0001193125-12-043489.txt : 20120207
0001193125-12-043489.hdr.sgml : 20120207
20120207150424
ACCESSION NUMBER: 0001193125-12-043489
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120207
DATE AS OF CHANGE: 20120207
EFFECTIVENESS DATE: 20120207
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DnB NOR Asset Management AS
CENTRAL INDEX KEY: 0001456670
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-13463
FILM NUMBER: 12577394
BUSINESS ADDRESS:
STREET 1: OVRE SLOTTSGATE 3
CITY: OSLO
STATE: Q8
ZIP: N-0021
BUSINESS PHONE: 0114791503000
MAIL ADDRESS:
STREET 1: OVRE SLOTTSGATE 3
CITY: OSLO
STATE: Q8
ZIP: N-0021
13F-HR
1
d294164d13fhr.txt
FORM 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, 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: DnB NOR Asset Management AS
Address: Ovre Slottsgate 3
Oslo, Norway N-0021
Form 13F File Number: 28-13463
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, ad 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: Erik Garaas
Title: EVP
Phone: 4791503000
Signature, place, and Date of Signing:
/s/ Erik Garaas Oslo, Norway DECEMBER 31, 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).)
List of Other Managers Reporting for this Manager:
FORM 13F SUMMARY PAGE
Report summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 336
Form 13F Information Table Value Total (x$1000): 2,485,486
List of Other Included Managers:
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.
No. Form 13F File Number Name
--- -------------------- ---------------------------
1 DnB NOR Asset Management AB
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT
12/31/2011
ITEM 6: ITEM 8:
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY
TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE
NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C)
-------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ----
Pfizer Inc common 717081103 101,641,067 4,696,907 SH 4,696,907 1 4,696,907
Cisco Systems Inc common 17275R102 48,228,942 2,667,530 SH 2,667,530 1 2,667,530
Citigroup Inc common 172967424 45,629,170 1,734,290 SH 1,734,290 1 1,734,290
Coca Cola Company common 191216100 52,994,438 757,388 SH 757,388 1 757,388
JPMorgan Chase & Co common 46625H100 33,538,710 1,008,683 SH 1,008,683 1 1,008,683
Wellpoint Inc common 94973V107 3,287,193 49,618 SH 49,618 1 49,618
Activision Blizzard Inc common 00507V109 18,562,766 1,506,718 SH 1,506,718 1 1,506,718
St Jude Medical Inc common 790849103 1,018,298 29,688 SH 29,688 1 29,688
ConocoPhillips common 20825C104 22,198,024 304,625 SH 304,625 1 304,625
Walt Disney Company common 254687106 5,900,250 157,340 SH 157,340 1 157,340
Medco Health Solutions
Inc common 58405U102 2,654,523 47,487 SH 47,487 1 47,487
Marvell Technology
Group common G5876H105 262,748 18,971 SH 18,971 1 18,971
Nvidia Corp common 67066G104 260,124 18,768 SH 18,768 1 18,768
America Movil - ADR common 02364W105 6,505,681 287,862 SH 287,862 1 287,862
Whole Foods Market Inc. common 966837106 5,806,451 83,450 SH 83,450 1 83,450
BB and T Corporation common 054937107 1,659,886 65,947 SH 65,947 1 65,947
Noble Energy common 655044105 2,316,614 24,543 SH 24,543 1 24,543
Wells Fargo and Company common 949746101 3,642,330 132,160 SH 132,160 1 132,160
American Electric
Power Co Inc common 025537101 1,519,671 36,787 SH 36,787 1 36,787
The Blackstone Group LP common 09253U108 733,466 52,353 SH 52,353 1 52,353
Goldman Sachs Group common 38141G104 1,337,731 14,793 SH 14,793 1 14,793
