13F-HR 1 dreman13f.txt DREMAN VALUE MANAGEMENT, L.L.C. FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2010 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: Dreman Value Management, L.L.C. Address: 777 South Flagler Dr. Suite 800-West Tower West Palm Beach, FL 33401 Form 13F File Number: 28-6700 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: Yvonne I. Pytlik Title: Chief Compliance Officer Phone: (201) 793-2046 Signature, Place, and Date of Signing: /s/ Yvonne I. Pytlik Jersey City, New Jersey February 14, 2011 ----------------------- ----------------------- ----------------- [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: None Form 13F Information Table Entry Total: 277 Form 13F Information Table Value Total: 4,907,657 List of Other Included Managers: N/A 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. Not Applicable
DREMAN VALUE MANAGEMENT, L.L.C. FORM 13F FOR 12/31/2010 VOTING AUTHORITY TITLE OF VALUE SHARES/ SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ ----- --------- -------- --------- --- ---- ---------- -------- ------ -------- -------- 3M Company COM 88579Y101 1,291 14,961 SH SOLE 14,961 - - ABB LTD SPON ADR COM 000375204 1,454 64,755 SH SOLE 21,145 - 43,610 AETNA INC NEW COM 00817y108 14,351 470,378 SH SOLE 112,287 72,964 285,127 AGL RESOURCES INC COMMON STOCK COM 001204106 2,817 78,575 SH SOLE - - 78,575 AGRIUM INC COMMON STOCK NPV COM 008916108 5,183 56,489 SH SOLE 6,091 234 50,164 ALERE INC COM 01449J105 40,716 1,112,447 SH SOLE 151,342 14,560 946,545 ALLEGHENY ENERGY INC COMMON ST COM 017361106 3,445 142,100 SH SOLE - - 142,100 ALLETE INC NEW COM 018522300 35,516 953,187 SH SOLE 141,085 13,787 798,315 ALLIANT TECHSYSTEMS INC COM 018804104 38,974 523,630 SH SOLE 70,025 6,750 446,855 ALLIED WORLD ASSUR NEW F COM H01531104 38,164 642,060 SH SOLE 88,965 9,200 543,895 ALLSTATE CORPORATION COM 020002101 18,725 587,358 SH SOLE 69,831 86,899 430,628 ALTRIA GROUP INC COM 02209s103 31,788 1,291,133 SH SOLE 384,783 183,913 722,437 AMDOCS LTD COMMON STOCK GBP.00 COM G02602103 3,135 114,125 SH SOLE - - 114,125 AMEDISYS INC COM 023436108 38,983 1,163,660 SH SOLE 176,705 17,189 969,766 AMEREN CORP COM 023608102 6,859 243,300 SH SOLE 10,342 688 232,270 AMERICAN EXPRESS COMPANY COM 025816109 17,217 401,142 SH SOLE 109,077 59,796 232,269 AMERIPRISE FINANCIAL INC COMMO COM 03076C106 3,216 55,887 SH SOLE 255 342 55,290 AMERON INTERNATIONAL CP COM 030710107 34,937 457,474 SH SOLE 66,424 6,437 384,613 AMN ELEC POWER CO COM 025537101 3,538 98,345 SH SOLE 9,408 537 88,400 AMSURG CORP COM 03232P405 35,879 1,712,619 SH SOLE 245,597 24,008 1,443,014 ANADARKO PETROLEUM CORP COM 032511107 52,198 685,376 SH SOLE 160,791 106,244 418,341 ANIXTER INTL INC COM 035290105 40,319 675,020 SH SOLE 88,870 9,180 576,970 ANWORTH MTG ASSET CORP REIT COM 037347101 30,674 4,382,024 SH SOLE 628,150 