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Founded in 1977, Acadian Asset Management LLC (AAM) is an investment advisory firm catering to investment companies, pension and profit sharing plans, charitable organizations, corporations and government entities. It manages over $49 billion in assets.

Investment strategy: Acadian Asset Management LLC offers a variety of mandates, covering both U.S. and foreign investments. The firm utilizes a team approach, screening a universe of companies across a global network on a daily basis and seeking for those that are undervalued and exhibiting positive earnings trends and potential. Acadian invests across all market-caps. The firm applies both structured stock and sector/country valuation models that examine value, earnings growth and price-related aspects. The valuation process determines a return prospect for each stock in the universe. At the stock level, Acadian uses quantitative factors such as valuation, earnings, size and price movements, while at the sector/country level the firm uses valuation, risk, growth and economic factors. The universe is ranked from most to least attractive stocks. A bottom-up selection process is used to establish the portfolio's country and sector weights. The optimized portfolios are then reviewed by the investment team prior to trading. Sell Criteria: 1) Expected return of a stock deteriorates; 2) A better opportunity arises.

The following is a list of its top 15 buys by market value in the last quarter, as released in the firm's most recent 13F filing with the SEC.

Stock

Symbol

Shares held

Petroleo Brasileiro

PBR

15773213

Vale S.A.

VALE

11719774

Lorillard, Inc.

LO

1855478

Exxon Mobil Corp.

XOM

1952548

The Travelers Companies, Inc.

TRV

3851350

Freeport-Mcmoran Copper & Gold Inc.

FCX

3579159

Aetna Inc.

AET

2836870

Vivo Participacoes S.A.

VIV

4925024

Telefonos De Mexico, S.A.B. De C.V.

TMX

14033530

Dell Inc.

DELL

4707972

Cephalon Inc.

CEPH

1553500

Sohu.Com Inc.

SOHU

624790

Check Point Software Technologies Ltd.

CHKP

2041855

Companhia De Saneamento Basico Do Estado De Sao Paulo

SBS

1690711

Jpmorgan Chase & Co.

JPM

5302749

Here are some of the specifics about these companies, including a brief description of their business, growth rates (top-line and bottom-line) and valuation:

Petroleo Brasileiro S.A.
AAM purchased 11467100 shares of Petroleo Brasileiro S.A. last quarter and now holds a total of 15773213 shares. This position is 5.24% of its portfolio. Share price of Petroleo Brasileiro has increased from $37.84 on December 31, 2010 to $40.43 on March 31, 2011.

Petroleo Brasileiro S.A. is an integrated oil and gas company. The company operates in five segments: exploration and production; refining, transportation and marketing; distribution; gas and power, and international. Its EPS forecast for the current year is 3.60 and next year is 3.67. According to the consensus estimates, its top line is expected to grow 8.70% current year and 6.80% next year. It is trading at a forward P/E of 9.09. Out of 12 Analysts covering the company, five have buy recommendations and seven have hold ratings.

Vale S.A.
AAM purchased 8628831 shares of Vale S.A. last quarter and now holds a total of 11719774 shares. This position is 3.21% of its portfolio. Share price of Vale S.A. has decreased from $34.57 on December 31, 2010 to $33.35 on March 31, 2011.

Vale S.A. is a metals and mining company. The company is also a producer of iron ore and iron ore pellets. It also produces manganese ore, ferroalloys, bauxite, alumina and kaolin. Its EPS forecast for the current year is 4.92 and next year is 4.92. According to the consensus estimates, its top line is expected to grow 30.20% current year and 2.90% next year. It is trading at a forward P/E of 6.78. Out of 23 analysts covering the company, 18 are positive and have buy recommendations and five have hold ratings.

Lorillard, Inc.
AAM purchased 1780514 shares of Lorillard, Inc. last quarter and now holds a total of 1855478 shares. This position is 1.45% of its portfolio. Share price of Lorillard, Inc. has increased from $82.06 on December 31, 2010 to $95.01 on March 31, 2011.

Lorillard, Inc. is the manufacturer of cigarettes in the United States. Its Newport is a menthol flavored premium cigarette brand. Its EPS forecast for the current year is 7.53 and next year is 8.22. According to the consensus estimates, its top line is expected to grow 7.60% current year and decline 0.60% next year. It is trading at a forward P/E of 12.95. Out of 10 analysts covering the company, five are positive and have buy recommendations and five have hold ratings.

Exxon Mobil Corporation
AAM purchased 1508389 shares of Exxon Mobil Corporation last quarter and now holds a total of 1952548 shares. This position is 1.35% of its portfolio. Share price of Exxon Mobil Corporation has increased from $73.12 on December 31, 2010 to $84.13 on March 31, 2011.

