Common Stock H01531104 63,511 684976 SH SOLE 684,976 0 0 0 ALTRIA GROUP INC Common Stock 02209S103 55,925 1626187 SH SOLE 1,626,187 0 0 0 AMERICAN FINANCIAL GROUP INC/O Common Stock 25932104 63,464 1339473 SH SOLE 1,339,473 0 0 0 AMERISOURCEBERGEN CORP Common Stock 03073E105 238,486 4635298 SH SOLE 4,635,298 0 0 0 ANADARKO PETROLEUM CORP Common Stock 32511107 95,321 1090002 SH SOLE 1,090,002 0 0 0 ANGLOGOLD ASHANTI LTD ADR 35128206 37,880 1608497 SH SOLE 1,608,497 0 0 0 ANHEUSER-BUSCH INBEV NV ADR 03524A108 62,119 624000 SH SOLE 624,000 0 0 0 APACHE CORP Common Stock 37411105 82,466 1068764 SH SOLE 1,068,764 0 0 0 APPLE INC Common Stock 37833100 304 686 SH SOLE 686 0 0 0 ARCHER-DANIELS-MIDLAND CO Common Stock 39483102 2,813 83400 SH SOLE 83,400 0 0 0 ARCOS DORADOS HOLDINGS INC Common Stock G0457F107 3,006 227700 SH SOLE 227,700 0 0 0 AVAGO TECHNOLOGIES LTD Common Stock Y0486S104 84,807 2360991 SH SOLE 2,360,991 0 0 0 AVON PRODUCTS INC Common Stock 54303102 161,592 7795065 SH SOLE 7,795,065 0 0 0 BAIDU INC ADR 56752108 18 200 SH SOLE 200 0 0 0 BAKER HUGHES INC Common Stock 57224107 84,280 1815982 SH SOLE 1,815,982 0 0 0 BANCO BRADESCO SA ADR 59460303 910 53464 SH SOLE 53,464 0 0 0 BARRICK GOLD CORP Common Stock 67901108 90,011 3062961 SH SOLE 3,062,961 0 0 0 BAXTER INTERNATIONAL INC Common Stock 71813109 298 4100 SH SOLE 4,100 0 0 0 BRF SA ADR 10552T107 88 4000 SH SOLE 4,000 0 0 0 CAMERON INTERNATIONAL CORP Common Stock 13342B105 34,164 523993 SH SOLE 523,993 0 0 0 CAMPBELL SOUP CO Common Stock 134429109 2,662 58688 SH SOLE 58,688 0 0 0 CANADIAN NATURAL RESOURCES LTD Common Stock 136385101 29,025 905362 SH SOLE 905,362 0 0 0 CAPITAL ONE FINANCIAL CORP Common Stock 14040H105 36,073 656469 SH SOLE 656,469 0 0 0 CARNIVAL CORP Common Stock 143658300 9,866 287627 SH SOLE 287,627 0 0 0 CBS CORP Common Stock 124857202 185,519 3973413 SH SOLE 3,973,413 0 0 0 CEMENTOS PACASMAYO SAA ADR 15126Q109 5,374 361900 SH SOLE 361,900 0 0 0 CHECK POINT SOFTWARE TECHNOLOG Common Stock M22465104 84,386 1795819 SH SOLE 1,795,819 0 0 0 CHEVRON CORP Common Stock 166764100 218,067 1835269 SH SOLE 1,835,269 0 0 0 CHICO'S FAS INC Common Stock 168615102 47,481 2826244 SH SOLE 2,826,244 0 0 0 CIA DE SANEAMENTO BASICO DO ES ADR 20441A102 146,356 3066328 SH SOLE 3,066,328 0 0 0 CIGNA CORP Common Stock 125509109 88,876 1424987 SH SOLE 1,424,987 0 0 0 CISCO SYSTEMS INC Common Stock 17275R102 238,701 11415639 SH SOLE 11,415,639 0 0 0 CITIGROUP INC Common Stock 172967424 240,251 5430621 SH SOLE 5,430,621 0 0 0 CLIFFS NATURAL RESOURCES INC Common Stock 18683K101 28,226 1484803 SH SOLE 1,484,803 0 0 0 COACH INC Common Stock 