0000950159-11-000736.txt : 20111114 0000950159-11-000736.hdr.sgml : 20111111 20111114152839 ACCESSION NUMBER: 0000950159-11-000736 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 EFFECTIVENESS DATE: 20111114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREMAN VALUE MANAGEMENT L L C CENTRAL INDEX KEY: 0001055282 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06700 FILM NUMBER: 111201856 BUSINESS ADDRESS: STREET 1: 10 EXCHANGE PLACE CITY: JERSEY CITY STATE: NJ ZIP: 07203 BUSINESS PHONE: 2017932000 MAIL ADDRESS: STREET 1: 10 EXCHANGE PLACE CITY: JERSEY CITY STATE: NJ ZIP: 07203 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: September 30, 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 November 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: 3 Form 13F Information Table Entry Total: 278 Form 13F Information Table Value Total: 3,995,314 in thousands List of Other Included Managers: Deutsche Bank American Beacon Advisors MetLife Advisers, LLC 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. Deutsche Bank - Form 13F file # 28-10103 American Beacon Advisors - Form 13F file # 28-14511 MetLife Advisers, LLC - Form 13F File # 028-05167
DREMAN VALUE MANAGEMENT, LLC FORM 13F 3QTR 2011 VOTING AUTHORITY TITLE SOLE SHARED NONE OF VALUE SHARES/ SHARES/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT SH/PRN CALL DISCRETION MANAGERS ------------------------------ --------------- -------- --------- --- ---- ------- --------- -------- -------- -------- 3M Company COM 88579Y101 1,173 16,346 SH SOLE 16,346 - - ABB LTD SPON ADR COM 000375204 2,489 145,697 SH SOLE 25,142 - 120,555 ABBOTT LABORATORIES COMMON STO COM 002824100 281 5,498 SH SOLE 5,498 - - AETNA INC NEW COM 00817y108 16,721 460,116 SH SOLE 107,968 74,572 277,576 AGL RESOURCES INC COMMON STOCK COM 001204106 3,039 74,600 SH SOLE 1,750 - 72,850 AGRIUM INC COMMON STOCK NPV COM 008916108 4,123 61,857 SH SOLE 5,532 351 55,974 AIRCASTLE LTD COM G0129k104 25,868 2,722,923 SH SOLE 392,145 48,961 2,281,817 ALERE INC COM 01449J105 21,286 1,083,255 SH SOLE 157,122 15,631 910,502 ALLETE INC NEW COM 018522300 32,267 880,892 SH SOLE 148,551 15,951 716,390 ALLIANT TECHSYSTEMS INC COM 018804104 30,373 557,198 SH SOLE 83,346 7,996 465,856 ALLIED WORLD ASSUR NEW F COM H01531104 34,098 634,860 SH SOLE 89,369 9,982 535,509 ALLSTATE CORPORATION COM 020002101 13,908 587,073 SH SOLE 63,727 88,809 434,537 ALTRIA GROUP INC COM 02209s103 33,716 1,257,609 SH SOLE 363,104 189,789 704,716 AMDOCS LTD COMMON STOCK GBP.00 COM G02602103 3,496 128,900 SH SOLE 3,000 - 125,900 AMEDISYS INC COM 023436108 19,869 1,340,712 SH SOLE 188,308 19,911 1,132,493 AMEREN CORP COM 023608102 7,649 256,944 SH SOLE 14,099 1,215 241,630 AMERICAN EXPRESS COMPANY COM 025816109 16,907 376,555 SH SOLE 89,675 60,884 225,996 AMERIPRISE FINANCIAL INC COMMO COM 03076C106 2,823 71,713 SH SOLE 8,597 596 62,520 AMN ELEC POWER CO COM 025537101 3,705 