Exxon Mobil Corporation is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. It also has interests in electric power generation facilities. Its EPS forecast for the current year is 8.43 and next year is 8.98. According to the consensus estimates, its top line is expected to grow 33.70% current year and 4.60% next year. It is trading at a forward P/E of 9.79. Out of 20 analysts covering the company, eight are positive and have buy recommendations, one has a sell recommendation and 11 have hold ratings.

The Travelers Companies, Inc.

AAM purchased 1837707 shares of The Travelers Companies, Inc. last quarter and now holds a total of 3851350 shares. This position is 1.88% of its portfolio. Share price of The Travelers Companies, Inc. has increased from $55.71 on December 31, 2010 to $59.48 on March 31, 2011.

The Travelers Companies, Inc. is a holding company. Through TRV’s subsidiaries, the company is engaged in providing a range of commercial, and personal property and casualty insurance products and services to businesses, Government units, associations and individuals. Its EPS forecast for the current year is 6.52 and next year is 6.23. According to the consensus estimates, its top line is expected to grow 2.40% current year and 2.10% next year. It is trading at a forward P/E of 10.15. Out of 22 analysts covering the company, 10 are positive and have buy recommendations, three have sell recommendations and nine have hold ratings.

Freeport-McMoRan Copper & Gold Inc.
AAM purchased 1827874 shares of Freeport-McMoRan Copper & Gold Inc. last quarter and now holds a total of 3579159 shares. This position is 1.63% of its portfolio. Share price of Freeport-McMoRan Copper & Gold Inc. has decreased from $120.09 on December 31, 2010 to $55.55 on March 31, 2011.

Freeport-McMoRan Copper & Gold Inc., through its wholly owned subsidiary, Phelps Dodge Corporation (Phelps Dodge) is a copper, gold and molybdenum mining company. Its portfolio of assets includes the Grasberg minerals district in Indonesia, which contains the single recoverable copper reserve and the single gold reserve; mining operations in North and South America, and the Tenke Fungurume minerals district in the Democratic Republic of Congo (DRC). Its EPS forecast for the current year is 6.07 and next year is 6.25. According to the consensus estimates, its top line is expected to grow 25.40% current year and 1.60% next year. It is trading at a forward P/E of 8.98. Out of 18 analysts covering the company, 13 are positive and have buy recommendations, two have sell recommendations and three have hold ratings.

Aetna Inc.
AAM purchased 2663326 shares of Aetna Inc. last quarter and now holds a total of 2836870 shares. This position is 0.87% of its portfolio. Share price of Aetna Inc. has increased from $30.51 on December 31, 2010 to $37.43 on March 31, 2011.

Aetna Inc. is a diversified health care benefits company, serving approximately 35.3 million people. Aetna offers a range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and Medicaid health care management services. Its EPS forecast for the current year is 3.74 and next year is 4.21. According to the consensus estimates, its top line is expected to decline 1.10% current year and grow 3.60% next year. It is trading at a forward P/E of 9.82. Out of 24 analysts covering the company, 12 are positive and have buy recommendations and 12 have hold ratings.

Vivo Participacoes S.A.
AAM purchased 2428368 shares of Vivo Participacoes S.A. last quarter and now holds a total of 4925024 shares. This position is 1.63% of its portfolio. Share price of Vivo Participacoes S.A. has increased from $32.59 on December 31, 2010 to $40.38 on March 31, 2011.

Vivo Participacoes S.A. is a provider of cellular telecommunications services in Brazil through its subsidiary Vivo S.A. Vivo S.A. is a cellular operator in the states of Acre, Alagoas, Amapa, Amazonas, Bahia, Ceara, Espirito Santo, Goias, Maranhao, Mato Grosso, Mato Grosso do Sul, Para, Paraiba, Parana, Pernambuco, Piaui, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Rondonia, Roraima, Santa Catarina, Sao Paulo, Sergipe, Tocantins and in Minas Gerais it provides direct cellular telecommunications services. Its EPS forecast for the current year is 2.99 and next year is 3.37. According to the consensus estimates, its top line is expected to grow 16.50% current year and 9.00% next year. It is trading at a forward P/E of 12.40. Out of nine analysts covering the company, five are positive and have buy recommendations and four have hold ratings.

Telefonos de Mexico, S.A.B. de C.V.
AAM purchased 4792830 shares of Telefonos de Mexico, S.A.B. de C.V. last quarter and now holds a total of 14033530 shares. This position is 2.1% of its portfolio. Share price of Telefonos de Mexico, S.A.B. de C.V. has increased from $16.14 on December 31, 2010 to $18.26 on March 31, 2011.