60,044 3,693,830 APACHE CORP COM 037411105 42,257 354,415 SH SOLE 83,321 54,927 216,167 APOLLO INVESTMENT CORP COM 03761U106 38,303 3,460,051 SH SOLE 461,775 43,996 2,954,280 ARCH COAL INC COMMON STOCK USD COM 039380100 8,346 238,062 SH SOLE 530 722 236,810 ARGO GROUP INTL HLDGS F COM G0464B107 38,553 1,029,458 SH SOLE 138,896 13,900 876,662 ARRIS GROUP INC COMMON STOCK U COM 04269Q100 38,063 3,392,464 SH SOLE 476,115 47,437 2,868,912 ARROW ELECTRONICS INC COMMON S COM 042735100 7,801 227,759 SH SOLE 495 669 226,595 ASPEN INSURANCE HOLDINGF COM G05384105 34,502 1,205,505 SH SOLE 162,160 16,480 1,026,865 ASTRAZENECA PLC ADR F SPONSORE COM 046353108 18,300 396,186 SH SOLE 80,275 59,346 256,565 AT& T INC COM 00206r102 308 10,480 SH SOLE 10,480 - - ATWOOD OCEANICS INC COM 050095108 38,348 1,026,172 SH SOLE 138,191 13,634 874,347 AXIS CAPITAL HOLDINGS LTD COMM COM G0692U109 6,782 189,012 SH SOLE 445 587 187,980 Aarons Inc COM 002535300 35,322 1,732,310 SH SOLE 227,187 24,662 1,480,461 Aegon Nv COM 007924103 85 13,864 SH SOLE 13,864 - - BANCO SANT CTL HISP ADR COM 05964H105 1,717 161,175 SH SOLE 56,682 - 104,493 BANCORPSOUTH INC COM 059692103 23,434 1,469,193 SH SOLE 235,375 22,768 1,211,050 BANK OF AMERICA CORP COM 060505104 29,181 2,187,508 SH SOLE 528,042 325,785 1,333,681 BANK OF HAWAII CORP COM 062540109 37,409 792,405 SH SOLE 98,450 9,860 684,095 BARNES GROUP INC COM 067806109 36,146 1,748,729 SH SOLE 260,550 26,074 1,462,105 BARRICK GOLD CORPORATION COM 067901108 1,587 29,842 SH SOLE 9,587 - 20,255 BECKMAN COULTER INC COMMON STO COM 075811109 3,588 47,700 SH SOLE - - 47,700 BEST BUY CO INC COM 086516101 3,076 89,703 SH SOLE 10,389 539 78,775 BHP BILLITON LTD ADR F SPONSOR COM 088606108 36,102 388,524 SH SOLE 104,667 55,460 228,397 BIG LOTS INC COMMON STOCK USD. COM 089302103 5,215 171,212 SH SOLE 370 493 170,349 BIOGEN IDEC INC COM 09062x103 3,559 53,085 SH SOLE 5,123 302 47,660 BOK FINANCIAL CORPORATION COMM COM 05561Q201 3,259 61,025 SH SOLE - - 61,025 BP PLC ADR F SPONSORED ADR 1 A COM 055622104 28,269 640,008 SH SOLE 134,516 95,668 409,824 BRINKER INTL INC COM 109641100 38,855 1,860,868 SH SOLE 242,505 23,773 1,594,590 BRINKS CO COM 109696104 37,870 1,408,852 SH SOLE 192,705 19,077 1,197,070 Banco Bilbao Vizcaya - ADR COM 05946K101 1,713 168,422 SH SOLE 59,279 - 109,143 Bank of Montreal COM 063671101 1,114 19,358 SH SOLE 6,153 - 13,205 Barclays PLC- ADR COM 06738E204 1,557 94,220 SH SOLE 30,018 - 64,202 Briggs & Stratton COM 109043109 21,408 1,087,239 SH SOLE 159,941 21,038 906,260 British American Tobacco - Spo COM 110448107 1,746 22,468 SH SOLE 7,110 - 15,358 C A C I INC CL A COM 127190304 37,685 705,720 SH SOLE 101,855 10,285 593,580 C B L & ASSOC PROPERTIES REIT COM 124830100 38,994 2,228,214 SH SOLE 300,000 25,019 1,903,195 CAL DIVE INTERNATIONAL COM 12802T101 35,516 6,263,830 SH SOLE 861,600 81,200 