Ninety One UK 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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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	MANAGER	SOLE	SHARED	NONE
3M CO	Common Stock	88579Y101	15,569	142,373	SH		SOLE	142,373	0	0	0
ABBVIE INC	Common Stock	00287Y109	1,899	45,969	SH		SOLE	45,969	0	0	0
ACCENTURE PLC	Common Stock	G1151C101	20,445	284,113	SH		SOLE	284,113	0	0	0
ACTIVISION BLIZZARD INC	Common Stock	00507V109	101,225	7,098,523	SH		SOLE	7,098,523	0	0	0
ACTUANT CORP	Common Stock	00508X203	54,895	1,665,009	SH		SOLE	1,665,009	0	0	0
ADECOAGRO SA	Common Stock	L00849106	3,209	513,400	SH		SOLE	513,400	0	0	0
AGCO CORP	Common Stock	1084102	43,507	866,839	SH		SOLE	866,839	0	0	0
AGNICO EAGLE MINES LTD	Common Stock	8474108	8,403	305,682	SH		SOLE	305,682	0	0	0
AGRIUM INC	Common Stock	8916108	1,241	14,362	SH		SOLE	14,362	0	0	0
ALLIANCE DATA SYSTEMS CORP	Common Stock	18581108	149,697	826,917	SH		SOLE	826,917	0	0	0
ALLIED WORLD ASSURANCE CO HOLD	Common Stock	H01531104	63,437	693,226	SH		SOLE	693,226	0	0	0
ALTRIA GROUP INC	Common Stock	02209S103	70,261	2,008,041	SH		SOLE	2,008,041	0	0	0
AMERCIAN INT'L GROUP INC	Common Stock	26874784	31,150	696,862	SH		SOLE	696,862	0	0	0
AMERICAN FINANCIAL GROUP INC/O	Common Stock	25932104	66,250	1,354,536	SH		SOLE	1,354,536	0	0	0
AMERISOURCEBERGEN CORP	Common Stock	03073E105	229,431	4,109,445	SH		SOLE	4,109,445	0	0	0
ANADARKO PETROLEUM CORP	Common Stock	32511107	82,578	960,995	SH		SOLE	960,995	0	0	0
ANGLOGOLD ASHANTI LTD	ADR	35128206	23,020	1,609,797	SH		SOLE	1,609,797	0	0	0
ANHEUSER-BUSCH INBEV NV	ADR	03524A108	67,271	745,300	SH		SOLE	745,300	0	0	0
APACHE CORP	Common Stock	37411105	56,990	679,825	SH		SOLE	679,825	0	0	0
ARCH COAL INC	Common Stock	39380100	169	44,596	SH		SOLE	44,596	0	0	0
ARRIS GROUP INC	Common Stock	04270V106	68,713	4,801,509	SH		SOLE	4,801,509	0	0	0
AVON PRODUCTS INC	Common Stock	54303102	163,567	7,777,812	SH		SOLE	7,777,812	0	0	0
BAIDU INC	ADR	56752108	19	200	SH		SOLE	200	0	0	0
BAKER HUGHES INC	Common Stock	57224107	80,421	1,743,350	SH		SOLE	1,743,350	0	0	0
BANCO BRADESCO SA	ADR	59460303	331	25,464	SH		SOLE	53,464	0	0	0
BARRICK GOLD CORP	Common Stock	67901108	32,136	2,042,096	SH		SOLE	2,042,096	0	0	0
BAXTER INTERNATIONAL INC	Common Stock	71813109	2,712	39,151	SH		SOLE	39,151	0	0	0
BIG LOTS INC	Common Stock	89302103	95,600	3,032,026	SH		SOLE	3,032,026	0	0	0
BRF SA	ADR	10552T107	87	4,000	SH		SOLE	4,000	0	0	0
BUNGE LTD	Common Stock	G16962105	8,413	118,873	SH		SOLE	118,873	0	0	0
CAMERON INTERNATIONAL CORP	Common Stock	13342B105	25,743	420,916	SH		SOLE	420,916	0	0	0
CAMPBELL SOUP CO	Common Stock	134429109	2,629	58,688	SH		SOLE	58,688	0	0	0
