Sound Shore

Q1 2014 13F · by John DeGulis, portfolio manager

As of: Mar 31, 2014
Filed: May 1, 2014
US stock: $5.8B · prev $5.9B
Positions: 55 · prev 58
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%

Moves59 since the prior filing

+8.9 pp in · −9.0 pp out

New 2 +4.69 pp
Added 12 +4.24 pp
Trimmed 40 −2.80 pp
Exited 5 −6.18 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions14% of US stock

QCOM Qualcomm Inc trimmed+0.04 pp trimmed+0.043.1%
unresolved General Electric Co added+0.32 pp added+0.322.9%
BAC Bank of America Corporation trimmed+0.13 pp trimmed+0.132.8%
SNY Sanofi added+0.48 pp added+0.482.7%
BP BP p.l.c. added+0.12 pp added+0.122.7%

Positions55 in this filing · 5 exited


QCOMQualcomm Inc	3.07%	2,264,040	$179M	trimmed−7%	+0.04 pp	4 q
unresolvedGeneral Electric Co	2.85%	6,400,983	$166M	added+19%	+0.32 pp	4 q
BACBank of America Corporation	2.84%	9,590,716	$165M	trimmed−7%	+0.13 pp	4 q
SNYSanofi	2.70%	3,005,293	$157M	added+22%	+0.48 pp	4 q
BPBP p.l.c.	2.67%	3,227,189	$155M	added+3%	+0.12 pp	4 q
AESAES Corporation	2.62%	10,674,961	$152M	added+3%	+0.09 pp	4 q
HESHess Corporation	2.61%	1,833,954	$152M	added+5%	+0.18 pp	3 q
CVSCvs Health Corporation	2.59%	2,012,842	$151M	trimmed−7%	−0.01 pp	4 q
PGProcter & Gamble Company	2.58%	1,860,153	$150M	new	+2.58 pp	new
unresolvedDu Pont E I De Nemours & Co	2.57%	2,226,939	$149M	trimmed−7%	−0.04 pp	4 q
unresolvedWeatherford Intl Ltd	2.56%	8,578,509	$149M	trimmed−7%	+0.16 pp	4 q
TDCTeradata Corporation	2.55%	3,012,854	$148M	added×3.0	+1.78 pp	2 q
AIGAmerican International Group, Inc.	2.54%	2,957,721	$148M	trimmed−2%	−0.06 pp	4 q
COFCapital One Financial	2.53%	1,906,611	$147M	trimmed−7%	−0.10 pp	4 q
MSFTMicrosoft Corp	2.49%	3,537,256	$145M	trimmed−6%	+0.12 pp	4 q
CCitigroup Inc.	2.47%	3,012,630	$143M	added+10%	+0.07 pp	4 q
CMCSAComcast Corp	2.47%	2,872,430	$144M	added+15%	+0.29 pp	4 q
CITCIT Group Inc.	2.43%	2,876,532	$141M	trimmed−1%	−0.13 pp	4 q
unresolvedAlcoa Inc.	2.38%	10,743,351	$138M	trimmed−6%	+0.33 pp	2 q
SLBSLB Limited	2.35%	1,403,296	$137M	trimmed−7%	+0.06 pp	4 q
AMATApplied Materials Inc	2.34%	6,673,589	$136M	trimmed−7%	+0.20 pp	4 q
TXNTexas Instruments Incorporated	2.33%	2,873,115	$135M	trimmed−17%	−0.24 pp	4 q
LOWLowe's Companies Inc.	2.29%	2,724,967	$133M	added+7%	+0.16 pp	4 q
IVZInvesco LTD	2.28%	3,589,870	$133M	trimmed−6%	−0.07 pp	4 q
unresolvedWellpoint Inc	2.25%	1,312,355	$131M	added+28%	+0.66 pp	4 q
