13F-HR 1 d13fhr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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: Absolute Return Investors, LLC* Address: 111 Huntington Avenue 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 2/14/11 ------------------------ ------------------------ ------------------------ [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 166 Form 13F Information Table Value Total: 232,821 (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 12/31/10 VOTING AUTHORITY TITLE OF VALUE OTHER NAME OF ISSUER CLASS CUSIP SHARES (x$1000) MANAGERS Sole Shared None -------------- ---------- --------- ------- -------- -------- ----- ------ ---- ADVANCE AMER CASH ADVANCE CT COM 00739W107 20,900 118 (sole) ADVANCED MICRO DEVICES INC COM 007903107 65,700 537 (sole) AECOM TECHNOLOGY CORP DELAWA COM 00766T100 18,400 515 (sole) AEROPOSTALE COM 007865108 51,425 1,267 (sole) AETNA INC NEW COM 00817Y108 26,688 814 (sole) AFFILIATED MANAGERS GROUP COM 008252108 5,500 546 (sole) AGILENT TECHNOLOGIES INC COM 00846U101 13,700 568 (sole) AMAZON COM INC COM 023135106 2,900 522 (sole) AMERIGROUP CORP COM 03073T102 6,540 287 (sole) ANADARKO PETE CORP COM 032511107 71,931 5,478 (sole) APACHE CORP COM 037411105 44,772 5,338 (sole) APOLLO GROUP INC CL A 037604105 15,471 611 (sole) APPLIED INDL TECHNOLOGIES IN COM 03820C105 16,789 545 (sole) ASHLAND INC NEW COM 044209104 9,289 472 (sole) ASPEN INSURANCE HOLDINGS LTD SHS G05384105 46,395 1,328 (sole) ASSURANT INC COM 04621X108 17,946 691 (sole) ATLANTIC TELE NETWORK INC COM NEW 049079205 20,597 790 (sole) ATLAS AIR WORLDWIDE HLDGS IN COM NEW 049164205 4,314 241 (sole) ATWOOD OCEANICS INC COM 050095108 23,043 861 (sole) AUTOMATIC DATA PROCESSING IN COM 053015103 11,000 509 (sole) AUTONATION INC COM 05329W102 18,900 533 (sole) AVNET INC COM 053807103 15,500 512 (sole) AZZ INC COM 002474104 5,100 204 (sole) BARRETT BILL CORP COM 06846N104 122,616 5,043 (sole) BIOMARIN PHARMACEUTICAL INC COM 09061G101 18,600 501 (sole) BLOCK H & R INC COM 093671105 61,616 734 (sole) BOISE INC COM 09746Y105 86,996 690 (sole) BRINKER INTL INC COM 109641100 15,794 330 (sole) BROWN & BROWN INC COM 115236101 21,500 515 (sole) BUCKEYE TECHNOLOGIES INC COM 118255108 11,588 243 (sole) CA INC COM 12673P105 21,300 521 (sole) CARNIVAL CORP PAIRED CTF 143658300 25,915 1,195 (sole)

