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: March 31, 2011 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 May 12, 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: 5,319,098 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, LLC FORM 13F 1QTR 2011 TITLEOF VALUE SHARES/ SHARES/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT SH/PRN Call DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ ------- -------- ------- --------- ------------ ---------- -------- ------- --------- ------- 3M Company COM 88579Y101 1,536 16,431 SH SOLE 16,431 - - ABB LTD SPON ADR COM 000375204 2,124 87,824 SH SOLE 20,935 - 66,889 ABBOTT LABORATORIES COMMON STO COM 002824100 336 6,855 SH SOLE 6,855 - - AETNA INC NEW COM 00817y108 17,220 460,058 SH SOLE 110,124 67,535 282,399 AGL RESOURCES INC COMMON STOCK COM 001204106 3,780 94,875 SH SOLE - - 94,875 AGRIUM INC COMMON STOCK NPV COM 008916108 5,573 60,404 SH SOLE 6,058 297 54,049 AIRCASTLE LTD COM G0129k104 38,241 3,168,258 SH SOLE 436,843 49,508 2,681,907 ALERE INC COM 01449J105 43,604 1,114,055 SH SOLE 140,179 15,264 958,612 ALLETE INC NEW COM 018522300 38,647 991,717 SH SOLE 137,635 14,592 839,490 ALLIANT TECHSYSTEMS INC COM 018804104 38,182 540,281 SH SOLE 68,050 7,201 465,030 ALLIED WORLD ASSUR NEW F COM H01531104 41,446 661,124 SH SOLE 86,103 9,799 565,222 ALLSTATE CORPORATION COM 020002101 18,129 570,451 SH SOLE 62,355 80,618 427,478 ALTRIA GROUP INC COM 02209s103 32,686 1,255,699 SH SOLE 369,646 170,335 715,718 AMDOCS LTD COMMON STOCK GBP.00 COM G02602103 3,632 125,900 SH SOLE - - 125,900 AMEDISYS INC COM 023436108 41,445 1,184,156 SH SOLE 165,604 18,240 1,000,312 AMEREN CORP COM 023608102 6,873 244,837 SH SOLE 11,700 867 232,270 AMERICAN EXPRESS COMPANY COM 025816109 17,806 393,948 SH SOLE 108,805 55,214 229,929 AMERIPRISE FINANCIAL INC COMMO COM 03076C106 3,186 52,158 SH SOLE 293 415 51,450 AMERON INTERNATIONAL CP COM 030710107 28,826 413,038 SH SOLE 56,739 5,974 350,325 AMN ELEC POWER CO COM 025537101 3,229 91,899 SH SOLE 2,821 678 88,400 AMSURG CORP COM 03232P405 37,073 1,457,286 SH SOLE 203,268 21,836 1,232,182 ANADARKO PETROLEUM CORP COM 032511107 54,749 668,326 SH SOLE 155,616 98,323 414,387 ANWORTH MTG ASSET CORP REIT COM 037347101 32,200 4,541,596 SH SOLE 634,725 65,066 3,841,805 APACHE CORP COM 037411105 45,340 346,322 SH SOLE 81,404 50,810 214,108 APOLLO INVESTMENT CORP COM 03761U106 46,230 3,831,710 SH SOLE 454,234 48,414 3,329,062 ARCH COAL INC COMMON STOCK USD COM 039380100 6,844 189,903 SH SOLE 520 743 188,640 ARGO GROUP INTL HLDGS F COM G0464B107 24,389 738,176 SH SOLE 92,655 4,482 641,039 ARRIS GROUP INC COMMON STOCK U COM 04269Q100 39,640 3,111,486 SH SOLE 389,598 41,562 2,680,326 ARROW ELECTRONICS INC COMMON S COM 042735100 7,470 178,368 SH SOLE 485 673 