Ameriprise Financial common 03076C106 1,269,990 25,584 SH 25,584 1 25,584
Kimco Realty Corp common 49446R109 1,270,877 78,256 SH 78,256 1 78,256
02Micro International
Ltd - ADR common 67107W100 4,747,362 1,189,815 SH 1,189,815 1 1,189,815
Murphy Oil Corp common 626717102 2,122,412 38,077 SH 38,077 1 38,077
Southwestern Energy Co common 845467109 8,597,450 269,175 SH 269,175 1 269,175
Tele Norte Leste Part
ADR common 879246106 498,867 52,402 SH 52,402 1 52,402
Quanta Services Inc common 74762E102 2,947,512 136,839 SH 136,839 1 136,839
Halliburton common 406216101 1,746,586 50,611 SH 50,611 1 50,611
Dow Chemical common 260543103 493,752 17,168 SH 17,168 1 17,168
Alcoa Inc common 013817101 388,169 44,875 SH 44,875 1 44,875
Tyson Foods common 902494103 277,773 13,458 SH 13,458 1 13,458
United Technologies
Corporation common 913017109 932,628 12,760 SH 12,760 1 12,760
Coventry Health Care common 222862104 402,463 13,252 SH 13,252 1 13,252
Warner Chilcott PLC common 00B446CM7 30,427,292 2,011,057 SH 2,011,057 1 2,011,057
DryShips Inc common Y2109Q101 577,600 288,800 SH 288,800 1 288,800
Endologix Inc common 29266S106 1,660,915 144,679 SH 144,679 1 144,679
SYNNEX Corp common 87162W100 721,647 23,715 SH 23,715 1 23,715
Marathon Petr common 56585A102 1,218,547 36,604 SH 36,604 1 36,604
Gevo Inc common 374396109 1,211,630 192,628 SH 192,628 1 192,628
Amyris Incorporated common 03236M101 5,585,129 483,980 SH 483,980 1 483,980
Apache Corporation common 037411105 18,141,091 200,277 SH 200,277 1 200,277
C R Bard common 067383109 1,200,078 14,036 SH 14,036 1 14,036
EI Du Pont de Nemours
& Co common 263534109 2,879,058 62,889 SH 62,889 1 62,889
PNC Financial Services
Group common 693475105 50,948,158 883,443 SH 883,443 1 883,443
Cemex S.A.B. de C.V.
(ADR) common 151290889 641,087 118,940 SH 118,940 1 118,940
Mobile Telesystems
OJSC - ADR common 607409109 2,406,448 163,927 SH 163,927 1 163,927
Mechel - ADR common 583840103 781,312 91,919 SH 91,919 1 91,919
Ford Motor Company common 345370860 1,761,746 163,731 SH 163,731 1 163,731
Chesapeake Energy Corp common 165167107 1,755,516 78,758 SH 78,758 1 78,758
Aflac Inc common 001055102 994,115 22,980 SH 22,980 1 22,980
Western Digital Corp common 958102105 1,122,340 36,263 SH 36,263 1 36,263
CTC Media Inc common 12642X106 255,935 29,183 SH 29,183 1 29,183
Kraft Foods Inc common 50075N104 4,304,843 115,226 SH 115,226 1 115,226
Ares Capital common 04010L103 737,490 47,734 SH 47,734 1 47,734
Juniper Networks common 48203R104 1,297,892 63,591 SH 63,591 1 63,591
Xerox Corp common 984121103 788,510 99,059 SH 99,059 1 99,059
TJX Cos Inc common 872540109 2,789,270 43,211 SH 43,211 1 43,211
Colgate Palmolive
Company common 194162103 2,908,160 31,477 SH 31,477 1 31,477
WuXi PharmaTech Cayman
Inc - ADR common 929352102 4,862,000 440,000 SH 440,000 1 440,000
East West Bancorp Inc common 27579R104 21,464,814 1,086,826 SH 1,086,826 1 1,086,826
Fuel Systems Solutions
Inc common 35952W103 14,617,480 886,983 SH 886,983 1 886,983
SunTrust Banks common 867914103 406,144 22,946 SH 22,946 1 22,946
URS Corp common 903236107 1,756,351 50,010 SH 50,010 1 50,010
Flowserve Corp common 34354P105 3,360,989 33,840 SH 33,840 1 33,840
NiSource Inc common 65473P105 1,524,507 64,028 SH 64,028 1 64,028
Tata Motors Ltd - ADR common 876568502 886,354 52,447 SH 52,447 1 52,447
STR Holdings Inc(New) common 78478V100 14,921,709 1,810,887 SH 1,810,887 1 1,810,887
Ctrip.com
