13F-HR 1 gwc4q10.txt GW CAPITAL 2010 Q4 13F 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: GW Capital, Inc. Address: 10900 N.E. Eighth Street, Suite 1010 Bellevue, WA 98004 13F File Number: 801-35777 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: Guy Watanabe Title: President Phone: 425-455-4551 Signature, Place, and Date of Signing: /s/ Guy Watanabe Bellevue, WA February 3, 2011 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 59 Form13F Information Table Value Total: $1,208,773 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE TITLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORIT NAME OF ISSUER OF CLASS CUSIP (x$1000)PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE A.O. SMITH CORPORATION COM 831865209 32614 856473 SH SOLE 723440 0 133033 ALBANY INTERNATIONAL CORP CL A 012348108 30394 1282982 SH SOLE 1082369 0 200613 AMERICAN STATES WATER COM 029899101 18712 542848 SH SOLE 456471 0 86377 BARNES GROUP INC COM 067806109 22499 1088505 SH SOLE 917083 0 171422 BRIGHAM EXPLORATION COM 109178103 41513 1523956 SH SOLE 1159486 0 364470 BROOKDALE SENIOR LIVING COM 112463104 48837 2281052 SH SOLE 1742940 0 538112 CAPSTEAD MORTGAGE CORP. COM NO PAR 14067E506 26449 2100820 SH SOLE 1771754 0 329066 CHESAPEAKE ENERGY CORP NOTE 165167CA3 4038 4550000 PRN SOLE 4440000 0 110000 CHICAGO BRIDGE & IRON NY REGISTRY SH 167250109 24213 735965 SH SOLE 619364 0 116601 CNO FINANCIAL GROUP COM 12621E103 43905 6475615 SH SOLE 4885370 0 1590245 CORN PRODUCTS INT'L, INC. COM 219023108 16666 362301 SH SOLE 305807 0 56494 CROWN HOLDINGS INC COM 228368106 29654 888372 SH SOLE 642599 0 245773 DARLING INTERNATIONAL COM 237266101 39546 2977839 SH SOLE 2531553 0 446286 EL PASO CORP. COM 28336L109 11413 829466 SH SOLE 478421 0 351045 ESTERLINE TECHNOLOGIES COM 297425100 39245 572165 SH SOLE 482753 0 89412 EXTERRAN HOLDINGS COM 30225X103 10283 429337 SH SOLE 361127 0 68210 FIFTH THIRD BANCORP COM 316773100 7543 513833 SH SOLE 291613 0 222220 FLUOR CORPORATION COM 343412102 11118 167795 SH SOLE 94230 0 73565 FOREST OIL CORP COM PAR $0.01 346091705 37354 983788 SH SOLE 724977 0 258811 GENWORTH FINANCIAL INC. COM CL A 37247D106 7858 598026 SH SOLE 338876 0 259150 HARRIS CORP. COM 413875105 11593 255919 SH SOLE 139654 0 116265 HARRY WINSTON DIAMOND CORP. COM 41587B100 17475 1493601 SH SOLE 1263663 0 229938 HEALTH CARE REIT COM 42217K106 7524 157944 SH SOLE 92714 0 65230 HERTZ GLOBAL HOLDINGS COM 42805T105 13816 953458 SH SOLE 536238 0 417220 IBERIABANK CORP COM 450828108 19973 337783 SH SOLE 286097 0 51686 ION GEOPHYSICAL CORP COM 462044108 35901 4233569 SH SOLE 3564996 0 668573 IRON MOUNTAIN COM 462846106 11212 448285 SH SOLE 256365 0 191920 JM SMUCKER COM NEW 832696405 9402 143212 SH SOLE 77307 0 65905 KINDRED HEALTHCARE INC COM 494580103 21282 1158514 SH SOLE 977583 0 180931 KLA TENCOR COM 482480100 5761 149097 SH SOLE 84547 0 64550 LENDER PROCESSING SERVICES COM 52602E102 12788 433206 SH SOLE 239996 0 193210 LTC PROPERTIES COM 502175102 19662 700223 SH SOLE 591173 0 109050 MASSEY ENERGY CO NOTE 576203AJ2 2929 3000000 PRN SOLE 2865000 0 135000 MEADWESTVACO CORP COM 583334107 10741 410578 SH SOLE 230918 0 179660 MEDTRONIC INC NOTE 585055AL0 30 30000 PRN SOLE 30000 0 0 OCWEN FINANCIAL COM NEW 675746309 21690 2273538 SH SOLE 1917574 0 355964 OMEGA HEALTHCARE COM 681936100 45404 2023353 SH SOLE 1531879 0 491474 ONEOK INC COM 682680103 42869 772832 SH SOLE 576402 0 196430 OWENS ILLINOIS COM NEW 690768403 32882 1071078 SH SOLE 810060 0 261018 PENN VIRGINIA COM 707882106 24458 1454078 SH SOLE 1229903 0 224175 PERRIGO CO. COM 714290103 7692 121459 SH SOLE 68894 0 52565 PIONEER NATURAL RESOURCE NOTE 723787AH0 4791 3165000 PRN SOLE 3165000 0 0 REDWOOD TRUST INC. COM 758075402 25181 1686627 SH SOLE 1425077 0 261550 SBA COMMUNICATIONS COM 78388J106 13403 327374 SH SOLE 186334 0 141040 SCHWEITZER-MAUDUIT INTERNATIONAL COM 808541106 21234 337471 SH SOLE 285438 0 52033 SENSIENT TECHNOLOGIES COM 81725T100 27513 749071 SH SOLE 633195 0 115876 SLM CORPORATION COM 78442P106 44693 3549854 SH SOLE 2697223 0 852631 SOUTHERN UNION CO. COM 844030106 19044 791178 SH SOLE 667500 0 123678 STEWART ENTERPRISES INC CL A 860370105 27886 4168302 SH SOLE 3516862 0 651440 THOMAS & BETTS CORP. COM 884315102 16028 331833 SH SOLE 186818 0 145015 TIDEWATER INC COM 886423102 26006 483021 SH SOLE 367169 0 115852 TRINITY INDUSTRIES INC NOTE 896522AF6 4516 4760000 PRN SOLE 4760000 0 0 USG CORPORATION COM NEW 903293405 33126 1968276 SH SOLE 1665493 0 302783 VERISK ANALYTICS CL A 92345Y106 11402 334565 SH SOLE 189580 0 144985 WASHINGTON FEDERAL, INC. COM 938824109 9245 546412 SH SOLE 303767 0 242645 WENDY'S/ARBY'S GROUP COM 950587105 9637 2085911 SH SOLE 1181201 0 904710 WEYERHAEUSER COMPANY COM 962166104 9806 518012 SH SOLE 291910 0 226102 WILLIAMS COS, INC. COM 969457100 12109 489846 SH SOLE 263261 0 226585 YAMANA GOLD, INC. COM 98462Y100 14215 1110549 SH SOLE 623889 0 486660