0001144204-11-063145.txt : 20111114
0001144204-11-063145.hdr.sgml : 20111111
20111110185113
ACCESSION NUMBER: 0001144204-11-063145
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110930
FILED AS OF DATE: 20111114
DATE AS OF CHANGE: 20111110
EFFECTIVENESS DATE: 20111114
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BRANDES INVESTMENT PARTNERS, LP
CENTRAL INDEX KEY: 0001015079
IRS NUMBER: 330704072
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-05620
FILM NUMBER: 111196898
BUSINESS ADDRESS:
STREET 1: 11988 EL CAMINO REAL
STREET 2: SUITE 500
CITY: SAN DIEGO
STATE: CA
ZIP: 92130
BUSINESS PHONE: 8587550239
MAIL ADDRESS:
STREET 1: 11988 EL CAMINO REAL
STREET 2: SUITE 500
CITY: SAN DIEGO
STATE: CA
ZIP: 92130
FORMER COMPANY:
FORMER CONFORMED NAME: BRANDES INVESTMENT PARTNERS LLC
DATE OF NAME CHANGE: 20021203
FORMER COMPANY:
FORMER CONFORMED NAME: BRANDES INVESTMENT PARTNERS L P
DATE OF NAME CHANGE: 19990325
13F-HR
1
v240039_13f-hr.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
------------------
Check here if Amendment |_|; Amendment Number:
This Amendment (Check only one.): |_| is a restatement.
|_| adds new holding entries.
Institutional Investment Manager Filing this Report:
Name: Brandes Investment Partners, L.P.
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Address: 11988 El Camino Real, Suite 500
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San Diego, CA 92130
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Form 13F File Number: 28- 5620
------------------------
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 form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Ian Rose
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Title: General Counsel
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Phone: (858) 755-0239
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Signature, Place, and Date of Signing:
/s/ Ian Rose San Diego, CA 11/10/11
------------------------ ------------------------ ----------------
[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).)
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 3
------------------------------------
Form 13F Information Table Entry Total: 209
------------------------------------
Form 13F Information Table Value Total: $10,804,946
------------------------------------
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
No. Form 13F File Number Name
1 28-14511 American Beacon Advisers, Inc.
------- ---------------------- ---------------------------------------------
2 28-04547 ING Investments, LLC
------- ---------------------- ---------------------------------------------
3 28-10477 Columbia Management Investment Advisers, LLC
------- ---------------------- ---------------------------------------------
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AMT Voting Voting Voting
ISSUER Value PRN Investment Other Authority Authority Authority
ISSUER NAME DESCRIPTION CUSIP (In $1,000s) Quantity CALL Discretion Managers Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
AMEDISYS INC COM 023436108 $222 14,965 SH SOLE 14,965
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $229 10,388 SH OTHER 1 10,388
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $1,897 85,900 SH OTHER 2 85,900
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $273,880 12,403,987 SH SOLE 12,403,987
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $2,775 125,700 SH OTHER 3 125,700
AMERICAN ORIENTAL BIOENGR IN COM 028731107 $9 14,865 SH SOLE 14,865
AON CORP COM 037389103 $6,951 165,586 SH SOLE 165,586