97,440 SH SOLE 757 903 95,780 ANADARKO PETROLEUM CORP COM 032511107 42,256 670,206 SH SOLE 154,041 108,862 407,303 ANWORTH MTG ASSET CORP REIT COM 037347101 30,879 4,540,960 SH SOLE 635,022 73,113 3,832,825 APACHE CORP COM 037411105 27,870 347,339 SH SOLE 80,678 56,218 210,443 APOLLO INVESTMENT CORP COM 03761U106 30,905 4,112,508 SH SOLE 562,704 58,232 3,491,572 ARCH COAL INC COMMON STOCK USD COM 039380100 2,870 196,853 SH SOLE 3,104 889 192,860 ARGO GROUP INTL HLDGS F COM G0464B107 3,044 107,313 SH SOLE 2,500 - 104,813 ARRIS GROUP INC COMMON STOCK U COM 04269Q100 33,640 3,266,054 SH SOLE 470,339 48,234 2,747,481 ARROW ELECTRONICS INC COMMON S COM 042735100 4,742 170,715 SH SOLE 2,597 853 167,265 ASPEN INSURANCE HOLDINGF COM G05384105 29,607 1,285,041 SH SOLE 188,803 19,518 1,076,720 ASTRAZENECA PLC ADR F SPONSORE COM 046353108 20,094 452,978 SH SOLE 81,289 67,783 303,906 ATWOOD OCEANICS INC COM 050095108 30,562 889,456 SH SOLE 126,019 12,351 751,086 AXIS CAPITAL HOLDINGS LTD COMM COM G0692U109 5,092 196,299 SH SOLE 3,031 888 192,380 Aegon Nv COM 007924103 58 14,399 SH SOLE 14,399 - - Agilent Technologies Inc COM 00846U101 2,541 81,324 SH SOLE 636 798 79,890 Amerco COM 023586100 2,345 37,550 SH SOLE 875 - 36,675 American Axle & Mfg Hldgs COM 024061103 22,258 2,917,200 SH SOLE 455,132 45,103 2,416,965 Amkor Technology Inc. COM 031652100 23,287 5,340,989 SH SOLE 830,583 84,105 4,426,301 Ascena Retail Group, Inc. COM 04351g101 23,903 883,009 SH SOLE 137,687 16,943 728,379 Associated Banc Corp COM 045487105 28,872 3,104,522 SH SOLE 452,323 46,894 2,605,305 AuRico Gold Inc COM 05155c105 21,243 2,259,876 SH SOLE 344,326 52,427 1,863,123 BANCO SANT CTL HISP ADR COM 05964H105 2,857 355,380 SH SOLE 67,839 - 287,541 BANCORPSOUTH INC COM 059692103 22,303 2,540,235 SH SOLE 397,074 41,085 2,102,076 BANK OF AMERICA CORP COM 060505104 13,135 2,146,280 SH SOLE 510,955 336,874 1,298,451 BANK OF HAWAII CORP COM 062540109 33,732 926,705 SH SOLE 134,855 13,655 778,195 BARNES GROUP INC COM 067806109 30,229 1,570,336 SH SOLE 245,569 24,852 1,299,915 BARRICK GOLD CORPORATION COM 067901108 2,471 52,961 SH SOLE 9,151 - 43,810 BEST BUY CO INC COM 086516101 17,708 760,019 SH SOLE 152,452 107,399 500,168 BHP BILLITON LTD ADR F SPONSOR COM 088606108 26,769 402,903 SH SOLE 103,958 56,711 242,234 BIG LOTS INC COMMON STOCK USD. COM 089302103 6,190 177,721 SH SOLE 2,838 834 174,049 BIOGEN IDEC INC COM 09062x103 1,934 20,761 SH SOLE 161 200 20,400 BOK FINANCIAL CORPORATION COMM COM 05561Q201 3,336 71,150 SH SOLE 1,650 - 69,500 BP PLC ADR F SPONSORED ADR 1 A COM 055622104 23,920 663,156 SH SOLE 126,643 97,076 439,437 BRINKER INTL INC COM 109641100 29,655 1,417,520 SH SOLE 199,580 20,845 1,197,095 BRINKS CO COM 109696104 35,734 1,532,986 SH SOLE 225,553 23,188 1,284,245 Banco Bilbao Vizcaya - ADR COM 05946K101 2,928 360,192 SH SOLE 68,823 - 291,369 Barclays PLC- ADR COM 06738E204 2,734 279,555 SH SOLE 53,165 - 