CASH AMER INTL INC COM 14754D100 41,527 1,534 (sole) CENTRAL GARDEN & PET CO CL A NON-VTG 153527205 29,989 296 (sole) CERADYNE INC COM 156710105 6,883 217 (sole) CHEVRON CORP NEW COM 166764100 17,403 1,588 (sole) CINCINNATI BELL INC NEW COM 171871106 243,960 683 (sole) CONCHO RES INC COM 20605P101 65,646 5,755 (sole) CONOCOPHILLIPS COM 20825C104 3,184 217 (sole) CONSTELLATION ENERGY GROUP I COM 210371100 44,379 1,359 (sole) COOPER INDUSTRIES PLC CMN COM G24140108 9,300 542 (sole) COOPER TIRE & RUBR CO COM 216831107 24,700 582 (sole) CORN PRODS INTL INC COM 219023108 11,000 506 (sole) COVIDIEN PLC SHS G2554F105 11,616 530 (sole) CROWN HOLDINGS INC COM 228368106 15,900 531 (sole) CSG SYS INTL INC COM 126349109 58,215 1,103 (sole) DECKERS OUTDOOR CORP COM 243537107 5,420 432 (sole) DELUXE CORP COM 248019101 19,469 448 (sole) DOLBY LABORATORIES INC COM 25659T107 13,608 908 (sole) DOMTAR CORP COM NEW 257559203 10,047 763 (sole) DPL INC COM 233293109 19,093 491 (sole) DSW INC CL A 23334L102 14,132 553 (sole) EARTHLINK INC COM 270321102 117,207 1,008 (sole) EASTMAN CHEM CO COM 277432100 6,300 530 (sole) ELLIS PERRY INTL INC COM 288853104 11,668 321 (sole) ENDO PHARMACEUTICALS HLDGS I COM 29264F205 14,390 514 (sole) ENERGEN CORP COM 29265N108 26,732 1,290 (sole) ENERGY PARTNERS LTD COM NEW 29270U303 800,712 11,899 (sole) EXELON CORP COM 30161N101 32,183 1,340 (sole) EXPONENT INC COM 30214U102 6,300 237 (sole) EXXON MOBIL CORP COM 30231G102 7,200 526 (sole) EZCORP INC CL A NON VTG 302301106 57,029 1,547 (sole) FIRST SOLAR INC COM 336433107 2,700 351 (sole) FRANKLIN RES INC COM 354613101 3,396 378 (sole) FREEPORT-MCMORAN COPPER & GO COM 35671D857 10,140 1,218 (sole) GALLAGHER ARTHUR J & CO COM 363576109 17,800 518 (sole) GAMCO INVESTORS INC COM 361438104 5,536 266 (sole) GAMESTOP CORP NEW CL A 36467W109 28,659 656 (sole) GAP INC DEL COM 364760108 23,900 529 (sole) GARMIN LTD SHS H2906T109 21,589 669 (sole) GARTNER INC COM 366651107 15,600 518 (sole) GFI GROUP INC COM 361652209 25,250 118 (sole) GMX RES INC COM 38011M108 1,086,957 6,000 (sole) GOLDMAN SACHS GROUP INC COM 38141G104 3,100 521 (sole) GOODRICH CORP COM 382388106 5,900 520 (sole)

GOODRICH PETE CORP COM NEW 382410405 346,154 6,106 (sole) GRAINGER W W INC COM 384802104 9,296 1,284 (sole) GT SOLAR INTL INC COM 3623E0959 50,835 464 (sole) HARRIS CORP DEL COM 413875105 9,746 441 (sole) HCC INS HLDGS INC COM 404132102 17,900 518 (sole) HEALTHSPRING INC COM 42224N101 26,695 708 (sole) HERBALIFE LTD COM USD SHS G4412G101 22,889 1,565 (sole) HESS CORP COM 42809H107 13,809 1,057 (sole) HUMANA INC COM 444859102 27,216 1,490 (sole) IDEX CORP COM 45167R104 13,300 520 (sole) IMPAX LABORATORIES INC COM 45256B101 11,834 238 (sole) INFORMATICA CORP COM 45666Q102 12,500 550 (sole) INSIGHT ENTERPRISES INC COM 45765U103 30,941 407 (sole) INTERDIGITAL INC COM 45867G101 8,334 347 (sole) ISHARES INC MSCI GERMAN 464286806 16,025 384 (sole) ISHARES INC MSCI JAPAN 464286848 55,840 609 (sole) JOHNSON CTLS INC COM 478366107 13,100 500 (sole) KBR INC COM 48242W106 45,455 1,385 (sole) KING PHARMACEUTICALS INC COM 495582108 37,200 523 (sole) KLA-TENCOR CORP COM 482480100 13,400 518 (sole) LACLEDE GROUP INC COM 505597104 6,000 219 (sole) LAM RESEARCH CORP COM 512807108 25,949 549 (sole) LEAR CORP COM NEW 521865204 5,500 543 (sole) LEGG MASON INC COM 524901105 14,986 544 (sole) LEUCADIA NATL CORP COM 527288104 18,600 543 (sole) LINCOLN EDL SVCS CORP COM 533535100 13,800 214 (sole) LOGITECH INTL S A SHS H50430232 27,018 513 (sole) LUBRIZOL CORP COM 549271104 14,979 1,601 (sole) MAGELLAN HEALTH SVCS INC COM NEW 559079207 5,143 243 (sole) MAXIMUS INC COM 577933104 6,235 409 (sole) MCDERMOTT INTL INC COM 580037109 13,067 270 (sole) MCDONALDS CORP COM 580135101 20,130 1,545 (sole) MEDICIS PHARMACEUTICAL CORP CL A NEW 584690309 8,674 232 (sole) METROPCS COMMUNICATIONS INC COM 591708102 44,200 558 (sole) MICROSOFT CORP COM 594918104 57,611 1,608 (sole) MICROSTRATEGY INC CL A NEW 594972408 3,565 305 (sole) MONTPELIER RE HOLDINGS LTD SHS G62185106 15,152 302 (sole) MSC INDL DIRECT INC CL A 553530106 15,243 986 (sole) NATIONAL OILWELL VARCO INC COM 637071101 20,634 1,388 (sole) NEWMARKET CORP COM 651587107 12,361 1,525 (sole) NIKE INC CL B 654106103 6,000 513 (sole) NORTHROP GRUMMAN CORP COM 666807102 22,527 1,459 (sole) NU SKIN ENTERPRISES INC CL A 67018T105 24,649 746 (sole)

