Sound Shore

Q4 2014 13F · by John DeGulis, portfolio manager

As of: Dec 31, 2014
Filed: Jan 28, 2015
US stock: $6.4B · prev $6.2B
Positions: 50 · prev 52
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%

Moves57 since the prior filing

+14.0 pp in · −14.1 pp out

New 5 +13.04 pp
Added 17 +0.99 pp
Trimmed 28 −3.11 pp
Exited 7 −11.00 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 64% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions15% of US stock

AES AES Corporation added+0.31 pp added+0.313.2%
TMO Thermo Fisher Scientific, Inc. trimmed−0.08 pp trimmed−0.083.1%
BAC Bank of America Corporation trimmed−0.13 pp trimmed−0.133.1%
ORCL Oracle Corp new+2.99 pp new+2.993.0%
unresolved General Electric Co added−0.10 pp added−0.102.9%

Positions50 in this filing · 7 exited


AESAES Corporation	3.16%	14,578,427	$201M	added+17%	+0.31 pp	7 q
TMOThermo Fisher Scientific, Inc.	3.13%	1,590,132	$199M	trimmed−3%	−0.08 pp	7 q
BACBank of America Corporation	3.09%	10,982,891	$196M	trimmed−6%	−0.13 pp	7 q
ORCLOracle Corp	2.99%	4,227,102	$190M	new	+2.99 pp	new
unresolvedGeneral Electric Co	2.93%	7,369,062	$186M	added0%	−0.10 pp	7 q
AIGAmerican International Group, Inc.	2.92%	3,311,483	$185M	added+2%	+0.08 pp	7 q
CCitigroup Inc.	2.88%	3,379,415	$183M	trimmed−13%	−0.35 pp	7 q
IPInternational Paper Co.	2.88%	3,418,051	$183M	added0%	+0.26 pp	3 q
unresolvedAon PLC	2.88%	1,930,067	$183M	added0%	+0.16 pp	7 q
CITCIT Group Inc.	2.82%	3,752,792	$179M	trimmed−0%	+0.04 pp	7 q
CMCSAComcast Corp	2.73%	2,989,037	$173M	trimmed−0%	+0.13 pp	7 q
NVSNovartis AG	2.70%	1,849,897	$171M	added+8%	+0.10 pp	7 q
ELVElevance Health, Inc.	2.66%	1,345,042	$169M	new	+2.66 pp	new
HOUSAnywhere Real Estate Inc.	2.64%	3,766,890	$168M	new	+2.64 pp	new
PGProcter & Gamble Company	2.60%	1,814,002	$165M	trimmed−18%	−0.39 pp	4 q
AMATApplied Materials Inc	2.59%	6,607,940	$165M	trimmed−0%	+0.28 pp	7 q
TWXTime Warner Inc	2.59%	1,927,929	$165M	added+9%	+0.44 pp	7 q
CFGCitizens Financial Group, Inc.	2.58%	6,593,943	$164M	added+27%	+0.62 pp	2 q
COFCapital One Financial	2.54%	1,958,645	$162M	added+2%	+0.03 pp	7 q
unresolvedHospira Inc	2.52%	2,619,751	$160M	trimmed−6%	+0.19 pp	7 q
MSFTMicrosoft Corp	2.52%	3,455,286	$160M	trimmed−0%	−0.06 pp	7 q
VODVodafone Group PLC	2.52%	4,683,703	$160M	trimmed−1%	+0.02 pp	4 q
unresolvedDu Pont E I De Nemours & Co	2.47%	2,121,259	$157M	added+16%	+0.35 pp	7 q
MRSHMarsh	2.46%	2,736,824	$157M	added+1%	+0.17 pp	7 q
OIO-I Glass, Inc.	2.46%	5,785,272	$156M	added+15%	+0.36 pp	7 q
BPBP p.l.c.	2.44%	4,075,597	$155M	added+9%	−0.17 pp	7 q
SNYSanofi	2.44%	3,407,441	$155M	added+5%	−0.50 pp	7 q
IVZInvesco LTD	2.44%	3,919,240	$155M	trimmed−4%	−0.15 pp	7 q
KEYSKeysight Technologies, Inc.	2.42%	4,563,225	$154M	new	+2.42 pp	new
CVSCvs Health Corporation	2.35%	1,548,929	$149M	trimmed−25%	−0.29 pp	7 q
unresolvedCBS Corp	2.33%	2,678,543	$148M	new	+2.33 pp	new
RSReliance, Inc.	2.26%	2,346,782	$144M	trimmed−1%	−0.34 pp	3 q
HESHess Corporation	2.24%	1,929,012	$142M	added+21%	−0.19 pp	6 q
LOWLowe's Companies Inc.	2.23%	2,058,920	$142M	trimmed−32%	−0.36 pp	7 q
FLEXFlex Ltd.	2.06%	11,740,628	$131M	trimmed−8%	−0.05 pp	7 q
AAgilent Technologies Inc.	2.04%	3,170,334	$130M	added+2%	−0.82 pp	7 q
TXNTexas Instruments Incorporated	2.04%	2,428,561	$130M	trimmed−16%	−0.17 pp	7 q
QCOMQualcomm Inc	1.92%	1,641,951	$122M	trimmed−37%	−1.20 pp	7 q
unresolvedGoogle Inc.	1.30%	155,871	$83M	added+5%	−0.11 pp	7 q
GOOGAlphabet Inc. Class C	1.15%	139,350	$73M	trimmed−2%	−0.17 pp	3 q
unresolvedChubb	0.01%	3,889	$402,000	trimmed−10%	0.00 pp	7 q
unresolvedDirectv	0.01%	4,834	$419,000	trimmed−45%	0.00 pp	5 q
JBLUJetBlue Airways Corp	0.01%	31,110	$493,000	trimmed−33%	0.00 pp	7 q
PMPhilip Morris International Inc.	0.01%	5,010	$408,000	trimmed−15%	0.00 pp	7 q
TJXTJX Companies, Inc. (The)	0.01%	6,590	$452,000	trimmed−49%	0.00 pp	7 q
XOMExxon Mobil Corp	0.00%	2,759	$255,000	trimmed−10%	0.00 pp	7 q
GSGoldman Sachs Group Inc.	0.00%	1,434	$278,000	trimmed−16%	−0.01 pp	7 q
JBLJabil Inc.	0.00%	9,944	$217,000	trimmed−18%	0.00 pp	7 q
MRKMerck & Co., Inc.	0.00%	4,400	$250,000	trimmed−48%	−0.01 pp	7 q
PNCPNC Financial Services Group	0.00%	3,189	$291,000	trimmed−12%	−0.01 pp	7 q
unresolvedWellpoint Inc	—	−1,349,620	—	exited	−2.60 pp	—
unresolvedBaker Hughes Inc.	—	−2,182,855	—	exited	−2.29 pp	—
unresolvedAlcoa Inc.	—	−8,528,728	—	exited	−2.21 pp	—
NEMNewmont Corporation	—	−5,354,985	—	exited	−1.99 pp	—
0WEWeatherford International plc	—	−5,664,381	—	exited	−1.90 pp	—
IBMInternational Business Machines Corporation	—	−2,048	—	exited	−0.01 pp	—
MOAltria Group, Inc.	—	−6,535	—	exited	0.00 pp	—