ARCHER DANIELS MIDLAND CO COM 039483102 $8,817 355,376 SH SOLE 355,376
ARGO GROUP INTL HLDGS LTD COM G0464B107 $15,489 545,969 SH SOLE 545,969
ASTRAZENECA PLC SPONSORED ADR 046353108 $145,343 3,276,445 SH SOLE 3,276,445
AT&T INC COM 00206R102 $235,778 8,267,119 SH SOLE 8,267,119
BAKER MICHAEL CORP COM 057149106 $200 10,450 SH SOLE 10,450
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $36,549 4,993,083 SH SOLE 4,993,083
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $1,032 141,040 SH OTHER 1 141,040
BANK OF AMERICA CORPORATION COM 060505104 $142,668 23,311,836 SH SOLE 23,311,836
BARCLAYS PLC ADR 06738E204 $26,173 2,676,125 SH SOLE 2,676,125
BB&T CORP COM 054937107 $90,255 4,231,357 SH SOLE 4,231,357
BIGBAND NETWORKS INC COM 089750509 $698 544,962 SH SOLE 544,962
BOSTON SCIENTIFIC CORP COM 101137107 $130,670 22,110,020 SH SOLE 22,110,020
BP PLC SPONSORED ADR 055622104 $86,070 2,386,205 SH SOLE 2,386,205
BRASIL TELECOM SA SPONS ADR PFD 10553M101 $69,938 4,005,613 SH SOLE 4,005,613
BRASIL TELECOM SA SPONS ADR PFD 10553M101 $6,155 352,511 SH OTHER 3 352,511
BRASIL TELECOM SA SPON ADR COM 10553M200 $15,683 2,450,431 SH SOLE 2,450,431
BRASIL TELECOM SA SPON ADR COM 10553M200 $1,280 199,977 SH OTHER 3 199,977
BRIGGS & STRATTON CORP COM 109043109 $9,589 709,757 SH SOLE 709,757
CAL MAINE FOODS INC COM NEW 128030202 $917 29,185 SH SOLE 29,185
CALLAWAY GOLF CO COM 131193104 $66 12,680 SH SOLE 12,680
CANON INC ADR 138006309 $115,342 2,548,440 SH SOLE 2,548,440
CAPITOL FED FINL INC COM 14057J101 $4,053 383,822 SH SOLE 383,822
CEMEX SAB DE CV SPON ADR NEW 151290889 $483 153,000 SH OTHER 1 153,000
CEMEX SAB DE CV SPON ADR NEW 151290889 $132,160 41,822,630 SH SOLE 41,822,630
CEMEX SAB DE CV SPON ADR NEW 151290889 $8,455 2,675,692 SH OTHER 3 2,675,692
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $16,155 1,842,040 SH OTHER 3 1,842,040
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $2,349 267,871 SH OTHER 2 267,871
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $878 100,100 SH OTHER 1 100,100
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $231,473 26,393,720 SH SOLE 26,393,720
CHESAPEAKE ENERGY CORP COM 165167107 $233,709 9,147,116 SH SOLE 9,147,116
CHEVRON CORP NEW COM 166764100 $187,525 2,025,324 SH SOLE 2,025,324
CHICOPEE BANCORP INC COM 168565109 $170 12,650 SH SOLE 12,650
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 $4,984 102,330 SH SOLE 102,330
CHINA YUCHAI INTL LTD COM G21082105 $371 25,420 SH OTHER 1 25,420
CHINA YUCHAI INTL LTD COM G21082105 $13,905 953,697 SH SOLE 953,697
CINCINNATI BELL INC NEW COM 171871106 $44 14,400 SH SOLE 14,400
CINCINNATI FINL CORP COM 172062101 $5,146 195,443 SH SOLE 195,443
CISCO SYS INC COM 17275R102 $10,334 666,689 SH SOLE 666,689
CITIGROUP INC COM NEW 172967424 $132,800 5,184,474 SH SOLE 5,184,474
COLE KENNETH PRODTNS INC CL A 193294105 $1,867 174,005 SH SOLE 174,005
COMCAST CORP NEW CL A SPL 20030N200 $10,534 508,406 SH SOLE 508,406
COMFORT SYS USA INC COM 199908104 $402 48,335 SH SOLE 48,335
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 $13,567 292,718 SH SOLE 292,718
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 $525 18,685 SH SOLE 18,685
CONOCOPHILLIPS COM 20825C104 $5,872 92,731 SH SOLE 92,731
CORNING INC COM 219350105 $183,768 14,867,990 SH SOLE 14,867,990
CRH PLC ADR 12626K203 $41,342 2,665,521 SH SOLE 2,665,521
CUTERA INC COM 232109108 $304 42,725 SH SOLE 42,725
CYNOSURE INC CL A 232577205 $800 79,298 SH SOLE 79,298
D R HORTON INC COM 23331A109 $8,143 900,788 SH SOLE 900,788
DELL INC COM 24702R101 $87,480 6,186,722 SH SOLE 6,186,722