226,390 Brandywine Rlty Tr Sh Ben Int COM 105368203 26,549 3,314,428 SH SOLE 518,285 49,758 2,746,385 Briggs & Stratton COM 109043109 25,899 1,916,995 SH SOLE 313,102 31,582 1,572,311 C A C I INC CL A COM 127190304 30,027 601,256 SH SOLE 94,008 9,488 497,760 C B L & ASSOC PROPERTIES REIT COM 124830100 27,298 2,402,986 SH SOLE 350,745 33,299 2,018,942 CARNIVAL CORP NEW F PAIRED STK COM 143658300 9,711 320,506 SH SOLE 88,499 48,931 183,076 CARNIVAL PLC-ADR COM 14365C103 2,594 84,242 SH SOLE 14,550 - 69,692 CEPHALON INC COMMON STOCK USD. COM 156708109 2,362 29,275 SH SOLE 675 - 28,600 CHARLES RIVER LABORATORIES COM COM 159864107 31,907 1,114,838 SH SOLE 161,673 15,630 937,535 CHESAPEAKE ENERGY CORP COM 165167107 26,449 1,035,173 SH SOLE 300,745 135,720 598,708 CIGNA CORP COMMON STOCK USD.25 COM 125509109 2,705 64,489 SH SOLE 2,150 589 61,750 CITIGROUP INC COM 172967424 12,477 487,090 SH SOLE 61,735 90,009 335,346 COEUR D ALENE MINES CORP COMMO COM 192108504 31,523 1,470,305 SH SOLE 213,775 22,634 1,233,896 COMERICA INC COM COM 200340107 2,399 104,436 SH SOLE 9,451 865 94,120 COMMONWEALTH REIT COM 203233101 30,822 1,624,754 SH SOLE 232,567 23,110 1,369,077 COMPUTER SCIENCES CORP COMMON COM 205363104 1,684 62,719 SH SOLE 511 698 61,510 CONOCOPHILLIPS COM 20825c104 29,457 465,206 SH SOLE 125,879 71,664 267,663 CONSTELLATION BRANDS INC A COM COM 21036P108 2,959 164,375 SH SOLE 3,850 - 160,525 CONTANGO OIL & GAS DE COM 21075N204 21,063 384,990 SH SOLE 60,555 2,980 321,455 CORN PRODUCTS INTL INC COM 219023108 25,402 647,358 SH SOLE 101,094 10,699 535,565 CRANE CO COMMON STOCK USD1.0 COM 224399105 2,722 76,275 SH SOLE 1,775 - 74,500 Cabot Corp. COM 127055101 18,034 727,754 SH SOLE 112,368 11,986 603,400 Carlisle Cos Inc COM 142339100 3,504 109,898 SH SOLE 15,508 8,940 85,450 China Digital TV Holding-ADR COM 16938g107 1,658 425,026 SH SOLE 72,986 - 352,040 China Mobile LTD Spn ADR COM 16941m109 2,412 49,525 SH SOLE 10,062 - 39,463 Chiquita Brands Intl COM 170032809 22,203 2,662,246 SH SOLE 414,437 41,405 2,206,404 Cisco Systems Inc. COM 17275R102 13,289 857,385 SH SOLE 186,717 141,607 529,061 Collective Brands Inc. COM 19421w100 14,121 1,089,605 SH SOLE 169,430 23,435 896,740 Cooper Tire And Rubber COM 216831107 28,741 2,639,215 SH SOLE 390,335 41,948 2,206,932 Covidien Plc COM g2554f113 2,431 55,127 SH SOLE 9,561 - 45,566 Credit Suisse Grp Spons- ADR COM 225401108 2,952 112,494 SH SOLE 19,413 - 93,081 Curtiss-Wright Corp. COM 231561101 31,725 1,100,428 SH SOLE 171,981 17,313 911,134 D S T SYSTEMS INC COM 233326107 34,231 781,001 SH SOLE 113,192 10,589 657,220 DEAN FOODS CO COMMON STOCK USD COM 242370104 2,281 257,110 SH SOLE 2,020 2,440 252,650 DEVON ENERGY CP NEW COM 25179m103 30,628 552,448 SH SOLE 121,450 90,721 340,277 DIANA SHIPPING INC F COM Y2066G104 24,320 3,277,630 SH SOLE 516,158 52,902 2,708,570 DISCOVER FINANCIAL SERVICES CO COM 254709108 2,607 113,666 SH SOLE 4,159 1,065 108,442 