Sound Shore

Q2 2014 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2014
Filed: Aug 8, 2014
US stock: $6.2B · prev $5.8B
Positions: 53 · prev 55
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%

Moves48 since the prior filing

+13.1 pp in · −13.1 pp out

New 4 +8.57 pp
Added 32 +4.52 pp
Trimmed 6 −2.99 pp
Exited 6 −10.08 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions15% of US stock

HES Hess Corporation added+0.35 pp added+0.353.0%
QCOM Qualcomm Inc added−0.13 pp added−0.132.9%
AES AES Corporation added+0.30 pp added+0.302.9%
AIG American International Group, Inc. added+0.37 pp added+0.372.9%
BAC Bank of America Corporation added−0.02 pp added−0.022.8%

Positions53 in this filing · 6 exited


HESHess Corporation	2.96%	1,845,346	$182M	added+1%	+0.35 pp	4 q
QCOMQualcomm Inc	2.94%	2,293,029	$182M	added+1%	−0.13 pp	5 q
AESAES Corporation	2.92%	11,586,168	$180M	added+9%	+0.30 pp	5 q
AIGAmerican International Group, Inc.	2.91%	3,292,006	$180M	added+11%	+0.37 pp	5 q
BACBank of America Corporation	2.82%	11,317,464	$174M	added+18%	−0.02 pp	5 q
CCitigroup Inc.	2.82%	3,699,266	$174M	added+23%	+0.35 pp	5 q
BPBP p.l.c.	2.79%	3,269,799	$172M	added+1%	+0.12 pp	5 q
unresolvedGeneral Electric Co	2.78%	6,531,933	$172M	added+2%	−0.07 pp	5 q
SNYSanofi	2.72%	3,158,912	$168M	added+5%	+0.02 pp	5 q
MSFTMicrosoft Corp	2.69%	3,978,628	$166M	added+12%	+0.20 pp	5 q
CMCSAComcast Corp	2.63%	3,027,061	$162M	added+5%	+0.16 pp	5 q
LOWLowe's Companies Inc.	2.63%	3,383,888	$162M	added+24%	+0.34 pp	5 q
unresolvedWellpoint Inc	2.63%	1,510,868	$163M	added+15%	+0.38 pp	5 q
unresolvedAlcoa Inc.	2.58%	10,717,430	$160M	trimmed−0%	+0.20 pp	3 q
COFCapital One Financial	2.58%	1,928,643	$159M	added+1%	+0.05 pp	5 q
CITCIT Group Inc.	2.57%	3,467,047	$159M	added+21%	+0.14 pp	5 q
OIO-I Glass, Inc.	2.57%	4,580,023	$159M	added+26%	+0.45 pp	5 q
TMOThermo Fisher Scientific, Inc.	2.56%	1,341,231	$158M	added+35%	+0.51 pp	5 q
AAgilent Technologies Inc.	2.55%	2,737,973	$157M	added+27%	+0.48 pp	5 q
unresolvedAon PLC	2.50%	1,712,829	$154M	added+19%	+0.41 pp	5 q
IVZInvesco LTD	2.50%	4,091,699	$154M	added+14%	+0.22 pp	5 q
CVSCvs Health Corporation	2.49%	2,041,081	$154M	added+1%	−0.10 pp	5 q
0WEWeatherford International plc	2.47%	6,621,011	$152M	new	+2.47 pp	new
unresolvedDu Pont E I De Nemours & Co	2.46%	2,325,069	$152M	added+4%	−0.11 pp	5 q
PGProcter & Gamble Company	2.46%	1,934,448	$152M	added+4%	−0.12 pp	2 q
AMATApplied Materials Inc	2.44%	6,681,547	$151M	added0%	+0.10 pp	5 q
IPInternational Paper Co.	2.43%	2,967,024	$150M	new	+2.43 pp	new
RSReliance, Inc.	2.34%	1,959,123	$144M	new	+2.34 pp	new
FLEXFlex Ltd.	2.30%	12,823,928	$142M	added0%	+0.27 pp	5 q
SLBSLB Limited	2.29%	1,199,907	$142M	trimmed−14%	−0.06 pp	5 q
TXNTexas Instruments Incorporated	2.25%	2,907,058	$139M	added+1%	−0.08 pp	5 q
MRSHMarsh	2.23%	2,659,497	$138M	added+1%	0.00 pp	5 q
unresolvedHospira Inc	2.22%	2,668,781	$137M	added+3%	+0.30 pp	5 q
unresolvedBaker Hughes Inc.	2.20%	1,826,673	$136M	added+1%	+0.17 pp	4 q
NVSNovartis AG	2.12%	1,442,881	$131M	trimmed−5%	−0.11 pp	5 q
VODVodafone Group PLC	2.07%	3,825,487	$128M	added+15%	−0.04 pp	2 q
TWXTime Warner Inc	2.03%	1,783,508	$125M	added+8%	+0.17 pp	5 q
unresolvedDirectv	1.50%	1,089,366	$93M	trimmed−35%	−0.71 pp	3 q
unresolvedGoogle Inc.	1.42%	149,642	$87M	added+37%	−0.67 pp	5 q
GOOGAlphabet Inc. Class C	1.33%	142,961	$82M	new	+1.33 pp	new
TDCTeradata Corporation	1.23%	1,882,943	$76M	trimmed−38%	−1.32 pp	3 q
KSSKohls Corporation	0.99%	1,162,017	$61M	trimmed−43%	−0.99 pp	3 q
unresolvedChubb	0.01%	4,334	$399,000	held	—	5 q
XOMExxon Mobil Corp	0.01%	3,074	$309,000	held	—	5 q
IBMInternational Business Machines Corporation	0.01%	2,048	$371,000	held	—	5 q
JBLUJetBlue Airways Corp	0.01%	46,666	$506,000	held	—	5 q
MRKMerck & Co., Inc.	0.01%	8,400	$486,000	held	—	5 q
PNCPNC Financial Services Group	0.01%	3,634	$324,000	held	—	5 q
PMPhilip Morris International Inc.	0.01%	5,866	$495,000	held	—	5 q
TJXTJX Companies, Inc. (The)	0.01%	13,034	$693,000	held	—	5 q
MOAltria Group, Inc.	0.00%	6,535	$274,000	held	—	5 q
GSGoldman Sachs Group Inc.	0.00%	1,700	$285,000	held	—	5 q
JBLJabil Inc.	0.00%	12,165	$254,000	held	—	5 q
unresolvedWeatherford Intl Ltd	—	−8,578,509	—	exited	−2.56 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−1,506,048	—	exited	−2.12 pp	—
CAHCardinal Health, Inc.	—	−1,664,219	—	exited	−2.00 pp	—
LUVSouthwest Airlines Co.	—	−4,924,850	—	exited	−2.00 pp	—
SCHWThe Charles Schwab Corporation	—	−2,941,899	—	exited	−1.38 pp	—
DONDiamond Offshore Drilling	—	−22,300	—	exited	−0.02 pp	—