CANADIAN NATURAL RESOURCES LTD	Common Stock	136385101	24,712	879,239	SH		SOLE	879,239	0	0	0
CARNIVAL CORP	Common Stock	143658300	29,612	863,586	SH		SOLE	863,586	0	0	0
CBS CORP	Common Stock	124857202	195,212	3,994,509	SH		SOLE	3,994,509	0	0	0
CEMENTOS PACASMAYO SAA	ADR	15126Q109	5,167	405,900	SH		SOLE	405,900	0	0	0
CHECK POINT SOFTWARE TECHNOLOG	Common Stock	M22465104	95,276	1,917,800	SH		SOLE	1,917,800	0	0	0
CHEVRON CORP	Common Stock	166764100	211,243	1,785,056	SH		SOLE	1,785,056	0	0	0
CHICO'S FAS INC	Common Stock	168615102	67,629	3,964,182	SH		SOLE	3,964,182	0	0	0
CIA DE SANEAMENTO BASICO DO ES	ADR	20441A102	88,509	8,502,312	SH		SOLE	8,502,312	0	0	0
CIGNA CORP	Common Stock	125509109	165,400	2,281,685	SH		SOLE	2,281,685	0	0	0
CISCO SYSTEMS INC	Common Stock	17275R102	290,941	11,967,986	SH		SOLE	11,967,986	0	0	0
CITIGROUP INC	Common Stock	172967424	222,746	4,643,441	SH		SOLE	4,643,441	0	0	0
CLIFFS NATURAL RESOURCES INC	Common Stock	18683K101	10,592	651,790	SH		SOLE	651,790	0	0	0
COACH INC	Common Stock	189754104	112,537	1,971,224	SH		SOLE	1,971,224	0	0	0
COCA-COLA CO/THE	Common Stock	191216100	50,429	1,257,276	SH		SOLE	1,257,276	0	0	0
COLGATE-PALMOLIVE CO	Common Stock	194162103	17,569	306,660	SH		SOLE	306,660	0	0	0
CONAGRA FOODS INC	Common Stock	205887102	110,553	3,164,993	SH		SOLE	3,164,993	0	0	0
CONOCOPHILLIPS	Common Stock	20825C104	26,408	436,504	SH		SOLE	436,504	0	0	0
CONSOL ENERGY INC	Common Stock	20854P109	48,713	1,797,520	SH		SOLE	1,797,520	0	0	0
COPA HOLDINGS SA	Common Stock	P31076105	839	6,400	SH		SOLE	6,400	0	0	0
CORNING INC	Common Stock	219350105	22,407	1,574,616	SH		SOLE	1,574,616	0	0	0
CST BRANDS INC	Common Stock	12646R105	60,669	1,969,128	SH		SOLE	1,969,128	0	0	0
CTC MEDIA INC	Common Stock	12642X106	9,756	877,344	SH		SOLE	877,344	0	0	0
CUMMINS INC	Common Stock	231021106	1,250	11,523	SH		SOLE	11,523	0	0	0
DANAHER CORP	Common Stock	235851102	54,954	862,462	SH		SOLE	862,462	0	0	0
DEERE & CO	Common Stock	244199105	10,737	132,145	SH		SOLE	132,145	0	0	0
DELL INC	Common Stock	24702R101	29,656	2,221,438	SH		SOLE	2,221,438	0	0	0
DENBURY RESOURCES INC	Common Stock	247916208	1,218	70,324	SH		SOLE	70,324	0	0	0
DOW CHEMICAL CO/THE	Common Stock	260543103	4,558	141,684	SH		SOLE	141,684	0	0	0
DST SYSTEMS INC	Common Stock	233326107	18,903	289,342	SH		SOLE	289,342	0	0	0
DUN & BRADSTREET CORP/THE	Common Stock	26483E100	115,632	1,186,569	SH		SOLE	1,186,569	0	0	0
EASTMAN CHEMICAL CO	Common Stock	277432100	4,737	67,661	SH		SOLE	67,661	0	0	0
EI DU PONT DE NEMOURS & CO	Common Stock	263534109	9,380	178,664	SH		SOLE	178,664	0	0	0
