13F-HR 1 d13fhr.txt FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2009 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: Absolute Return Investors, LLC* Address: 111 Huntington Avenu Boston, Massachusetts 02199 Form 13F File Number: 28-12300 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: Michael F. Goss Title: Managing Member Phone: (617) 516-2000 Signature, Place, and Date of Signing: /s/ Michael F. Goss Boston, MA 5/15/09 --------------------------------- ------------------------- ---------------- [Signature] [City, State] [Date] * Absolute Return Investors, LLC is the general partner of Absolute Return Investors, L.P., the general partner of Absolute Return Capital Partners, L.P. Michael F. Goss is the managing member of Absolute Return Investors, LLC. 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 File Number Name 28- ---------------------- -------------------------------------------------------- [Repeat as necessary.] Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 270 Form 13F Information Table Value Total: 155,297 (thousands) 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 28-12297 Absolute Return Capital Partners, L.P. 2 28-12301 Absolute Return Investors, L.P. Absolute Return Investors, LLC Form 13F Information Table as of 3/31/09

AVX CORP NEW COM 2444107 118 13021 (SOLE) (SOLE) AXIS CAPITAL HOLDINGS COM G0692U109 997 44,229 (SOLE) (SOLE) BLACKBAUD INC COM 09227Q100 163 14003 (SOLE) (SOLE) BLUE COAT SYSTEMS INC COM 09534T508 237 19,747 (SOLE) (SOLE) BRISTOL MYERS SQUIBB CO COM 110122108 212 9679 (SOLE) (SOLE) BROADRIDGE FINL SOLUTIONS IN COM 11133T103 442 23755 (SOLE) (SOLE) BROCADE COMMUNICATIONS SYS I COM NEW 111621306 211 61194 (SOLE) (SOLE) BROWN SHOE COMPANY INC NEW COM 115736100 55 14,700 (SOLE) (SOLE) BUNGE LIMITED COM G16962105 2130 37600 (SOLE) (SOLE) CAL DIVE INTL INC DEL COM 12802T101 158 23399 (SOLE) (SOLE) CALIFORNIA PIZZA KITCHEN INC COM 13054D109 226 17261 (SOLE) (SOLE) CARPENTER TECHNOLOGY CORP COM 144285103 168 11920 (SOLE) (SOLE) CASH AMER INTL INC CMN COM 14754D100 573 36,590 (SOLE) (SOLE) CENTENE CORP DEL COM 15135B101 1788 99231 (SOLE) (SOLE) CENTERPOINT ENERGY INC COM 15189T107 182 17449 (SOLE) (SOLE) CENTRAL GARDEN & PET CO CL A NON-VTG 153527205 92 12289 (SOLE) (SOLE) CENTURYTEL INC COM 156700106 1014 36073 (SOLE) (SOLE) CERADYNE INC COM 156710105 574 31669 (SOLE) (SOLE) CF INDS HLDGS INC COM 125269100 2299 32317 (SOLE) (SOLE) CHEESECAKE FACTORY INC COM 163072101 149 13001 (SOLE) (SOLE) CHEVRON CORP NEW COM 166764100 206 3057 (SOLE) (SOLE) CIGNA CORPORATION COM 125509109 2529 143,793 (SOLE) (SOLE) CINCINNATI BELL INC NEW COM 171871106 971 422160 (SOLE) (SOLE) CLIFFS NATURAL RESOURCES INC COM 18683K101 2065 113711 (SOLE) (SOLE) COACH INC COM 189754104 231 13853 (SOLE) (SOLE) COGENT INC COM 19239Y108 142 11972 (SOLE) (SOLE) COGNEX CORP COM 192422103 139 10388 (SOLE) (SOLE) COMFORT SYS USA INC COM 199908104 194 18674 (SOLE) (SOLE) COMMSCOPE INC COM 203372107 