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	17,572	147,159	SH		SOLE	147,159	0	0	0
ABBVIE INC	Common Stock	00287Y109	2,389	53,415	SH		SOLE	53,415	0	0	0
ACCENTURE PLC	Common Stock	G1151C101	16,973	230,487	SH		SOLE	230,487	0	0	0
ACTIVISION BLIZZARD INC	Common Stock	00507V109	118,100	7,084,607	SH		SOLE	7,084,607	0	0	0
ACTUANT CORP	Common Stock	00508X203	64,443	1,659,192	SH		SOLE	1,659,192	0	0	0
ADECOAGRO SA	Common Stock	L00849106	3,947	562,600	SH		SOLE	532,600	0	0	0
AGCO CORP	Common Stock	001084102	16,746	277,156	SH		SOLE	277,156	0	0	0
AGNICO EAGLE MINES LTD	Common Stock	008474108	12,653	476,758	SH		SOLE	476,758	0	0	0
AGRIUM INC	Common Stock	008916108	1,248	14,817	SH		SOLE	14,817	0	0	0
ALLIANCE DATA SYSTEMS CORP	Common Stock	018581108	166,475	787,229	SH		SOLE	787,229	0	0	0
ALLIED WORLD ASSURANCE CO HOLD	Common Stock	H01531104	69,129	695,533	SH		SOLE	695,533	0	0	0
ALTRIA GROUP INC	Common Stock	02209S103	80,624	2,347,141	SH		SOLE	2,347,141	0	0	0
AMERCIAN INT'L GROUP INC	Common Stock	026874784	84,423	1,736,035	SH		SOLE	1,736,035	0	0	0
AMERICAN FINANCIAL GROUP INC/O	Common Stock	025932104	73,332	1,356,494	SH		SOLE	1,356,494	0	0	0
AMERISOURCEBERGEN CORP	Common Stock	03073E105	172,593	2,824,767	SH		SOLE	2,824,767	0	0	0
ANADARKO PETROLEUM CORP	Common Stock	032511107	81,071	871,825	SH		SOLE	871,825	0	0	0
ANGLOGOLD ASHANTI LTD	ADR	035128206	21,492	1,618,397	SH		SOLE	1,618,397	0	0	0
ANHEUSER-BUSCH INBEV NV	ADR	03524A108	83,834	845,100	SH		SOLE	845,100	0	0	0
APPLE INC	Common Stock	037833100	7,265	15,239	SH		SOLE	15,239	0	0	0
ARCHER-DANIELS-MIDLAND CO	Common Stock	039483102	13,095	355,467	SH		SOLE	355,467	0	0	0
ARRIS GROUP INC	Common Stock	04270V106	81,934	4,802,713	SH		SOLE	4,802,713	0	0	0
ATWOOD OCEANICS INC	Common Stock	050095108	57,470	1,044,148	SH		SOLE	1,044,148	0	0	0
AVON PRODUCTS INC	Common Stock	054303102	167,161	8,114,623	SH		SOLE	8,114,623	0	0	0
BAIDU INC	ADR	056752108	47	300	SH		SOLE	300	0	0	0
BAKER HUGHES INC	Common Stock	057224107	112,628	2,293,858	SH		SOLE	2,293,858	0	0	0
BANCO BRADESCO SA	ADR	059460303	1,325	95,464	SH		SOLE	95,464	0	0	0
BANK OF NEW YORK MELLON CORP	Common Stock	064058100	2,113	70,000	SH		SOLE	70,000	0	0	0
BARRICK GOLD CORP	Common Stock	067901108	45,618	2,445,126	SH		SOLE	2,445,126	0	0	0
BAXTER INTERNATIONAL INC	Common Stock	071813109	2,990	45,510	SH		SOLE	45,510	0	0	0
BIG LOTS INC	Common Stock	089302103	87,222	2,351,619	SH		SOLE	2,351,619	0	0	0
BUNGE LTD	Common Stock	G16962105	13,233	174,328	SH		SOLE	174,328	0	0	0
CAMERON INTERNATIONAL CORP	Common Stock	13342B105	41,623	713,083	SH		SOLE	713,083	0	0	0