International Ltd -
ADR common 22943F100 2,607,930 111,450 SH 111,450 1 111,450
KeyCorp common 493267108 473,612 61,588 SH 61,588 1 61,588
Regions Financial
Corporation common 7591EP100 340,091 79,091 SH 79,091 1 79,091
Research In Motion common 760975102 1,987,950 137,100 SH 137,100 1 137,100
American Water Works
Co Inc common 030420103 1,297,594 40,728 SH 40,728 1 40,728
Helmerich common 423452101 720,454 12,345 SH 12,345 1 12,345
Bank of New York
Mellon Corp/T common 064058100 640,704 32,180 SH 32,180 1 32,180
Ultra Clean Holdings
Inc common 90385V107 378,624 61,968 SH 61,968 1 61,968
Key Energy Services Inc common 492914106 29,835,048 1,929,822 SH 1,929,822 1 1,929,822
Hawaiian Electric
Industries Inc common 419870100 944,501 35,655 SH 35,655 1 35,655
Susquehanna Bancshares
Inc common 869099101 211,101 25,191 SH 25,191 1 25,191
NetGear common 64111Q104 4,176,544 124,413 SH 124,413 1 124,413
Esco Technologies common 296315104 900,814 31,300 SH 31,300 1 31,300
Camelot Information
Systems Inc common 13322V105 999,125 350,570 SH 350,570 1 350,570
Hewlett Packard Company common 428236103 31,960,277 1,240,694 SH 1,240,694 1 1,240,694
Itron common 465741106 9,180,120 256,643 SH 256,643 1 256,643
Express Scripts Inc common 302182100 3,979,600 89,049 SH 89,049 1 89,049
eBay Inc common 278642103 921,941 30,397 SH 30,397 1 30,397
Regal Beloit Corp common 758750103 13,443,718 263,861 SH 263,861 1 263,861
Norfolk Southern
Corporation common 655844108 5,882,134 80,732 SH 80,732 1 80,732
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT
12/31/2011
ITEM 6: ITEM 8:
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY
TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE
NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C)
-------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ----
PG and E Corp common 69331C108 1,112,363 26,986 SH 26,986 1 26,986
Stryker Corporation common 863667101 791,731 15,927 SH 15,927 1 15,927
American Capital Ltd common 02503Y103 662,340 98,416 SH 98,416 1 98,416
Apollo Invstment common 03761U106 455,250 70,691 SH 70,691 1 70,691
MVC Capital Inc common 553829102 218,723 18,888 SH 18,888 1 18,888
Schlumberger Ltd common 806857108 10,330,726 151,233 SH 151,233 1 151,233
Plains Exploration &
Production Co common 726505100 2,305,428 62,784 SH 62,784 1 62,784
Molson Coors Brewery
Co exchangable Class
B common 60871R209 2,375,020 54,548 SH 54,548 1 54,548
Visa Inc common 92826C839 1,466,296 14,442 SH 14,442 1 14,442
Tessera Technologies common 88164L100 1,428,842 85,304 SH 85,304 1 85,304
EnerSys common 29275Y102 11,525,486 443,800 SH 443,800 1 443,800
Saic Inc common 78390X101 853,000 69,406 SH 69,406 1 69,406
Capital One Financial common 14040H105 562,668 13,305 SH 13,305 1 13,305
Assurant Inc common 04621X108 415,240 10,113 SH 10,113 1 10,113
Safeguard Scientifics
Inc common 786449207 247,083 15,658 SH 15,658 1 15,658
Fuel Tech Inc common 359523107 6,178,074 938,917 SH 938,917 1 938,917
United Micro
Electronics Corp -
ADR common 910873405 786,463 367,506 SH 367,506 1 367,506
Itau Unibanco Banco
Multiplo SA - ADR common 465562106 407,652 21,964 SH 21,964 1 21,964
Limited Brands common 532716107 437,717 10,848 SH 10,848 1 10,848
Codexis Inc common 192005106 2,610,997 492,641 SH 492,641 1 492,641
Costco Wholesale
Corporation common 22160K105 837,116 10,047 SH 10,047 1 10,047
El Paso Corporation common 28336L109 606,912 22,842 SH 22,842 1 22,842