DEUTSCHE BANK AG NAMEN AKT D18190898 $19,035 549,980 SH SOLE 549,980
DIAGEO P L C SPON ADR NEW 25243Q205 $6,145 80,934 SH SOLE 80,934
DOW CHEM CO COM 260543103 $4,578 203,816 SH SOLE 203,816
EMBRAER S A SP ADR REP 4 COM 29082A107 $235 9,280 SH OTHER 1 9,280
EMBRAER S A SP ADR REP 4 COM 29082A107 $37,056 1,460,614 SH SOLE 1,460,614
ENI S P A SPONSORED ADR 26874R108 $193,170 5,498,719 SH SOLE 5,498,719
ERICSSON L M TEL CO ADR B SEK 10 294821608 $84,309 8,828,179 SH SOLE 8,828,179
EVEREST RE GROUP LTD COM G3223R108 $13,066 164,599 SH SOLE 164,599
FIDELITY NATIONAL FINANCIAL CL A 31620R105 $6,217 409,563 SH SOLE 409,563
FIFTH THIRD BANCORP COM 316773100 $3,196 316,405 SH SOLE 316,405
FIRST AMERN FINL CORP COM 31847R102 $840 65,592 SH SOLE 65,592
FLEXTRONICS INTL LTD ORD Y2573F102 $1,297 230,410 SH OTHER 1 230,410
FLEXTRONICS INTL LTD ORD Y2573F102 $172,674 30,670,267 SH SOLE 30,670,267
FRANCE TELECOM SPONSORED ADR 35177Q105 $146,615 8,956,318 SH SOLE 8,956,318
FRESH DEL MONTE PRODUCE INC ORD G36738105 $715 30,835 SH SOLE 30,835
GALLAGHER ARTHUR J & CO COM 363576109 $5,570 211,802 SH SOLE 211,802
GENERAL ELECTRIC CO COM 369604103 $174,641 11,474,414 SH SOLE 11,474,414
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 $157,336 3,810,520 SH SOLE 3,810,520
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 $386 21,000 SH OTHER 1 21,000
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 $3,282 178,443 SH SOLE 178,443
HAMPDEN BANCORP INC COM 40867E107 $194 15,200 SH SOLE 15,200
HEWLETT PACKARD CO COM 428236103 $85,692 3,817,010 SH SOLE 3,817,010
HOME BANCORP INC COM 43689E107 $787 54,367 SH SOLE 54,367
HONDA MOTOR LTD AMERN SHS 438128308 $90,017 3,088,060 SH SOLE 3,088,060
HSBC HLDGS PLC SPON ADR NEW 404280406 $12,566 330,337 SH SOLE 330,337
INGRAM MICRO INC CL A 457153104 $16,142 1,000,741 SH SOLE 1,000,741
INTEL CORP COM 458140100 $237,166 11,116,307 SH SOLE 11,116,307
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 $522 9,290 SH SOLE 9,290
INVESTORS BANCORP INC COM 46146P102 $227 18,010 SH SOLE 18,010
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $9,509 612,677 SH SOLE 612,677
JAKKS PAC INC COM 47012E106 $5,030 265,442 SH SOLE 265,442
JONES GROUP INC COM 48020T101 $8,193 889,523 SH SOLE 889,523
JPMORGAN CHASE & CO COM 46625H100 $12,283 407,817 SH SOLE 407,817
KANSAS CITY LIFE INS CO COM 484836101 $263 8,530 SH SOLE 8,530
KB FINANCIAL GROUP INC SPONSORED ADR 48241A105 $6,612 201,827 SH SOLE 201,827
KB HOME COM 48666K109 $5,434 927,321 SH SOLE 927,321
KEYCORP NEW COM 493267108 $48,401 8,162,041 SH SOLE 8,162,041
KNOLOGY INC COM 499183804 $1,205 92,810 SH SOLE 92,810
KOREA ELECTRIC PWR SPONSORED ADR 500631106 $93,118 10,955,038 SH SOLE 10,955,038
KOREA ELECTRIC PWR SPONSORED ADR 500631106 $10,999 1,294,050 SH OTHER 3 1,294,050
KROGER CO COM 501044101 $167,305 7,618,631 SH SOLE 7,618,631
KT CORP SPONSORED ADR 48268K101 $14,656 991,620 SH SOLE 991,620
LENNAR CORP CL A 526057104 $7,344 542,358 SH SOLE 542,358
LENNAR CORP CL B 526057302 $3,165 309,681 SH SOLE 309,681
LILLY ELI & CO COM 532457108 $211,789 5,728,673 SH SOLE 5,728,673
LONGWEI PETROLEUM INV HLDG L COM 543354104 $10 11,149 SH SOLE 11,149
LOWES COS INC COM 548661107 $189,737 9,810,599 SH SOLE 9,810,599
M D C HLDGS INC COM 552676108 $2,248 132,690 SH SOLE 132,690
MAGNA INTL INC COM 559222401 $4,298 130,353 SH SOLE 130,353
MARSH & MCLENNAN COS INC COM 571748102 $124,493 4,688,999 SH SOLE 4,688,999
MASCO CORP COM 574599106 $96,002 13,483,439 SH SOLE 13,483,439
MERCK & CO INC NEW COM 58933Y105 $154,889 4,736,670 SH SOLE 4,736,670
MI DEVS INC COM 55304X104 $1,017 38,297 SH SOLE 38,297