CAMPBELL SOUP CO	Common Stock	134429109	2,056	50,492	SH		SOLE	50,492	0	0	0
CANADIAN NATURAL RESOURCES LTD	Common Stock	136385101	23,834	756,836	SH		SOLE	756,836	0	0	0
CARDINAL HEALTH INC	Common Stock	14149Y108	65,908	1,263,807	SH		SOLE	1,263,807	0	0	0
CARNIVAL CORP	Common Stock	143658300	27,272	835,527	SH		SOLE	835,527	0	0	0
CBS CORP	Common Stock	124857202	222,219	4,028,618	SH		SOLE	4,028,618	0	0	0
CEMENTOS PACASMAYO SAA	ADR	15126Q109	4,555	389,280	SH		SOLE	389,280	0	0	0
CF INDUSTRIES HOLDINGS INC	Common Stock	125269100	21,173	100,427	SH		SOLE	100,427	0	0	0
CHECK POINT SOFTWARE TECHNOLOG	Common Stock	M22465104	101,509	1,794,722	SH		SOLE	1,794,722	0	0	0
CHEVRON CORP	Common Stock	166764100	242,972	1,999,773	SH		SOLE	1,999,773	0	0	0
CIA DE BEBIDAS DAS AMERICAS	ADR	20441W203	21,925	571,700	SH		SOLE	571,700	0	0	0
CIA DE SANEAMENTO BASICO DO ES	ADR	20441A102	84,919	8,526,012	SH		SOLE	8,526,012	0	0	0
CIGNA CORP	Common Stock	125509109	171,609	2,232,750	SH		SOLE	2,232,750	0	0	0
CISCO SYSTEMS INC	Common Stock	17275R102	283,806	12,118,100	SH		SOLE	12,118,100	0	0	0
CITIGROUP INC	Common Stock	172967424	212,311	4,376,654	SH		SOLE	4,376,654	0	0	0
COACH INC	Common Stock	189754104	130,531	2,393,743	SH		SOLE	2,393,743	0	0	0
COCA-COLA CO/THE	Common Stock	191216100	39,489	1,042,472	SH		SOLE	1,042,472	0	0	0
COLGATE-PALMOLIVE CO	Common Stock	194162103	35,875	604,978	SH		SOLE	604,978	0	0	0
COMMERCIAL METALS CO	Common Stock	201723103	16,321	962,871	SH		SOLE	962,871	0	0	0
CONOCOPHILLIPS	Common Stock	20825C104	77,225	1,110,996	SH		SOLE	1,110,996	0	0	0
CONSOL ENERGY INC	Common Stock	20854P109	13,961	414,882	SH		SOLE	414,882	0	0	0
COPA HOLDINGS SA	Common Stock	P31076105	2,371	17,100	SH		SOLE	17,100	0	0	0
CORNING INC	Common Stock	219350105	16,318	1,118,444	SH		SOLE	1,118,444	0	0	0
CST BRANDS INC	Common Stock	12646R105	56,659	1,901,304	SH		SOLE	1,901,304	0	0	0
CTC MEDIA INC	Common Stock	12642X106	9,310	885,865	SH		SOLE	885,865	0	0	0
CUMMINS INC	Common Stock	231021106	1,580	11,888	SH		SOLE	11,888	0	0	0
DANAHER CORP	Common Stock	235851102	62,612	903,234	SH		SOLE	903,234	0	0	0
DEERE & CO	Common Stock	244199105	2,283	28,053	SH		SOLE	28,053	0	0	0
DELL INC	Common Stock	24702R101	152	11,012	SH		SOLE	11,012	0	0	0
DENBURY RESOURCES INC	Common Stock	247916208	1,336	72,552	SH		SOLE	72,552	0	0	0
DOW CHEMICAL CO/THE	Common Stock	260543103	2,406	62,666	SH		SOLE	62,666	0	0	0
DST SYSTEMS INC	Common Stock	233326107	21,063	279,316	SH		SOLE	279,316	0	0	0
DUN & BRADSTREET CORP/THE	Common Stock	26483E100	126,210	1,215,309	SH		SOLE	1,215,309	0	0	0
EASTMAN CHEMICAL CO	Common Stock	277432100	2,331	29,926	SH		SOLE	29,926	0	0	0