132 11650 (SOLE) (SOLE) COMPASS MINERALS INTL INC COM 20451N101 518 9198 (SOLE) (SOLE) COMSCORE INC COM 20564W105 190 15712 (SOLE) (SOLE) COVENTRY HEALTH CARE INC COM 222862104 220 17004 (SOLE) (SOLE) CSG SYS INTL INC COM 126349109 1620 113446 (SOLE) (SOLE) DARDEN RESTAURANTS INC COM 237194105 663 19354 (SOLE) (SOLE) DECKERS OUTDOOR CORP COM 243537107 237 4475 (SOLE) (SOLE) DELL INC COM 24702R101 133 13994 (SOLE) (SOLE) DELPHI FINL GROUP INC CL A 247131105 254 18890 (SOLE) (SOLE) DELUXE CORP COM 248019101 643 66765 (SOLE) (SOLE) DISH NETWORK CORP CL A 25470M109 1399 125900 (SOLE) (SOLE) DONNELLEY R R & SONS CO COM 257867101 870 118662 (SOLE) (SOLE) DOW CHEM CO COM 260543103 2011 238500 (SOLE) (SOLE) DRESS BARN INC COM 261570105 128 10433 (SOLE) (SOLE)

DREW INDS INC COM NEW 26168L205 174 20034 (SOLE) (SOLE) DRIL-QUIP INC COM 262037104 219 7123 (SOLE) (SOLE) EARTHLINK INC COM 270321102 172 26136 (SOLE) (SOLE) EBAY INC COM 278642103 369 29,361 (SOLE) (SOLE) ECLIPSYS CORP COM 278856109 123 12170 (SOLE) (SOLE) ELIZABETH ARDEN INC COM 28660G106 68 11653 (SOLE) (SOLE) EMBARQ CORPORATION COM 29078E105 827 21,845 (SOLE) (SOLE) EMPLOYERS HOLDINGS INC COM 292218104 156 16344 (SOLE) (SOLE) EMULEX CORP COM NEW 292475209 199 39,536 (SOLE) (SOLE) ENDO PHARMACEUTICALS HLDGS I COM 29264F205 759 42,944 (SOLE) (SOLE) ENDURANCE SPECIALTY HLDGS LT COM G30397106 404 16,189 (SOLE) (SOLE) ENERGEN CORP CMN COM 29265N108 2183 74,956 (SOLE) (SOLE) ENSCO INTERNATIONAL INC COM 26874Q100 1354 51,288 (SOLE) (SOLE) ERESEARCHTECHNOLOGY INC COM 29481V108 113 21479 (SOLE) (SOLE) EXPEDIA INC DEL COM 30212P105 1422 156646 (SOLE) (SOLE) EZCORP INC CL A NON VTG 302301106 206 17772 (SOLE) (SOLE) FEDERATED INVS INC PA COM 314211103 434 19,519 (SOLE) (SOLE) FIRST CASH FINL SVCS INC COM 31942D107 201 13462 (SOLE) (SOLE) FOREST LABS INC COM 345838106 2248 102,355 (SOLE) (SOLE) FOSSIL INC COM 349882100 230 14670 (SOLE) (SOLE) FOSTER WHEELER AG COM H27178104 860 49200 (SOLE) (SOLE) FRANKLIN RES INC COM 354613101 251 4656 (SOLE) (SOLE) FREDS INC CL A 356108100 152 13498 (SOLE) (SOLE) FRONTIER COMMUNICATIONS CORP COM 35906A108 103 14342 (SOLE) (SOLE) GAP INC DEL COM 364760108 1574 121140 (SOLE) (SOLE) GARMIN LTD ORD G37260109 220 10389 (SOLE) (SOLE) GENESCO INC COM 371532102 203 10784 (SOLE) (SOLE) GENTIVA HEALTH SERVICES INC COM 37247A102 168 11051 (SOLE) (SOLE) GFI GROUP INC COM 361652209 97 30,150 (SOLE) (SOLE) GRAFTECH INTL LTD COM 384313102 314 51050 (SOLE) (SOLE) GT SOLAR INTL INC COM 3623E0209 250 37612 (SOLE) (SOLE) GUESS INC COM 401617105 259 12264 (SOLE) (SOLE) GULFMARK OFFSHORE INC COM 402629109 427 17894 (SOLE) (SOLE) GYMBOREE CORP COM 403777105 217 10182 (SOLE) (SOLE) HARMAN INTL INDS INC COM 413086109 656 48495 (SOLE) (SOLE) HARMONIC INC COM 413160102 237 36492 (SOLE) (SOLE) HAWAIIAN HOLDINGS INC COM 419879101 129 34600 (SOLE) (SOLE) HEADWATERS INC COM 42210P102 64 20312 (SOLE) (SOLE) HEALTH MGMT ASSOC INC NEW CL A 421933102 71 27599 (SOLE) (SOLE) HEALTHSPRING INC COM 42224N101 414 49445 (SOLE) (SOLE) HERBALIFE LTD COM USD SHS G4412G101 1289 86,037 (SOLE) (SOLE) HHGREGG INC COM 42833L108 150 10590 (SOLE) (SOLE)