177,210 ASPEN INSURANCE HOLDINGF COM G05384105 34,215 1,241,482 SH SOLE 157,235 17,557 1,066,690 ASTRAZENECA PLC ADR F SPONSORE COM 046353108 20,252 439,120 SH SOLE 81,939 61,534 295,647 AT& T INC COM 00206r102 339 11,075 SH SOLE 11,075 - - ATWOOD OCEANICS INC COM 050095108 49,088 1,057,252 SH SOLE 133,678 14,433 909,141 AXIS CAPITAL HOLDINGS LTD COMM COM G0692U109 6,608 189,224 SH SOLE 506 738 187,980 Aarons Inc COM 002535300 45,658 1,800,401 SH SOLE 227,550 24,341 1,548,510 Aegon Nv COM 007924103 104 13,864 SH SOLE 13,864 - - American Axle & Mfg Hldgs COM 024061103 35,629 2,829,979 SH SOLE 392,900 42,279 2,394,800 Amkor Technology Inc. COM 031652100 34,111 5,061,023 SH SOLE 717,241 74,541 4,269,241 BANCO SANT CTL HISP ADR COM 05964H105 2,643 225,736 SH SOLE 58,429 - 167,307 BANCORPSOUTH INC COM 059692103 37,234 2,409,973 SH SOLE 331,638 35,984 2,042,351 BANK OF AMERICA CORP COM 060505104 28,515 2,139,163 SH SOLE 515,208 302,884 1,321,071 BANK OF HAWAII CORP COM 062540109 42,345 885,503 SH SOLE 112,135 11,973 761,395 BARNES GROUP INC COM 067806109 37,594 1,800,459 SH SOLE 252,350 27,709 1,520,400 BARRICK GOLD CORPORATION COM 067901108 2,105 40,542 SH SOLE 9,491 - 31,051 BEST BUY CO INC COM 086516101 21,249 739,878 SH SOLE 139,985 97,400 502,493 BHP BILLITON LTD ADR F SPONSOR COM 088606108 37,135 387,304 SH SOLE 104,003 51,252 232,049 BIG LOTS INC COMMON STOCK USD. COM 089302103 7,445 171,431 SH SOLE 460 622 170,349 BIOGEN IDEC INC COM 09062x103 3,885 52,873 SH SOLE 4,830 383 47,660 BOK FINANCIAL CORPORATION COMM COM 05561Q201 3,592 69,500 SH SOLE - - 69,500 BP PLC ADR F SPONSORED ADR 1 A COM 055622104 28,322 641,632 SH SOLE 128,583 88,118 424,931 BRINKER INTL INC COM 109641100 47,481 1,876,705 SH SOLE 235,155 25,260 1,616,290 BRINKS CO COM 109696104 47,940 1,447,907 SH SOLE 186,605 20,257 1,241,045 Banco Bilbao Vizcaya - ADR COM 05946K101 2,489 207,442 SH SOLE 55,084 - 152,358 Barclays PLC- ADR COM 06738E204 2,326 128,221 SH SOLE 29,720 - 98,501 Brandywine Rlty Tr Sh Ben Int COM 105368203 38,267 3,152,143 SH SOLE 438,550 40,543 2,673,050 Briggs & Stratton COM 109043109 40,390 1,783,214 SH SOLE 258,944 27,659 1,496,611 British American Tobacco - Spo COM 110448107 2,477 30,585 SH SOLE 7,039 - 23,546 C A C I INC CL A COM 127190304 44,375 723,659 SH SOLE 98,530 10,939 614,190 C B L & ASSOC PROPERTIES REIT COM 124830100 39,651 2,276,185 SH SOLE 304,375 26,965 1,944,845 CAL DIVE INTERNATIONAL COM 12802T101 45,588 6,531,299 SH SOLE 835,350 86,294 5,609,655 CARNIVAL CORP NEW F PAIRED STK COM 143658300 12,173 317,348 SH SOLE 86,860 44,291 186,197 CARNIVAL PLC-ADR COM 14365C103 1,884 47,565 SH SOLE 10,947 - 36,618 CENTRAL EURO DISTRIBUTN COM 153435102 18,689 1,646,636 SH SOLE 228,526 23,769 1,394,341 CEPHALON INC COMMON STOCK USD. COM 156708109 