EI DU PONT DE NEMOURS & CO	Common Stock	263534109	4,627	79,021	SH		SOLE	79,021	0	0	0
ELDORADO GOLD CORP	Common Stock	284902103	13,510	1,998,106	SH		SOLE	1,998,106	0	0	0
EMC CORP/MA	Common Stock	268648102	131,300	5,136,932	SH		SOLE	5,136,932	0	0	0
EMERSON ELECTRIC CO	Common Stock	291011104	160,406	2,479,224	SH		SOLE	2,479,224	0	0	0
EMPRESAS ICA SAB DE CV	ADR	292448206	2,425	284,000	SH		SOLE	284,000	0	0	0
ENERGIZER HOLDINGS INC	Common Stock	29266R108	58,506	641,864	SH		SOLE	641,864	0	0	0
ENERSIS SA	ADR	29274F104	9,675	602,400	SH		SOLE	602,400	0	0	0
ENSCO PLC	Common Stock	G3157S106	70,460	1,310,882	SH		SOLE	1,310,882	0	0	0
EXPEDIA INC	Common Stock	30212P303	8,157	157,494	SH		SOLE	157,494	0	0	0
EXXON MOBIL CORP	Common Stock	30231G102	5,867	68,192	SH		SOLE	68,192	0	0	0
FEMALE HEALTH CO/THE	Common Stock	314462102	1,723	176,535	SH		SOLE	176,535	0	0	0
FIDELITY NATIONAL INFORMATION	Common Stock	31620M106	3,225	69,454	SH		SOLE	69,454	0	0	0
FIFTH THIRD BANCORP	Common Stock	316773100	3,978	220,523	SH		SOLE	220,523	0	0	0
FISERV INC	Common Stock	337738108	214,742	2,125,102	SH		SOLE	2,125,102	0	0	0
FRANCO-NEVADA CORP	Common Stock	351858105	16,955	372,963	SH		SOLE	372,963	0	0	0
GENERAL ELECTRIC CO	Common Stock	369604103	4,903	205,237	SH		SOLE	205,237	0	0	0
GOLD FIELDS	ADR	38059T106	18,062	3,952,303	SH		SOLE	3,952,303	0	0	0
GOLDCORP INC	Common Stock	380956409	42,391	1,629,790	SH		SOLE	1,629,790	0	0	0
GOLDMAN SACHS GROUP INC/THE	Common Stock	38141G104	222,126	1,403,994	SH		SOLE	1,403,994	0	0	0
GOOGLE INC	Common Stock	38259P508	78,275	89,364	SH		SOLE	89,364	0	0	0
GRANA Y MONTERO SA	ADR	38500P208	357	17,898	SH		SOLE	17,898	0	0	0
GRUPO AEROPORTUARIO DEL SUREST	ADR	40051E202	9,012	82,785	SH		SOLE	82,785	0	0	0
HELMERICH & PAYNE INC	Common Stock	423452101	124,296	1,802,698	SH		SOLE	1,802,698	0	0	0
HERBALIFE LTD	Common Stock	G4412G101	13,166	188,708	SH		SOLE	188,708	0	0	0
HEWLETT-PACKARD CO	Common Stock	428236103	2,364	112,700	SH		SOLE	112,700	0	0	0
HYPERDYNAMICS CORP	Common Stock	448954206	223	50,555	SH		SOLE	50,555	0	0	0
ICICI BANK LTD	ADR	45104G104	18,647	611,766	SH		SOLE	611,766	0	0	0
IDEX CORP	Common Stock	45167R104	76,811	1,177,186	SH		SOLE	1,177,186	0	0	0
ILLINOIS TOOL WORKS INC	Common Stock	452308109	3,127	40,993	SH		SOLE	40,993	0	0	0
IMPERIAL OIL LTD	Common Stock	453038408	24,218	550,389	SH		SOLE	550,389	0	0	0
INTEL CORP	Common Stock	458140100	17,251	752,671	SH		SOLE	752,671	0	0	0
INTERNATIONAL BUSINESS MACHINE	Common Stock	459200101	126,388	682,512	SH		SOLE	682,512	0	0	0
INTERNATIONAL SPEEDWAY CORP	Common Stock	460335201	22,662	701,596	SH		SOLE	701,596	0	0	0