HILL ROM HLDGS INC COM 431475102 168 16941 (SOLE) (SOLE) IAC INTERACTIVECORP COM PAR $.001 44919P508 187 12290 (SOLE) (SOLE) INGRAM MICRO INC CL A 457153104 136 10743 (SOLE) (SOLE) INSIGHT ENTERPRISES INC COM 45765U103 109 35,491 (SOLE) (SOLE) INTEGRATED DEVICE TECHNOLOGY COM 458118106 70 15,452 (SOLE) (SOLE) INTERNATIONAL BANCSHARES COR COM 459044103 118 15118 (SOLE) (SOLE) INTL PAPER CO COM 460146103 938 133200 (SOLE) (SOLE) INVESTMENT TECHNOLOGY GRP NE COM 46145F105 516 20212 (SOLE) (SOLE) IPC HLDGS LTD COM G4933P101 970 35,877 (SOLE) (SOLE) ISHARES INC MSCI GERMAN 464286806 240 16,025 (SOLE) (SOLE) ISHARES INC MSCI JAPAN 464286848 441 55,840 (SOLE) (SOLE) J2 GLOBAL COMMUNICATIONS INC COM NEW 46626E205 417 19058 (SOLE) (SOLE) JAKKS PAC INC COM 47012EAB2 1174 95053 (SOLE) (SOLE) JANUS CAP GROUP INC COM 47102X105 115 17282 (SOLE) (SOLE) JOY GLOBAL INC COM 481165108 1596 74913 (SOLE) (SOLE) KEY ENERGY SVCS INC COM 492914106 83 28694 (SOLE) (SOLE) KFORCE INC COM 493732101 262 37230 (SOLE) (SOLE) KINDRED HEALTHCARE INC COM 494580103 179 11974 (SOLE) (SOLE) KINETIC CONCEPTS INC COM NEW 49460W208 1275 60348 (SOLE) (SOLE) KING PHARAMACEUTICALS INC COM 495582108 1933 273,365 (SOLE) (SOLE) KNIGHT CAPITAL GROUP INC CL A 499005106 166 11285 (SOLE) (SOLE) KORN FERRY INTL COM NEW 500643200 114 12536 (SOLE) (SOLE) KULICKE & SOFFA INDS INC COM 501242101 28 10800 (SOLE) (SOLE) LEAR CORP COM 521865105 27 35653 (SOLE) (SOLE) LEXMARK INTL NEW CL A 529771107 2093 124,060 (SOLE) (SOLE) LHC GROUP INC COM 50187A107 229 10266 (SOLE) (SOLE) LILLY ELI & CO COM 532457108 2308 69090 (SOLE) (SOLE) LIMITED BRANDS INC COM 532716107 113 12985 (SOLE) (SOLE) LINCARE HOLDINGS INC COM 532791100 1427 65,440 (SOLE) (SOLE) LINCOLN NATL CORP IND COM 534187109 130 19497 (SOLE) (SOLE) LOGITECH INTL S A SHS H50430232 459 44353 (SOLE) (SOLE) LUFKIN INDS INC COM 549764108 231 6087 (SOLE) (SOLE) MACYS INC COM 55616P104 98 11062 (SOLE) (SOLE) MADDEN STEVEN LTD COM 556269108 210 11185 (SOLE) (SOLE) MANITOWOC INC COM 563571108 214 65483 (SOLE) (SOLE) MEDCATH CORP COM 58404W109 250 34399 (SOLE) (SOLE) MEDICIS PHARMACEUTICAL CORP CL A NEW 584690309 379 30,638 (SOLE) (SOLE) MEMC ELECTR MATLS INC COM 552715104 2268 137526 (SOLE) (SOLE) MENS WEARHOUSE INC COM 587118100 216 14266 (SOLE) (SOLE) MERIT MED SYS INC COM 589889104 137 11222 (SOLE) (SOLE) METHODE ELECTRS INC COM 591520200 152 42590 (SOLE) (SOLE) METLIFE INC COM 59156R108 304 13345 (SOLE) (SOLE)