2,176 28,600 SH SOLE - - 28,600 CF INDUSTRIES HOLDINGS INC COM COM 125269100 3,454 25,250 SH SOLE - - 25,250 CHARLES RIVER LABORATORIES COM COM 159864107 43,408 1,131,015 SH SOLE 143,250 15,510 972,255 CHESAPEAKE ENERGY CORP COM 165167107 34,616 1,032,682 SH SOLE 306,761 122,718 603,203 CHEVRON CORP COM 166764100 229 2,134 SH SOLE 2,134 - - CIGNA CORP COMMON STOCK USD.25 COM 125509109 3,577 80,783 SH SOLE 2,721 622 77,440 CITIGROUP INC COM 172967101 21,374 4,835,654 SH SOLE 606,063 819,518 3,410,073 COEUR D ALENE MINES CORP COMMO COM 192108504 4,047 116,350 SH SOLE - - 116,350 COMERICA INC COM COM 200340107 3,413 92,950 SH SOLE 7,785 685 84,480 COMMONWEALTH REIT COM 203233101 40,772 1,569,957 SH SOLE 193,285 20,791 1,355,881 COMPUTER SCIENCES CORP COMMON COM 205363104 3,123 64,098 SH SOLE 360 508 63,230 CONOCOPHILLIPS COM 20825c104 37,181 465,583 SH SOLE 128,503 64,793 272,287 CONSTELLATION BRANDS INC A COM COM 21036P108 3,974 195,975 SH SOLE - - 195,975 CONSTELLATION ENERGY GROUP COM COM 210371100 3,419 109,825 SH SOLE - - 109,825 CONTANGO OIL & GAS DE COM 21075N204 42,000 664,135 SH SOLE 92,652 10,358 561,125 CORN PRODUCTS INTL INC COM 219023108 41,840 807,408 SH SOLE 111,060 12,213 684,135 CRANE CO COMMON STOCK USD1.0 COM 224399105 4,355 89,925 SH SOLE - - 89,925 Chicago Bridge & Iron COM 167250109 2,422 59,557 SH SOLE 13,945 - 45,612 China Digital TV Holding-ADR COM 16938g107 1,817 254,449 SH SOLE 56,207 - 198,242 China Mobile LTD Spn ADR COM 16941m109 2,386 51,582 SH SOLE 13,342 - 38,240 Chiquita Brands Intl COM 170032809 7,672 500,124 SH SOLE 63,670 24,245 412,209 Cisco Systems Inc. COM 17275R102 14,623 852,675 SH SOLE 185,574 128,706 538,395 Companhia D. Snmnto Bsco COM 20441a102 1,578 26,859 SH SOLE 6,209 - 20,650 Cooper Tire And Rubber COM 216831107 43,961 1,707,218 SH SOLE 216,208 23,136 1,467,874 Curtiss-Wright Corp. COM 231561101 36,988 1,052,602 SH SOLE 145,493 15,890 891,219 D S T SYSTEMS INC COM 233326107 44,790 847,982 SH SOLE 112,360 12,152 723,470 DEAN FOODS CO COMMON STOCK USD COM 242370104 2,448 244,806 SH SOLE 1,400 2,046 241,360 DEVON ENERGY CP NEW COM 25179m103 50,579 551,145 SH SOLE 122,912 82,184 346,049 DIANA SHIPPING INC F COM Y2066G104 36,321 3,067,647 SH SOLE 428,111 45,696 2,593,840 DISCOVER FINANCIAL SERVICES CO COM 254709108 3,740 155,071 SH SOLE 862 1,237 152,972 DPL Inc. COM 233293109 3,341 121,879 SH SOLE 700 969 120,210 DUKE REALTY CORP REIT USD.01 COM 264411505 3,466 247,384 SH SOLE 1,385 2,185 243,814 Delhaize Le Lion S A Adr COM 29759w101 2,386 29,213 SH SOLE 6,726 - 22,487 Deutsche Bank AG REG COM D18190898 733 12,410 SH SOLE 12,410 - - Diageo Plc Adr COM 25243Q205 2,298 30,153 SH SOLE 6,974 - 23,179 Donnelley (R R) & Sons Co COM 257867101 3,335 176,248 SH SOLE 1,000 1,388 173,860 Du Pont (E I) De