INTERPUBLIC GROUP OF COS INC/T	Common Stock	460690100	19,518	1,136,079	SH		SOLE	1,136,079	0	0	0
IPATH MSCI INDIA INDEX ETN	ETP	06739F291	12,077	238,728	SH		SOLE	238,728	0	0	0
IPATH S&P 500 VIX SHORT-TERM F	ETP	06740C188	696	47,315	SH		SOLE	47,315	0	0	0
ISHARES IBOXX $ INVESTMENT GRA	ETP	464287242	27,812	245,000	SH		SOLE	245,000	0	0	0
ISHARES MSCI JAPAN ETF	ETP	464286848	2,131	178,888	SH		SOLE	178,888	0	0	0
ISHARES RUSSELL 2000 ETF	ETP	464287655	515	4,830	SH		SOLE	4,830	0	0	0
ITAU UNIBANCO HOLDING SA	ADR	465562106	187,150	13,254,278	SH		SOLE	13,254,278	0	0	0
JAZZ PHARMACEUTICALS PLC	Common Stock	G50871105	31,579	343,359	SH		SOLE	343,359	0	0	0
JC PENNEY CO INC	Common Stock	708160106	4,686	531,342	SH		SOLE	531,342	0	0	0
JOHNSON & JOHNSON	Common Stock	478160104	136,719	1,577,097	SH		SOLE	1,577,097	0	0	0
JPMORGAN CHASE & CO	Common Stock	46625H100	274,577	5,312,002	SH		SOLE	5,312,002	0	0	0
KELLOGG CO	Common Stock	487836108	2,763	47,044	SH		SOLE	47,044	0	0	0
KEYCORP	Common Stock	493267108	137,960	12,101,740	SH		SOLE	12,101,740	0	0	0
KIMBERLY-CLARK CORP	Common Stock	494368103	11,898	126,283	SH		SOLE	126,283	0	0	0
KINROSS GOLD CORP	Common Stock	496902404	51,703	10,239,555	SH		SOLE	10,239,555	0	0	0
KLA-TENCOR CORP	Common Stock	482480100	2,166	35,592	SH		SOLE	35,592	0	0	0
LEUCADIA NATIONAL CORP	Common Stock	527288104	2,628	96,466	SH		SOLE	96,466	0	0	0
LINCOLN NATIONAL CORP	Common Stock	534187109	137,413	3,272,507	SH		SOLE	3,272,507	0	0	0
LYONDELLBASELL INDUSTRIES NV	Common Stock	N53745100	165,419	2,258,891	SH		SOLE	2,258,891	0	0	0
MACY'S INC	Common Stock	55616P104	139,805	3,230,999	SH		SOLE	3,230,999	0	0	0
MARATHON OIL CORP	Common Stock	565849106	96,033	2,753,230	SH		SOLE	2,753,230	0	0	0
MARATHON PETROLEUM CORP	Common Stock	56585A102	126,516	1,966,972	SH		SOLE	1,966,972	0	0	0
MARKET VECTORS GOLD MINERS ETF	ETP	57060U100	11,216	447,566	SH		SOLE	447,566	0	0	0
MARSH & MCLENNAN COS INC	Common Stock	571748102	2,419	55,537	SH		SOLE	55,537	0	0	0
MATTEL INC	Common Stock	577081102	4,562	108,979	SH		SOLE	108,979	0	0	0
MCGRAW HILL FINANCIAL INC	Common Stock	580645109	3,785	57,714	SH		SOLE	57,714	0	0	0
MDC HOLDINGS INC	Common Stock	552676108	18,777	625,676	SH		SOLE	625,676	0	0	0
MEDTRONIC INC	Common Stock	585055106	72,357	1,358,811	SH		SOLE	1,358,811	0	0	0
MERCK & CO INC	Common Stock	58933Y105	27,937	586,792	SH		SOLE	586,792	0	0	0
METLIFE INC	Common Stock	59156R108	207,739	4,424,687	SH		SOLE	4,424,687	0	0	0
MICROSOFT CORP	Common Stock	594918104	286,836	8,611,111	SH		SOLE	8,611,111	0	0	0
MOLSON COORS BREWING CO	Common Stock	60871R209	156,442	3,120,725	SH		SOLE	3,120,725	0	0	0
