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. ----------------------------------------------------------------------- Address: 11988 El Camino Real, Suite 500 ----------------------------------------------------------------------- San Diego, CA 92130 ----------------------------------------------------------------------- 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 ----------------------------------------------------------------------- Title: General Counsel ----------------------------------------------------------------------- Phone: (858) 755-0239 ----------------------------------------------------------------------- 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 ------- ---------------------- ---------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ 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