ELDORADO GOLD CORP	Common Stock	284902103	15,104	2,447,568	SH		SOLE	2,447,568	0	0	0
EMC CORP/MA	Common Stock	268648102	120,709	5,110,465	SH		SOLE	5,110,465	0	0	0
EMERSON ELECTRIC CO	Common Stock	291011104	132,232	2,424,508	SH		SOLE	2,424,508	0	0	0
EMPRESAS ICA SAB DE CV	ADR	292448206	2,139	284,000	SH		SOLE	284,000	0	0	0
ENERGIZER HOLDINGS INC	Common Stock	29266R108	64,376	640,498	SH		SOLE	640,498	0	0	0
ENERSIS SA	ADR	29274F104	9,764	596,800	SH		SOLE	596,800	0	0	0
ENSCO PLC	Common Stock	G3157S106	79,517	1,368,150	SH		SOLE	1,368,150	0	0	0
EXELON CORP	Common Stock	30161N101	11,774	381,291	SH		SOLE	381,291	0	0	0
EXPEDIA INC	Common Stock	30212P303	9,418	156,576	SH		SOLE	156,576	0	0	0
EXXON MOBIL CORP	Common Stock	30231G102	13,665	151,245	SH		SOLE	151,245	0	0	0
FEMALE HEALTH CO/THE	Common Stock	314462102	1,730	176,535	SH		SOLE	176,535	0	0	0
FIDELITY NATIONAL INFORMATION	Common Stock	31620M106	3,285	76,682	SH		SOLE	76,682	0	0	0
FIFTH THIRD BANCORP	Common Stock	316773100	2,655	147,072	SH		SOLE	147,072	0	0	0
FISERV INC	Common Stock	337738108	183,331	2,097,375	SH		SOLE	2,097,375	0	0	0
FOREST OIL CORP	Common Stock	346091705	204	49,916	SH		SOLE	49,916	0	0	0
FRANCO-NEVADA CORP	Common Stock	351858105	37,136	1,040,548	SH		SOLE	1,040,548	0	0	0
GENERAL ELECTRIC CO	Common Stock	369604103	4,097	176,674	SH		SOLE	176,674	0	0	0
GOLD FIELDS	ADR	38059T106	20,648	3,932,903	SH		SOLE	3,932,903	0	0	0
GOLDCORP INC	Common Stock	380956409	43,741	1,768,746	SH		SOLE	1,768,746	0	0	0
GOLDMAN SACHS GROUP INC/THE	Common Stock	38141G104	210,354	1,390,774	SH		SOLE	1,390,774	0	0	0
GOOGLE INC	Common Stock	38259P508	77,982	88,579	SH		SOLE	88,579	0	0	0
GRUPO AEROPORTUARIO DEL SUREST	ADR	40051E202	8,230	73,985	SH		SOLE	73,985	0	0	0
HELMERICH & PAYNE INC	Common Stock	423452101	133,635	2,139,868	SH		SOLE	2,139,868	0	0	0
HENRY SCHEIN INC	Common Stock	806407102	58,042	606,186	SH		SOLE	606,186	0	0	0
HERBALIFE LTD	Common Stock	G4412G101	10,441	231,308	SH		SOLE	231,308	0	0	0
HEWLETT-PACKARD CO	Common Stock	428236103	2,795	112,700	SH		SOLE	112,700	0	0	0
HOME DEPOT INC/THE	Common Stock	437076102	10,554	136,237	SH		SOLE	136,237	0	0	0
HYPERDYNAMICS CORP	Common Stock	448954107	237	498,586	SH		SOLE	498,586	0	0	0
ICICI BANK LTD	ADR	45104G104	23,367	610,904	SH		SOLE	610,904	0	0	0
IDEX CORP	Common Stock	45167R104	64,019	1,189,725	SH		SOLE	1,189,725	0	0	0
ILLINOIS TOOL WORKS INC	Common Stock	452308109	2,442	35,312	SH		SOLE	35,312	0	0	0
IMPERIAL OIL LTD	Common Stock	453038408	19,591	514,769	SH		SOLE	514,769	0	0	0
INTEL CORP	Common Stock	458140100	18,144	749,118	SH		SOLE	749,118	0	0	0
INTERNATIONAL BUSINESS MACHINE	Common Stock	459200101	121,705	636,832	SH		SOLE	636,832	0	0	0
