13F-HR 1 v139848_13fhr.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: December 31, 2008 ------------------ 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: Adelaide Pund -------------------------------------------------------------------- Title: Head of Compliance -------------------------------------------------------------------- Phone: (858) 755-0239 -------------------------------------------------------------------- Signature, Place, and Date of Signing: /s/ Adelaide Pund San Diego, CA 2/12/09 --------------------------------- ------------------------ ------------- [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).) Report Summary: Number of Other Included Managers: 0 ------------------------------ Form 13F Information Table Entry Total: 238 ------------------------------ Form 13F Information Table Value Total: $ 20,676,418 ------------------------------ (thousands)

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 NAME OF ISSUER TITLE CUSIP VALUE SHRS OR SH/ PR/ INVESTMENT OTHER VOTING AUTHORITY OF CLASS (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ----------------------------------------------------------------------------------------------------------------------------------- AT&T INC COM 00206R102 $424,633 14,899,404 SH Sole 14,899,404 ADMINISTRADORA FONDOS PENSIO SPONSORED ADR 00709P108 $408 29,900 SH Sole 29,900 ADVANTEST CORP SPON ADR NEW 00762U200 $2,096 128,740 SH Sole 128,740 AEGON NV NY REGISTRY SH 007924103 $174,876 28,905,071 SH Sole 28,905,071 ALCATEL-LUCENT SPONSORED ADR 13904305 $177,434 82,527,616 SH Sole 82,527,616 ALLIANCEBERNSTEIN HOLDING LP UNIT LTD PARTN 01881G106 $604 29,050 SH Sole 29,050 AMERICAN AXLE & MFG HLDGS IN COM 24061103 $2,716 939,665 SH Sole 939,665 AMERICAN EXPRESS CO COM 25816109 $9,816 529,141 SH Sole 529,141 AMERICAN GREETINGS CORP CL A 26375105 $1,838 242,850 SH Sole 242,850 ARVINMERITOR INC COM 043353101 $2,506 879,363 SH Sole 879,363 ASHLAND INC NEW COM 044209104 $1,181 112,325 SH Sole 112,325 ASTRAZENECA PLC SPONSORED ADR 046353108 $384,538 9,372,122 SH Sole 9,372,122 AVIS BUDGET GROUP COM 053774105 $489 698,500 SH Sole 698,500 BB&T CORP COM 054937107 $124,003 4,515,761 SH Sole 4,515,761 BANK OF AMERICA CORPORATION COM 060505104 $251,083 17,832,621 SH Sole 17,832,621 BANK MONTREAL QUE COM 063671101 $766 29,800 SH Sole 29,800 BANKATLANTIC BANCORP CL A 065908501 $439 75,693 SH Sole 75,693 BARCLAYS PLC ADR 06738E204 $44,581 4,549,076 SH Sole 4,549,076 BEAZER HOMES USA INC COM 07556Q105 $629 397,958 SH Sole 397,958 BIOVAIL CORP COM 09067J109 $28,717 3,038,800 SH Sole 3,038,800 BIOVAIL CORP COM 09067J109 $1,913 201,640 SH Sole 201,640 BLACK & DECKER CORP COM 091797100 $2,480 59,326 SH Sole 59,326 BORGWARNER INC COM 099724106 $3,316 152,341 SH Sole 152,341 BORLAND SOFTWARE CORP COM 099849101 $1,434 1,366,100 SH Sole 1,366,100 BOSTON SCIENTIFIC CORP COM 101137107 $416,585 53,822,384 SH Sole 53,822,384 BRASIL