Sysco Corporation common 871829107 309,666 10,558 SH 10,558 1 10,558
HiSoft Technology
International Ltd -
ADR common 43358R108 16,596,454 1,798,099 SH 1,798,099 1 1,798,099
Berkshire Hathaway Inc common 084670702 813,663 10,664 SH 10,664 1 10,664
Sirius XM Radio Inc common 82967N108 463,399 254,615 SH 254,615 1 254,615
Southwest Bancorp Inc common 844767103 212,700 35,688 SH 35,688 1 35,688
ADA-ES Inc common 005208103 5,405,572 238,762 SH 238,762 1 238,762
Emerson Electric common 291011104 22,701,816 487,268 SH 487,268 1 487,268
Exxon Mobil Corporation common 30231G102 116,795,805 1,377,959 SH 1,377,959 1 1,377,959
MetLife common 59156R108 24,363,865 781,394 SH 781,394 1 781,394
Bristol-Myers Squibb
Company common 110122108 3,510,045 99,604 SH 99,604 1 99,604
Oracle Corporation common 68389X105 15,497,063 604,174 SH 604,174 1 604,174
Altera Corp common 021441100 734,691 19,803 SH 19,803 1 19,803
Devon Energy
Corporation common 25179M103 4,221,642 68,091 SH 68,091 1 68,091
Illinois Tool Works common 452308109 603,353 12,917 SH 12,917 1 12,917
Micron Technology Inc common 595112103 483,122 76,808 SH 76,808 1 76,808
Comcast Corp common 20030N101 6,582,441 277,623 SH 277,623 1 277,623
Celgene Corp common 151020104 3,381,758 50,026 SH 50,026 1 50,026
Lexmark International common 529771107 9,689,874 293,011 SH 293,011 1 293,011
MEMC Electronic
Materials Inc common 552715104 22,647,384 5,748,067 SH 5,748,067 1 5,748,067
Caterpillar Inc common 149123101 2,065,408 22,797 SH 22,797 1 22,797
Union Pacific
Corporation common 907818108 8,266,604 78,031 SH 78,031 1 78,031
Archer Daniels Midland common 039483102 2,889,773 101,041 SH 101,041 1 101,041
Sealed Air Corp common 81211K100 3,653,322 212,279 SH 212,279 1 212,279
Time Warner Cable Inc common 88732J207 23,822,858 374,750 SH 374,750 1 374,750
Prudential Financial common 744320102 2,030,913 40,521 SH 40,521 1 40,521
Gap Inc common 364760108 3,342,135 180,169 SH 180,169 1 180,169
Genuine Parts Co common 372460105 3,227,810 52,742 SH 52,742 1 52,742
EOG Resources Inc common 26875P101 1,153,848 11,713 SH 11,713 1 11,713
Mosaic Co common 61945C103 2,668,100 52,907 SH 52,907 1 52,907
Discover Financial
Services common 254709108 552,672 23,028 SH 23,028 1 23,028
Royal Caribbean
Cruises Ltd common 000886286 4,719,329 190,526 SH 190,526 1 190,526
Exide Technologies common 302051206 10,474,932 3,982,864 SH 3,982,864 1 3,982,864
General Cable Corp common 369300108 20,466,883 818,348 SH 818,348 1 818,348
Unum Group common 91529Y106 434,442 20,619 SH 20,619 1 20,619
Ballard Power Systems
Inc common 058586108 831,289 769,712 SH 769,712 1 769,712
Sk Telekom Adr common 78440P108 421,961 30,981 SH 30,981 1 30,981
Principal Financial
Group Inc common 74251V102 389,024 15,814 SH 15,814 1 15,814
Rentech Inc common 760112102 1,216,326 935,635 SH 935,635 1 935,635
Southern Company common 842587107 481,694 10,406 SH 10,406 1 10,406
Avery Dennison common 053611109 4,619,086 161,056 SH 161,056 1 161,056
Kulicke and Soffa
Industries Inc common 501242101 848,873 91,770 SH 91,770 1 91,770
UQM Technologies, Inc common 903213106 230,047 170,405 SH 170,405 1 170,405
Compania de Minas
Buenaventura SA - ADR common 204448104 429,293 11,197 SH 11,197 1 11,197
Amkor Technology Inc common 031652100 543,692 124,700 SH 124,700 1 124,700
US Bancorp common 902973304 947,616 35,032 SH 35,032 1 35,032
Oasis Petroleum Inc common 674215108 980,578 33,720 SH 33,720 1 33,720
Darling International
