Sound Shore

Q4 2013 13F · by John DeGulis, portfolio manager

As of: Dec 31, 2013
Filed: Jan 31, 2014
US stock: $5.9B · prev $5.4B
Positions: 58 · prev 57
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves53 since the prior filing

+11.9 pp in · −11.8 pp out

New 5 +10.13 pp
Added 8 +1.72 pp
Trimmed 36 −7.21 pp
Exited 4 −4.63 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions14% of US stock

QCOM Qualcomm Inc added+0.18 pp added+0.183.0%
TMO Thermo Fisher Scientific, Inc. trimmed−0.17 pp trimmed−0.172.7%
BAC Bank of America Corporation trimmed+0.01 pp trimmed+0.012.7%
unresolved Google Inc. trimmed+0.32 pp trimmed+0.322.6%
unresolved Directv new+2.64 pp new+2.642.6%

Positions58 in this filing · 4 exited


QCOMQualcomm Inc	3.03%	2,428,864	$180M	added+7%	+0.18 pp	3 q
TMOThermo Fisher Scientific, Inc.	2.74%	1,465,328	$163M	trimmed−14%	−0.17 pp	3 q
BACBank of America Corporation	2.71%	10,361,693	$161M	trimmed−2%	+0.01 pp	3 q
unresolvedGoogle Inc.	2.65%	140,359	$157M	trimmed−2%	+0.32 pp	3 q
unresolvedDirectv	2.64%	2,268,282	$157M	new	+2.64 pp	new
COFCapital One Financial	2.63%	2,040,549	$156M	trimmed−1%	−0.02 pp	3 q
CTXSCitrix Systems Inc	2.61%	2,454,013	$155M	new	+2.61 pp	new
unresolvedDu Pont E I De Nemours & Co	2.61%	2,388,497	$155M	trimmed−2%	−0.03 pp	3 q
AIGAmerican International Group, Inc.	2.60%	3,026,584	$155M	trimmed−1%	−0.17 pp	3 q
CVSCvs Health Corporation	2.60%	2,157,097	$154M	trimmed−14%	−0.04 pp	3 q
TXNTexas Instruments Incorporated	2.57%	3,480,646	$153M	trimmed−5%	−0.17 pp	3 q
CITCIT Group Inc.	2.56%	2,917,969	$152M	trimmed−1%	−0.12 pp	3 q
BPBP p.l.c.	2.55%	3,119,139	$152M	trimmed−2%	+0.07 pp	3 q
AESAES Corporation	2.53%	10,376,547	$151M	added+27%	+0.51 pp	3 q
unresolvedGeneral Electric Co	2.53%	5,372,370	$151M	trimmed−7%	−0.03 pp	3 q
AAgilent Technologies Inc.	2.52%	2,621,671	$150M	trimmed−2%	−0.03 pp	3 q
unresolvedVodafone Group PLC New	2.49%	3,758,391	$148M	added+1%	+0.05 pp	2 q
HESHess Corporation	2.43%	1,739,788	$144M	added+19%	+0.33 pp	2 q
CCitigroup Inc.	2.40%	2,743,318	$143M	added+25%	+0.42 pp	3 q
unresolvedWeatherford Intl Ltd	2.40%	9,203,040	$143M	trimmed−2%	−0.27 pp	3 q
MSFTMicrosoft Corp	2.37%	3,762,396	$141M	trimmed−1%	+0.01 pp	3 q
IVZInvesco LTD	2.35%	3,839,169	$140M	trimmed−2%	+0.04 pp	3 q
MRSHMarsh	2.29%	2,818,232	$136M	trimmed−13%	−0.34 pp	3 q
SLBSLB Limited	2.29%	1,509,880	$136M	trimmed−13%	−0.57 pp	3 q