MICROSOFT CORP COM 594918104 $445,244 17,888,474 SH SOLE 17,888,474
MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 $91,891 20,649,631 SH SOLE 20,649,631
MIZUHO FINL GROUP INC SPONSORED ADR 60687Y109 $72,101 25,298,600 SH SOLE 25,298,600
MOLSON COORS BREWING CO CL B 60871R209 $9,841 248,443 SH SOLE 248,443
NATIONAL WESTN LIFE INS CO CL A 638522102 $1,058 7,811 SH SOLE 7,811
NATUZZI S P A ADR 63905A101 $3,769 1,322,288 SH SOLE 1,322,288
NEWS CORP CL A 65248E104 $185,024 11,952,430 SH SOLE 11,952,430
NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 $231,329 9,658,842 SH SOLE 9,658,842
NOKIA CORP SPONSORED ADR 654902204 $56,670 10,012,369 SH SOLE 10,012,369
NORTEL INVERSORA S A SPON ADR PFD B 656567401 $14,126 611,510 SH SOLE 611,510
NORTEL INVERSORA S A SPON ADR PFD B 656567401 $425 18,400 SH OTHER 1 18,400
NVIDIA CORP COM 67066G104 $148 11,825 SH SOLE 11,825
OCEAN SHORE HLDG CO NEW COM 67501R103 $1,157 110,191 SH SOLE 110,191
OFFICEMAX INC DEL COM 67622P101 $1,307 269,425 SH SOLE 269,425
OLD REP INTL CORP COM 680223104 $8,784 984,731 SH SOLE 984,731
ORION MARINE GROUP INC COM 68628V308 $1,163 201,560 SH SOLE 201,560
OSHKOSH CORP COM 688239201 $7,606 483,236 SH SOLE 483,236
PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 $285 36,185 SH SOLE 36,185
PARTNER COMMUNICATIONS CO LT ADR 70211M109 $2,637 279,081 SH SOLE 279,081
PEOPLES UNITED FINANCIAL INC COM 712704105 $5,759 505,132 SH SOLE 505,132
PEPSICO INC COM 713448108 $205,352 3,317,486 SH SOLE 3,317,486
PETROCHINA CO LTD SPONSORED ADR 71646E100 $2,975 24,692 SH SOLE 24,692
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $18,228 879,743 SH OTHER 3 879,743
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $1,088 52,500 SH OTHER 1 52,500
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $236,024 11,391,097 SH SOLE 11,391,097
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $2,490 120,170 SH OTHER 2 120,170
PFIZER INC COM 717081103 $285,713 16,160,236 SH SOLE 16,160,236
PNC FINL SVCS GROUP INC COM 693475105 $102,579 2,128,647 SH SOLE 2,128,647
PORTUGAL TELECOM SGPS S A SPONSORED ADR 737273102 $70,646 9,744,217 SH SOLE 9,744,217
POSCO SPONSORED ADR 693483109 $10,591 139,339 SH SOLE 139,339
PROCTER & GAMBLE CO COM 742718109 $12,119 191,819 SH SOLE 191,819
PUBLIC SVC ENTERPRISE GROUP COM 744573106 $8,667 259,734 SH SOLE 259,734
PULTE GROUP INC COM 745867101 $8,421 2,131,874 SH SOLE 2,131,874
QUIKSILVER INC COM 74838C106 $258 84,505 SH SOLE 84,505
REGIONS FINANCIAL CORP NEW COM 7591EP100 $11,574 3,475,708 SH SOLE 3,475,708
RENT A CTR INC NEW COM 76009N100 $701 25,535 SH SOLE 25,535
RYLAND GROUP INC COM 783764103 $2,002 187,980 SH SOLE 187,980
SAFEWAY INC COM NEW 786514208 $168,888 10,155,633 SH SOLE 10,155,633
SAIA INC COM 78709Y105 $162 15,445 SH SOLE 15,445
SANOFI SPONSORED ADR 80105N105 $172,604 5,262,310 SH SOLE 5,262,310
SEAGATE TECHNOLOGY PLC SHS G7945M107 $10,846 1,055,600 SH SOLE 1,055,600
SENECA FOODS CORP NEW CL A 817070501 $3,441 173,766 SH SOLE 173,766
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 $3,072 44,879 SH SOLE 44,879
SIERRA WIRELESS INC COM 826516106 $4,657 679,784 SH SOLE 679,784
SK TELECOM LTD SPONSORED ADR 78440P108 $179,412 12,751,395 SH SOLE 12,751,395
SONY CORP ADR NEW 835699307 $82,607 4,347,750 SH SOLE 4,347,750
SPARTECH CORP COM NEW 847220209 $133 41,480 SH SOLE 41,480
SPRINT NEXTEL CORP COM SER 1 852061100 $47 15,331 SH SOLE 15,331
ST JOE CO COM 790148100 $3,596 239,877 SH SOLE 239,877
STANLEY BLACK & DECKER INC COM 854502101 $16,319 332,363 SH SOLE 332,363