MONDELEZ INTERNATIONAL INC	Common Stock	609207105	13,527	430,512	SH		SOLE	430,512	0	0	0
MONSANTO CO	Common Stock	61166W101	23,578	225,906	SH		SOLE	225,906	0	0	0
MOODY'S CORP	Common Stock	615369105	163,254	2,321,256	SH		SOLE	2,321,256	0	0	0
MOTOROLA SOLUTIONS INC	Common Stock	620076307	7,915	133,296	SH		SOLE	133,296	0	0	0
MYLAN INC/PA	Common Stock	628530107	191,485	5,016,648	SH		SOLE	5,016,648	0	0	0
NATIONAL OILWELL VARCO INC	Common Stock	637071101	68,487	876,796	SH		SOLE	876,796	0	0	0
NETEASE INC	ADR	64110W102	61,801	851,130	SH		SOLE	851,130	0	0	0
NEVSUN RESOURCES LTD	Common Stock	64156L101	8,532	2,673,702	SH		SOLE	2,673,702	0	0	0
NEW GOLD INC	Common Stock	644535106	25,064	4,195,972	SH		SOLE	4,195,972	0	0	0
NEW YORK TIMES CO/THE	Common Stock	650111107	10,553	839,500	SH		SOLE	839,500	0	0	0
NEWMONT MINING CORP	Common Stock	651639106	50,166	1,785,275	SH		SOLE	1,785,275	0	0	0
NIKE INC	Common Stock	654106103	12,825	176,555	SH		SOLE	176,555	0	0	0
NOBLE ENERGY INC	Common Stock	655044105	146,239	2,182,340	SH		SOLE	2,182,340	0	0	0
NORTHERN OIL AND GAS INC	Common Stock	665531109	278	19,299	SH		SOLE	19,299	0	0	0
NORTHERN TRUST CORP	Common Stock	665859104	11,771	216,427	SH		SOLE	216,427	0	0	0
NORTHROP GRUMMAN CORP	Common Stock	666807102	18,034	189,311	SH		SOLE	189,311	0	0	0
NRG ENERGY INC	Common Stock	629377508	71,135	2,602,822	SH		SOLE	2,602,822	0	0	0
NU SKIN ENTERPRISES INC	Common Stock	67018T105	54,567	569,953	SH		SOLE	569,953	0	0	0
NXP SEMICONDUCTOR NV	Common Stock	N6596X109	170,356	4,578,226	SH		SOLE	4,578,226	0	0	0
OASIS PETROLEUM INC	Common Stock	674215108	21,798	443,679	SH		SOLE	443,679	0	0	0
OCCIDENTAL PETROLEUM CORP	Common Stock	674599105	201,774	2,157,092	SH		SOLE	2,157,092	0	0	0
ON SEMICONDUCTOR CORP	Common Stock	682189105	109,274	14,969,007	SH		SOLE	14,969,007	0	0	0
PATTERSON-UTI ENERGY INC	Common Stock	703481101	29,675	1,387,961	SH		SOLE	1,387,961	0	0	0
PENN VIRGINIA CORP	Common Stock	707882106	273	41,119	SH		SOLE	41,119	0	0	0
PEPSICO INC	Common Stock	713448108	59,717	751,155	SH		SOLE	751,155	0	0	0
PETROLEO BRASILEIRO SA	ADR	71654V101	87,950	5,257,016	SH		SOLE	5,257,016	0	0	0
PFIZER INC	Common Stock	717081103	405,596	14,127,359	SH		SOLE	14,127,359	0	0	0
PHILIP MORRIS INTERNATIONAL IN	Common Stock	718172109	102,557	1,184,400	SH		SOLE	1,184,400	0	0	0
PLATINUM GROUP METALS LTD	Common Stock	72765Q205	6,312	6,238,248	SH		SOLE	6,238,248	0	0	0
POTASH CORP OF SASKATCHEWAN IN	Common Stock	73755L107	7,338	234,600	SH		SOLE	234,600	0	0	0
PPG INDUSTRIES INC	Common Stock	693506107	2,343	14,024	SH		SOLE	14,024	0	0	0