5,321,030 CARNIVAL CORP NEW F PAIRED STK COM 143658300 14,914 323,448 SH SOLE 87,376 47,884 188,188 CARNIVAL PLC-ADR COM 14365C103 1,620 34,945 SH SOLE 11,058 - 23,887 CASH AMERICA INTL INC COM 14754D100 5,139 139,144 SH SOLE 23,374 1,238 114,532 CENTRAL EURO DISTRIBUTN COM 153435102 29,277 1,278,472 SH SOLE 187,704 18,046 1,072,722 CEPHALON INC COMMON STOCK USD. COM 156708109 3,237 52,450 SH SOLE - - 52,450 CF INDUSTRIES HOLDINGS INC COM COM 125269100 4,622 34,200 SH SOLE - - 34,200 CHARLES RIVER LABORATORIES COM COM 159864107 39,047 1,098,665 SH SOLE 147,775 14,635 936,255 CHESAPEAKE ENERGY CORP COM 165167107 28,109 1,084,862 SH SOLE 311,548 132,484 640,830 CIMAREX ENERGY CO COMMON STOCK COM 171798101 1,574 17,780 SH SOLE 83 - 17,697 CITIGROUP INC COM 172967101 19,234 4,066,362 SH SOLE 577,037 713,168 2,776,157 COEUR D ALENE MINES CORP COMMO COM 192108504 5,310 194,375 SH SOLE - - 194,375 COMERICA INC COM COM 200340107 3,542 83,847 SH SOLE 8,220 467 75,160 COMMONWEALTH REIT COM 203233101 38,941 1,526,512 SH SOLE 196,779 19,402 1,310,331 COMMSCOPE INC COM 203372107 36,219 1,160,133 SH SOLE 160,480 15,733 983,920 COMPUTER SCIENCES CORP COMMON COM 205363104 3,170 63,921 SH SOLE 290 401 63,230 CONOCOPHILLIPS COM 20825c104 32,369 475,309 SH SOLE 130,391 70,015 274,903 CONSTELLATION BRANDS INC A COM COM 21036P108 4,341 195,975 SH SOLE - - 195,975 CONSTELLATION ENERGY GROUP COM COM 210371100 3,364 109,825 SH SOLE - - 109,825 CONTANGO OIL & GAS DE COM 21075N204 37,709 650,933 SH SOLE 99,202 9,771 541,960 CORN PRODUCTS INTL INC COM 219023108 36,341 790,024 SH SOLE 114,810 11,594 663,620 CRANE CO COMMON STOCK USD1.0 COM 224399105 3,693 89,925 SH SOLE - - 89,925 Cardinal Health Inc. COM 14149Y108 3,358 87,659 SH SOLE 410 549 86,700 Chicago Bridge & Iron COM 167250109 1,816 55,190 SH SOLE 17,620 - 37,570 China Digital TV Holding-ADR COM 16938g107 1,324 186,714 SH SOLE 56,769 - 129,945 Companhia D. Snmnto Bsco COM 20441a102 1,044 19,752 SH SOLE 6,273 - 13,479 Cooper Tire And Rubber COM 216831107 23,052 977,591 SH SOLE 125,589 17,281 834,721 Covidien Plc COM g2554f105 1,751 38,338 SH SOLE 12,394 - 25,944 D S T SYSTEMS INC COM 233326107 36,741 828,438 SH SOLE 118,910 11,558 697,970 DEAN FOODS CO COMMON STOCK USD COM 242370104 2,158 244,083 SH SOLE 1,120 1,603 241,360 DEL MONTE FOODS CO COM 24522P103 47,095 2,505,047 SH SOLE 320,945 31,610 2,152,492 DEVON ENERGY CP NEW COM 25179m103 44,337 564,725 SH SOLE 126,551 88,794 349,380 DIANA SHIPPING INC F COM Y2066G104 28,817 2,397,436 SH SOLE 342,361 33,760 2,021,315 DISCOVER FINANCIAL SERVICES CO COM 254709108 3,144 169,695 SH SOLE 770 1,045 167,880 DISNEY WALT CO COM 254687106 18,005 480,011 SH SOLE 86,237 80,324 313,450 DUKE REALTY CORP REIT USD.01 COM 264411505 3,404 273,189 SH SOLE 1,250 1,729 270,210 Delhaize Le Lion S A Adr COM 29759w101 1,583 21,471 SH SOLE 6,793 - 14,678 Deutsche