INTERNATIONAL SPEEDWAY CORP	Common Stock	460335201	21,971	698,148	SH		SOLE	698,148	0	0	0
INTERPUBLIC GROUP OF COS INC/T	Common Stock	460690100	17,167	1,179,887	SH		SOLE	1,179,887	0	0	0
IPATH MSCI INDIA INDEX ETN	ETP	06739F291	14,789	276,355	SH		SOLE	276,355	0	0	0
IPATH S&P 500 VIX SHORT-TERM F	ETP	06740C188	981	47,315	SH		SOLE	47,315	0	0	0
ISHARES IBOXX $ INVESTMENT GRA	ETP	464287242	27,844	245,000	SH		SOLE	245,000	0	0	0
ISHARES MSCI JAPAN ETF	ETP	464286848	2,905	258,888	SH		SOLE	258,888	0	0	0
ISHARES RUSSELL 2000 ETF	ETP	464287655	469	4,830	SH		SOLE	4,830	0	0	0
ITAU UNIBANCO HOLDING SA	ADR	465562106	128,077	9,913,046	SH		SOLE	9,913,046	0	0	0
JAZZ PHARMACEUTICALS PLC	Common Stock	G50871105	23,537	342,462	SH		SOLE	342,462	0	0	0
JOHNSON & JOHNSON	Common Stock	478160104	143,700	1,673,654	SH		SOLE	1,673,654	0	0	0
JPMORGAN CHASE & CO	Common Stock	46625H100	277,263	5,252,194	SH		SOLE	5,252,194	0	0	0
KELLOGG CO	Common Stock	487836108	22,372	348,315	SH		SOLE	348,315	0	0	0
KEYCORP	Common Stock	493267108	146,511	13,270,991	SH		SOLE	13,270,991	0	0	0
KIMBERLY-CLARK CORP	Common Stock	494368103	12,267	126,283	SH		SOLE	126,283	0	0	0
KINROSS GOLD CORP	Common Stock	496902404	44,138	8,641,419	SH		SOLE	8,641,419	0	0	0
KLA-TENCOR CORP	Common Stock	482480100	1,706	30,613	SH		SOLE	30,613	0	0	0
LEUCADIA NATIONAL CORP	Common Stock	527288104	2,529	96,466	SH		SOLE	96,466	0	0	0
LINCOLN NATIONAL CORP	Common Stock	534187109	170,745	4,674,390	SH		SOLE	4,674,390	0	0	0
LYONDELLBASELL INDUSTRIES NV	Common Stock	N53745100	150,018	2,264,082	SH		SOLE	2,264,082	0	0	0
MACY'S INC	Common Stock	55616P104	158,036	3,292,407	SH		SOLE	3,292,407	0	0	0
MARATHON OIL CORP	Common Stock	565849106	94,581	2,735,137	SH		SOLE	2,735,137	0	0	0
MARATHON PETROLEUM CORP	Common Stock	56585A102	109,684	1,543,546	SH		SOLE	1,543,546	0	0	0
MARKET VECTORS GOLD MINERS ETF	ETP	57060U100	10,925	447,566	SH		SOLE	447,566	0	0	0
MARSH & MCLENNAN COS INC	Common Stock	571748102	1,907	47,789	SH		SOLE	47,789	0	0	0
MATTEL INC	Common Stock	577081102	4,174	92,140	SH		SOLE	92,140	0	0	0
MCGRAW HILL FINANCIAL INC	Common Stock	580645109	2,639	49,608	SH		SOLE	49,608	0	0	0
MDC HOLDINGS INC	Common Stock	552676108	8,182	251,670	SH		SOLE	251,670	0	0	0
MEDTRONIC INC	Common Stock	585055106	74,527	1,447,967	SH		SOLE	1,447,967	0	0	0
MERCK & CO INC	Common Stock	58933Y105	28,365	610,659	SH		SOLE	610,659	0	0	0
METLIFE INC	Common Stock	59156R108	213,110	4,657,123	SH		SOLE	4,657,123	0	0	0
MICROSOFT CORP	Common Stock	594918104	297,445	8,614,094	SH		SOLE	8,614,094	0	0	0
MOLSON COORS BREWING CO	Common Stock	60871R209	147,382	3,079,429	SH		SOLE	3,079,429	0	0	0