189754104 85,185 1704041 SH SOLE 1,704,041 0 0 0 COCA-COLA CO/THE Common Stock 191216100 61,284 1515436 SH SOLE 1,515,436 0 0 0 COLGATE-PALMOLIVE CO Common Stock 194162103 18,098 153330 SH SOLE 153,330 0 0 0 CONSOL ENERGY INC Common Stock 20854P109 51,768 1538422 SH SOLE 1,538,422 0 0 0 COPA HOLDINGS SA Common Stock P31076105 1,734 14500 SH SOLE 14,500 0 0 0 CORNING INC Common Stock 219350105 25,570 1918233 SH SOLE 1,918,233 0 0 0 CREDICORP LTD Common Stock G2519Y108 938 5650 SH SOLE 5,650 0 0 0 CUMMINS INC Common Stock 231021106 1,334 11523 SH SOLE 11,523 0 0 0 DANAHER CORP Common Stock 235851102 52,659 847289 SH SOLE 847,289 0 0 0 DEERE & CO Common Stock 244199105 6,486 75433 SH SOLE 75,433 0 0 0 DELL INC Common Stock 24702R101 40,421 2820707 SH SOLE 2,820,707 0 0 0 DENBURY RESOURCES INC Common Stock 247916208 1,312 70324 SH SOLE 70,324 0 0 0 DOW CHEMICAL CO/THE Common Stock 260543103 2,057 64599 SH SOLE 64,599 0 0 0 DST SYSTEMS INC Common Stock 233326107 21,523 301989 SH SOLE 301,989 0 0 0 DUN & BRADSTREET CORP/THE Common Stock 26483E100 97,627 1167093 SH SOLE 1,167,093 0 0 0 ELDORADO GOLD CORP Common Stock 284902103 27,528 2880190 SH SOLE 2,880,190 0 0 0 EMBRAER SA ADR 29082A107 218 6100 SH SOLE 6,100 0 0 0 EMC CORP/MA Common Stock 268648102 118,593 4964135 SH SOLE 4,964,135 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 ------------------------------ -------------- --------- -------- ----------- --- ---- ---------- ---------- ---- ------ ---- EMPRESAS ICA SAB DE CV ADR 292448206 3,766 284000 SH SOLE 284,000 0 0 0 ENERGIZER HOLDINGS INC Common Stock 29266R108 64,336 645103 SH SOLE 645,103 0 0 0 ENERSIS SA ADR 29274F104 11,355 590200 SH SOLE 590,200 0 0 0 ENSCO PLC Common Stock G3157S106 93,018 1550300 SH SOLE 1,550,300 0 0 0 EXELON CORP Common Stock 30161N101 26,956 781800 SH SOLE 781,800 0 0 0 EXPEDIA INC Common Stock 30212P303 9,857 164262 SH SOLE 164,262 0 0 0 EXXON MOBIL CORP Common Stock 30231G102 2,332 25884 SH SOLE 25,884 0 0 0 FEMALE HEALTH CO/THE Common Stock 314462102 1,519 212135 SH SOLE 212,135 0 0 0 FIFTH THIRD BANCORP Common Stock 316773100 196 12000 SH SOLE 12,000 0 0 0 FISERV INC Common Stock 337738108 182,066 2072933 SH SOLE 2,072,933 0 0 0 FOMENTO ECONOMICO MEXICANO SAB ADR 344419106 1,067 9400 SH SOLE 9,400 0 0 0 FRANCO-NEVADA CORP Common Stock 351858105 54,192 1187317 SH SOLE 1,187,317 0 0 0 GENERAL ELECTRIC CO Common Stock 369604103 11,963 517445 SH SOLE 517,445 0 0 0 GERDAU SA ADR 373737105 433 56100 SH SOLE 56,100 0 0 0 GOLD FIELDS ADR 38059T106 30,461 3930403 SH SOLE 3,930,403 0 0 0 GOLDCORP INC Common Stock 380956409 58,808 1792649 SH SOLE 1,792,649 