DUKE REALTY CORP REIT USD.01 COM 264411505 30,867 2,939,674 SH SOLE 420,460 47,885 2,471,329 Darden Restaurants Inc. COM 237194105 2,398 56,105 SH SOLE 446 539 55,120 Delhaize Le Lion S A Adr COM 29759w101 2,402 41,099 SH SOLE 6,915 - 34,184 Deutsche Bank AG REG COM D18190898 490 14,161 SH SOLE 14,161 - - Diageo Plc Adr COM 25243Q205 2,510 33,062 SH SOLE 5,734 - 27,328 Donnelley (R R) & Sons Co COM 257867101 5,145 364,347 SH SOLE 5,639 1,718 356,990 Du Pont (E I) De Nemours COM 263534109 241 6,028 SH SOLE 6,028 - - EARTHLINK INC COM 270321102 24,347 3,728,410 SH SOLE 591,038 26,496 3,110,876 EATON CORPORATION COM 278058102 24,070 678,025 SH SOLE 148,377 112,113 417,535 ELI LILLY & CO COM 532457108 1,169 31,630 SH SOLE 31,630 - - EMCOR GROUP INC COM 29084Q100 26,282 1,292,771 SH SOLE 202,132 20,364 1,070,275 EMERSON ELECTRIC CO COM 291011104 12,782 309,413 SH SOLE 60,523 52,701 196,189 ENDO PHARMACEUT HLDGS INC COMM COM 29264F205 2,514 89,800 SH SOLE 2,100 - 87,700 ENERGIZER HOLDINGS INC COMMON COM 29266R108 6,032 90,790 SH SOLE 1,529 376 88,885 ENERSYS COM 29275Y102 30,640 1,530,456 SH SOLE 239,161 24,261 1,267,034 ENSCO PLC SPON ADR ADR USD.1 COM 29358Q109 4,362 107,889 SH SOLE 9,440 556 97,893 ENTERTAINMENT PPTYS TR COM SH COM 29380T105 2,855 73,250 SH SOLE 1,700 - 71,550 ESTERLINE TECH CORP COM 297425100 28,261 545,162 SH SOLE 85,309 7,790 452,063 EXELON CORP COMMON STOCK NPV COM 30161N101 375 8,811 SH SOLE 8,811 - - East West Bancorp Inc. COM 27579R104 2,904 194,750 SH SOLE 4,550 - 190,200 Encana Corp COM 292505104 802 41,730 SH SOLE 41,730 - - Energen Corp Com COM 29265N108 21,252 519,732 SH SOLE 78,626 10,420 430,686 Eni S P A Sponsored ADR COM 26874r108 2,688 76,504 SH SOLE 14,871 - 61,633 Everest Reins Hldgs COM g3223r108 3,268 41,175 SH SOLE 950 - 40,225 FEDEX CORPORATION COM 31428x106 13,812 204,077 SH SOLE 45,360 33,599 125,118 FIFTH THIRD BANCORP COM 316773100 4,486 444,206 SH SOLE 174,197 2,539 267,470 FIRSTMERIT CORP COM 337915102 25,624 2,255,661 SH SOLE 352,466 37,256 1,865,939 FISERV INC COMMON STOCK USD.01 COM 337738108 2,903 57,178 SH SOLE 449 559 56,170 FOREST LABORATORIES INC COMMON COM 345838106 2,584 83,936 SH SOLE 2,870 786 80,280 FOREST OIL CORP NEW COM 346091705 1,516 105,250 SH SOLE 2,450 - 102,800 FULTON FINANCIAL CORP COM 360271100 28,381 3,709,971 SH SOLE 596,477 60,254 3,053,240 GENERAL CABLE CP DE NEW COM 369300108 27,318 1,169,925 SH SOLE 170,352 19,864 979,709 GENERAL ELECTRIC COMPANY COM 369604103 23,298 1,530,757 SH SOLE 362,599 245,151 923,007 GEO GROUP INC COM 36159R103 27,979 1,507,479 SH SOLE 249,479 25,671 1,232,329 GOLDMAN SACHS GROUP INC COM 38141g104 11,466 121,271 SH SOLE 15,566 22,380 83,325 Gap Inc. Co. COM 364760108 2,822 173,757 SH SOLE 22,276 1,491 149,990 H.B. Fuller Co. COM 359694106 8,803 483,144 SH SOLE 75,096 11,097 396,951 HANESBRANDS INC COM 410345102 26,898 1,075,497 SH SOLE 152,627 17,583 905,287 HANOVER INSURANCE