CAHCardinal Health, Inc.	2.24%	1,992,004	$133M	trimmed−26%	−0.37 pp	3 q
unresolvedAon PLC	2.24%	1,590,378	$133M	trimmed−9%	−0.19 pp	3 q
NVSNovartis AG	2.22%	1,641,384	$132M	trimmed−1%	−0.15 pp	3 q
SNYSanofi	2.22%	2,455,787	$132M	added+15%	+0.21 pp	3 q
CMCSAComcast Corp	2.18%	2,499,319	$130M	trimmed−2%	+0.04 pp	3 q
AMATApplied Materials Inc	2.14%	7,195,556	$127M	trimmed−7%	−0.39 pp	3 q
LOWLowe's Companies Inc.	2.13%	2,551,012	$126M	trimmed−2%	−0.17 pp	3 q
SCHWThe Charles Schwab Corporation	2.13%	4,874,901	$127M	trimmed−2%	+0.17 pp	3 q
KSSKohls Corporation	2.06%	2,155,217	$122M	new	+2.06 pp	new
LUVSouthwest Airlines Co.	2.06%	6,500,877	$122M	trimmed−15%	−0.01 pp	3 q
unresolvedAlcoa Inc.	2.05%	11,450,618	$122M	new	+2.05 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.04%	1,610,652	$121M	trimmed−1%	−0.13 pp	3 q
OIO-I Glass, Inc.	2.03%	3,371,731	$121M	trimmed−2%	+0.12 pp	3 q
TWXTime Warner Inc	2.02%	1,726,497	$120M	trimmed−2%	−0.13 pp	3 q
unresolvedHospira Inc	1.93%	2,774,107	$115M	trimmed−19%	−0.56 pp	3 q
FLEXFlex Ltd.	1.89%	14,446,529	$112M	added+9%	−0.35 pp	3 q
unresolvedBaker Hughes Inc.	1.78%	1,914,509	$106M	added+24%	+0.37 pp	2 q
unresolvedWellpoint Inc	1.59%	1,023,994	$95M	trimmed−31%	−0.71 pp	3 q
RSGRepublic Services Inc.	1.07%	1,909,562	$63M	trimmed−39%	−0.88 pp	3 q
TDCTeradata Corporation	0.77%	1,011,797	$46M	new	+0.77 pp	new
DONDiamond Offshore Drilling	0.02%	16,600	$945,000	trimmed−19%	0.00 pp	3 q
TJXTJX Companies, Inc. (The)	0.02%	15,500	$988,000	held	—	3 q
MOAltria Group, Inc.	0.01%	8,150	$313,000	held	—	3 q
unresolvedChubb	0.01%	5,000	$483,000	held	—	3 q
XOMExxon Mobil Corp	0.01%	3,548	$359,000	held	—	3 q
GSGoldman Sachs Group Inc.	0.01%	2,100	$372,000	trimmed−22%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.01%	2,048	$384,000	held	—	3 q
JBLUJetBlue Airways Corp	0.01%	55,000	$470,000	held	—	3 q
unresolvedLife Technologies Corp	0.01%	4,000	$303,000	held	—	3 q
MRKMerck & Co., Inc.	0.01%	8,800	$440,000	trimmed−100%	−2.32 pp	3 q
PNCPNC Financial Services Group	0.01%	4,300	$334,000	held	—	3 q
PMPhilip Morris International Inc.	0.01%	7,150	$623,000	held	—	3 q
JBLJabil Inc.	0.00%	15,500	$270,000	trimmed−23%	−0.01 pp	3 q
LLoews Corporation	0.00%	5,200	$251,000	trimmed−26%	−0.01 pp	3 q
unresolvedDIRECTV Group Inc	—	−2,297,882	—	exited	−2.55 pp	—
ZTSZoetis Inc.	—	−2,892,700	—	exited	−1.67 pp	—
STTState Street Corporation	—	−335,338	—	exited	−0.41 pp	—
PFEPfizer Inc.	—	−8,000	—	exited	0.00 pp	—