OSHKOSH CORP COM 688239201 44,821 1,579 (sole) OXFORD INDS INC COM 691497309 37,536 961 (sole) PALL CORP COM 696429307 11,100 550 (sole) PAR PHARMACEUTICAL COS INC COM 69888P106 29,760 1,146 (sole) PARKER HANNIFIN CORP COM 701094104 6,100 526 (sole) PREMIERE GLOBAL SVCS INC COM 740585104 17,963 122 (sole) QUESTAR CORP COM 748356102 89,732 1,562 (sole) QUESTCOR PHARMACEUTICALS INC COM 74835Y101 24,533 361 (sole) RAYTHEON CO COM NEW 755111507 24,520 1,136 (sole) RENAISSANCERE HOLDINGS LTD COM G7496G103 3,662 233 (sole) ROCK-TENN CO CL A 772739207 8,833 477 (sole) ROPER INDS INC NEW COM 776696106 6,900 527 (sole) ROYAL CARIBBEAN CRUISES LTD COM V7780T103 11,200 526 (sole) RYDER SYS INC COM 783549108 5,834 307 (sole) SANDISK CORP COM 80004C101 10,441 521 (sole) SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 742,705 50,690 (sole) SMITH A O COM 831865209 8,351 318 (sole) SOLERA HOLDINGS INC COM 83421A104 10,200 523 (sole) SOTHEBYS COM 835898107 9,488 427 (sole) SOUTHERN COPPER CORP COM 84265V105 11,100 541 (sole) SPDR S&P 500 ETF TR TR UNIT 78462F103 73,600 9,255 (sole) STARBUCKS CORP COM 855244109 14,891 478 (sole) STEPAN CO COM 858586100 3,300 252 (sole) STONE ENERGY CORP COM 861642106 289,575 6,455 (sole) SYNAPTICS INC COM 87157D109 17,200 505 (sole) TELEPHONE & DATA SYS INC COM 879433100 15,853 579 (sole) TELETECH HOLDINGS INC COM 879939106 11,740 242 (sole) TESSERA TECHNOLOGIES INC COM 88164L100 17,604 390 (sole) TETRA TECH INC NEW COM 88162G103 11,014 276 (sole) TIMBERLAND CO CL A 887100105 25,760 633 (sole) TIMKEN CO COM 887389104 14,376 686 (sole) TORCHMARK CORP COM 891027104 3,523 210 (sole) TRW AUTOMOTIVE HLDGS CORP COM 87264S106 10,000 527 (sole) TYSON FOODS INC CL A 902494103 80,465 1,386 (sole) ULTRA PETROLEUM CORP COM 903914109 111,718 5,337 (sole) UNIFIRST CORP MASS COM 904708104 7,070 389 (sole) UNITED ONLINE INC COM 911268100 59,780 395 (sole) UNITEDHEALTH GROUP INC COM 91324P102 20,063 724 (sole) UNIVERSAL HLTH SVCS INC CL B 913903100 12,900 560 (sole) USA MOBILITY INC COM 90341G103 28,000 498 (sole) VAALCO ENERGY INC COM NEW 91851C201 790,861 5,663 (sole) VALIDUS HOLDINGS LTD COM SHS G9319H102 17,500 536 (sole) VARIAN MED SYS INC COM 92220P105 8,834 612 (sole)

VISHAY INTERTECHNOLOGY INC COM 928298108 45,211 664 (sole) WESTERN DIGITAL CORP COM 958102105 12,262 416 (sole) WHITING PETE CORP NEW COM 966387102 89,991 10,546 (sole) WILLIAMS COS INC DEL COM 969457100 21,300 527 (sole) WORLD ACCEP CORP DEL COM 981419104 19,824 1,047 (sole)

Absolute Return Investors, LLC 13F-HR