GROUP COM 410867105 27,922 786,526 SH SOLE 122,938 12,418 651,170 HARRIS CORP COMMON STOCK USD1. COM 413875105 2,388 69,875 SH SOLE 552 713 68,610 HARTFORD FINL SVCS GRP COM 416515104 14,365 890,002 SH SOLE 171,381 125,576 593,045 HEALTHSPRING INC COM 42224N101 27,437 752,515 SH SOLE 106,378 8,685 637,452 HELEN OF TROY LTD F COM G4388N106 28,198 1,122,528 SH SOLE 175,516 17,677 929,335 HOSPITALITY PPTYS TRUST BENEFI COM 44106M102 34,018 1,602,378 SH SOLE 218,276 22,937 1,361,165 HSBC Hldgs PLC Spons-ADR COM 404280406 2,547 66,959 SH SOLE 11,405 - 55,554 HUBBELL INC CL B PAR .01 COM 443510201 2,913 58,800 SH SOLE 1,375 - 57,425 Hancock Hldg Co Com COM 410120109 23,903 891,581 SH SOLE 139,288 14,223 738,070 Harsco Corp Com COM 415864107 27,015 1,393,228 SH SOLE 211,766 22,537 1,158,925 Huntsman Corp COM 447011107 15,706 1,624,158 SH SOLE 232,455 29,320 1,362,383 IAMgold Corporation COM 450913108 3,210 162,275 SH SOLE 3,800 - 158,475 IDACORP INCORPORATED COM 451107106 34,226 905,941 SH SOLE 127,568 13,937 764,436 ING GP NV SPSD ADR COM 456837103 2,910 412,716 SH SOLE 77,783 - 334,933 INTL SPEEDWAY CL A COM 460335201 33,473 1,465,563 SH SOLE 204,632 20,446 1,240,485 Ingersoll Rand Plc COM g47791101 2,879 102,487 SH SOLE 10,485 912 91,090 Intel Corp COM 458140100 19,329 905,997 SH SOLE 170,251 154,108 581,638 JABIL CIRCUIT INC COM 466313103 3,014 169,425 SH SOLE 3,950 - 165,475 JAKKS PACIFIC INC COM 47012E106 34,445 1,817,675 SH SOLE 290,140 29,355 1,498,180 JAMES RIVER COAL CO COM 470355207 11,261 1,767,822 SH SOLE 275,750 27,756 1,464,316 JARDEN CORP COM 471109108 31,951 1,130,623 SH SOLE 176,781 17,972 935,870 JDA Software Group Inc. COM 46612K108 31,713 1,352,923 SH SOLE 211,370 22,028 1,119,525 JPMORGAN CHASE & CO COM 46625h100 17,106 567,915 SH SOLE 164,609 85,319 317,987 KB Financial Group Inc-ADR COM 48241a105 2,656 81,077 SH SOLE 14,061 - 67,016 KLA-TENCOR Corp COM 482480100 6,258 163,475 SH SOLE 2,600 695 160,180 Keycorp COM 493267108 938 158,120 SH SOLE 158,120 - - L 3 COMMUNICATIONS HLDGS INC C COM 502424104 2,953 47,648 SH SOLE 4,529 439 42,680 LEXMARK INTL INC CL A CLASS A COM 529771107 25,530 944,512 SH SOLE 141,029 14,616 788,867 LIFEPOINT HOSPITALS INC COM 53219L109 40,223 1,097,781 SH SOLE 170,171 17,380 910,230 LIFETIME FITNESS COM 53217R207 31,236 847,649 SH SOLE 128,877 15,066 703,706 LINCOLN NATIONAL CORP COMMON S COM 534187109 1,824 116,718 SH SOLE 922 1,136 114,660 LORILLARD INC COMMON STOCK USD COM 544147101 2,765 24,979 SH SOLE 197 242 24,540 LOWES COMPANIES INC COM 548661107 15,098 780,642 SH SOLE 201,087 122,633 456,922 MACK CALI REALTY CORP REIT USD COM 554489104 2,796 104,523 SH SOLE 833 - 103,690 MARATHON OIL CORP COM 565849106 212 9,828 SH SOLE 9,828 - - MATTEL INC COM COM 577081102 6,127 236,639 SH SOLE 3,963 1,021 231,655 MCDERMOTT INTL INC COMMON STOC COM 580037109 3,565 331,305 SH SOLE 4,618 1,972 324,715 MEDICAL PROPERTIES TRUST REIT COM 58463J304 