Bank AG REG COM D18190898 652 12,519 SH SOLE 12,519 - - Diageo Plc Adr COM 25243Q205 1,648 22,170 SH SOLE 7,044 - 15,126 Du Pont (E I) De Nemours COM 263534109 321 6,445 SH SOLE 6,445 - - EARTHLINK INC COM 270321102 35,412 4,117,727 SH SOLE 577,425 56,952 3,483,350 EATON CORPORATION COM 278058102 35,460 349,324 SH SOLE 80,110 54,772 214,442 ELI LILLY & CO COM 532457108 1,108 31,634 SH SOLE 31,634 - - EMCOR GROUP INC COM 29084Q100 36,616 1,263,501 SH SOLE 179,065 16,936 1,067,500 EMERSON ELECTRIC CO COM 291011104 18,260 319,394 SH SOLE 66,585 51,411 201,398 ENDO PHARMACEUT HLDGS INC COMM COM 29264F205 3,593 100,625 SH SOLE - - 100,625 ENDURANCE SPECALTY HLDGF COM G30397106 24,219 525,694 SH SOLE 74,365 3,873 447,456 ENERGIZER HOLDINGS INC COMMON COM 29266R108 6,753 92,632 SH SOLE 185 262 92,185 ENERSYS COM 29275Y102 35,739 1,112,664 SH SOLE 164,075 16,194 932,395 ENSCO PLC SPON ADR ADR USD.1 COM 29358Q109 4,663 87,350 SH SOLE 9,070 373 77,907 ESTERLINE TECH CORP COM 297425100 40,851 595,578 SH SOLE 89,865 8,663 497,050 Encana Corp COM 292505104 1,150 39,500 SH SOLE 39,500 - - Eni S P A Sponsored ADR COM 26874r108 1,635 37,371 SH SOLE 13,446 - 23,925 Everest Reins Hldgs COM g3223r108 3,412 40,225 SH SOLE - - 40,225 FEDERATED INVESTORS INC CL B C COM 314211103 3,361 128,412 SH SOLE 585 782 127,045 FEDEX CORPORATION COM 31428x106 19,320 207,717 SH SOLE 46,499 32,838 128,380 FIFTH THIRD BANCORP COM 316773100 5,272 359,133 SH SOLE 158,765 1,238 199,130 FIRSTMERIT CORP COM 337915102 34,853 1,761,149 SH SOLE 262,074 24,978 1,474,097 FISERV INC COMMON STOCK USD.01 COM 337738108 3,177 54,260 SH SOLE 250 340 53,670 FOREST LABORATORIES INC COMMON COM 345838106 2,964 92,672 SH SOLE 2,902 570 89,200 FOREST OIL CORP NEW COM 346091705 3,903 102,800 SH SOLE - - 102,800 FORTUNE BRANDS INC COMMON STOC COM 349631101 3,388 56,228 SH SOLE 255 353 55,620 FOSTER WHEELER AG COM h27178104 319 9,235 SH SOLE 9,235 - - FULTON FINANCIAL CORP COM 360271100 34,455 3,332,176 SH SOLE 506,400 47,771 2,778,005 Frontline Ltd COM g3682e127 31,896 1,257,248 SH SOLE 175,575 16,513 1,065,160 GAMMON GOLD INC FGN COM COM 36467T106 35,005 4,274,122 SH SOLE 649,241 67,641 3,557,240 GATX CORP COM 361448103 36,943 1,047,149 SH SOLE 155,135 14,959 877,055 GENERAL CABLE CP DE NEW COM 369300108 39,281 1,119,437 SH SOLE 152,675 15,697 951,065 GENERAL ELECTRIC COMPANY COM 369604103 28,615 1,564,543 SH SOLE 376,360 240,087 948,096 GEO GROUP INC COM 36159R103 33,352 1,352,470 SH SOLE 213,818 20,407 1,118,245 GOLDMAN SACHS GROUP INC COM 38141g104 20,848 123,978 SH SOLE 16,384 22,007 85,587 GRAFTECH INTERNATIONAL COM 384313102 38,006 1,915,647 SH SOLE 254,815 25,017 1,635,815 Gap Inc. Co. COM 364760108 3,563 160,927 SH SOLE 16,725 912 143,290 Glaxosmitkhline Plc-Sp Adr COM 37733W105 1,625 41,445 SH SOLE 13,118 - 28,327 HANESBRANDS INC COM 410345102 34,280 1,349,623 