Nemours COM 263534109 333 6,050 SH SOLE 6,050 - - EARTHLINK INC COM 270321102 33,363 4,260,942 SH SOLE 561,050 61,117 3,638,775 EATON CORPORATION COM 278058102 37,520 676,760 SH SOLE 150,614 101,340 424,806 ELI LILLY & CO COM 532457108 1,175 33,409 SH SOLE 33,409 - - EMCOR GROUP INC COM 29084Q100 40,271 1,300,328 SH SOLE 170,815 18,088 1,111,425 EMERSON ELECTRIC CO COM 291011104 18,017 308,346 SH SOLE 61,318 47,556 199,472 ENDO PHARMACEUT HLDGS INC COMM COM 29264F205 3,840 100,625 SH SOLE - - 100,625 ENERGIZER HOLDINGS INC COMMON COM 29266R108 6,600 92,749 SH SOLE 235 329 92,185 ENERSYS COM 29275Y102 45,586 1,146,815 SH SOLE 159,000 17,220 970,595 ENSCO PLC SPON ADR ADR USD.1 COM 29358Q109 5,617 97,116 SH SOLE 9,106 474 87,536 ESTERLINE TECH CORP COM 297425100 37,203 526,058 SH SOLE 73,126 7,882 445,050 Encana Corp COM 292505104 1,453 42,065 SH SOLE 42,065 - - Eni S P A Sponsored ADR COM 26874r108 2,457 50,008 SH SOLE 13,330 - 36,678 Everest Reins Hldgs COM g3223r108 3,547 40,225 SH SOLE - - 40,225 FEDERATED INVESTORS INC CL B C COM 314211103 3,225 120,556 SH SOLE 668 953 118,935 FEDEX CORPORATION COM 31428x106 19,021 203,325 SH SOLE 45,791 30,387 127,147 FIFTH THIRD BANCORP COM 316773100 5,499 396,030 SH SOLE 169,205 1,845 224,980 FIRSTENERGY CORP COMMON STOCK COM 337932107 3,600 97,071 SH SOLE 2,291 - 94,780 FIRSTMERIT CORP COM 337915102 31,276 1,832,249 SH SOLE 258,624 27,271 1,546,354 FISERV INC COMMON STOCK USD.01 COM 337738108 3,413 54,409 SH SOLE 310 429 53,670 FOREST LABORATORIES INC COMMON COM 345838106 3,002 92,928 SH SOLE 3,002 726 89,200 FOREST OIL CORP NEW COM 346091705 3,889 102,800 SH SOLE - - 102,800 FULTON FINANCIAL CORP COM 360271100 38,178 3,436,364 SH SOLE 491,100 50,684 2,894,580 GAMMON GOLD INC FGN COM COM 36467T106 45,972 4,399,226 SH SOLE 629,258 71,930 3,698,038 GATX CORP COM 361448103 41,772 1,080,501 SH SOLE 150,485 15,961 914,055 GENERAL CABLE CP DE NEW COM 369300108 48,997 1,131,559 SH SOLE 145,133 16,675 969,751 GENERAL ELECTRIC COMPANY COM 369604103 30,618 1,527,072 SH SOLE 366,009 221,974 939,089 GEO GROUP INC COM 36159R103 35,957 1,402,373 SH SOLE 210,645 22,434 1,169,294 GOLDMAN SACHS GROUP INC COM 38141g104 19,158 120,796 SH SOLE 15,706 20,314 84,776 Gap Inc. Co. COM 364760108 3,605 159,106 SH SOLE 14,660 1,156 143,290 Glaxosmitkhline Plc-Sp Adr COM 37733W105 2,346 61,084 SH SOLE 14,195 - 46,889 HANESBRANDS INC COM 410345102 25,573 945,733 SH SOLE 112,815 12,218 820,700 HANOVER INSURANCE GROUP COM 410867105 35,008 773,663 SH SOLE 102,850 10,983 659,830 HARRIS CORP COMMON STOCK USD1. COM 413875105 3,297 66,470 SH SOLE 390 530 65,550 HARTFORD FINL SVCS GRP COM 416515104 23,413 869,414 SH SOLE 168,107 114,125 587,182 HCC INSURANCE HOLDINGS INC COM COM 404132102 3,035 96,937 SH SOLE 585 752 95,600 HEALTHSPRING