Inc common 237266101 11,125,623 836,513 SH 836,513 1 836,513
AT&T Inc common 00206R102 10,909,655 360,769 SH 360,769 1 360,769
Verizon Communications
Inc common 92343V104 1,295,435 32,289 SH 32,289 1 32,289
Baker Hughes Inc common 057224107 4,320,156 88,819 SH 88,819 1 88,819
Eli Lilly & Co common 532457108 5,292,126 127,337 SH 127,337 1 127,337
Johnson & Johnson common 478160104 12,190,601 185,889 SH 185,889 1 185,889
Abbott Laboratories common 002824100 5,534,944 98,434 SH 98,434 1 98,434
Intel Corporation common 458140100 5,952,623 245,469 SH 245,469 1 245,469
Applied Material Inc common 038222105 487,326 45,502 SH 45,502 1 45,502
CA Inc. common 12673P105 862,109 42,647 SH 42,647 1 42,647
Johnson Controls common 478366107 18,481,850 591,230 SH 591,230 1 591,230
Marathon Oil
Corporation common 565849106 2,573,096 87,909 SH 87,909 1 87,909
Omnicom Group Inc common 681919106 2,068,913 46,409 SH 46,409 1 46,409
Qualcomm Inc common 747525103 2,450,341 44,796 SH 44,796 1 44,796
Sears Holdings Corp common 812350106 606,966 19,099 SH 19,099 1 19,099
Valero Energy Corp common 91913Y100 2,051,407 97,454 SH 97,454 1 97,454
Walgreen Co common 931422109 2,451,763 74,161 SH 74,161 1 74,161
Legg Mason Inc common 524901105 957,094 39,796 SH 39,796 1 39,796
Lowe's Cos Inc common 548661107 6,661,920 262,487 SH 262,487 1 262,487
FuelCell Energy Inc common 35952H106 6,588,362 7,555,461 SH 7,555,461 1 7,555,461
Avnet Inc common 053807103 12,165,921 391,313 SH 391,313 1 391,313
Intercontinetal
Exchange Inc. common 45865V100 19,380,100 160,764 SH 160,764 1 160,764
AMERIGROUP Corp common 03073T102 25,467,202 431,063 SH 431,063 1 431,063
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT
12/31/2011
ITEM 6: ITEM 8:
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY
TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE
NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C)
-------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ----
Fidelity National
Financial common 31620R105 1,256,877 78,900 SH 78,900 1 78,900
TE Connectivity Ltd common 010299318 357,427 11,601 SH 11,601 1 11,601
JC Penney Co Inc common 708160106 1,731,630 49,264 SH 49,264 1 49,264
International Flavors
and Fragrances common 459506101 31,570,469 602,260 SH 602,260 1 602,260
Veeco Instruments. Inc. common 922417100 12,493,458 600,647 SH 600,647 1 600,647
Windstream Corp common 97381W104 741,968 63,200 SH 63,200 1 63,200
Alliance Data Systems
Corp common 018581108 1,148,782 11,063 SH 11,063 1 11,063
Edison International common 281020107 2,482,592 59,966 SH 59,966 1 59,966
Starbucks Corp common 855244109 822,061 17,867 SH 17,867 1 17,867
TICC Capital Corp common 87244T109 290,182 33,547 SH 33,547 1 33,547
Hydrogenics Corp common 448883207 663,327 127,318 SH 127,318 1 127,318
Covidien Plc common 00B68SQD2 25,484,617 566,199 SH 566,199 1 566,199
General Mills common 370334104 409,515 10,134 SH 10,134 1 10,134
Weatherford
International Ltd common 003883839 285,099 19,474 SH 19,474 1 19,474
CSX Corp common 126408103 291,976 13,864 SH 13,864 1 13,864
Vale SA-SP Pref - ADR common 91912E204 1,357,540 65,900 SH 65,900 1 65,900
Franklin Resources Inc common 354613101 20,160,593 209,875 SH 209,875 1 209,875
Gran Tierra Energy Inc common 38500T101 238,108 49,400 SH 49,400 1 49,400
XL Group Plc common 00B5LRLL2 377,805 19,110 SH 19,110 1 19,110
American Express common 025816109 606,795 12,864 SH 12,864 1 12,864
Pacific Drilling Ltd common 061169563 693,780 74,600 SH 74,600 1 74,600