STEWART INFORMATION SVCS COR COM 860372101 $134 15,160 SH SOLE 15,160
STMICROELECTRONICS N V NY REGISTRY 861012102 $85,694 13,183,725 SH SOLE 13,183,725
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 $75,252 13,757,210 SH SOLE 13,757,210
SUNTRUST BKS INC COM 867914103 $1,746 97,288 SH SOLE 97,288
SUPERVALU INC COM 868536103 $36,891 5,539,182 SH SOLE 5,539,182
SYMANTEC CORP COM 871503108 $9,754 598,418 SH SOLE 598,418
SYNERON MEDICAL LTD ORD SHS M87245102 $11,383 1,148,637 SH SOLE 1,148,637
TE CONNECTIVITY LTD REG SHS H84989104 $17,485 621,343 SH OTHER 3 621,343
TE CONNECTIVITY LTD REG SHS H84989104 $2,953 104,934 SH OTHER 2 104,934
TE CONNECTIVITY LTD REG SHS H84989104 $408,123 14,503,309 SH SOLE 14,503,309
TECUMSEH PRODS CO CL B 878895101 $75 10,890 SH SOLE 10,890
TECUMSEH PRODS CO CL A 878895200 $1,039 142,482 SH SOLE 142,482
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $97,193 10,198,661 SH SOLE 10,198,661
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $1,031 108,154 SH OTHER 2 108,154
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $6,586 691,100 SH OTHER 3 691,100
TELECOM CORP NEW ZEALAND LTD SPONSORED ADR 879278208 $532 53,852 SH SOLE 53,852
TELECOM ITALIA S P A NEW SPON ADR ORD 87927Y102 $174,479 16,140,522 SH SOLE 16,140,522
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 $123,781 4,679,810 SH SOLE 4,679,810
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 $457 17,265 SH OTHER 1 17,265
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 $1,876 70,930 SH OTHER 2 70,930
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 $9,357 353,756 SH OTHER 3 353,756
TELEFONICA S A SPONSORED ADR 879382208 $58,142 3,040,902 SH SOLE 3,040,902
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 $104,684 7,009,477 SH SOLE 7,009,477
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 $524 35,055 SH OTHER 2 35,055
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 $10,893 728,632 SH OTHER 3 728,632
TELLABS INC COM 879664100 $48 11,300 SH SOLE 11,300
TEXAS INSTRS INC COM 882508104 $7,348 275,710 SH SOLE 275,710
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $2,486 105,508 SH OTHER 2 105,508
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $5,060 214,753 SH OTHER 3 214,753
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $67,701 2,873,578 SH SOLE 2,873,578
TOLL BROTHERS INC COM 889478103 $709 49,100 SH SOLE 49,100
TOTAL S A SPONSORED ADR 89151E109 $176,650 4,026,673 SH SOLE 4,026,673
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 $150,054 2,198,265 SH SOLE 2,198,265
TRAVELERS COMPANIES INC COM 89417E109 $9,920 203,569 SH SOLE 203,569
U S G CORP COM NEW 903293405 $6,321 939,216 SH SOLE 939,216
UBS AG SHS NEW H89231338 $27,238 2,382,996 SH SOLE 2,382,996
UNILEVER N V N Y SHS NEW 904784709 $173,640 5,514,123 SH SOLE 5,514,123
UNILEVER PLC SPON ADR NEW 904767704 $2,716 87,067 SH SOLE 87,067
UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 $132 128,987 SH SOLE 128,987
VALERO ENERGY CORP NEW COM 91913Y100 $157,150 8,838,601 SH SOLE 8,838,601
VITRAN CORP INC COM 92850E107 $449 113,578 SH SOLE 113,578
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 $48,879 1,904,869 SH SOLE 1,904,869
WAL MART STORES INC COM 931142103 $8,538 164,507 SH SOLE 164,507
WELLS FARGO & CO NEW COM 949746101 $208,022 8,624,466 SH SOLE 8,624,466
WESTERN DIGITAL CORP COM 958102105 $178,477 6,939,234 SH SOLE 6,939,234
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 $16,013 465,909 SH SOLE 465,909
WINNEBAGO INDS INC COM 974637100 $172 24,870 SH SOLE 24,870
XEROX CORP COM 984121103 $135,675 19,465,570 SH SOLE 19,465,570