INC COM 42224N101 52,083 1,393,703 SH SOLE 182,280 19,623 1,191,800 HELEN OF TROY LTD F COM G4388N106 37,362 1,270,814 SH SOLE 175,220 18,714 1,076,880 HOSPITALITY PPTYS TRUST BENEFI COM 44106M102 44,752 1,933,149 SH SOLE 228,477 24,542 1,680,130 HSBC Hldgs PLC Spons-ADR COM 404280406 2,468 47,641 SH SOLE 11,109 - 36,532 HUBBELL INC CL B PAR .01 COM 443510201 7,428 104,578 SH SOLE 265 378 103,935 HUDSON CITY BANCORP INC COMMON COM 443683107 3,038 313,800 SH SOLE 1,755 2,390 309,655 Hancock Hldg Co Com COM 410120109 27,901 849,602 SH SOLE 117,600 12,552 719,450 IAMgold Corporation COM 450913108 4,152 188,575 SH SOLE - - 188,575 IDACORP INCORPORATED COM 451107106 34,902 916,059 SH SOLE 124,475 13,518 778,066 ING GP NV SPSD ADR COM 456837103 2,661 209,324 SH SOLE 49,028 - 160,296 INTL SPEEDWAY CL A COM 460335201 41,261 1,384,586 SH SOLE 168,155 17,381 1,199,050 Intel Corp COM 458140100 16,925 838,714 SH SOLE 107,416 140,021 591,277 JABIL CIRCUIT INC COM 466313103 3,381 165,475 SH SOLE - - 165,475 JAKKS PACIFIC INC COM 47012E106 32,777 1,693,904 SH SOLE 236,819 25,490 1,431,595 JAMES RIVER COAL CO COM 470355207 30,614 1,266,591 SH SOLE 171,656 18,469 1,076,466 JARDEN CORP COM 471109108 38,879 1,093,035 SH SOLE 160,533 17,102 915,400 JDA Software Group Inc. COM 46612K108 39,053 1,290,580 SH SOLE 178,195 19,115 1,093,270 JPMORGAN CHASE & CO COM 46625h100 26,112 566,429 SH SOLE 165,560 77,524 323,345 KB Financial Group Inc-ADR COM 48241a105 2,225 42,649 SH SOLE 9,890 - 32,759 KIMBERLY CLARK COM 494368103 318 4,870 SH SOLE 4,870 - - KINETIC CONCEPTS INC COMMON ST COM 49460W208 3,380 62,117 SH SOLE 355 492 61,270 Keycorp COM 493267108 1,413 159,090 SH SOLE 159,090 - - L 3 COMMUNICATIONS HLDGS INC C COM 502424104 3,583 45,759 SH SOLE 4,655 324 40,780 LEXMARK INTL INC CL A CLASS A COM 529771107 33,328 899,791 SH SOLE 120,546 13,428 765,817 LIFEPOINT HOSPITALS INC COM 53219L109 41,144 1,023,553 SH SOLE 138,948 15,485 869,120 LIFETIME FITNESS COM 53217R207 20,053 537,458 SH SOLE 76,529 3,667 457,262 LORILLARD INC COMMON STOCK USD COM 544147101 3,648 38,400 SH SOLE 210 290 37,900 LOWES COMPANIES INC COM 548661107 20,601 779,438 SH SOLE 203,422 111,024 464,992 LUBRIZOL CORP COMMON STOCK NPV COM 549271104 4,407 32,900 SH SOLE - - 32,900 MACK CALI REALTY CORP REIT USD COM 554489104 3,378 99,640 SH SOLE 570 - 99,070 MARATHON OIL CORP COM 565849106 362 6,790 SH SOLE 6,790 - - MATTEL INC COM COM 577081102 6,749 270,705 SH SOLE 13,080 1,010 256,615 MCDERMOTT INTL INC COMMON STOC COM 580037109 5,499 216,578 SH SOLE 510 723 215,345 MEDICAL PROPERTIES TRUST REIT COM 58463J304 44,185 3,818,892 SH SOLE 432,876 47,604 3,338,412 MEDNAX INC COM 58502B106 40,184 603,268 SH SOLE 77,685 8,413 517,170 MFA FINANCIAL INC REIT USD.01 COM 55272X102 3,378 411,975 SH SOLE - - 411,975 MICROSEMI CORPORATION COM 595137100 38,008 1,835,227 SH SOLE 226,350 24,817 1,584,060 MICROSOFT CORP COM 594918104 15,485 609,876 SH SOLE 75,224 102,147 432,505 MINEFINDERS CORP COM 602900102 29,609 2,248,193 SH SOLE 341,805 42,373 1,864,015 MOLSON COOR BREW CO CL B COM 60871r209 2,924 62,369 SH SOLE 350 479 61,540 Mantech International Corp. - COM 564563104 3,631 85,625 SH SOLE - - 85,625 Mizuho Finl Group Inc. COM 60687Y109 76 22,827 SH SOLE 22,827 - - N V ENERGY INC COM 67073Y106 35,943 2,413,935 SH SOLE 358,435 37,845 2,017,655 NASH-FINCH COMPANY COM 631158102 30,375 800,604 SH SOLE 118,330 12,377 669,897 NCR Corp COM 62886E108 46,307 2,457,907 SH SOLE 297,646 36,044 2,124,217 NET 1 UEPS TECHS NEW COM 64107N206 5,612 652,583 SH SOLE 95,828 4,103 552,652 NEW GOLD INC F COM 644535106 49,891 4,260,552 SH SOLE 607,420 65,240 3,587,892 NEWFIELD EXPLORATION CO COMMON COM 651290108 3,566 46,915 SH SOLE - - 46,915 NEWMONT MINING CORP COM 651639106 8,348 152,941 SH SOLE 22,254 25,200 105,487 NEXEN INC COMMON STOCK NPV COM 65334H102 5,577 223,795 SH SOLE 22,113 1,021 200,661 NORFOLK SOUTHERN CORP COMMON S COM 655844108 3,635 52,480 SH SOLE 290 390 51,800 NORTHROP GRUMMAN CORP COM 666807102 18,550 295,812 SH SOLE 51,637 39,720 204,455 NUCOR CORP COMMON STOCK USD.4 COM 670346105 2,963 64,388 SH SOLE 360 498 63,530 NUTRI SYSTEM INC COM 67069D108 18,780 1,296,090 SH SOLE 183,547 19,558 1,092,985 National Semiconductor COM 637640103 3,134 218,570 SH SOLE 1,260 1,720 215,590 Nippon Teleg Adr COM 654624105 2,292 101,927 SH SOLE 23,368 - 78,559 Nokia Corp-Spon ADR COM 654902204 2,073 243,622 SH SOLE 57,092 - 186,530 Nomura Hldg Inc Spons- ADR COM 65535H208 2,288 440,058 SH SOLE 102,695 - 337,363 O M GROUP INC COM 670872100 39,125 1,070,738 SH SOLE 147,515 16,548 906,675 OCCIDENTAL PETE CORP COM 674599105 19,861 190,079 SH SOLE 44,761 27,885 117,433 OMNICARE INC COMMON STOCK USD1 COM 681904108 3,332 111,091 SH SOLE 625 881 109,585 OWENS &MINOR INC HLDG CO COM 690732102 40,796 1,256,047 SH SOLE 160,035 16,888 1,079,124 OWENS ILLINOIS INC COMMON STOC COM 690768403 6,484 214,762 SH SOLE 605 832 213,325 Omega Healthcare Investors COM 681936100 38,675 1,731,220 SH SOLE 241,280 25,790 1,464,150 PFIZER INCORPORATED COM 717081103 36,185 1,781,611 SH SOLE 367,802 271,683 1,142,126 PHILIP MORRIS INTL INC COM 718172109 21,348 325,276 SH SOLE 66,954 49,588 208,734 PITNEY BOWES INC COM 724479100 7,421 288,875 SH SOLE 13,205 1,030 274,640 PLANTRONICS INC COM 727493108 35,466 968,489 SH SOLE 138,185 15,154 815,150 PLATINUM UNDERWRITERS F COM G7127P100 28,162 739,345 SH SOLE 105,935 11,550 621,860 PMC SIERRA INC COM 69344F106 39,638 5,278,026 SH SOLE 669,725 71,876 4,536,425 PNC FINL SERVICES GP INC COM 693475105 27,712 439,943 SH SOLE 90,709 67,572 