Sound Shore

Q3 2014 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2014
Filed: Nov 7, 2014
US stock: $6.2B · prev $6.2B
Positions: 52 · prev 53
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%

Moves44 since the prior filing

+8.4 pp in · −8.3 pp out

New 2 +3.95 pp
Added 21 +4.43 pp
Trimmed 18 −3.82 pp
Exited 3 −4.51 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions16% of US stock

C Citigroup Inc. added+0.41 pp added+0.413.2%
BAC Bank of America Corporation added+0.40 pp added+0.403.2%
TMO Thermo Fisher Scientific, Inc. added+0.65 pp added+0.653.2%
QCOM Qualcomm Inc added+0.18 pp added+0.183.1%
unresolved General Electric Co added+0.25 pp added+0.253.0%

Positions52 in this filing · 3 exited


CCitigroup Inc.	3.23%	3,874,323	$201M	added+5%	+0.41 pp	6 q
BACBank of America Corporation	3.22%	11,723,117	$200M	added+4%	+0.40 pp	6 q
TMOThermo Fisher Scientific, Inc.	3.21%	1,636,472	$199M	added+22%	+0.65 pp	6 q
QCOMQualcomm Inc	3.12%	2,589,651	$194M	added+13%	+0.18 pp	6 q
unresolvedGeneral Electric Co	3.03%	7,344,132	$188M	added+12%	+0.25 pp	6 q
PGProcter & Gamble Company	2.99%	2,214,273	$185M	added+14%	+0.53 pp	3 q
SNYSanofi	2.94%	3,234,811	$183M	added+2%	+0.22 pp	6 q
AAgilent Technologies Inc.	2.86%	3,119,612	$178M	added+14%	+0.31 pp	6 q
AESAES Corporation	2.85%	12,467,749	$177M	added+8%	−0.07 pp	6 q
AIGAmerican International Group, Inc.	2.84%	3,262,261	$176M	trimmed−1%	−0.07 pp	6 q
CITCIT Group Inc.	2.78%	3,756,409	$173M	added+8%	+0.21 pp	6 q
unresolvedAon PLC	2.72%	1,924,070	$169M	added+12%	+0.22 pp	6 q
CVSCvs Health Corporation	2.64%	2,063,233	$164M	added+1%	+0.15 pp	6 q
IPInternational Paper Co.	2.62%	3,405,712	$163M	added+15%	+0.19 pp	2 q
BPBP p.l.c.	2.61%	3,686,899	$162M	added+13%	−0.18 pp	6 q
CMCSAComcast Corp	2.60%	3,000,338	$161M	trimmed−1%	−0.03 pp	6 q
NVSNovartis AG	2.60%	1,717,269	$162M	added+19%	+0.48 pp	6 q
RSReliance, Inc.	2.60%	2,362,602	$162M	added+21%	+0.26 pp	2 q
unresolvedWellpoint Inc	2.60%	1,349,620	$161M	trimmed−11%	−0.03 pp	6 q
LOWLowe's Companies Inc.	2.59%	3,034,788	$161M	trimmed−10%	−0.04 pp	6 q
IVZInvesco LTD	2.59%	4,067,136	$161M	trimmed−1%	+0.09 pp	6 q
MSFTMicrosoft Corp	2.58%	3,461,118	$160M	trimmed−13%	−0.11 pp	6 q
COFCapital One Financial	2.51%	1,910,971	$156M	trimmed−1%	−0.07 pp	6 q
VODVodafone Group PLC	2.50%	4,727,226	$155M	added+24%	+0.43 pp	3 q
HESHess Corporation	2.43%	1,597,093	$151M	trimmed−13%	−0.53 pp	5 q
unresolvedHospira Inc	2.33%	2,785,635	$145M	added+4%	+0.11 pp	6 q
AMATApplied Materials Inc	2.31%	6,625,951	$143M	trimmed−1%	−0.13 pp	6 q
unresolvedBaker Hughes Inc.	2.29%	2,182,855	$142M	added+20%	+0.09 pp	5 q
MRSHMarsh	2.29%	2,717,478	$142M	added+2%	+0.06 pp	6 q
unresolvedAlcoa Inc.	2.21%	8,528,728	$137M	trimmed−20%	−0.37 pp	4 q
TXNTexas Instruments Incorporated	2.21%	2,881,962	$137M	trimmed−1%	−0.04 pp	6 q
TWXTime Warner Inc	2.15%	1,772,066	$133M	trimmed−1%	+0.12 pp	6 q
unresolvedDu Pont E I De Nemours & Co	2.12%	1,832,798	$132M	trimmed−21%	−0.34 pp	6 q
FLEXFlex Ltd.	2.11%	12,708,451	$131M	trimmed−1%	−0.19 pp	6 q
OIO-I Glass, Inc.	2.10%	5,010,151	$131M	added+9%	−0.47 pp	6 q
NEMNewmont Corporation	1.99%	5,354,985	$123M	new	+1.99 pp	new
CFGCitizens Financial Group, Inc.	1.96%	5,198,315	$122M	new	+1.96 pp	new
0WEWeatherford International plc	1.90%	5,664,381	$118M	trimmed−14%	−0.57 pp	2 q
unresolvedGoogle Inc.	1.41%	148,519	$87M	trimmed−1%	−0.01 pp	6 q
GOOGAlphabet Inc. Class C	1.32%	141,504	$82M	trimmed−1%	−0.01 pp	2 q
unresolvedChubb	0.01%	4,334	$395,000	held	—	6 q
unresolvedDirectv	0.01%	8,750	$757,000	trimmed−99%	−1.49 pp	4 q
GSGoldman Sachs Group Inc.	0.01%	1,700	$312,000	held	—	6 q
IBMInternational Business Machines Corporation	0.01%	2,048	$389,000	held	—	6 q
JBLUJetBlue Airways Corp	0.01%	46,666	$496,000	held	—	6 q
MRKMerck & Co., Inc.	0.01%	8,400	$498,000	held	—	6 q
PNCPNC Financial Services Group	0.01%	3,634	$311,000	held	—	6 q
PMPhilip Morris International Inc.	0.01%	5,866	$489,000	held	—	6 q
TJXTJX Companies, Inc. (The)	0.01%	13,034	$771,000	held	—	6 q
MOAltria Group, Inc.	0.00%	6,535	$300,000	held	—	6 q
XOMExxon Mobil Corp	0.00%	3,074	$289,000	held	—	6 q
JBLJabil Inc.	0.00%	12,165	$245,000	held	—	6 q
SLBSLB Limited	—	−1,199,907	—	exited	−2.29 pp	—
TDCTeradata Corporation	—	−1,882,943	—	exited	−1.23 pp	—
KSSKohls Corporation	—	−1,162,017	—	exited	−0.99 pp	—