MICREL INC COM 594793101 81 11546 (SOLE) (SOLE) MICROSEMI CORP COM 595137100 120 10306 (SOLE) (SOLE) MICROSTRATEGY INC CL A NEW 594972408 302 8,829 (SOLE) (SOLE) MILLER HERMAN INC COM 600544100 187 17564 (SOLE) (SOLE) MIRANT CORP NEW COM 60467R100 2288 200674 (SOLE) (SOLE) MKS INSTRUMENT INC COM 55306N104 157 10686 (SOLE) (SOLE) MOLEX INC COM 608554101 200 14588 (SOLE) (SOLE) MOLINA HEALTHCARE INC COM 60855R100 435 22859 (SOLE) (SOLE) MONTPELIER RE HOLDINGS LTD SHS G62185106 130 10067 (SOLE) (SOLE) MORGAN STANLEY COM NEW 617446448 2389 104900 (SOLE) (SOLE) MPS GROUP INC COM 553409103 142 23,800 (SOLE) (SOLE) MUELLER INDS INC COM 624756102 230 10598 (SOLE) (SOLE) MULTI FINELINE ELECTRONIX IN COM 62541B101 234 13900 (SOLE) (SOLE) NCR CORP NEW COM 62886E108 407 51211 (SOLE) (SOLE) NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 165 10860 (SOLE) (SOLE) NETAPP INC COM 64110D104 1284 86513 (SOLE) (SOLE) NOVATEL WIRELESS INC COM NEW 66987M604 187 33324 (SOLE) (SOLE) NUANCE COMMUNICATIONS INC COM 67020Y100 183 16889 (SOLE) (SOLE) OIL STS INTL INC COM 678026105 182 13539 (SOLE) (SOLE) OM GROUP INC COM 670872100 255 13211 (SOLE) (SOLE) OMNIVISION TECHNOLOGIES INC COM 682128103 123 18299 (SOLE) (SOLE) OPTIONSXPRESS HLDGS INC COM 684010101 349 30,637 (SOLE) (SOLE) OSHKOSH CORP COM 688239201 171 25387 (SOLE) (SOLE) OWENS ILL INC COM NEW 690768403 745 51563 (SOLE) (SOLE) OXFORD INDS INC COM 691497309 350 56800 (SOLE) (SOLE) PACER INTL INC TENN COM 69373H106 86 24676 (SOLE) (SOLE) PANTRY INC COM 698657103 196 11140 (SOLE) (SOLE) PATTERSON UTI ENERGY INC COM 703481101 146 16342 (SOLE) (SOLE) PERINI CORP COM 713839108 567 46093 (SOLE) (SOLE) ELLIS PERRY INTL INC COM 288853104 57 16,568 (SOLE) (SOLE) PETMED EXPRESS INC COM 716382106 218 13216 (SOLE) (SOLE) PFIZER INC COM 717081103 2114 155,197 (SOLE) (SOLE) PHILLIPS VAN HEUSEN CORP COM 718592108 202 8903 (SOLE) (SOLE) PLANTRONICS INC NEW COM 727493108 154 12770 (SOLE) (SOLE) PLATINUM UNDERWRITER HLDGS L COM G7127P100 842 29,681 (SOLE) (SOLE) POLO RALPH LAUREN CORP CL A 731572103 235 5553 (SOLE) (SOLE) PRECISION CASTPARTS CORP COM 740189105 1502 25077 (SOLE) (SOLE) PREMIERE GLOBAL SVCS INC COM 740585104 483 54,763 (SOLE) (SOLE) PRESTIGE BRANDS HLDGS INC COM 74112D101 240 46283 (SOLE) (SOLE) PRINCIPAL FINANCIAL GROUP IN COM 74251V102 174 21243 (SOLE) (SOLE) PROASSURANCE CORP COM 74267C106 202 4327 (SOLE) (SOLE) PROTECTIVE LIFE CORP COM 743674103 715 136228 (SOLE) (SOLE)

QLOGIC CORP COM 747277101 180 16161 (SOLE) (SOLE) QUESTAR CORP COM 748356102 1843 62607 (SOLE) (SOLE) QUESTCOR PHARMACEUTICALS INC COM 74835Y101 312 63373 (SOLE) (SOLE) QWEST COMMUNICATIONS INTL IN COM 749121109 355 103,750 (SOLE) (SOLE) RADIOSHACK CORP COM 750438103 134 15651 (SOLE) (SOLE) REPUBLIC AWYS HLDGS INC COM 760276105 72 11151 (SOLE) (SOLE) RLI CORP COM 749607107 210 4187 (SOLE) (SOLE) ROWAN COS INC COM 779382100 124 10393 (SOLE) (SOLE) SAPIENT CORP COM 803062108 222 49775 (SOLE) (SOLE) SCHNITZER STL INDS CL A 806882106 217 6923 (SOLE) (SOLE) SEAGATE TECHNOLOGY SHS G7945J104 1584 263540 (SOLE) (SOLE) SEI INVESTMENTS CO COM 784117103 1412 115,662 (SOLE) (SOLE) SHAW GROUP INC COM 820280105 1839 67100 (SOLE) (SOLE) SKECHERS U S A INC CL A 830566105 228 34,119 (SOLE) (SOLE) SKYWEST INC COM 830879102 311 24,986 (SOLE) (SOLE) SOHU COM INC COM 83408W103 929 22481 (SOLE) (SOLE) STAGE