281,662 PPL CORPORATION COMMON STOCK U COM 69351T106 3,681 145,479 SH SOLE 16,744 1,030 127,705 PROTECTIVE LIFE CORP COM 743674103 39,007 1,469,180 SH SOLE 192,924 21,315 1,254,941 Pennsylvania Rl Est Tr Sh Ben COM 709102107 35,654 2,498,533 SH SOLE 362,834 38,344 2,097,355 Petroleo Brasileiro S/A COM 71654v408 2,483 61,404 SH SOLE 16,274 - 45,130 Portland General Electric COM 736508847 43,667 1,837,070 SH SOLE 230,795 24,964 1,581,311 Prosperity Bancshares Inc. COM 743606105 13,505 315,760 SH SOLE 46,319 9,961 259,480 Prudential PLC ADR COM 74435K204 2,246 98,846 SH SOLE 23,111 - 75,735 Qlogic Corp. COM 747277101 38,097 2,053,756 SH SOLE 283,240 30,763 1,739,753 RALCORP HOLDINGS INC COMMON ST COM 751028101 3,647 53,300 SH SOLE - - 53,300 RAYMOND JAMES FINL INC COM 754730109 4,000 104,600 SH SOLE - - 104,600 REGIS CORP MINN COM 758932107 41,989 2,366,901 SH SOLE 300,900 32,331 2,033,670 RELIANCE STEEL + ALUMINUM COMM COM 759509102 3,975 68,800 SH SOLE - - 68,800 ROYAL DUTCH SHELL PLC ADR ADR COM 780259206 20,956 287,614 SH SOLE 34,867 43,838 208,909 RPM INTERNATIONAL INC DELAWARE COM 749685103 4,837 203,834 SH SOLE 39,403 1,232 163,199 RYDER SYSTEM INC COM 783549108 33,322 658,542 SH SOLE 96,835 10,417 551,290 SCOTTS MIRACLE GRO CO COM 810186106 35,208 608,614 SH SOLE 89,350 9,779 509,485 SEASPAN CORP COM Y75638109 2,404 123,592 SH SOLE 28,944 - 94,648 SECTOR SPDR FINANCIAL COM 81369y605 368 22,445 SH SOLE 22,445 - - SENIOR HOUSING PROP TRUST REIT COM 81721M109 3,337 144,837 SH SOLE 835 1,147 142,855 SK TELECOM ADR COM 78440P108 2,236 118,863 SH SOLE 31,173 - 87,690 SMITH-NPHW PLC SPADR NEW COM 83175M205 2,387 42,323 SH SOLE 9,942 - 32,381 SONIC CORP COM 835451105 32,550 3,596,686 SH SOLE 512,637 57,016 3,027,033 SPDR KBW BANK ETF COM 78464a797 212 8,200 SH SOLE 8,200 - - SPIRIT AEROSYSTEMS HOLD CL A C COM 848574109 3,521 137,150 SH SOLE - - 137,150 STAPLES INC COM 855030102 23,337 1,201,693 SH SOLE 269,790 149,293 782,610 STERIS CORP COM 859152100 33,871 980,631 SH SOLE 144,575 15,351 820,705 SUMITOMO MITSUI-SPONS ADR COM 86562M209 2,393 382,915 SH SOLE 89,377 - 293,538 SUNTRUST BANKS INC COM 867914103 10,625 368,422 SH SOLE 33,629 45,282 289,511 SUPERIOR ENERGY SERVICES COM 868157108 52,434 1,278,875 SH SOLE 158,295 17,495 1,103,085 SUPERVALU INC DEL COM COM 868536103 2,815 315,215 SH SOLE 21,765 2,230 291,220 SYMANTEC CORP COMMON STOCK USD COM 871503108 3,748 202,163 SH SOLE 19,356 1,456 181,351 SYNAPTICS INC COM 87157D109 33,679 1,246,463 SH SOLE 153,969 16,093 1,076,401 SYNOPSYS INC COMMON STOCK USD. COM 871607107 7,092 256,505 SH SOLE 657 931 254,917 Sanofi-Aventis-ADR COM 80105N105 2,463 69,940 SH SOLE 18,446 - 51,494 Siemens AG ADR COM 826197501 2,438 17,751 SH SOLE 4,120 - 13,631 StatoilHydro ASA COM 85771p102 2,496 90,301 SH SOLE 