MRSHMarsh	2.23%	2,623,640	$129M	trimmed−7%	−0.06 pp	4 q
NVSNovartis AG	2.23%	1,522,548	$129M	trimmed−7%	+0.01 pp	4 q
unresolvedDirectv	2.21%	1,682,185	$129M	trimmed−26%	−0.43 pp	2 q
OIO-I Glass, Inc.	2.12%	3,640,450	$123M	added+8%	+0.09 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.12%	1,506,048	$123M	trimmed−6%	+0.08 pp	4 q
VODVodafone Group PLC	2.11%	3,339,473	$123M	new	+2.11 pp	new
unresolvedGoogle Inc.	2.09%	108,884	$121M	trimmed−22%	−0.56 pp	4 q
unresolvedAon PLC	2.09%	1,444,605	$122M	trimmed−9%	−0.15 pp	4 q
AAgilent Technologies Inc.	2.07%	2,148,230	$120M	trimmed−18%	−0.45 pp	4 q
TMOThermo Fisher Scientific, Inc.	2.05%	992,292	$119M	trimmed−32%	−0.69 pp	4 q
unresolvedBaker Hughes Inc.	2.03%	1,811,169	$118M	trimmed−5%	+0.25 pp	3 q
FLEXFlex Ltd.	2.03%	12,798,559	$118M	trimmed−11%	+0.14 pp	4 q
CAHCardinal Health, Inc.	2.00%	1,664,219	$116M	trimmed−16%	−0.24 pp	4 q
LUVSouthwest Airlines Co.	2.00%	4,924,850	$116M	trimmed−24%	−0.06 pp	4 q
KSSKohls Corporation	1.98%	2,021,460	$115M	trimmed−6%	−0.08 pp	2 q
unresolvedHospira Inc	1.92%	2,581,074	$112M	trimmed−7%	−0.01 pp	4 q
TWXTime Warner Inc	1.86%	1,650,626	$108M	trimmed−4%	−0.16 pp	4 q
SCHWThe Charles Schwab Corporation	1.38%	2,941,899	$80M	trimmed−40%	−0.75 pp	4 q
DONDiamond Offshore Drilling	0.02%	22,300	$1M	added+34%	0.00 pp	4 q
unresolvedChubb	0.01%	4,334	$387,000	trimmed−13%	0.00 pp	4 q
XOMExxon Mobil Corp	0.01%	3,074	$300,000	trimmed−13%	0.00 pp	4 q
IBMInternational Business Machines Corporation	0.01%	2,048	$394,000	held	—	4 q
JBLUJetBlue Airways Corp	0.01%	46,666	$406,000	trimmed−15%	0.00 pp	4 q
MRKMerck & Co., Inc.	0.01%	8,400	$477,000	trimmed−5%	0.00 pp	4 q
PNCPNC Financial Services Group	0.01%	3,634	$316,000	trimmed−15%	0.00 pp	4 q
PMPhilip Morris International Inc.	0.01%	5,866	$480,000	trimmed−18%	0.00 pp	4 q
TJXTJX Companies, Inc. (The)	0.01%	13,034	$791,000	trimmed−16%	−0.01 pp	4 q
MOAltria Group, Inc.	0.00%	6,535	$245,000	trimmed−20%	−0.01 pp	4 q
GSGoldman Sachs Group Inc.	0.00%	1,700	$279,000	trimmed−19%	−0.01 pp	4 q
JBLJabil Inc.	0.00%	12,165	$219,000	trimmed−22%	0.00 pp	4 q
CTXSCitrix Systems Inc	—	−2,454,013	—	exited	−2.61 pp	—
unresolvedVodafone Group PLC New	—	−3,758,391	—	exited	−2.49 pp	—
RSGRepublic Services Inc.	—	−1,909,562	—	exited	−1.07 pp	—
unresolvedLife Technologies Corp	—	−4,000	—	exited	−0.01 pp	—
LLoews Corporation	—	−5,200	—	exited	0.00 pp	—