0 0 0 GOLDMAN SACHS GROUP INC/THE Common Stock 38141G104 198,581 1349511 SH SOLE 1,349,511 0 0 0 GOOGLE INC Common Stock 38259P508 60,469 76154 SH SOLE 76,154 0 0 0 GRUPO AEROPORTUARIO DEL SUREST ADR 40051E202 14,553 106485 SH SOLE 106,485 0 0 0 GRUPO FINANCIERO SANTANDER MEX ADR 40053C105 887 57500 SH SOLE 57,500 0 0 0 HALLIBURTON CO Common Stock 406216101 51,682 1278947 SH SOLE 1,278,947 0 0 0 HELMERICH & PAYNE INC Common Stock 423452101 88,853 1463808 SH SOLE 1,463,808 0 0 0 HERBALIFE LTD Common Stock G4412G101 8,707 232508 SH SOLE 232,508 0 0 0 HEWLETT-PACKARD CO Common Stock 428236103 2,687 112700 SH SOLE 112,700 0 0 0 HOME DEPOT INC/THE Common Stock 437076102 9,924 142224 SH SOLE 142,224 0 0 0 ICICI BANK LTD ADR 45104G104 26,056 607362 SH SOLE 607,362 0 0 0 IDEX CORP Common Stock 45167R104 61,358 1148593 SH SOLE 1,148,593 0 0 0 ILLINOIS TOOL WORKS INC Common Stock 452308109 225 3700 SH SOLE 3,700 0 0 0 INTEL CORP Common Stock 458140100 16,933 774978 SH SOLE 774,978 0 0 0 INTERNATIONAL BUSINESS MACHINE Common Stock 459200101 115,256 540345 SH SOLE 540,345 0 0 0 INTERNATIONAL SPEEDWAY CORP Common Stock 460335201 23,804 728407 SH SOLE 728,407 0 0 0 INTERPUBLIC GROUP OF COS INC/T Common Stock 460690100 16,045 1231377 SH SOLE 1,231,377 0 0 0 IPATH MSCI INDIA INDEX ETN ETP 06739F291 13,649 238373 SH SOLE 238,373 0 0 0 IPATH S&P 500 VIX SHORT-TERM F ETP 06740C188 960 47315 SH SOLE 47,315 0 0 0 ISHARES IBOXX $ HIGH YIELD COR ETP 464288513 8,351 88509 SH SOLE 88,509 0 0 0 ISHARES IBOXX INVESTMENT GRADE ETP 464287242 30,526 254592 SH SOLE 254,592 0 0 0 ISHARES MSCI JAPAN INDEX FUND ETP 464286848 2,796 258888 SH SOLE 258,888 0 0 0 ITAU UNIBANCO HOLDING SA ADR 465562106 127,203 7146214 SH SOLE 7,146,214 0 0 0 JAZZ PHARMACEUTICALS PLC Common Stock G50871105 18,353 328265 SH SOLE 328,265 0 0 0 JOHNSON & JOHNSON Common Stock 478160104 124,242 1523884 SH SOLE 1,523,884 0 0 0 JPMORGAN CHASE & CO Common Stock 46625H100 260,441 5487588 SH SOLE 5,487,588 0 0 0 KELLOGG CO Common Stock 487836108 12,880 199903 SH SOLE 199,903 0 0 0 KEYCORP Common Stock 493267108 120,907 12139236 SH SOLE 12,139,236 0 0 0 KIMBERLY-CLARK CORP Common Stock 494368103 4,917 50183 SH SOLE 50,183 0 0 0 KINROSS GOLD CORP Common Stock 496902404 74,055 9354751 SH SOLE 9,354,751 0 0 0 KLA-TENCOR CORP Common Stock 482480100 169 3200 SH SOLE 3,200 0 0 0 KRAFT FOODS GROUP INC Common Stock 50076Q106 8,168 158505 SH SOLE 158,505 0 0 0 LEUCADIA NATIONAL CORP Common Stock 527288104 2,646 96466 SH SOLE 96,466 0 0 0 LINCOLN NATIONAL CORP Common Stock 534187109 150,883 4626887 SH SOLE 4,626,887 0 0 0 LYONDELLBASELL INDUSTRIES NV Common