21,154 - 69,147 TECO ENERGY INC COM 872375100 33,379 1,779,265 SH SOLE 280,310 30,020 1,468,935 TELEFLEX INCORPORATED COM 879369106 42,167 727,276 SH SOLE 92,900 9,856 624,520 TERADYNE INC COMMON STOCK USD. COM 880770102 3,416 191,775 SH SOLE - - 191,775 TESORO CORPORATION COM 881609101 43,106 1,606,622 SH SOLE 222,281 23,772 1,360,569 TEXTAINER GROUP HOLDINGS LTD C COM G8766E109 4,402 118,450 SH SOLE - - 118,450 THE JONES GROUP INC COM 48020T101 23,282 1,693,270 SH SOLE 195,407 20,941 1,476,922 THOMPSON CREEK METALS F COM 884768102 34,532 2,753,780 SH SOLE 400,925 42,560 2,310,295 TIDEWATER INC COMMON STOCK USD COM 886423102 3,458 57,775 SH SOLE - - 57,775 TRANSOCEAN LTD COM h8817h100 3,601 46,199 SH SOLE 6,199 320 39,680 TUTOR PERINI CORP COM 901109108 43,229 1,774,590 SH SOLE 227,476 23,758 1,523,356 Teva Pharmaceutical Industries COM 881624209 2,269 45,219 SH SOLE 10,610 - 34,609 Total SA ADR COM 89151E109 2,550 41,821 SH SOLE 10,836 - 30,985 U S BANCORP DEL NEW COM 902973304 16,333 617,957 SH SOLE 112,031 97,845 408,081 UBS AG COM h89231338 1,664 92,196 SH SOLE 5,161 - 87,035 UNILEVER PLC NEW ADR COM 904767704 2,569 83,908 SH SOLE 19,328 - 64,580 UNITED TECHNOLOGIES CORP COM 913017109 22,074 260,763 SH SOLE 63,277 37,884 159,602 UNITEDHEALTH GROUP INC COM 91324p102 25,841 571,697 SH SOLE 137,376 83,648 350,673 UNIVERSAL CORP VA COM 913456109 35,281 810,321 SH SOLE 108,135 11,358 690,828 URS CORP COMMON STOCK USD.01 COM 903236107 3,417 74,199 SH SOLE 420 579 73,200 Ultra Petroleum Corp COM 903914109 7,320 148,628 SH SOLE 400 600 147,628 VALERO ENERGY CORP NEW COM 91913y100 10,790 361,826 SH SOLE 89,100 52,441 220,285 VECTREN CORP COM 92240G101 34,628 1,273,076 SH SOLE 177,785 18,526 1,076,765 VF CORP COMMON STOCK USD1.0 COM 918204108 3,514 35,669 SH SOLE 195 274 35,200 VODAFONE GROUP PLC SP ADR ADR COM 92857W209 2,340 81,402 SH SOLE 21,353 - 60,049 W & T OFFSHORE INC COM 92922P106 50,289 2,206,613 SH SOLE 297,668 30,655 1,878,290 WADDELL & REED FINL CL A COM 930059100 43,449 1,069,898 SH SOLE 146,925 16,085 906,888 WASHINGTON FEDERAL INC SEATTLE COM 938824109 37,606 2,168,771 SH SOLE 299,848 32,058 1,836,865 WEINGARTEN REALTY INVESTORS RE COM 948741103 3,744 149,400 SH SOLE - - 149,400 WELLS FARGO & CO NEW COM 949746101 34,196 1,078,397 SH SOLE 267,615 156,887 653,895 WESTERN UN CO COM 959802109 3,366 162,052 SH SOLE 867 1,335 159,850 WHIRLPOOL CORP COMMON STOCK US COM 963320106 6,851 80,262 SH SOLE 4,000 267 75,995 WOLVERINE WORLD WIDE INC COM 978097103 40,112 1,075,956 SH SOLE 157,010 16,321 902,625 Wintrust Finl Corp Com COM 97650W108 31,187 848,635 SH SOLE 117,285 12,703 718,647 YAMANA GOLD INC COM 98462y100 5,723 464,909 SH SOLE 67,772 1,994 395,143 ZIMMER HOLDINGS INC COM 98956p102 22,966 379,407 SH SOLE 39,805 51,396 288,206