Pacific Ethanol Inc common 69423U206 364,531 343,897 SH 343,897 1 343,897
3M Company common 88579Y101 34,479,517 421,871 SH 421,871 1 421,871
Cardinal Health Inc common 14149Y108 28,264,601 696,001 SH 696,001 1 696,001
Merck & Company common 58933Y105 7,076,629 187,709 SH 187,709 1 187,709
Tyco International Ltd common 010038348 13,613,630 291,450 SH 291,450 1 291,450
Carnival Corporation common 143658300 34,064,932 1,043,656 SH 1,043,656 1 1,043,656
Avon Products Inc common 054303102 19,183,370 1,098,075 SH 1,098,075 1 1,098,075
Computer Sciences common 205363104 686,992 28,987 SH 28,987 1 28,987
EMC Corporation common 268648102 8,164,888 379,057 SH 379,057 1 379,057
Fifth Third Bancorp common 316773100 1,541,995 121,226 SH 121,226 1 121,226
McDonald's Corporation common 580135101 6,673,249 66,513 SH 66,513 1 66,513
Sara Lee Corporation common 803111103 3,629,632 191,841 SH 191,841 1 191,841
Chevron Corp common 166764100 10,467,313 98,377 SH 98,377 1 98,377
Quest Diagnostics Inc common 74834L100 1,285,216 22,136 SH 22,136 1 22,136
Liberty Global Inc - C common 530555309 1,311,787 33,193 SH 33,193 1 33,193
The Hershey Company common 427866108 4,506,542 72,945 SH 72,945 1 72,945
Deere & Co common 244199105 1,008,180 13,034 SH 13,034 1 13,034
Transocean Ltd common 004826551 1,438,819 37,479 SH 37,479 1 37,479
Hartford Financial
Services Group common 416515104 1,280,906 78,825 SH 78,825 1 78,825
Lam Research Corp common 512807108 2,333,037 63,021 SH 63,021 1 63,021
Cliffs Natural
Resources Inc common 18683K101 2,669,952 42,822 SH 42,822 1 42,822
Dominion Resources Inc common 25746U109 3,310,334 62,365 SH 62,365 1 62,365
DIRECTV common 25490A101 1,980,429 46,315 SH 46,315 1 46,315
Beam Inc common 073730103 1,812,159 35,373 SH 35,373 1 35,373
Marriott International common 571903202 3,021,049 103,567 SH 103,567 1 103,567
Annaly Capital
Management Inc common 035710409 1,293,542 81,049 SH 81,049 1 81,049
Bunge common G16962105 26,976,778 471,622 SH 471,622 1 471,622
Cameron International common 13342B105 4,591,542 93,343 SH 93,343 1 93,343
Arrow Electronics Inc common 042735100 23,039,210 615,857 SH 615,857 1 615,857
RenaissanceRe Holdings common G7496G103 24,619,668 331,043 SH 331,043 1 331,043
Insulet Corp common 45784P101 484,534 25,732 SH 25,732 1 25,732
Hasbro Inc common 418056107 3,265,951 102,413 SH 102,413 1 102,413
Calpine Corp common 131347304 18,986,172 1,162,656 SH 1,162,656 1 1,162,656
KT Corp Sp - ADR common 48268K101 491,596 31,432 SH 31,432 1 31,432
Omnicare Inc common 681904108 413,676 12,008 SH 12,008 1 12,008
Companhia de
Saneamento Basico do
Est Sao P - ADR common 20441A102 758,176 13,624 SH 13,624 1 13,624
Companhia Paranaense
de Energia COPEL -
ADR common 20441B407 718,796 34,261 SH 34,261 1 34,261
Arch Coal Inc common 039380100 997,911 68,774 SH 68,774 1 68,774
Green Plains Renewable
Energy Inc common 393222104 21,070,552 2,158,868 SH 2,158,868 1 2,158,868
Rubicon Technology Inc common 78112T107 681,723 72,601 SH 72,601 1 72,601
Lyondellbasell
Industries NV common 000943499 481,567 14,822 SH 14,822 1 14,822
Stewart Information
Services Corp common 860372101 235,239 20,367 SH 20,367 1 20,367
Genon Energy Inc common 37244E107 641,994 244,104 SH 244,104 1 244,104
Amgen Inc common 031162100 4,650,923 72,433 SH 72,433 1 72,433
Medtronic Inc common 585055106 2,994,172 78,279 SH 78,279 1 78,279
Yahoo! Inc common 984332106 77,424,613 4,800,038 SH 4,800,038 1 4,800,038