STORES INC COM NEW 85254C305 135 13350 (SOLE) (SOLE) STANCORP FINL GROUP INC COM 852891100 276 12134 (SOLE) (SOLE) SPDR TR UNIT SER 1 78462F103 10796 135,764 (SOLE) (SOLE) SUN HEALTHCARE GROUP INC COM NEW 866933401 96 11355 (SOLE) (SOLE) SUPERVALU INC COM 868536103 716 50132 (SOLE) (SOLE) SWS GROUP INC COM 78503N107 209 13474 (SOLE) (SOLE) SYNIVERSE HLDGS INC COM 87163F106 543 34477 (SOLE) (SOLE) SYNTEL INC COM 87162H103 204 9935 (SOLE) (SOLE) TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 180 21600 (SOLE) (SOLE) TD AMERITRADE HLDG CORP COM 87236Y108 720 52103 (SOLE) (SOLE) TELECOMMUNICATION SYS INC CL A 87929J103 105 11402 (SOLE) (SOLE) TELETECH HOLDINGS INC COM 879939106 149 13665 (SOLE) (SOLE) TEMPUR PEDIC INTL INC COM 88023U101 263 36047 (SOLE) (SOLE) TERADATA CORP COM 88076W103 245 15,097 (SOLE) (SOLE) TERRA INDS INC COM 880915103 2120 75,481 (SOLE) (SOLE) TEXTRON INC COM 883203101 239 41657 (SOLE) (SOLE) TIBCO SOFTWARE INC COM 88632Q103 77 13120 (SOLE) (SOLE) TIMBERLAND CO CL A 887100105 158 13197 (SOLE) (SOLE) TITANIUM METALS CORP COM NEW 888339207 228 41664 (SOLE) (SOLE) TORCHMARK CORP COM 891027104 263 10040 (SOLE) (SOLE) TRACTOR SUPPLY CO COM 892356106 205 5686 (SOLE) (SOLE) TRANSATLANTIC HLDGS INC COM 893521104 222 6214 (SOLE) (SOLE) TRIDENT MICROSYSTEMS INC COM 895919108 94 64099 (SOLE) (SOLE) TRIPLE-S MGMT CORP CL B 896749108 158 12820 (SOLE) (SOLE) TRUE RELIGION APPAREL INC COM 89784N104 254 21465 (SOLE) (SOLE) TRUEBLUE INC COM 89785X101 530 64291 (SOLE) (SOLE)

UNITED AMER INDEMNITY LTD CL A 90933T109 98 24305 (SOLE) (SOLE) UNITED ONLINE INC COM 911268100 453 101459 (SOLE) (SOLE) UNITED RENTALS INC COM 911363109 738 175181 (SOLE) (SOLE) UNITED STATES STL CORP NEW COM 912909108 218 10323 (SOLE) (SOLE) UNITED STATIONERS INC COM 913004107 567 20,209 (SOLE) (SOLE) UNUM GROUP COM 91529Y106 265 21221 (SOLE) (SOLE) VAALCO ENERGY INC COM NEW 91851C201 183 34635 (SOLE) (SOLE) VALERO ENERGY CORP NEW COM 91913Y100 2156 120466 (SOLE) (SOLE) VIAD CORP COM NEW 92552R406 202 14333 (SOLE) (SOLE) VIROPHARMA INC COM 928241108 253 48,110 (SOLE) (SOLE) VISHAY INTERTECHNOLOGY INC COM 928298108 333 95657 (SOLE) (SOLE) W & T OFFSHORE INC COM 92922P106 164 26713 (SOLE) (SOLE) WABCO HLDGS INC COM 92927K102 332 27007 (SOLE) (SOLE) WESCO INTL INC COM 95082P105 1504 83,024 (SOLE) (SOLE) WESTERN DIGITAL CORP COM 958102105 2576 133,213 (SOLE) (SOLE) WHITNEY HLDG CORP COM 966612103 129 11247 (SOLE) (SOLE) WILLIAMS SONOMA INC COM 969904101 197 19511 (SOLE) (SOLE) WINDSTREAM CORP COM 97381W104 120 14848 (SOLE) (SOLE) WINN DIXIE STORES INC COM NEW 974280307 171 17836 (SOLE) (SOLE) WMS INDS INC COM 929297109 682 32602 (SOLE) (SOLE) WOLVERINE WORLD WIDE INC COM 978097103 158 10133 (SOLE) (SOLE) WORLD ACCEP CORP DEL COM 981419104 275 16088 (SOLE) (SOLE) WRIGHT EXPRESS CORP COM 98233Q105 189 10355 (SOLE) (SOLE) ZENITH NATL INS CORP COM 989390109 200 8301 (SOLE) (SOLE) 155297

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