TELECOM PARTICIPACOES SPON ADR PFD 105530109 $186,262 4,821,696 SH Sole 4,821,696 BRASKEM SA SP ADR PFD A 105532105 $5,090 1,053,834 SH Sole 1,053,834 BRIGGS & STRATTON CORP COM 109043109 $15,568 885,040 SH Sole 885,040 BRINKER INTL INC COM 109641100 $3,342 317,050 SH Sole 317,050 BRISTOL MYERS SQUIBB CO COM 110122108 $520,330 22,379,782 SH Sole 22,379,782 BRITISH SKY BROADCASTING GRO SPONSORED ADR 111013108 $76,861 2,706,382 SH Sole 2,706,382 BRUNSWICK CORP COM 117043109 $6,224 1,478,286 SH Sole 1,478,286 CIT GROUP INC COM 125581108 $129,234 28,465,718 SH Sole 28,465,718 CANON INC ADR 138006309 $114,494 3,646,304 SH Sole 3,646,304 CELESTICA INC SUB VTG SHS 15101Q108 $949 204,340 SH Sole 204,340 CEMEX SAB DE CV SPON ADR NEW 151290889 $34,250 3,747,290 SH Sole 3,747,290 CENTEX CORP COM 152312104 $11,029 1,036,564 SH Sole 1,036,564 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $553,826 49,581,570 SH Sole 49,581,570 CHEMTURA CORP COM 163893100 $7,384 5,274,035 SH Sole 5,274,035 CINCINNATI BELL INC NEW COM 171871106 $2,204 1,142,148 SH Sole 1,142,148 CISCO SYS INC COM 17275R102 $96,183 5,900,823 SH Sole 5,900,823 CITIGROUP INC COM 172967101 $249,137 37,129,266 SH Sole 37,129,266 COACHMEN INDS INC COM 189873102 $1,007 547,084 SH Sole 547,084 COLE KENNETH PRODTNS INC CL A 193294105 $3,484 492,057 SH Sole 492,057 COLONIAL BANCGROUP INC COM 195493309 $809 390,875 SH Sole 390,875 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 $2,743 113,284 SH Sole 113,284 CONSECO INC COM NEW 208464883 $38,171 7,368,830 SH Sole 7,368,830 COOPER TIRE & RUBR CO COM 216831107 $3,381 548,843 SH Sole 548,843 COTT CORP QUE COM 22163N106 $6,381 5,104,653 SH Sole 5,104,653 CRANE CO COM 224399105 $228 13,220 SH Sole 13,220 CYMER INC. COM 232572107 $1,412 64,427 SH Sole 64,427 CYNOSURE INC CL A 232577205 $319 34,930 SH Sole 34,930 D R HORTON INC COM 23331A109 $8,418 1,190,625 SH Sole 1,190,625 DELL INC COM 24702R101 $335,232 32,737,484 SH Sole 32,737,484 DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 $520,098 33,993,307 SH Sole 33,993,307 DILLARDS INC CL A 254067101 $8,020 2,020,160 SH Sole 2,020,160 DOW CHEM CO COM 260543103 $266,860 17,684,536 SH Sole 17,684,536 DYNEGY INC DEL CL A 26817G102 $250 125,200 SH Sole 125,200 EASTMAN KODAK CO COM 277461109 $160,432 24,381,748 SH Sole 24,381,748 EBAY INC COM 278642103 $52,608 3,768,489 SH Sole 3,768,489 EDISON INTL COM 281020107 $4,018 125,081 SH Sole 125,081 ERICSSON L M TEL CO ADR B SEK 10 294821608 $239,672 30,687,802 SH Sole 30,687,802 FAIRPOINT COMMUNICATIONS INC COM 305560104 $1,153 351,561 SH Sole 351,561 FIDELITY NATIONAL FINANCIAL CL A 31620R105 $7,826 440,881 SH Sole 440,881 FIFTH THIRD BANCORP COM 316773100 $194,486 23,545,471 SH Sole 23,545,471 FINISAR COM 31787A101 $703 1,849,130 SH Sole 1,849,130 FIRST AMERN CORP CALIF COM 318522307 $7,695 266,344 SH Sole 266,344 FORD MTR CO DEL COM PAR $0.01 345370860 $122,624 53,547,625 SH Sole 53,547,625 