MONDELEZ INTERNATIONAL INC	Common Stock	609207105	12,237	428,918	SH		SOLE	428,918	0	0	0
MONSANTO CO	Common Stock	61166W101	42,200	427,124	SH		SOLE	427,124	0	0	0
MOODY'S CORP	Common Stock	615369105	118,494	1,944,766	SH		SOLE	1,944,766	0	0	0
MOSAIC CO/THE	Common Stock	61945C103	12,751	236,956	SH		SOLE	236,956	0	0	0
MOTOROLA SOLUTIONS INC	Common Stock	620076307	7,658	132,659	SH		SOLE	132,659	0	0	0
MYLAN INC/PA	Common Stock	628530107	178,692	5,758,688	SH		SOLE	5,758,688	0	0	0
NATIONAL OILWELL VARCO INC	Common Stock	637071101	78,912	1,145,317	SH		SOLE	1,145,317	0	0	0
NETEASE INC	ADR	64110W102	49,486	783,384	SH		SOLE	783,384	0	0	0
NEVSUN RESOURCES LTD	Common Stock	64156L101	8,235	2,793,507	SH		SOLE	2,793,507	0	0	0
NEW GOLD INC	Common Stock	644535106	26,824	4,155,376	SH		SOLE	4,155,376	0	0	0
NEW YORK TIMES CO/THE	Common Stock	650111107	9,285	839,500	SH		SOLE	839,500	0	0	0
NEWFIELD EXPLORATION CO	Common Stock	651290108	19,920	833,828	SH		SOLE	833,828	0	0	0
NEWMONT MINING CORP	Common Stock	651639106	62,154	2,075,261	SH		SOLE	2,075,261	0	0	0
NIKE INC	Common Stock	654106103	11,243	176,555	SH		SOLE	176,555	0	0	0
NOBLE ENERGY INC	Common Stock	655044105	127,016	2,115,525	SH		SOLE	2,115,525	0	0	0
NORTHERN OIL AND GAS INC	Common Stock	665531109	257	19,299	SH		SOLE	19,299	0	0	0
NORTHROP GRUMMAN CORP	Common Stock	666807102	22,794	275,295	SH		SOLE	275,295	0	0	0
NRG ENERGY INC	Common Stock	629377508	69,407	2,599,510	SH		SOLE	2,599,510	0	0	0
NU SKIN ENTERPRISES INC	Common Stock	67018T105	51,018	834,726	SH		SOLE	834,726	0	0	0
NXP SEMICONDUCTOR NV	Common Stock	N6596X109	78,751	2,542,000	SH		SOLE	2,542,000	0	0	0
OASIS PETROLEUM INC	Common Stock	674215108	17,919	460,991	SH		SOLE	460,991	0	0	0
OCCIDENTAL PETROLEUM CORP	Common Stock	674599105	224,996	2,521,539	SH		SOLE	2,521,539	0	0	0
ON SEMICONDUCTOR CORP	Common Stock	682189105	152,446	18,867,034	SH		SOLE	18,867,034	0	0	0
PATTERSON-UTI ENERGY INC	Common Stock	703481101	16,409	847,812	SH		SOLE	847,812	0	0	0
PENN VIRGINIA CORP	Common Stock	707882106	303	64,511	SH		SOLE	64,511	0	0	0
PEPSICO INC	Common Stock	713448108	61,437	751,155	SH		SOLE	751,155	0	0	0
PETROLEO BRASILEIRO SA	ADR	71654V101	83,401	5,688,998	SH		SOLE	5,688,998	0	0	0
PFIZER INC	Common Stock	717081103	396,073	14,140,424	SH		SOLE	14,140,424	0	0	0
PHILIP MORRIS INTERNATIONAL IN	Common Stock	718172109	82,387	951,136	SH		SOLE	951,136	0	0	0
PLATINUM GROUP METALS LTD	Common Stock	72765Q205	4,477	5,133,604	SH		SOLE	5,133,604	0	0	0
POTASH CORP OF SASKATCHEWAN IN	Common Stock	73755L107	15,462	332,598	SH		SOLE	332,598	0	0	0
PPG INDUSTRIES INC	Common Stock	693506107	4,642	31,708	SH		SOLE	31,708	0	0	0
PRECISION CASTPARTS CORP	Common Stock	740189105	73,007	323,025	SH		SOLE	323,025	0	0	0