SH SOLE 171,565 16,183 1,161,875 HANOVER INSURANCE GROUP COM 410867105 35,081 750,888 SH SOLE 106,200 10,273 634,415 HARRIS CORP COMMON STOCK USD1. COM 413875105 3,002 66,278 SH SOLE 310 418 65,550 HARTFORD FINL SVCS GRP COM 416515104 24,164 912,182 SH SOLE 173,540 123,439 615,203 HCC INSURANCE HOLDINGS INC COM COM 404132102 2,797 96,663 SH SOLE 465 598 95,600 HEALTHSPRING INC COM 42224N101 37,259 1,404,423 SH SOLE 194,455 18,658 1,191,310 HELEN OF TROY LTD F COM G4388N106 36,554 1,229,119 SH SOLE 181,095 17,544 1,030,480 HENRY JACK & ASSOC INC COM 426281101 33,685 1,155,567 SH SOLE 162,487 8,022 985,058 HOSPITALITY PPTYS TRUST BENEFI COM 44106M102 43,320 1,880,217 SH SOLE 233,197 22,615 1,624,405 HSBC Hldgs PLC Spons-ADR COM 404280406 1,789 35,049 SH SOLE 11,222 - 23,827 HUBBELL INC CL B PAR .01 COM 443510201 7,636 126,999 SH SOLE 265 354 126,380 HUDSON CITY BANCORP INC COMMON COM 443683107 2,909 228,354 SH SOLE 1,045 1,404 225,905 IAMgold Corporation COM 450913108 3,357 188,575 SH SOLE - - 188,575 IDACORP INCORPORATED COM 451107106 32,764 885,979 SH SOLE 128,400 12,638 744,941 ING GP NV SPSD ADR COM 456837103 1,719 175,622 SH SOLE 56,601 - 119,021 INTL SPEEDWAY CL A COM 460335201 35,245 1,346,774 SH SOLE 173,405 16,369 1,157,000 INVESTMENT TECH GRP NEW COM 46145F105 4,129 252,253 SH SOLE 43,975 1,938 206,340 Intel Corp COM 458140100 16,750 796,467 SH SOLE 110,763 139,478 546,226 JABIL CIRCUIT INC COM 466313103 43,025 2,141,627 SH SOLE 292,310 27,337 1,821,980 JAKKS PACIFIC INC COM 47012E106 29,766 1,633,714 SH SOLE 244,444 24,025 1,365,245 JAMES RIVER COAL CO COM 470355207 34,824 1,374,818 SH SOLE 205,123 21,167 1,148,528 JARDEN CORP COM 471109108 32,965 1,067,856 SH SOLE 169,603 16,150 882,103 JDA Software Group Inc. COM 46612K108 3,502 125,084 SH SOLE 16,366 9,508 99,210 JOY GLOBAL INC COMMON STOCK US COM 481165108 6,505 74,981 SH SOLE 165 226 74,590 JPMORGAN CHASE & CO COM 46625h100 24,440 576,150 SH SOLE 165,582 84,082 326,486 KB Financial Group Inc-ADR COM 48241a105 1,658 31,355 SH SOLE 9,990 - 21,365 KELLY SERVICES INC CL A COM 488152208 4,160 221,286 SH SOLE 51,316 1,806 168,164 KIMBERLY CLARK COM 494368103 331 5,255 SH SOLE 5,255 - - KINETIC CONCEPTS INC COMMON ST COM 49460W208 3,221 76,916 SH SOLE 345 471 76,100 Keycorp COM 493267108 1,291 145,840 SH SOLE 145,840 - - L 3 COMMUNICATIONS HLDGS INC C COM 502424104 3,221 45,690 SH SOLE 4,655 255 40,780 LEXMARK INTL INC CL A CLASS A COM 529771107 27,265 783,018 SH SOLE 123,400 11,783 647,835 LIFEPOINT HOSPITALS INC COM 53219L109 36,489 992,888 SH SOLE 143,265 14,628 834,995 LIFETIME FITNESS COM 53217R207 21,398 522,033 SH SOLE 73,832 3,871 444,330 LORILLARD INC COMMON STOCK USD COM 544147101 3,143 38,300 SH SOLE 170 230 37,900 LOWES COMPANIES INC COM 548661107 22,220 885,952 SH SOLE 213,893 136,345 535,714 LUBRIZOL CORP COMMON STOCK NPV COM 549271104 3,516 