Stock N53745100 137,205 2167886 SH SOLE 2,167,886 0 0 0 MACY'S INC Common Stock 55616P104 136,071 3252166 SH SOLE 3,252,166 0 0 0 MARATHON OIL CORP Common Stock 565849106 89,649 2658621 SH SOLE 2,658,621 0 0 0 MARATHON PETROLEUM CORP Common Stock 56585A102 136,659 1525213 SH SOLE 1,525,213 0 0 0 MARKET VECTORS GOLD MINERS ETF ETP 57060U100 16,940 447566 SH SOLE 447,566 0 0 0 MARSH & MCLENNAN COS INC Common Stock 571748102 190 5000 SH SOLE 5,000 0 0 0 MATTEL INC Common Stock 577081102 928 21200 SH SOLE 21,200 0 0 0 MCGRAW-HILL COS INC/THE Common Stock 580645109 271 5200 SH SOLE 5,200 0 0 0 MDC HOLDINGS INC Common Stock 552676108 9,656 263473 SH SOLE 263,473 0 0 0 MEDTRONIC INC Common Stock 585055106 81,738 1740596 SH SOLE 1,740,596 0 0 0 MERCADOLIBRE INC Common Stock 58733R102 57,453 595000 SH SOLE 595,000 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 ------------------------------ -------------- --------- -------- ----------- --- ---- ---------- ---------- ---- ------ ---- MERCK & CO INC Common Stock 58933Y105 28,507 644520 SH SOLE 644,520 0 0 0 METLIFE INC Common Stock 59156R108 195,894 5152399 SH SOLE 5,152,399 0 0 0 MICROSOFT CORP Common Stock 594918104 241,573 8443657 SH SOLE 8,443,657 0 0 0 MOLSON COORS BREWING CO Common Stock 60871R209 149,557 3056559 SH SOLE 3,056,559 0 0 0 MONDELEZ INTERNATIONAL INC Common Stock 609207105 14,559 475618 SH SOLE 475,618 0 0 0 MONSANTO CO Common Stock 61166W101 31,426 297514 SH SOLE 297,514 0 0 0 MOODY'S CORP Common Stock 615369105 119,987 2250321 SH SOLE 2,250,321 0 0 0 MOSAIC CO/THE Common Stock 61945C103 16,725 280567 SH SOLE 280,567 0 0 0 MOTOROLA SOLUTIONS INC Common Stock 620076307 8,865 138456 SH SOLE 138,456 0 0 0 MYLAN INC/PA Common Stock 628530107 138,913 4800044 SH SOLE 4,800,044 0 0 0 NASDAQ OMX GROUP INC/THE Common Stock 631103108 46,123 1427954 SH SOLE 1,427,954 0 0 0 NATIONAL OILWELL VARCO INC Common Stock 637071101 83,720 1183328 SH SOLE 1,183,328 0 0 0 NEW GOLD INC Common Stock 644535106 46,304 5091201 SH SOLE 5,091,201 0 0 0 NEWFIELD EXPLORATION CO Common Stock 651290108 27,964 1247261 SH SOLE 1,247,261 0 0 0 NEWMONT MINING CORP Common Stock 651639106 103,217 2463998 SH SOLE 2,463,998 0 0 0 NOBLE ENERGY INC Common Stock 655044105 90,839 785398 SH SOLE 785,398 0 0 0 NORTHROP GRUMMAN CORP Common Stock 666807102 20,156 287321 SH SOLE 287,321 0 0 0 NRG ENERGY INC Common Stock 629377508 67,998 2566938 SH SOLE 2,566,938 0 0 0 NU SKIN ENTERPRISES INC Common Stock 67018T105 36,881 834415 SH SOLE 834,415 0 0 0 OASIS PETROLEUM INC Common Stock 674215108 13,729 360617 SH SOLE 360,617 0 0 0 OCCIDENTAL PETROLEUM CORP Common Stock 