PRICELINE.COM INC	Common Stock	741503403	38,547	46,603	SH		SOLE	46,603	0	0	0
PROCTER & GAMBLE CO/THE	Common Stock	742718109	38,008	493,680	SH		SOLE	493,680	0	0	0
PROSHARES SHORT S&P500	ETP	74347R503	683	22,996	SH		SOLE	22,996	0	0	0
QEP RESOURCES INC	Common Stock	74733V100	35,907	1,292,550	SH		SOLE	1,292,550	0	0	0
QUALCOMM INC	Common Stock	747525103	39,694	649,877	SH		SOLE	649,877	0	0	0
REYNOLDS AMERICAN INC	Common Stock	761713106	3,230	66,784	SH		SOLE	66,784	0	0	0
ROCKWELL AUTOMATION INC	Common Stock	773903109	1,557	18,728	SH		SOLE	18,728	0	0	0
SANDSTORM GOLD LTD	Common Stock	80013R206	593	101,454	SH		SOLE	101,454	0	0	0
SCHLUMBERGER LTD	Common Stock	806857108	48,302	674,040	SH		SOLE	674,040	0	0	0
SEAGATE TECHNOLOGY PLC	Common Stock	G7945M107	57,199	1,275,908	SH		SOLE	1,275,908	0	0	0
SHAW COMMUNICATIONS INC	Common Stock	82028K200	3,605	150,678	SH		SOLE	150,678	0	0	0
SIBANYE GOLD LTD	ADR	825724206	2,887	982,025	SH		SOLE	982,025	0	0	0
SIGNET JEWELERS LTD	Common Stock	G81276100	298,141	4,388,165	SH		SOLE	4,388,165	0	0	0
SK TELECOM CO LTD	ADR	78440P108	2,731	134,340	SH		SOLE	134,340	0	0	0
SKYLINE CORP	Common Stock	830830105	568	144,620	SH		SOLE	144,620	0	0	0
SM ENERGY CO	Common Stock	78454L100	59,858	997,960	SH		SOLE	997,960	0	0	0
SOCIEDAD QUIMICA Y MINERA DE C	ADR	833635105	379	9,370	SH		SOLE	9,370	0	0	0
SOUTHWEST AIRLINES CO	Common Stock	844741108	114,970	8,919,282	SH		SOLE	8,919,282	0	0	0
SOUTHWESTERN ENERGY CO	Common Stock	845467109	26,507	725,624	SH		SOLE	725,624	0	0	0
SPDR S&P EMERGING EUROPE ETF	ETP	78463X608	6,786	186,334	SH		SOLE	186,334	0	0	0
ST JUDE MEDICAL INC	Common Stock	790849103	77,650	1,701,733	SH		SOLE	1,701,733	0	0	0
STAPLES INC	Common Stock	855030102	75,736	4,775,277	SH		SOLE	4,775,277	0	0	0
SUNCOR ENERGY INC	Common Stock	867224107	119,198	4,056,400	SH		SOLE	4,056,400	0	0	0
SYMANTEC CORP	Common Stock	871503108	2,467	109,774	SH		SOLE	109,774	0	0	0
TAIWAN SEMICONDUCTOR MANUFACTU	ADR	874039100	62,384	3,405,231	SH		SOLE	3,405,231	0	0	0
TARGET CORP	Common Stock	87612E106	3,482	50,568	SH		SOLE	50,568	0	0	0
TATA MOTORS LTD	ADR	876568502	19,564	834,631	SH		SOLE	834,631	0	0	0
TECHNOLOGY SELECT SECTOR SPDR	ETP	81369Y803	120	3,935	SH		SOLE	3,935	0	0	0
TECK RESOURCES LTD	Common Stock	878742204	961	45,120	SH		SOLE	45,120	0	0	0
TELEFONICA BRASIL SA	ADR	87936R106	85,656	3,753,550	SH		SOLE	3,753,550	0	0	0
TENARIS SA	ADR	88031M109	13,490	335,000	SH		SOLE	335,000	0	0	0
TERNIUM SA	ADR	880890108	12,831	567,000	SH		SOLE	567,000	0	0	0
TEVA PHARMACEUTICAL INDUSTRIES	ADR	881624209	24,450	623,730	SH		SOLE	623,730	0	0	0