32,900 SH SOLE - - 32,900 MACK CALI REALTY CORP REIT USD COM 554489104 3,290 99,530 SH SOLE 460 - 99,070 MARATHON OIL CORP COM 565849106 332 8,955 SH SOLE 8,955 - - MATTEL INC COM COM 577081102 6,899 271,311 SH SOLE 13,895 801 256,615 MCDERMOTT INTL INC COMMON STOC COM 580037109 4,880 235,869 SH SOLE 500 664 234,705 MEDICAL PROPERTIES TRUST REIT COM 58463J304 40,232 3,714,864 SH SOLE 445,892 44,372 3,224,600 MEDNAX INC COM 58502B106 39,215 582,776 SH SOLE 77,260 7,781 497,735 MFA FINANCIAL INC REIT USD.01 COM 55272X102 3,362 411,975 SH SOLE - - 411,975 MICROSEMI CORPORATION COM 595137100 40,735 1,778,834 SH SOLE 233,900 23,399 1,521,535 MICROSOFT CORP COM 594918104 17,089 612,290 SH SOLE 82,883 107,545 421,862 MINEFINDERS CORP COM 602900102 15,057 1,363,878 SH SOLE 214,344 33,011 1,116,523 MOLSON COOR BREW CO CL B COM 60871r209 3,122 62,199 SH SOLE 280 379 61,540 Mizuho Finl Group Inc. COM 60687Y109 86 22,827 SH SOLE 22,827 - - N V ENERGY INC COM 67073Y106 33,033 2,351,101 SH SOLE 374,860 35,486 1,940,755 NASH-FINCH COMPANY COM 631158102 32,837 772,464 SH SOLE 121,980 11,337 639,147 NCR Corp COM 62886E108 20,845 1,356,225 SH SOLE 159,899 26,760 1,169,566 NET 1 UEPS TECHS NEW COM 64107N206 19,530 1,593,012 SH SOLE 246,004 19,895 1,327,113 NEW GOLD INC F COM 644535106 40,845 4,184,925 SH SOLE 626,281 61,438 3,497,206 NEWFIELD EXPLORATION CO COMMON COM 651290108 3,383 46,915 SH SOLE - - 46,915 NEWMONT MINING CORP COM 651639106 9,753 158,774 SH SOLE 25,212 27,206 106,356 NEXEN INC COMMON STOCK NPV COM 65334H102 4,725 206,339 SH SOLE 24,227 809 181,303 NORFOLK SOUTHERN CORP COMMON S COM 655844108 3,288 52,339 SH SOLE 230 309 51,800 NORTHROP GRUMMAN CORP COM 666807102 19,467 300,508 SH SOLE 53,039 42,738 204,731 NUCOR CORP COMMON STOCK USD.4 COM 670346105 2,814 64,216 SH SOLE 290 396 63,530 NUTRI SYSTEM INC COM 67069D108 25,849 1,229,135 SH SOLE 189,997 18,553 1,020,585 National Semiconductor COM 637640103 2,999 217,959 SH SOLE 1,010 1,359 215,590 Nippon Teleg Adr COM 654624105 1,605 69,962 SH SOLE 22,469 - 47,493 Nokia Corp-Spon ADR COM 654902204 1,686 163,383 SH SOLE 53,083 - 110,300 Nomura Hldg Inc Spons- ADR COM 65535H208 1,648 258,268 SH SOLE 82,284 - 175,984 O M GROUP INC COM 670872100 40,255 1,045,302 SH SOLE 158,865 15,552 870,885 OCCIDENTAL PETE CORP COM 674599105 19,050 194,194 SH SOLE 45,477 30,145 118,572 OMNICARE INC COMMON STOCK USD1 COM 681904108 3,407 134,206 SH SOLE 605 826 132,775 OWENS &MINOR INC HLDG CO COM 690732102 35,681 1,212,417 SH SOLE 158,560 15,458 1,038,399 OWENS ILLINOIS INC COMMON STOC COM 690768403 6,253 203,668 SH SOLE 485 658 202,525 Omega Healthcare Investors COM 681936100 13,130 585,119 SH SOLE 79,090 15,859 490,170 PFIZER INCORPORATED COM 717081103 31,998 1,827,405 SH SOLE 380,981 293,441 1,152,983 PHILIP MORRIS INTL INC COM 718172109 19,533 333,722 SH SOLE 69,406 53,591 210,725 