674599105 267,500 3413298 SH SOLE 3,413,298 0 0 0 ORACLE CORP Common Stock 68389X105 229,306 7090465 SH SOLE 7,090,465 0 0 0 PATTERSON-UTI ENERGY INC Common Stock 703481101 100,619 4220589 SH SOLE 4,220,589 0 0 0 PEPSICO INC Common Stock 713448108 47,113 595541 SH SOLE 595,541 0 0 0 PETROLEO BRASILEIRO SA ADR 71654V101 92,357 5088528 SH SOLE 5,088,528 0 0 0 PFIZER INC Common Stock 717081103 416,073 14416948 SH SOLE 14,416,948 0 0 0 PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 75,550 814912 SH SOLE 814,912 0 0 0 PLATINUM GROUP METALS LTD Common Stock 72765Q205 5,280 3751084 SH SOLE 3,751,084 0 0 0 PRECISION CASTPARTS CORP Common Stock 740189105 59,908 315938 SH SOLE 315,938 0 0 0 PRECISION DRILLING CORP Common Stock 74022D308 18,995 2055128 SH SOLE 2,055,128 0 0 0 PRICELINE.COM INC Common Stock 741503403 32,681 47507 SH SOLE 47,507 0 0 0 PROCTER & GAMBLE CO/THE Common Stock 742718109 73,566 954660 SH SOLE 954,660 0 0 0 PROSHARES SHORT S&P500 ETP 74347R503 1,146 37335 SH SOLE 37,335 0 0 0 QEP RESOURCES INC Common Stock 74733V100 33,669 1057442 SH SOLE 1,057,442 0 0 0 QUALCOMM INC Common Stock 747525103 120,803 1804373 SH SOLE 1,804,373 0 0 0 RADIOSHACK CORP Common Stock 750438103 20,528 6109630 SH SOLE 6,109,630 0 0 0 REYNOLDS AMERICAN INC Common Stock 761713106 311 7000 SH SOLE 7,000 0 0 0 RIO ALTO MINING LTD Common Stock 76689T104 1,002 217941 SH SOLE 217,941 0 0 0 SANDSTORM GOLD LTD Common Stock 80013R206 961 101454 SH SOLE 101,454 0 0 0 SCHLUMBERGER LTD Common Stock 806857108 14,736 196763 SH SOLE 196,763 0 0 0 SIGNET JEWELERS LTD Common Stock G81276100 297,030 4408154 SH SOLE 4,408,154 0 0 0 SK TELECOM CO LTD ADR 78440P108 2,554 142940 SH SOLE 142,940 0 0 0 SKYLINE CORP Common Stock 830830105 863 144620 SH SOLE 144,620 0 0 0 SOCIEDAD QUIMICA Y MINERA DE C ADR 833635105 520 9370 SH SOLE 9,370 0 0 0 SOUTHERN COPPER CORP Common Stock 84265V105 563 14990 SH SOLE 14,990 0 0 0 SOUTHWEST AIRLINES CO Common Stock 844741108 118,279 6322862 SH SOLE 6,322,862 0 0 0 SOUTHWESTERN ENERGY CO Common Stock 845467109 29,710 834560 SH SOLE 834,560 0 0 0 SPDR S&P EMERGING EUROPE ETF ETP 78463X608 7,655 186334 SH SOLE 186,334 0 0 0 STAPLES INC Common Stock 855030102 62,082 4622619 SH SOLE 4,622,619 0 0 0 SUNCOR ENERGY INC Common Stock 867224107 140,709 4696230 SH SOLE 4,696,230 0 0 0 SYMANTEC CORP Common Stock 871503108 24,786 1004314 SH SOLE 1,004,314 0 0 0 TAIWAN SEMICONDUCTOR MANUFACTU ADR 874039100 4,033 234600 SH SOLE 234,600 0 0 0 TARGET CORP Common Stock 87612E106 363 5300 SH SOLE 5,300 0 0 0 TATA MOTORS LTD ADR 876568502 20,006 819589 SH SOLE 819,589 0 0 0 TECHNOLOGY SELECT SECTOR SPDR ETP 