Corning Incorporated common 219350105 29,870,394 2,301,263 SH 2,301,263 1 2,301,263
Apple Inc common 037833100 101,873,295 251,539 SH 251,539 1 251,539
Anadarko Petroleum
Corporation common 032511107 48,588,472 636,558 SH 636,558 1 636,558
Gilead Sciences Inc common 375558103 1,784,180 43,591 SH 43,591 1 43,591
Microsoft Corporation common 594918104 31,362,380 1,208,104 SH 1,208,104 1 1,208,104
Bank of America
Corporation common 060505104 1,741,559 313,230 SH 313,230 1 313,230
Conagra Foods Inc common 205887102 4,869,638 184,456 SH 184,456 1 184,456
Google Inc common 38259P508 148,141,686 229,357 SH 229,357 1 229,357
PepsiCo Inc common 713448108 9,231,541 139,134 SH 139,134 1 139,134
Petroleo Brasileiro SA
- ADR common 71654V101 2,893,545 123,182 SH 123,182 1 123,182
Cia Vale Do Rio Doce -
ADR common 91912E105 5,190,021 241,959 SH 241,959 1 241,959
Best Buy Company common 086516101 4,226,581 180,855 SH 180,855 1 180,855
UnitedHealth Group
Incorporated common 91324P102 3,447,912 68,033 SH 68,033 1 68,033
Morgan Stanley common 617446448 870,792 57,554 SH 57,554 1 57,554
Progressive Corporation common 743315103 1,446,179 74,125 SH 74,125 1 74,125
Hess Corp common 42809H107 6,344,049 111,691 SH 111,691 1 111,691
Rowan Company Inc common 779382100 3,852,941 127,034 SH 127,034 1 127,034
Noble Corp common 003334731 1,624,416 53,753 SH 53,753 1 53,753
Entergy Corporation common 29364G103 2,619,208 35,855 SH 35,855 1 35,855
Weyerhaeuser Company common 962166104 1,430,402 76,615 SH 76,615 1 76,615
FirstEnergy Corporation common 337932107 1,773,728 40,039 SH 40,039 1 40,039
Liberty Global Inc common 530555101 1,993,443 48,585 SH 48,585 1 48,585
EnerNOC Inc common 292764107 12,423,221 1,143,943 SH 1,143,943 1 1,143,943
Cognizant Tech
Solutions common 192446102 851,722 13,244 SH 13,244 1 13,244
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT
12/31/2011
ITEM 6: ITEM 8:
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY
TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE
NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C)
-------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ----
Ameren Corporation common 023608102 932,113 28,135 SH 28,135 1 28,135
Hercules Technology
Growth Capital Inc common 427096508 261,856 27,739 SH 27,739 1 27,739
NASDAQ OMX Group Inc common 631103108 364,562 14,874 SH 14,874 1 14,874
Wipro Ltd - ADR common 97651M109 317,575 31,196 SH 31,196 1 31,196
Southern Copper Corp common 84265V105 785,525 26,028 SH 26,028 1 26,028
Brasil Telecom SA common 10553M101 534,696 30,056 SH 30,056 1 30,056
Allstate Corporation common 020002101 305,539 11,147 SH 11,147 1 11,147
CBS Class B common 124857202 585,193 21,562 SH 21,562 1 21,562
Seagate Technology common 00B58JVZ5 6,300,568 384,181 SH 384,181 1 384,181
Allegheny Technologies common 01741R102 15,818,358 330,928 SH 330,928 1 330,928
Home Depot Inc common 437076102 792,664 18,855 SH 18,855 1 18,855
Duke Energy Corporation common 26441C105 355,894 16,177 SH 16,177 1 16,177
Kroger Company common 501044101 261,528 10,798 SH 10,798 1 10,798
Scana Corp common 80589M102 1,330,216 29,521 SH 29,521 1 29,521
CenterPoint Energy Inc common 15189T107 277,503 13,813 SH 13,813 1 13,813
ICICI Bank - ADR common 45104G104 314,993 11,918 SH 11,918 1 11,918
Moodys Corp common 615369105 518,268 15,388 SH 15,388 1 15,388
Vanceinfo Technologies
Inc - ADR common 921564100 8,154,457 898,068 SH 898,068 1 898,068