7,351 821,353 SH SOLE 139,164 5,207 676,982 MEDNAX INC COM 58502B106 26,646 425,379 SH SOLE 67,923 2,974 354,482 MEREDITH CORP COM 589433101 29,155 1,287,756 SH SOLE 187,084 18,767 1,081,905 METLIFE INC COMMON STOCK USD.0 COM 59156R108 308 11,011 SH SOLE 11,011 - - MFA FINANCIAL INC REIT USD.01 COM 55272X102 2,961 421,825 SH SOLE 9,850 - 411,975 MICROSEMI CORPORATION COM 595137100 29,028 1,816,539 SH SOLE 261,919 26,275 1,528,345 MICROSOFT CORP COM 594918104 16,510 663,338 SH SOLE 124,401 113,414 425,523 MINEFINDERS CORP COM 602900102 15,469 1,111,273 SH SOLE 191,655 15,391 904,227 MOLSON COOR BREW CO CL B COM 60871r209 2,501 63,143 SH SOLE 498 615 62,030 Mantech International Corp. - COM 564563104 2,751 87,675 SH SOLE 2,050 - 85,625 N V ENERGY INC COM 67073Y106 30,200 2,053,000 SH SOLE 320,298 34,392 1,698,310 NASDAQ OMX GROUP/THE COMMON ST COM 631103108 3,038 131,268 SH SOLE 1,037 1,331 128,900 NASH-FINCH COMPANY COM 631158102 13,656 507,102 SH SOLE 87,347 3,711 416,044 NCR Corp COM 62886E108 34,642 2,051,023 SH SOLE 313,368 33,858 1,703,797 NEWMONT MINING CORP COM 651639106 9,646 153,226 SH SOLE 21,898 27,774 103,554 NEXEN INC COMMON STOCK NPV COM 65334H102 4,301 277,690 SH SOLE 25,166 1,394 251,130 NORFOLK SOUTHERN CORP COMMON S COM 655844108 2,736 44,836 SH SOLE 348 418 44,070 NORTHROP GRUMMAN CORP COM 666807102 15,605 299,112 SH SOLE 51,334 44,170 203,608 NUCOR CORP COMMON STOCK USD.4 COM 670346105 2,141 67,666 SH SOLE 531 635 66,500 Nippon Teleg Adr COM 654624105 2,561 106,945 SH SOLE 21,373 - 85,572 Nokia Corp-Spon ADR COM 654902204 84 14,797 SH SOLE 14,797 - - Nomura Hldg Inc Spons- ADR COM 65535H208 2,448 687,726 SH SOLE 118,405 - 569,321 O M GROUP INC COM 670872100 25,191 970,013 SH SOLE 151,415 16,108 802,490 OCCIDENTAL PETE CORP COM 674599105 13,617 190,454 SH SOLE 44,250 30,789 115,415 OMNICARE INC COMMON STOCK USD1 COM 681904108 2,400 94,384 SH SOLE 738 901 92,745 OWENS &MINOR INC HLDG CO COM 690732102 32,493 1,140,910 SH SOLE 184,310 19,670 936,930 OWENS ILLINOIS INC COMMON STOC COM 690768403 3,367 222,707 SH SOLE 3,469 1,033 218,205 Olin Corp COM 680665205 28,454 1,579,903 SH SOLE 247,051 25,352 1,307,500 Omega Healthcare Investors COM 681936100 29,766 1,868,526 SH SOLE 294,435 29,691 1,544,400 Oshkosh Truck Corp. COM 688239201 3,786 240,557 SH SOLE 3,983 1,014 235,560 PFIZER INCORPORATED COM 717081103 28,481 1,610,934 SH SOLE 289,196 282,468 1,039,270 PHILIP MORRIS INTL INC COM 718172109 20,275 325,032 SH SOLE 65,115 54,783 205,134 PITNEY BOWES INC COM 724479100 5,667 301,460 SH SOLE 19,356 1,344 280,760 PLANTRONICS INC COM 727493108 27,397 962,974 SH SOLE 165,240 17,604 780,130 PLATINUM UNDERWRITERS F COM G7127P100 23,844 775,413 SH SOLE 122,199 12,239 640,975 PMC SIERRA INC COM 69344F106 33,080 5,531,711 SH SOLE 802,399 82,172 4,647,140 PNC FINL SERVICES GP INC COM 693475105 21,581 447,822 SH SOLE 96,483 74,536 276,803 PPL CORPORATION COMMON STOCK U COM 