81369Y803 98 3230 SH SOLE 3,230 0 0 0 TELEFONICA BRASIL SA ADR 87936R106 99,362 3724205 SH SOLE 3,724,205 0 0 0 TENARIS SA ADR 88031M109 13,429 329300 SH SOLE 329,300 0 0 0 TERNIUM SA ADR 880890108 11,327 556600 SH SOLE 556,600 0 0 0 TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 24,152 608664 SH SOLE 608,664 0 0 0 THERMO FISHER SCIENTIFIC INC Common Stock 883556102 123,307 1612064 SH SOLE 1,612,064 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 ------------------------------ -------------- --------- -------- ----------- --- ---- ---------- ---------- ---- ------ ---- TIME WARNER INC Common Stock 887317303 421 7300 SH SOLE 7,300 0 0 0 TOWERS WATSON & CO Common Stock 891894107 55,841 805551 SH SOLE 805,551 0 0 0 TRANSOCEAN LTD Common Stock H8817H100 37,862 728680 SH SOLE 728,680 0 0 0 TUPPERWARE BRANDS CORP Common Stock 899896104 111,024 1358253 SH SOLE 1,358,253 0 0 0 UNITED TECHNOLOGIES CORP Common Stock 913017109 85,508 915211 SH SOLE 915,211 0 0 0 UNITEDHEALTH GROUP INC Common Stock 91324P102 176,897 3092071 SH SOLE 3,092,071 0 0 0 US BANCORP Common Stock 902973304 3,912 115296 SH SOLE 115,296 0 0 0 VALE SA ADR 91912E105 21,717 1256021 SH SOLE 1,256,021 0 0 0 VALE SA ADR 91912E204 6,834 413454 SH SOLE 413,454 0 0 0 VALEANT PHARMACEUTICALS INTERN Common Stock 91911K102 183,705 2448748 SH SOLE 2,448,748 0 0 0 VALERO ENERGY CORP Common Stock 91913Y100 327,725 7204331 SH SOLE 7,204,331 0 0 0 VALIDUS HOLDINGS LTD Common Stock G9319H102 57,525 1539335 SH SOLE 1,539,335 0 0 0 VALSPAR CORP Common Stock 920355104 58,924 1023527 SH SOLE 1,023,527 0 0 0 VALUECLICK INC Common Stock 92046N102 111,732 3781116 SH SOLE 3,781,116 0 0 0 VERIZON COMMUNICATIONS INC Common Stock 92343V104 133,212 2710324 SH SOLE 2,710,324 0 0 0 VF CORP Common Stock 918204108 64,702 385702 SH SOLE 385,702 0 0 0 WAL-MART STORES INC Common Stock 931142103 24,614 328934 SH SOLE 328,934 0 0 0 WASHINGTON POST CO/THE Common Stock 939640108 27,206 60863 SH SOLE 60,863 0 0 0 WEATHERFORD INTERNATIONAL LTD/ Common Stock H27013103 53,770 4429148 SH SOLE 4,429,148 0 0 0 WELLS FARGO & CO Common Stock 949746101 9,043 244482 SH SOLE 244,482 0 0 0 WESCO INTERNATIONAL INC Common Stock 95082P105 61,429 846007 SH SOLE 846,007 0 0 0 WHITING PETROLEUM CORP Common Stock 966387102 46,283 910357 SH SOLE 910,357 0 0 0 WOLVERINE WORLD WIDE INC Common Stock 978097103 39,993 901361 SH SOLE 901,361 0 0 0 WUXI PHARMATECH CAYMAN INC ADR 929352102 311 18100 SH SOLE 18,100 0 0 0 YAMANA GOLD INC Common Stock 98462Y100 91,097 5913740 SH SOLE 5,913,740 0 0 0 ZIMMER HOLDINGS INC Common Stock 98956P102 155,759 2070707 SH SOLE 2,070,707 0 0 0