THERMO FISHER SCIENTIFIC INC	Common Stock	883556102	136,687	1,615,105	SH		SOLE	1,615,105	0	0	0
TIME WARNER INC	Common Stock	887317303	2,681	46,366	SH		SOLE	46,366	0	0	0
TOWERS WATSON & CO	Common Stock	891894107	66,737	814,468	SH		SOLE	814,468	0	0	0
TRANSOCEAN LTD	Common Stock	H8817H100	33,619	701,134	SH		SOLE	701,134	0	0	0
TUPPERWARE BRANDS CORP	Common Stock	899896104	107,098	1,378,523	SH		SOLE	1,378,523	0	0	0
TYSON FOODS INC	Common Stock	902494103	385	15,000	SH		SOLE	15,000	0	0	0
UNION PACIFIC CORP	Common Stock	907818108	35,343	229,085	SH		SOLE	229,085	0	0	0
UNITED TECHNOLOGIES CORP	Common Stock	913017109	85,480	919,734	SH		SOLE	919,734	0	0	0
UNITEDHEALTH GROUP INC	Common Stock	91324P102	126,679	1,934,619	SH		SOLE	1,934,619	0	0	0
US BANCORP	Common Stock	902973304	4,376	121,058	SH		SOLE	121,058	0	0	0
VALE SA	ADR	91912E105	16,941	1,288,268	SH		SOLE	1,288,268	0	0	0
VALE SA	ADR	91912E204	5,086	418,254	SH		SOLE	418,254	0	0	0
VALEANT PHARMACEUTICALS INTERN	Common Stock	91911K102	196,358	2,281,112	SH		SOLE	2,281,112	0	0	0
VALERO ENERGY CORP	Common Stock	91913Y100	274,778	7,902,729	SH		SOLE	7,902,729	0	0	0
VALIDUS HOLDINGS LTD	Common Stock	G9319H102	56,291	1,558,431	SH		SOLE	1,558,431	0	0	0
VALSPAR CORP/THE	Common Stock	920355104	48,034	742,763	SH		SOLE	742,763	0	0	0
VALUECLICK INC	Common Stock	92046N102	91,685	3,722,224	SH		SOLE	3,722,224	0	0	0
VERIZON COMMUNICATIONS INC	Common Stock	92343V104	137,720	2,735,799	SH		SOLE	2,735,799	0	0	0
VF CORP	Common Stock	918204108	75,307	390,072	SH		SOLE	390,072	0	0	0
VIACOM INC	Common Stock	92553P201	2,762	40,600	SH		SOLE	40,600	0	0	0
WAL-MART STORES INC	Common Stock	931142103	26,896	361,064	SH		SOLE	361,064	0	0	0
WASHINGTON FEDERAL INC	Common Stock	938824109	29,373	1,555,799	SH		SOLE	1,555,799	0	0	0
WASHINGTON POST CO/THE	Common Stock	939640108	28,199	58,290	SH		SOLE	58,290	0	0	0
WEATHERFORD INTERNATIONAL LTD/	Common Stock	H27013103	39,886	2,911,384	SH		SOLE	2,911,384	0	0	0
WELLPOINT INC	Common Stock	94973V107	45,250	552,908	SH		SOLE	552,908	0	0	0
WELLS FARGO & CO	Common Stock	949746101	11,204	271,484	SH		SOLE	271,484	0	0	0
WESCO INTERNATIONAL INC	Common Stock	95082P105	58,128	855,332	SH		SOLE	855,332	0	0	0
WHITING PETROLEUM CORP	Common Stock	966387102	98,762	2,142,804	SH		SOLE	2,142,804	0	0	0
WOLVERINE WORLD WIDE INC	Common Stock	978097103	49,857	912,965	SH		SOLE	912,965	0	0	0
WUXI PHARMATECH CAYMAN INC	ADR	929352102	13,794	656,880	SH		SOLE	656,880	0	0	0
YAMANA GOLD INC	Common Stock	98462Y100	19,955	2,098,870	SH		SOLE	2,098,870	0	0	0
ZIMMER HOLDINGS INC	Common Stock	98956P102	153,742	2,051,531	SH		SOLE	2,051,531	0	0	0
ZOETIS INC	Common Stock	98978V103	3,557	115,165	SH		SOLE	115,165	0	0	0