69351T106 4,183 146,575 SH SOLE 14,892 1,338 130,345 PROTECTIVE LIFE CORP COM 743674103 22,712 1,453,106 SH SOLE 216,317 22,523 1,214,266 Pennsylvania Rl Est Tr Sh Ben COM 709102107 20,745 2,683,741 SH SOLE 431,344 44,977 2,207,420 Perkinelmer Inc. COM 714046109 8,329 433,571 SH SOLE 63,380 16,978 353,213 Petroleo Brasileiro S/A COM 71654v408 2,425 108,031 SH SOLE 20,933 - 87,098 Portland General Electric COM 736508847 35,206 1,486,118 SH SOLE 209,759 21,890 1,254,469 Prosperity Bancshares Inc. COM 743606105 10,317 315,705 SH SOLE 49,470 10,775 255,460 Prudential PLC ADR COM 74435K204 2,370 138,941 SH SOLE 23,734 - 115,207 Qlogic Corp. COM 747277101 27,283 2,151,645 SH SOLE 336,156 33,621 1,781,868 RALCORP HOLDINGS INC COMMON ST COM 751028101 2,763 36,025 SH SOLE 850 - 35,175 RAYMOND JAMES FINL INC COM 754730109 2,780 107,100 SH SOLE 2,500 - 104,600 RELIANCE STEEL + ALUMINUM COMM COM 759509102 2,396 70,450 SH SOLE 1,650 - 68,800 ROYAL DUTCH SHELL PLC ADR ADR COM 780259206 18,196 295,776 SH SOLE 33,651 48,398 213,727 RYDER SYSTEM INC COM 783549108 26,309 701,398 SH SOLE 114,291 11,857 575,250 Rock-Tenn COM 772739207 5,255 107,941 SH SOLE 1,722 514 105,705 SEASPAN CORP COM Y75638109 1,460 127,370 SH SOLE 29,508 - 97,862 SECTOR SPDR FINANCIAL COM 81369y605 258 21,835 SH SOLE 21,835 - - SEMPRA ENERGY COMMON STOCK NPV COM 816851109 2,774 53,858 SH SOLE 424 524 52,910 SENIOR HOUSING PROP TRUST REIT COM 81721M109 2,571 119,357 SH SOLE 938 1,154 117,265 SK TELECOM ADR COM 78440P108 2,533 180,047 SH SOLE 35,585 - 144,462 SMITH-NPHW PLC SPADR NEW COM 83175M205 2,657 59,444 SH SOLE 10,209 - 49,235 SONIC CORP COM 835451105 24,604 3,480,084 SH SOLE 544,236 55,700 2,880,148 SPIRIT AEROSYSTEMS HOLD CL A C COM 848574109 2,240 140,425 SH SOLE 3,275 - 137,150 SPX Corp. COM 784635104 29,451 649,986 SH SOLE 91,071 10,040 548,875 STAPLES INC COM 855030102 21,416 1,610,233 SH SOLE 431,424 213,353 965,456 STERIS CORP COM 859152100 27,548 941,184 SH SOLE 147,450 15,824 777,910 SUMITOMO MITSUI-SPONS ADR COM 86562M209 2,797 511,332 SH SOLE 88,334 - 422,998 SUNTRUST BANKS INC COM 867914103 7,393 411,881 SH SOLE 36,327 50,268 325,286 SUPERIOR ENERGY SERVICES COM 868157108 29,285 1,116,057 SH SOLE 161,955 16,107 937,995 SYMANTEC CORP COMMON STOCK USD COM 871503108 3,432 210,570 SH SOLE 18,896 1,843 189,831 SYNAPTICS INC COM 87157D109 16,510 690,785 SH SOLE 100,650 4,429 585,706 SYNOPSYS INC COMMON STOCK USD. COM 871607107 6,476 265,846 SH SOLE 4,300 1,189 260,357 Sanofi-ADR COM 80105N105 2,705 82,461 SH SOLE 15,818 - 66,643 Siemens AG ADR COM 826197501 2,626 29,246 SH SOLE 5,047 - 24,199 StatoilHydro ASA COM 85771p102 2,542 117,953 SH SOLE 20,456 - 97,497 TATA MTRS LTD SPONSORED ADR COM 876568502 2,667 173,391 SH SOLE 33,194 - 140,197 TECO ENERGY INC COM 872375100 28,473 1,662,150 SH SOLE 264,442 30,363 1,367,345 TELEFLEX INCORPORATED COM 879369106 37,723 701,564 SH SOLE 101,977 9,867 589,720 TERADYNE