Ocean Rig UDW Inc. common Y64354205 1,078,437 88,469 SH 88,469 1 88,469
Oclaro Inc common 67555N206 6,022,643 2,135,689 SH 2,135,689 1 2,135,689
Time Warner Inc common 887317303 38,091,054 1,053,986 SH 1,053,986 1 1,053,986
General Electric
Company common 369604103 63,455,076 3,542,997 SH 3,542,997 1 3,542,997
Boston Scientific Corp common 101137107 843,453 157,950 SH 157,950 1 157,950
Mattel common 577081102 23,084,300 831,567 SH 831,567 1 831,567
Dell Inc common 24702R101 14,058,362 960,927 SH 960,927 1 960,927
Aetna Inc common 00817Y108 2,329,732 55,220 SH 55,220 1 55,220
Virgin Media common 92769L101 1,124,951 52,617 SH 52,617 1 52,617
New York Community
Bancorp common 649445103 652,233 52,727 SH 52,727 1 52,727
Procter and Gamble
Company common 742718109 15,635,623 234,382 SH 234,382 1 234,382
Viacom CL B common 92553P201 3,232,375 71,182 SH 71,182 1 71,182
CVS Caremark Corp common 126650100 4,379,487 107,393 SH 107,393 1 107,393
Parker Hannifin Corp common 701094104 3,683,561 48,309 SH 48,309 1 48,309
Exelon Co common 30161N101 1,477,399 34,065 SH 34,065 1 34,065
Baxter International
Inc common 071813109 1,562,133 31,571 SH 31,571 1 31,571
Comerica Corporated common 200340107 1,556,462 60,328 SH 60,328 1 60,328
Hopsira Inc common 441060100 764,443 25,171 SH 25,171 1 25,171
NetApp Inc common 64110D104 494,179 13,625 SH 13,625 1 13,625
National Oilwell Varco common 637071101 4,388,415 64,545 SH 64,545 1 64,545
The Travelers Cos common 89417E109 2,352,126 39,752 SH 39,752 1 39,752
Monsanto Company common 61166W101 2,490,848 35,548 SH 35,548 1 35,548
Thermo Fisher
Scientific common 883556102 1,178,574 26,208 SH 26,208 1 26,208
Progress Energy common 743263105 3,485,172 62,213 SH 62,213 1 62,213
KBR Inc common 48242W106 670,747 24,067 SH 24,067 1 24,067
CF Industries Holdings
Inc common 125269100 3,820,078 26,349 SH 26,349 1 26,349
Comverge Inc common 205859101 240,204 190,638 SH 190,638 1 190,638
AGCO Corp common 001084102 3,430,295 79,830 SH 79,830 1 79,830
Oneok Inc common 682680103 1,491,415 17,204 SH 17,204 1 17,204
HDFC Bank Ltd - ADR common 40415F101 821,250 31,250 SH 31,250 1 31,250
Whirlpool Corp common 963320106 1,783,978 37,597 SH 37,597 1 37,597
MetroPCS
Communications Inc common 591708102 2,699,419 310,993 SH 310,993 1 310,993
Alpha Ntrl Resc common 02076X102 1,465,893 71,752 SH 71,752 1 71,752
Centrais Eletricas
Brasileiras SA - ADR common 15234Q207 731,380 75,400 SH 75,400 1 75,400
NRG Energy Inc common 629377508 336,325 18,561 SH 18,561 1 18,561
Taiwan Semiconductor
Manufacturing Co Ltd
- ADR common 874039100 774,748 60,058 SH 60,058 1 60,058
Koc Holding AS - ADR common 49989A109 406,804 27,339 SH 27,339 1 27,339
Illumina Inc common 452327109 703,753 23,089 SH 23,089 1 23,089
Focus Media Holding
Ltd - ADR common 34415V109 4,359,718 223,690 SH 223,690 1 223,690
KKR & CO LP common 48248M102 863,023 67,266 SH 67,266 1 67,266
News Corp common 65248E104 379,956 21,298 SH 21,298 1 21,298
Williams Companies common 969457100 695,863 21,074 SH 21,074 1 21,074
Molycorp Inc common 608753109 1,849,050 77,108 SH 77,108 1 77,108
TRW Automotive Holdings common 87264S106 2,606,826 79,964 SH 79,964 1 79,964
Teva Pharmaceutical
Industries - ADR common 881624209 656,496 16,266 SH 16,266 1 16,266
Solazyme Inc common 83415T101 10,265,000 862,605 SH 862,605 1 862,605
Walter Ind common 93317Q105 2,869,938 47,390 SH 47,390 1 47,390
iSoftStone Holdings
Ltd - ADR common 46489B108 4,621,443 527,562 SH 527,562 1 527,562