PRECISION CASTPARTS CORP	Common Stock	740189105	73,656	324,134	SH		SOLE	324,134	0	0	0
PRICELINE.COM INC	Common Stock	741503403	46,477	45,974	SH		SOLE	45,974	0	0	0
PROCTER & GAMBLE CO/THE	Common Stock	742718109	34,082	450,886	SH		SOLE	450,886	0	0	0
PROSHARES SHORT S&P500	ETP	74347R503	643	22,996	SH		SOLE	22,996	0	0	0
QEP RESOURCES INC	Common Stock	74733V100	60,864	2,198,044	SH		SOLE	2,198,044	0	0	0
QUALCOMM INC	Common Stock	747525103	44,065	654,173	SH		SOLE	654,173	0	0	0
REYNOLDS AMERICAN INC	Common Stock	761713106	4,571	93,700	SH		SOLE	93,700	0	0	0
ROCKWELL AUTOMATION INC	Common Stock	773903109	2,066	19,321	SH		SOLE	19,321	0	0	0
ROSETTA RESOURCES INC	Common Stock	777779307	21,450	393,862	SH		SOLE	393,862	0	0	0
SCHLUMBERGER LTD	Common Stock	806857108	67,236	760,929	SH		SOLE	760,929	0	0	0
SEAGATE TECHNOLOGY PLC	Common Stock	G7945M107	56,377	1,288,921	SH		SOLE	1,288,921	0	0	0
SHAW COMMUNICATIONS INC	Common Stock	82028K200	3,960	170,188	SH		SOLE	170,188	0	0	0
SIBANYE GOLD LTD	ADR	825724206	5,141	986,825	SH		SOLE	986,825	0	0	0
SIGNET JEWELERS LTD	Common Stock	G81276100	311,887	4,396,386	SH		SOLE	4,396,386	0	0	0
SILVER WHEATON CORP	Common Stock	828336107	4,876	196,854	SH		SOLE	196,854	0	0	0
SK TELECOM CO LTD	ADR	78440P108	2,216	97,640	SH		SOLE	97,640	0	0	0
SKYLINE CORP	Common Stock	830830105	719	144,620	SH		SOLE	144,620	0	0	0
SM ENERGY CO	Common Stock	78454L100	59,669	773,021	SH		SOLE	773,021	0	0	0
SOUTHWEST AIRLINES CO	Common Stock	844741108	134,001	9,203,393	SH		SOLE	9,203,393	0	0	0
SPDR S&P EMERGING EUROPE ETF	ETP	78463X608	7,533	186,334	SH		SOLE	186,334	0	0	0
ST JUDE MEDICAL INC	Common Stock	790849103	156,627	2,919,966	SH		SOLE	2,919,966	0	0	0
STAPLES INC	Common Stock	855030102	70,264	4,796,196	SH		SOLE	4,796,196	0	0	0
SUNCOR ENERGY INC	Common Stock	867224107	123,323	3,441,866	SH		SOLE	3,441,866	0	0	0
SYMANTEC CORP	Common Stock	871503108	3,158	127,616	SH		SOLE	127,616	0	0	0
TAIWAN SEMICONDUCTOR MANUFACTU	ADR	874039100	60,835	3,586,956	SH		SOLE	3,586,956	0	0	0
TARGET CORP	Common Stock	87612E106	2,203	34,430	SH		SOLE	34,430	0	0	0
TATA MOTORS LTD	ADR	876568502	22,245	835,647	SH		SOLE	835,647	0	0	0
TECHNOLOGY SELECT SECTOR SPDR	ETP	81369Y803	190	5,930	SH		SOLE	5,930	0	0	0
TELEFONICA BRASIL SA	ADR	87936R106	84,405	3,761,350	SH		SOLE	3,761,350	0	0	0
TENARIS SA	ADR	88031M109	16,055	343,200	SH		SOLE	343,200	0	0	0
TERNIUM SA	ADR	880890108	14,520	604,500	SH		SOLE	604,500	0	0	0
TEVA PHARMACEUTICAL INDUSTRIES	ADR	881624209	23,729	628,075	SH		SOLE	628,075	0	0	0
THERMO FISHER SCIENTIFIC INC	Common Stock	883556102	131,108	1,422,766	SH		SOLE	1,422,766	0	0	0