INC COMMON STOCK USD. COM 880770102 2,162 196,350 SH SOLE 4,575 - 191,775 TESORO CORPORATION COM 881609101 27,745 1,424,995 SH SOLE 246,983 25,168 1,152,844 TEXTAINER GROUP HOLDINGS LTD C COM G8766E109 2,066 101,875 SH SOLE 2,375 - 99,500 THE JONES GROUP INC COM 48020T101 16,076 1,745,517 SH SOLE 233,024 22,621 1,489,872 THOMPSON CREEK METALS F COM 884768102 17,642 2,906,400 SH SOLE 464,329 45,621 2,396,450 TIDEWATER INC COMMON STOCK USD COM 886423102 2,487 59,150 SH SOLE 1,375 - 57,775 TRANSOCEAN LTD COM h8817h100 2,273 47,620 SH SOLE 5,666 424 41,530 TUTOR PERINI CORP COM 901109108 26,547 2,310,471 SH SOLE 339,368 37,926 1,933,177 Telefonica SA Spain ADR COM 879382208 2,817 147,330 SH SOLE 28,402 - 118,928 Teva Pharmaceutical Industries COM 881624209 2,808 75,442 SH SOLE 14,211 - 61,231 Total SA ADR COM 89151E109 2,553 58,200 SH SOLE 11,091 - 47,109 U S BANCORP DEL NEW COM 902973304 14,599 620,183 SH SOLE 110,873 108,165 401,145 UBS AG COM h89231338 2,056 179,886 SH SOLE 5,043 - 174,843 UNILEVER PLC NEW ADR COM 904767704 2,568 82,329 SH SOLE 14,221 - 68,108 UNITED TECHNOLOGIES CORP COM 913017109 18,386 261,318 SH SOLE 62,553 41,916 156,849 UNITEDHEALTH GROUP INC COM 91324p102 26,262 569,435 SH SOLE 132,353 92,460 344,622 UNIVERSAL CORP VA COM 913456109 21,990 613,228 SH SOLE 96,002 9,708 507,518 UNUM GROUP COMMON STOCK USD.1 COM 91529Y106 2,704 129,000 SH SOLE 3,000 - 126,000 URS CORP COMMON STOCK USD.01 COM 903236107 4,797 161,721 SH SOLE 2,552 709 158,460 Ultra Petroleum Corp COM 903914109 4,655 167,947 SH SOLE 2,769 710 164,468 VALERO ENERGY CORP NEW COM 91913y100 8,760 492,677 SH SOLE 89,291 59,291 344,095 VECTREN CORP COM 92240G101 35,642 1,316,180 SH SOLE 205,290 21,925 1,088,965 VODAFONE GROUP PLC SP ADR ADR COM 92857W209 2,670 104,066 SH SOLE 20,703 - 83,363 W & T OFFSHORE INC COM 92922P106 21,518 1,563,841 SH SOLE 244,541 25,150 1,294,150 WADDELL & REED FINL CL A COM 930059100 24,453 977,713 SH SOLE 152,877 15,648 809,188 WASHINGTON FEDERAL INC SEATTLE COM 938824109 29,069 2,281,676 SH SOLE 356,350 37,306 1,888,020 WEINGARTEN REALTY INVESTORS RE COM 948741103 3,238 152,975 SH SOLE 3,575 - 149,400 WELLS FARGO & CO NEW COM 949746101 26,078 1,081,182 SH SOLE 265,312 173,259 642,611 WESTERN UN CO COM 959802109 2,603 170,222 SH SOLE 1,324 1,578 167,320 WHIRLPOOL CORP COMMON STOCK US COM 963320106 4,537 90,907 SH SOLE 6,617 395 83,895 WOLVERINE WORLD WIDE INC COM 978097103 30,229 909,130 SH SOLE 142,189 14,306 752,635 Websense Inc. COM 947684106 3,233 186,905 SH SOLE 27,518 16,272 143,115 Wintrust Finl Corp Com COM 97650W108 22,966 889,802 SH SOLE 139,073 13,787 736,942 Worthington Industries Inc COM 981811102 27,788 1,989,101 SH SOLE 310,958 32,527 1,645,616 YAMANA GOLD INC COM 98462y100 5,407 395,822 SH SOLE 49,565 1,579 344,678 ZIMMER HOLDINGS INC COM 98956p102 19,926 372,596 SH SOLE 38,946 56,838 276,812 Zions Bancorp COM 989701107 2,155 153,075 SH SOLE 3,575 - 149,500