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Sound Shore

Q3 2013 13F · by John DeGulis, portfolio manager

As of
Sep 30, 2013
Filed
Nov 4, 2013
US stock
$5.4B · prev $5.1B
Positions
57 · prev 57
Options notional
$0
Documents
1· no amendments

Picture97.5% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 97.5%
  • Foreign stock not listed in the US 2.5%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves47 since the prior filing

The book

Diversified · behaves like 42 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 36% a year, about 2.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions14% of US stock

  1. TMO Thermo Fisher Scientific, Inc. trimmed+0.06 pp trimmed+0.062.9%
  2. SLB SLB Limited trimmed+0.34 pp trimmed+0.342.9%
  3. QCOM Qualcomm Inc added+0.73 pp added+0.732.9%
  4. AIG American International Group, Inc. trimmed−0.01 pp trimmed−0.012.8%
  5. TXN Texas Instruments Incorporated trimmed+0.15 pp trimmed+0.152.7%

Positions57 in this filing · 3 exited

TMOThermo Fisher Scientific, Inc.2.91%1,697,107$156Mtrimmed−2%+0.06 pp2 q
SLBSLB Limited2.86%1,742,855$154Mtrimmed−4%+0.34 pp2 q
QCOMQualcomm Inc2.85%2,277,281$153Madded+28%+0.73 pp2 q
AIGAmerican International Group, Inc.2.77%3,067,469$149Mtrimmed−4%−0.01 pp2 q
TXNTexas Instruments Incorporated2.74%3,659,892$147Mtrimmed−4%+0.15 pp2 q
BACBank of America Corporation2.70%10,541,880$145Mtrimmed−4%−0.04 pp2 q
CITCIT Group Inc.2.68%2,957,272$144Madded×3.2+1.84 pp2 q
unresolvedWeatherford Intl Ltd2.67%9,354,367$143Mtrimmed−3%+0.10 pp2 q
COFCapital One Financial2.65%2,070,610$142Mtrimmed−13%−0.27 pp2 q
CVSCvs Health Corporation2.64%2,498,140$142Madded+11%+0.14 pp2 q
unresolvedDu Pont E I De Nemours & Co2.64%2,427,086$142Mtrimmed−3%+0.07 pp2 q
MRSHMarsh2.63%3,244,745$141Mtrimmed−2%+0.07 pp2 q
CAHCardinal Health, Inc.2.61%2,697,093$141Mtrimmed−3%+0.07 pp2 q
unresolvedGeneral Electric Co2.56%5,754,511$137Mtrimmed−0%−0.05 pp2 q
AAgilent Technologies Inc.2.55%2,677,626$137Mtrimmed−6%+0.19 pp2 q
unresolvedDIRECTV Group Inc2.55%2,297,882$137Madded+7%−0.03 pp2 q
AMATApplied Materials Inc2.53%7,772,312$136Mtrimmed−12%−0.03 pp2 q
unresolvedHospira Inc2.49%3,417,379$134Mtrimmed−3%−0.14 pp2 q
BPBP p.l.c.2.48%3,171,034$133Mtrimmed−1%−0.13 pp2 q
unresolvedVodafone Group PLC New2.44%3,729,672$131Mnew+2.44 ppnew
unresolvedAon PLC2.43%1,755,557$131Mtrimmed−21%−0.35 pp2 q
NVSNovartis AG2.37%1,658,673$127Mtrimmed−3%+0.01 pp2 q
MSFTMicrosoft Corp2.36%3,817,729$127Mtrimmed−3%−0.28 pp2 q
unresolvedGoogle Inc.2.33%143,260$125Mtrimmed−3%−0.21 pp2 q
MRKMerck & Co., Inc.2.33%2,630,493$125Mtrimmed−3%−0.11 pp2 q
IVZInvesco LTD2.31%3,902,485$124Mtrimmed−2%−0.17 pp2 q
LOWLowe's Companies Inc.2.30%2,597,972$124Mtrimmed−4%+0.15 pp2 q
unresolvedWellpoint Inc2.30%1,479,042$124Mtrimmed−11%−0.36 pp2 q
FLEXFlex Ltd.2.24%13,246,346$120Mtrimmed−23%−0.37 pp2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)2.17%1,633,138$117Mtrimmed−2%+0.05 pp2 q
TWXTime Warner Inc2.15%1,754,178$115Mtrimmed−12%−0.09 pp2 q
CMCSAComcast Corp2.14%2,548,363$115Mtrimmed−3%+0.01 pp2 q
HESHess Corporation2.10%1,462,485$113Mnew+2.10 ppnew
LUVSouthwest Airlines Co.2.07%7,630,843$111Mtrimmed−3%+0.10 pp2 q
AESAES Corporation2.02%8,179,231$109Mtrimmed−10%−0.11 pp2 q
SNYSanofi2.01%2,140,026$108Mtrimmed−4%−0.22 pp2 q
CCitigroup Inc.1.98%2,190,065$106Mtrimmed−3%−0.14 pp2 q
SCHWThe Charles Schwab Corporation1.96%4,985,818$105Mtrimmed−13%−0.41 pp2 q
RSGRepublic Services Inc.1.95%3,149,976$105Mtrimmed−3%−0.19 pp2 q
OIO-I Glass, Inc.1.91%3,425,993$103Mtrimmed−4%−0.02 pp2 q
ZTSZoetis Inc.1.67%2,892,700$90Madded+13%+0.13 pp2 q
unresolvedBaker Hughes Inc.1.41%1,545,130$76Mnew+1.41 ppnew
STTState Street Corporation0.41%335,338$22Mtrimmed−83%−2.02 pp2 q
DONDiamond Offshore Drilling0.02%20,600$1Mheld—2 q
TJXTJX Companies, Inc. (The)0.02%15,500$874,000held—2 q
MOAltria Group, Inc.0.01%8,150$280,000held—2 q
unresolvedChubb0.01%5,000$446,000held—2 q
XOMExxon Mobil Corp0.01%3,548$305,000held—2 q
GSGoldman Sachs Group Inc.0.01%2,700$427,000held—2 q
IBMInternational Business Machines Corporation0.01%2,048$379,000held—2 q
JBLJabil Inc.0.01%20,000$434,000held—2 q
JBLUJetBlue Airways Corp0.01%55,000$367,000held—2 q
unresolvedLife Technologies Corp0.01%4,000$299,000held—2 q
LLoews Corporation0.01%7,000$327,000held—2 q
PNCPNC Financial Services Group0.01%4,300$312,000held—2 q
PMPhilip Morris International Inc.0.01%7,150$619,000held—2 q
PFEPfizer Inc.0.00%8,000$230,000trimmed−100%−1.74 pp2 q
DVNDevon Energy Corporation—−1,904,679—exited−1.92 pp—
FLRFluor Corporation—−649,149—exited−0.75 pp—
unresolvedResearch In Motion—−14,000—exited0.00 pp—

Source

Form
13F-HR
Reading
3 defects · 12 unresolved
Accession
0000950123-13-008461
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A row was set aside — invalid CUSIP 58933Y109
  • A security outside the official 13F list — CUSIP 25490A101 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 58933Y109 not on the Official 13(f) List for 2013-09-30