TIME WARNER INC	Common Stock	887317303	3,548	53,917	SH		SOLE	53,917	0	0	0
TOWERS WATSON & CO	Common Stock	891894107	87,171	814,988	SH		SOLE	814,988	0	0	0
TRANSOCEAN LTD	Common Stock	H8817H100	19,696	442,608	SH		SOLE	442,608	0	0	0
TUPPERWARE BRANDS CORP	Common Stock	899896104	119,132	1,379,317	SH		SOLE	1,379,317	0	0	0
TYSON FOODS INC	Common Stock	902494103	7,725	273,146	SH		SOLE	273,146	0	0	0
UNION PACIFIC CORP	Common Stock	907818108	35,108	226,010	SH		SOLE	226,010	0	0	0
UNITED TECHNOLOGIES CORP	Common Stock	913017109	99,253	920,545	SH		SOLE	920,545	0	0	0
UNITEDHEALTH GROUP INC	Common Stock	91324P102	138,052	1,927,827	SH		SOLE	1,927,827	0	0	0
VALE SA	ADR	91912E105	1,225	78,449	SH		SOLE	78,449	0	0	0
VALEANT PHARMACEUTICALS INTERN	Common Stock	91911K102	200,166	1,918,581	SH		SOLE	1,918,581	0	0	0
VALERO ENERGY CORP	Common Stock	91913Y100	255,142	7,471,217	SH		SOLE	7,471,217	0	0	0
VALIDUS HOLDINGS LTD	Common Stock	G9319H102	57,545	1,556,106	SH		SOLE	1,556,106	0	0	0
VALSPAR CORP/THE	Common Stock	920355104	9,870	155,600	SH		SOLE	155,600	0	0	0
VALUECLICK INC	Common Stock	92046N102	75,853	3,638,028	SH		SOLE	3,638,028	0	0	0
VERIZON COMMUNICATIONS INC	Common Stock	92343V104	129,116	2,767,161	SH		SOLE	2,767,161	0	0	0
VF CORP	Common Stock	918204108	77,474	389,218	SH		SOLE	389,218	0	0	0
VIACOM INC	Common Stock	92553P201	3,947	47,229	SH		SOLE	47,229	0	0	0
VISTEON CORP	Common Stock	92839U206	74,862	989,716	SH		SOLE	989,716	0	0	0
WAL-MART STORES INC	Common Stock	931142103	26,249	354,906	SH		SOLE	354,906	0	0	0
WASHINGTON FEDERAL INC	Common Stock	938824109	39,717	1,920,562	SH		SOLE	1,920,562	0	0	0
WASHINGTON POST CO/THE	Common Stock	939640108	31,625	51,730	SH		SOLE	51,730	0	0	0
WEATHERFORD INTERNATIONAL LTD/	Common Stock	H27013103	31,828	2,076,208	SH		SOLE	2,076,208	0	0	0
WELLPOINT INC	Common Stock	94973V107	45,547	544,751	SH		SOLE	544,751	0	0	0
WELLS FARGO & CO	Common Stock	949746101	11,218	271,484	SH		SOLE	271,484	0	0	0
WESCO INTERNATIONAL INC	Common Stock	95082P105	65,222	852,245	SH		SOLE	852,245	0	0	0
WHITING PETROLEUM CORP	Common Stock	966387102	149,580	2,499,248	SH		SOLE	2,499,248	0	0	0
WOLVERINE WORLD WIDE INC	Common Stock	978097103	53,044	910,934	SH		SOLE	910,934	0	0	0
WUXI PHARMATECH CAYMAN INC	ADR	929352102	26,128	953,586	SH		SOLE	953,586	0	0	0
YAMANA GOLD INC	Common Stock	98462Y100	22,064	2,117,616	SH		SOLE	2,117,616	0	0	0
YUM! BRANDS INC	Common Stock	988498101	38,772	543,107	SH		SOLE	543,107	0	0	0
ZIMMER HOLDINGS INC	Common Stock	98956P102	163,365	1,988,856	SH		SOLE	1,988,856	0	0	0
ZOETIS INC	Common Stock	98978V103	3,597	115,596	SH		SOLE	115,596	0	0	0