PITNEY BOWES INC COM 724479100 6,549 270,841 SH SOLE 14,035 816 255,990 PLANTRONICS INC COM 727493108 34,805 935,104 SH SOLE 142,335 13,944 778,825 PLATINUM UNDERWRITERS F COM G7127P100 31,906 709,505 SH SOLE 105,160 10,835 593,510 PNC FINL SERVICES GP INC COM 693475105 27,283 449,332 SH SOLE 91,814 73,191 284,327 PPL CORPORATION COMMON STOCK U COM 69351T106 2,892 109,890 SH SOLE 3,689 726 105,475 PROTECTIVE LIFE CORP COM 743674103 38,135 1,431,485 SH SOLE 206,415 20,124 1,204,946 Pennsylvania Rl Est Tr Sh Ben COM 709102107 34,048 2,343,322 SH SOLE 330,959 35,035 1,977,328 Petroleo Brasileiro S/A COM 71654v408 1,903 50,282 SH SOLE 17,701 - 32,581 Portland General Electric COM 736508847 3,263 150,350 SH SOLE - - 150,350 Prosperity Bancshares Inc. COM 743606105 10,884 277,090 SH SOLE 38,096 8,802 230,192 Prudential PLC ADR COM 74435K204 1,741 83,467 SH SOLE 27,211 - 56,256 RALCORP HOLDINGS INC COMMON ST COM 751028101 3,465 53,300 SH SOLE - - 53,300 RAYMOND JAMES FINL INC COM 754730109 39,913 1,220,586 SH SOLE 171,735 16,621 1,032,230 REGIS CORP MINN COM 758932107 30,272 1,823,627 SH SOLE 255,900 22,107 1,545,620 RELIANCE STEEL + ALUMINUM COMM COM 759509102 3,516 68,800 SH SOLE - - 68,800 ROYAL DUTCH SHELL PLC ADR ADR COM 780259206 19,860 297,398 SH SOLE 41,717 47,395 208,286 RPM INTERNATIONAL INC DELAWARE COM 749685103 35,307 1,597,590 SH SOLE 237,755 22,825 1,337,010 RYDER SYSTEM INC COM 783549108 33,454 635,517 SH SOLE 100,435 9,867 525,215 SCOTTS MIRACLE GRO CO COM 810186106 29,689 584,767 SH SOLE 88,825 9,257 486,685 SEASPAN CORP COM Y75638109 1,285 103,480 SH SOLE 33,558 - 69,922 SECTOR SPDR FINANCIAL COM 81369y605 358 22,445 SH SOLE 22,445 - - SENIOR HOUSING PROP TRUST REIT COM 81721M109 3,169 144,426 SH SOLE 665 906 142,855 SK TELECOM ADR COM 78440P108 1,651 88,604 SH SOLE 31,442 - 57,162 SMITH-NPHW PLC SPADR NEW COM 83175M205 1,656 31,520 SH SOLE 10,042 - 21,478 SONIC CORP COM 835451105 35,083 3,466,685 SH SOLE 529,786 51,474 2,885,425 SPDR KBW BANK ETF COM 78464a797 212 8,200 SH SOLE 8,200 - - SPIRIT AEROSYSTEMS HOLD CL A C COM 848574109 3,226 155,000 SH SOLE - - 155,000 STAPLES INC COM 855030102 23,989 1,053,552 SH SOLE 268,009 159,613 625,930 STERIS CORP COM 859152100 34,302 940,821 SH SOLE 143,350 14,016 783,455 SUNTRUST BANKS INC COM 867914103 11,176 378,709 SH SOLE 38,863 48,705 291,141 SUPERIOR ENERGY SERVICES COM 868157108 43,796 1,251,658 SH SOLE 168,670 16,528 1,066,460 SUPERVALU INC DEL COM COM 868536103 2,451 254,519 SH SOLE 22,735 1,464 230,320 SYMANTEC CORP COMMON STOCK USD COM 871503108 3,907 233,399 SH SOLE 20,730 1,304 211,365 SYNAPTICS INC COM 87157D109 35,296 1,201,374 SH SOLE 158,669 14,729 1,027,976 SYNOPSYS INC COMMON STOCK USD. COM 871607107 7,227 268,557 SH SOLE 570 787 267,200 Sanofi-Aventis-ADR COM 80105N105 1,682 52,182 SH SOLE 18,606 - 33,576 Ship Finance Intl Ltd COM g81075106 747 