Telefonos de Mexico, S.A.B. de C.V. owns and operates a fixed-line telecommunications system in Mexico. The company also provides other telecommunications and telecommunications-related services, such as corporate networks, Internet access services, information network management, telephone and computer equipment sales, and interconnection services to other carriers. Its EPS forecast for the current year is 1.28 and next year is 1.35. According to the consensus estimates, its top line is expected to grow 0.80% current year and decline 2.60% next year. It is trading at a forward P/E of 13.86. Out of 13 analysts covering the company, 10 have sell recommendations and three have hold ratings.

Dell Inc.

AAM purchased 4707972 shares of Dell Inc. last quarter. This position is 0.56% of its portfolio. Share price of Dell inc. has increased from $13.55 on Dec 31, 2010 to $14.51 on March 31, 2011.

Dell Inc. is a technology company that offers a range of technology product categories, including mobility products, desktop personal computers (PCs), software and peripherals, servers and networking products, storage and services. Its EPS forecast for the current year is 1.70 and next year is 1.76. According to the consensus estimates, its top line is expected to grow 5.10% current year and 3.60% next year. It is trading at a forward P/E of 8.78. Out of 35 analysts covering the company, 15 are positive and have buy recommendations, four have sell recommendations and 16 have hold ratings.

Cephalon, Inc.
AAM purchased 783235 shares of Cephalon, Inc. last quarter and now holds a total of 1553500 shares. This position is 0.97% of its portfolio. Share price of Cephalon, Inc. has increased from $61.72 on December 31, 2010 to $76.08 on March 31, 2011.

Cephalon, Inc. is a global bio-pharmaceutical company dedicated to discovering, developing and bringing to market medications to improve the quality of life of individuals around the world. Its EPS forecast for the current year is 8.48 and next year is 5.91. According to the consensus estimates, its top line is expected to grow 9.70% current year and decline 12.70% next year. It is trading at a forward P/E of 8.98. Out of 25 analysts covering the company, three are positive and have buy recommendations, three have sell recommendations and 19 have hold ratings.

Sohu.com Inc.
AAM purchased 624559 shares of Sohu.com Inc. last quarter and now holds a total of 624790 shares. This position is 0.46% of its portfolio. Share price of Sohu.com Inc. has increased from $63.48 on December 31, 2010 to $89.36 on March 31, 2011.

Sohu.com Inc. is an Internet company in China, providing Chinese with news, information, entertainment and communication. The company’s business consists of advertising, online game and wireless business. Its EPS forecast for the current year is 4.67 and next year is 5.48. According to the consensus estimates, its top line is expected to grow 27.90% current year and 20.80% next year. It is trading at a forward P/E of 19.29. Out of 21 analysts covering the company, seven are positive and have buy recommendations, three have sell recommendations and 11 have hold ratings.

Check Point Software Technologies Ltd.
AAM purchased 1083384 shares of Check Point Software Technologies Ltd. last quarter and now holds a total of 2041855 shares. This position is 0.86% of its portfolio. Share price of Check Point Software Technologies Ltd. has increased from $46.26 on December 31, 2010 to $51.05 on March 31, 2011.

Check Point Software Technologies Ltd. develops, markets and supports a range of software, as well as combined hardware and software products and services for information technology (IT) security. Its EPS forecast for the current year is 2.77 and next year is 3.07. According to the consensus estimates, its top line is expected to grow 11.40% current year and 9.70% next year. It is trading at a forward P/E of 17.89. Out of 26 analysts covering the company, 16 are positive and have buy recommendations and 10 have hold ratings.

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP

AAM purchased 911925 shares of Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP last quarter and now holds a total of 1690711 shares. This position is 0.82% of its portfolio. Share price of Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP has increased from $52.88 on December 31, 2010 to $58.74 on March 31, 2011.

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP is a mixed capital company, majority-owned by the State of Sao Paulo. Sabesp is a water and sewage services provider. Its EPS forecast for the current year is 7.04 and next year is 8.93. According to the consensus estimates, its top line is expected to decline 12.500% current year and grow 15.30% next year. It is trading at a forward P/E of 6.55. Two analysts cover the company and both have hold ratings.

JPMorgan Chase & Co.

AAM purchased 1144712 shares of JPMorgan Chase & Co. last quarter and now holds a total of 5302749 shares. This position is 2.01% of its portfolio. Share price of JPMorgan Chase & Co. has increased from $42.42 on December 31, 2010 to $46.1 on March 31, 2011.

JPMorgan Chase & Co. is a financial holding company. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national bank with United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national bank that is the firm’s credit card-issuing bank. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (JPMorgan Securities), the Firm’s United States investment banking firm. Its EPS forecast for the current year is 4.94 and next year is 5.67. According to the consensus estimates, its top line is expected to decline 3.70% current year and grow 4.50% next year. It is trading at a forward P/E of 8.04. Out of 30 analysts covering the company, 27 are positive and have buy recommendations and three have hold ratings.

Source: Acadian Asset Management's Top 15 Buys