FRANCE TELECOM SPONSORED ADR 35177Q105 $348,522 12,416,157 SH Sole 12,416,157 FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 $687 4,043,763 SH Sole 4,043,763 FUJIFILM HLDGS CORP ADR 2 ORD 35958N107 $160,664 7,230,606 SH Sole 7,230,606 GANNETT INC COM 364730101 $187,755 23,469,399 SH Sole 23,469,399 GENERAL ELECTRIC CO COM 369604103 $157,481 9,721,030 SH Sole 9,721,030 GEORGIA GULF CORP COM PAR $0.01 373200203 $1,565 1,462,535 SH Sole 1,462,535 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 $413,444 11,093,204 SH Sole 11,093,204 GOODYEAR TIRE & RUBR CO COM 382550101 $3,488 584,325 SH Sole 584,325 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 $2,016 134,948 SH Sole 134,948 HSBC HLDGS PLC SPON ADR NEW 404280406 $161,606 3,320,440 SH Sole 3,320,440 HEALTH MGMT ASSOC INC NEW CL A 421933102 $2,582 1,442,712 SH Sole 1,442,712 HEWLETT PACKARD CO COM 428236103 $1,473 40,594 SH Sole 40,594 HITACHI LIMITED ADR 10 COM 433578507 $98,782 2,523,820 SH Sole 2,523,820 HOME DEPOT INC COM 437076102 $608,060 26,414,402 SH Sole 26,414,402 HONDA MOTOR LTD AMERN SHS 438128308 $25,160 1,178,990 SH Sole 1,178,990 HOVNANIAN ENTERPRISES INC CL A 442487203 $457 265,685 SH Sole 265,685 HUNTINGTON BANCSHARES INC COM 446150104 $5,328 695,605 SH Sole 695,605 HUNTSMAN CORP COM 447011107 $2,008 583,641 SH Sole 583,641 IDEARC INC COM 451663108 $247 2,907,019 SH Sole 2,907,019 INFINEON TECHNOLOGIES AG SPONSORED ADR 45662N103 $16,612 11,866,031 SH Sole 11,866,031 INTEL CORP COM 458140100 $431,923 29,462,704 SH Sole 29,462,704 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 $4,682 157,547 SH Sole 157,547 INTL PAPER CO COM 460146103 $918 77,821 SH Sole 77,821 INTERTAPE POLYMER GROUP INC COM 460919103 $1,599 2,190,643 SH Sole 2,190,643 INTERTAPE POLYMER GROUP INC COM 460919103 $2,563 2,859,982 SH Sole 2,859,982 KT CORP SPONSORED ADR 48268K101 $398,681 27,176,626 SH Sole 27,176,626 KB HOME COM 48666K109 $4,220 309,842 SH Sole 309,842 KELLY SVCS INC CL A 488152208 $1,571 120,742 SH Sole 120,742 KEMET CORP COM 488360108 $713 2,641,114 SH Sole 2,641,114 KEYCORP NEW COM 493267108 $91,230 10,707,745 SH Sole 10,707,745 KING PHARMACEUTICALS INC COM 495582108 $4,328 407,571 SH Sole 407,571 KINGSWAY FINL SVCS INC COM 496904103 $7,815 1,433,900 SH Sole 1,433,900 KINGSWAY FINL SVCS INC COM 496904103 $1,837 347,070 SH Sole 347,070 KOREA ELECTRIC PWR SPONSORED ADR 500631106 $262,147 22,579,410 SH Sole 22,579,410 LSI CORPORATION COM 502161102 $1,022 310,493 SH Sole 310,493 LA Z BOY INC COM 505336107 $566 260,759 SH Sole 260,759 LAM RESEARCH CORP COM 512807108 $849 39,875 SH Sole 39,875 LEAR CORP COM 521865105 $2,038 1,445,505 SH Sole 1,445,505 LENNAR CORP CL A 526057104 $8,356 963,833 SH Sole 963,833 LENNAR CORP CL B 526057302 $2,083 321,905 SH Sole 321,905 LILLY ELI & CO COM 532457108 $10,675 265,086 SH Sole 265,086 LOUISIANA PAC CORP COM 546347105 $524 335,895 SH Sole 335,895 MI DEVS INC CL A SUB VTG 55304X104 $295 39,600 SH Sole 39,600 MAGNA INTL INC CL A 559222401 $48,680 1,626,455 SH Sole 1,626,455 MAGNA INTL INC CL A 559222401 $1,580 52,300 SH Sole 52,300 MAGYAR TELEKOM TELECOMMUNS P SPONSORED ADR 559776109 $9,535 679,123 SH Sole 679,123 MARSH & MCLENNAN COS INC COM 571748102 $9,833 405,143 SH Sole 405,143 MASCO CORP COM 574599106 $138,278 12,423,909 SH Sole 12,423,909 MCCLATCHY CO CL A 579489105 $3,472 4,340,377 SH Sole 4,340,377 MERCK & CO INC COM 589331107 $16,727 550,230 SH Sole 550,230 MERITAGE HOMES CORP COM 59001A102 $638 52,430 SH Sole 52,430 MICROSOFT CORP COM 594918104 $410,710 21,127,052 SH Sole 21,127,052 MICRON TECHNOLOGY INC COM 595112103 $179,965 68,168,492 SH Sole 68,168,492 MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 $333,042 53,629,873 SH Sole 53,629,873 MIZUHO FINL GROUP INC SPONSORED ADR 60687Y109 $243,419 42,186,998 SH Sole 42,186,998 MOTOROLA INC COM 620076109 $271,709 61,333,756 SH Sole 61,333,756 MYLAN INC COM 628530107 $3,009 304,255 SH Sole 304,255 NACCO INDS INC CL A 629579103 $765 20,450 SH Sole 20,450 NATIONAL CITY CORPORATION COM 635405103 $26,261 14,508,746 SH Sole 14,508,746 NATUZZI S P A ADR 63905A101 $7,319 3,049,645 SH Sole 3,049,645 NELNET INC CL A 64031N108 $738 51,510 SH Sole 51,510 NEW YORK TIMES CO CL A 650111107 $6,714 915,988 SH Sole 915,988 NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 $526,901 19,378,490 SH Sole 19,378,490 NISSAN MOTORS SPONSORED ADR 654744408 $54,969 7,550,652 SH Sole 7,550,652 NOKIA CORP SPONSORED ADR 654902204 $215,282 13,800,146 SH Sole 13,800,146 NORTEL NETWORKS CORP NEW COM NEW 656568508 $8,767 33,719,755 SH Sole 33,719,755 NOVA CHEMICALS CORP COM 66977W109 $2,483 520,550 SH Sole 520,550 NOVA CHEMICALS CORP COM 66977W109 $245 51,000 SH Sole 51,000 NV ENERGY INC COM 67073Y106 $2,581 260,955 SH Sole 260,955 OFFICE DEPOT INC COM 676220106 $5,426 1,820,925 SH Sole 1,820,925 OFFICEMAX INC DEL COM 67622P101 $3,471 454,330 SH Sole 454,330 OLD REP INTL CORP COM 680223104 $26,346 2,210,230 SH Sole 2,210,230 PNC FINL SVCS GROUP INC COM 693475105 $284,420 5,804,481 SH Sole 5,804,481 PACIFIC SUNWEAR CALIF INC COM 694873100 $275 172,990 SH Sole 172,990 PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 $1,463 126,905 SH Sole 126,905 PENNEY J C INC COM 708160106 $2,895 146,937 SH Sole 146,937 PFIZER INC COM 717081103 $774,767 43,747,429 SH Sole 43,747,429 PHOENIX COS INC NEW COM 71902E109 $5,134 1,570,022 SH Sole 1,570,022 POPULAR INC COM 733174106 $12,451 2,413,077 SH Sole 2,413,077 PORTUGAL TELECOM SGPS S A SPONSORED ADR 737273102 $247,380 28,832,125 SH Sole 28,832,125 PULTE HOMES INC COM 745867101 $12,633 1,155,842 SH Sole 1,155,842 QIMONDA AG SPONSORED ADR 746904101 $3,173 8,350,505 SH Sole 8,350,505 QLT INC COM 746927102 $3,844 1,594,995 SH Sole 1,594,995 QLT INC COM 746927102 $1,946 810,620 SH Sole 810,620 QUIKSILVER INC COM 74838C106 $1,593 865,756 SH Sole 865,756 REGIONS FINANCIAL CORP NEW COM 7591EP100 $18,671 2,345,655 SH Sole 2,345,655 ROYAL BK SCOTLAND GROUP PLC SP ADR REP SHS 780097721 $34,110 2,230,857 SH Sole 2,230,857 SK TELECOM LTD SPONSORED ADR 78440P108 $406,336 22,350,724 SH Sole 22,350,724 SLM CORP COM 78442P106 $100,943 11,341,888 SH Sole 11,341,888 SAFEWAY INC COM NEW 786514208 $512,176 21,547,140 SH Sole 21,547,140 SAIA INC COM 78709Y105 $4,810 442,868 SH Sole 442,868 SANMINA SCI CORP COM 800907107 $10,274 21,859,546 SH Sole 21,859,546 SANOFI AVENTIS SPONSORED ADR 80105N105 $473,137 14,711,976 SH Sole 14,711,976 SARA LEE CORP COM 803111103 $362,719 37,049,986 SH Sole 37,049,986 SCHERING PLOUGH CORP COM 806605101 $183,285 10,762,468 SH Sole 10,762,468 SHOE CARNIVAL INC COM 824889109 $338 35,355 SH Sole 35,355 SIERRA WIRELESS INC COM 826516106 $300 51,500 SH Sole 51,500 SKYLINE CORP COM 830830105 $398 19,904 SH Sole 19,904 SOLUTIA INC COM 834376501 $1,571 349,150 SH Sole 349,150 SONY CORP ADR NEW 835699307 $140,782 6,437,241 SH Sole 6,437,241 SOTHEBYS COM 835898107 $240 27,015 SH Sole 27,015 SPARTECH CORP COM NEW 847220209 $3,339 533,435 SH Sole 533,435 STANDARD PAC CORP NEW COM 85375C101 $926 520,173 SH Sole 520,173 STEIN MART INC COM 858375108 $250 221,005 SH Sole 221,005 STEWART INFORMATION SVCS COR COM 860372101 $1,229 52,300 SH Sole 52,300 STMICROELECTRONICS N V NY REGISTRY 861012102 $162,208 24,392,221 SH Sole 24,392,221 STRATTEC SEC CORP COM 863111100 $258 15,660 SH Sole 15,660 SUN MICROSYSTEMS INC COM NEW 866810203 $27,228 7,127,868 SH Sole 7,127,868 SUNTRUST BKS INC COM 867914103 $34,571 1,170,299 SH Sole 1,170,299 SUPERIOR INDS INTL INC COM 868168105 $587 55,759 SH Sole 55,759 SUPERVALU INC COM 868536103 $120,375 8,244,861 SH Sole 8,244,861 TDK CORP AMERN DEP SH 872351408 $63,098 1,694,353 SH Sole 1,694,353 TALBOTS INC COM 874161102 $319 133,272 SH Sole 133,272 TECH DATA CORP COM 878237106 $399 22,375 SH Sole 22,375 TECUMSEH PRODS CO CL B 878895101 $340 35,555 SH Sole 35,555 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $298,914 21,473,726 SH Sole 21,473,726 TELECOM ARGENTINA S A SPON ADR REP B 879273209 $58,934 7,754,526 SH Sole 7,754,526 TELECOM CORP NEW ZEALAND LTD SPONSORED ADR 879278208 $43,319 6,465,448 SH Sole 6,465,448 TELECOM ITALIA S P A NEW SPON ADR ORD 87927Y102 $454,895 27,993,515 SH Sole 27,993,515 TELECOMUNICACOES BRASILEIRAS SPONSORED ADR 879287308 $10,553 1,029,575 SH Sole 1,029,575 TELEFONICA S A SPONSORED ADR 879382208 $155,230 2,303,463 SH Sole 2,303,463 TELEFONOS DE MEXICO S A SPON ADR ORD L 879403780 $520,022 24,833,903 SH Sole 24,833,903 TELEMIG CELULAR PART S A SPON ADR PFD 87944E105 $14,853 495,277 SH Sole 495,277 TELEMEX INTERNACIONAL SAB DE SPONS ADR SR L 879690105 $278,974 24,557,539 SH Sole 24,557,539 TELUS CORP NON-VTG SHS 87971M202 $1,782 62,100 SH Sole 62,100 TENET HEALTHCARE CORP COM 88033G100 $51,123 44,454,675 SH Sole 44,454,675 TESORO CORP COM 881609101 $4,891 371,375 SH Sole 371,375 TEXAS INSTRS INC COM 882508104 $301,849 19,449,021 SH Sole 19,449,021 THOMSON SPONSORED ADR 885118109 $17,665 13,085,215 SH Sole 13,085,215 3COM CORP COM 885535104 $9,198 4,034,196 SH Sole 4,034,196 TIM PARTICIPACOES S A SPONS ADR PFD 88706P106 $43,371 3,472,482 SH Sole 3,472,482 TIMBERLAND CO CL A 887100105 $4,460 386,143 SH Sole 386,143 TOMKINS PLC SPONSORED ADR 890030208 $38,275 5,235,961 SH Sole 5,235,961 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 $36,288 554,521 SH Sole 554,521 TUESDAY MORNING CORP COM NEW 899035505 $1,260 773,310 SH Sole 773,310 TYSON FOODS INC CL A 902494103 $380 43,370 SH Sole 43,370 UNILEVER PLC SPON ADR NEW 904767704 $2,944 127,902 SH Sole 127,902 UNILEVER N V NY SHS NEW 904784709 $268,160 10,923,003 SH Sole 10,923,003 UNISYS CORP COM 909214108 $24,492 28,814,519 SH Sole 28,814,519 UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 $2,522 1,286,600 SH Sole 1,286,600 UTSTARCOM INC COM 918076100 $3,224 1,742,739 SH Sole 1,742,739 VALASSIS COMMUNICATIONS INC COM 918866104 $253 191,546 SH Sole 191,546 VALERO ENERGY CORP NEW COM 91913Y100 $32,430 1,498,595 SH Sole 1,498,595 VANGUARD WORLD FDS COM 92204A405 $267 10,303 SH Sole 10,303 VERIZON COMMUNICATIONS INC COM 92343V104 $425,650 12,556,062 SH Sole 12,556,062 VISHAY INTERTECHNOLOGY INC COM 928298108 $3,630 1,061,307 SH Sole 1,061,307 VITRAN CORP INC COM 92850E107 $1,802 287,866 SH Sole 287,866 VITRAN CORP INC COM 92850E107 $663 106,070 SH Sole 106,070 VIVO PARTICIPACOES S A SPON ADR PFD NEW 92855S200 $48,615 3,876,763 SH Sole 3,876,763 WABASH NATL CORP COM 929566107 $2,590 575,455 SH Sole 575,455 WACHOVIA CORP NEW COM 929903102 $203,603 36,751,412 SH Sole 36,751,412 WELLS FARGO & CO NEW COM 949746101 $29,509 1,000,985 SH Sole 1,000,985 WESTERN DIGITAL CORP COM 958102105 $4,395 383,819 SH Sole 383,819 WESTLAKE CHEM CORP COM 960413102 $9,694 595,072 SH Sole 595,072 WHIRLPOOL CORP COM 963320106 $21,073 509,620 SH Sole 509,620 WINNEBAGO INDS INC COM 974637100 $534 88,485 SH Sole 88,485 WYETH COM 983024100 $442,277 11,790,922 SH Sole 11,790,922 XEROX CORP COM 984121103 $252,768 31,714,901 SH Sole 31,714,901 DAIMLER AG REG SHS D1668R123 $16,600 433,642 SH Sole 433,642 DAIMLER AG REG SHS D1668R123 $8,396 222,100 SH Sole 222,100 ARGO GROUP INTL HLDGS LTD COM G0464B107 $11,586 341,557 SH Sole 341,557 SEAGATE TECHNOLOGY SHS G7945J104 $8,713 1,966,738 SH Sole 1,966,738 TYCO ELECTRONICS LTD COM NEW G9144P105 $290,852 17,942,721 SH Sole 17,942,721 XL CAP LTD CL A G98255105 $41,331 11,170,569 SH Sole 11,170,569 SYNERON MEDICAL LTD ORD SHS M87245102 $5,744 688,770 SH Sole 688,770 BANCO LATINOAMERICANO DE EXP CL E P16994132 $31,212 2,173,513 SH Sole 2,173,513 INTERTAPE POLYMER GROUP INC COM 460919103 $938 1,284,524 SH Sole 1,284,524 INTERTAPE POLYMER GROUP INC COM 460919103 $531 727,645 SH Sole 727,645 ROYAL CARIBBEAN CRUISES LTD COM V7780T103 $4,167 303,027 SH Sole 303,027 FLEXTRONICS INTL LTD ORD Y2573F102 $54,920 21,453,252 SH Sole 21,453,252