34,694 SH SOLE 11,141 - 23,553 Siemens AG ADR COM 826197501 1,623 13,066 SH SOLE 4,163 - 8,903 StatoilHydro ASA COM 85771p102 1,733 72,905 SH SOLE 23,071 - 49,834 TECO ENERGY INC COM 872375100 31,116 1,748,116 SH SOLE 288,310 28,196 1,431,610 TELEFLEX INCORPORATED COM 879369106 37,549 697,813 SH SOLE 94,725 9,293 593,795 TERADYNE INC COMMON STOCK USD. COM 880770102 3,446 245,425 SH SOLE - - 245,425 TESORO CORPORATION COM 881609101 43,956 2,370,887 SH SOLE 334,832 33,870 2,002,185 TEXTAINER GROUP HOLDINGS LTD C COM G8766E109 3,375 118,450 SH SOLE - - 118,450 THE JONES GROUP INC COM 48020T101 42,011 2,703,409 SH SOLE 359,915 35,513 2,307,981 THOMPSON CREEK METALS F COM 884768102 38,989 2,648,712 SH SOLE 396,225 38,442 2,214,045 TIDEWATER INC COMMON STOCK USD COM 886423102 6,848 127,193 SH SOLE 280 378 126,535 TRANSOCEAN LTD COM h8817h100 4,322 62,182 SH SOLE 6,604 338 55,240 TUTOR PERINI CORP COM 901109108 36,961 1,726,359 SH SOLE 234,055 22,347 1,469,957 Total SA ADR COM 89151E109 1,665 31,140 SH SOLE 10,928 - 20,212 U S BANCORP DEL NEW COM 902973304 17,149 635,847 SH SOLE 118,484 105,420 411,943 UBS AG COM h89231338 1,019 61,890 SH SOLE 5,161 - 56,729 UNILEVER PLC NEW ADR COM 904767704 1,903 61,620 SH SOLE 19,523 - 42,097 UNITED TECHNOLOGIES CORP COM 913017109 20,940 266,006 SH SOLE 63,797 40,899 161,310 UNITEDHEALTH GROUP INC COM 91324p102 21,154 585,826 SH SOLE 141,297 90,486 354,043 UNIVERSAL CORP VA COM 913456109 31,704 778,960 SH SOLE 107,575 10,322 661,063 URS CORP COMMON STOCK USD.01 COM 903236107 3,079 73,998 SH SOLE 340 458 73,200 VALERO ENERGY CORP NEW COM 91913y100 8,567 370,537 SH SOLE 91,525 56,669 222,343 VECTOR GROUP LTD COM 92240M108 23,204 1,339,738 SH SOLE 198,207 18,553 1,122,978 VECTREN CORP COM 92240G101 31,239 1,230,861 SH SOLE 183,185 17,261 1,030,415 VERIZON COMMUNICATIONS COM 92343v104 18,823 526,071 SH SOLE 63,795 93,863 368,413 VF CORP COMMON STOCK USD1.0 COM 918204108 3,066 35,573 SH SOLE 155 218 35,200 VODAFONE GROUP PLC SP ADR ADR COM 92857W209 1,605 60,692 SH SOLE 21,536 - 39,156 W & T OFFSHORE INC COM 92922P106 45,561 2,549,571 SH SOLE 359,193 37,715 2,152,663 WADDELL & REED FINL CL A COM 930059100 36,896 1,045,509 SH SOLE 154,200 15,161 876,148 WASHINGTON FEDERAL INC SEATTLE COM 938824109 28,284 1,671,604 SH SOLE 256,810 24,454 1,390,340 WEINGARTEN REALTY INVESTORS RE COM 948741103 3,550 149,400 SH SOLE - - 149,400 WELLS FARGO & CO NEW COM 949746101 34,152 1,102,048 SH SOLE 271,872 170,066 660,110 WESTERN UN CO COM 959802109 3,002 161,675 SH SOLE 770 1,055 159,850 WHIRLPOOL CORP COMMON STOCK US COM 963320106 2,698 30,378 SH SOLE 4,240 168 25,970 WOLVERINE WORLD WIDE INC COM 978097103 33,280 1,043,922 SH SOLE 161,935 15,462 866,525 YAMANA GOLD INC COM 98462y100 5,376 419,979 SH SOLE 69,851 1,579 348,549 ZIMMER HOLDINGS INC COM 98956p102 14,030 261,360 SH SOLE 29,950 35,527 195,883