Sound Shore

Q1 2015 13F · by John DeGulis, portfolio manager

As of: Mar 31, 2015
Filed: May 1, 2015
US stock: $6.2B · prev $6.4B
Positions: 38 · prev 50
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%

Moves51 since the prior filing

+7.3 pp in · −7.3 pp out

New 1 +0.01 pp
Added 27 +7.32 pp
Trimmed 10 +0.21 pp
Exited 13 −7.51 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions16% of US stock

AES AES Corporation added+0.25 pp added+0.253.4%
TMO Thermo Fisher Scientific, Inc. trimmed+0.25 pp trimmed+0.253.4%
unresolved General Electric Co added+0.26 pp added+0.263.2%
AIG American International Group, Inc. added+0.16 pp added+0.163.1%
C Citigroup Inc. added+0.19 pp added+0.193.1%

Positions38 in this filing · 13 exited


AESAES Corporation	3.41%	16,601,532	$213M	added+14%	+0.25 pp	8 q
TMOThermo Fisher Scientific, Inc.	3.38%	1,572,906	$211M	trimmed−1%	+0.25 pp	8 q
unresolvedGeneral Electric Co	3.19%	8,043,595	$200M	added+9%	+0.26 pp	8 q
AIGAmerican International Group, Inc.	3.08%	3,506,765	$192M	added+6%	+0.16 pp	8 q
CCitigroup Inc.	3.07%	3,717,641	$192M	added+10%	+0.19 pp	8 q
ORCLOracle Corp	3.04%	4,397,017	$190M	added+4%	+0.05 pp	2 q
BACBank of America Corporation	3.02%	12,260,118	$189M	added+12%	−0.07 pp	8 q
BPBP p.l.c.	3.01%	4,802,035	$188M	added+18%	+0.57 pp	8 q
COFCapital One Financial	3.00%	2,378,652	$187M	added+21%	+0.46 pp	8 q
IPInternational Paper Co.	2.93%	3,298,704	$183M	trimmed−3%	+0.05 pp	4 q
unresolvedAon PLC	2.93%	1,902,525	$183M	trimmed−1%	+0.05 pp	8 q
SNYSanofi	2.92%	3,684,733	$182M	added+8%	+0.48 pp	8 q
CITCIT Group Inc.	2.88%	3,990,799	$180M	added+6%	+0.06 pp	8 q
unresolvedCBS Corp	2.87%	2,956,860	$179M	added+10%	+0.54 pp	2 q
IVZInvesco LTD	2.87%	4,524,713	$180M	added+15%	+0.43 pp	8 q
CFGCitizens Financial Group, Inc.	2.81%	7,279,898	$176M	added+10%	+0.23 pp	3 q
AMATApplied Materials Inc	2.79%	7,732,992	$174M	added+17%	+0.20 pp	8 q
CMCSAComcast Corp	2.74%	3,034,115	$171M	added+2%	+0.01 pp	8 q
VODVodafone Group PLC	2.74%	5,241,281	$171M	added+12%	+0.22 pp	5 q
HOUSAnywhere Real Estate Inc.	2.73%	3,744,881	$170M	trimmed−1%	+0.09 pp	2 q
MRSHMarsh	2.71%	3,021,686	$169M	added+10%	+0.25 pp	8 q
FLEXFlex Ltd.	2.71%	13,372,366	$169M	added+14%	+0.65 pp	8 q
KEYSKeysight Technologies, Inc.	2.70%	4,535,490	$168M	trimmed−1%	+0.28 pp	2 q
PGProcter & Gamble Company	2.67%	2,033,797	$167M	added+12%	+0.07 pp	5 q
MSFTMicrosoft Corp	2.65%	4,076,883	$166M	added+18%	+0.13 pp	8 q
TWXTime Warner Inc	2.65%	1,959,740	$165M	added+2%	+0.06 pp	8 q
QCOMQualcomm Inc	2.64%	2,377,653	$165M	added+45%	+0.72 pp	8 q
ELVElevance Health, Inc.	2.63%	1,063,781	$164M	trimmed−21%	−0.03 pp	2 q
AAgilent Technologies Inc.	2.54%	3,812,072	$158M	added+20%	+0.50 pp	8 q
CVSCvs Health Corporation	2.53%	1,533,562	$158M	trimmed−1%	+0.18 pp	8 q
TXNTexas Instruments Incorporated	2.53%	2,762,266	$158M	added+14%	+0.49 pp	8 q
LOWLowe's Companies Inc.	2.41%	2,026,182	$151M	trimmed−2%	+0.18 pp	8 q
RSReliance, Inc.	2.31%	2,367,097	$145M	added+1%	+0.05 pp	4 q
OIO-I Glass, Inc.	2.27%	6,093,791	$142M	added+5%	−0.19 pp	8 q
unresolvedGoogle Inc.	1.85%	208,429	$116M	added+34%	+0.55 pp	8 q
unresolvedDu Pont E I De Nemours & Co	1.57%	1,371,127	$98M	trimmed−35%	−0.90 pp	8 q
GOOGAlphabet Inc. Class C	1.21%	137,802	$76M	trimmed−1%	+0.06 pp	4 q
RDS.ARoyal Dutch Shell PLC	0.01%	5,900	$352,000	new	+0.01 pp	new
NVSNovartis AG	—	−1,849,897	—	exited	−2.70 pp	—
unresolvedHospira Inc	—	−2,619,751	—	exited	−2.52 pp	—
HESHess Corporation	—	−1,929,012	—	exited	−2.24 pp	—
unresolvedChubb	—	−3,889	—	exited	−0.01 pp	—
unresolvedDirectv	—	−4,834	—	exited	−0.01 pp	—
JBLUJetBlue Airways Corp	—	−31,110	—	exited	−0.01 pp	—
PMPhilip Morris International Inc.	—	−5,010	—	exited	−0.01 pp	—
TJXTJX Companies, Inc. (The)	—	−6,590	—	exited	−0.01 pp	—
XOMExxon Mobil Corp	—	−2,759	—	exited	0.00 pp	—
GSGoldman Sachs Group Inc.	—	−1,434	—	exited	0.00 pp	—
JBLJabil Inc.	—	−9,944	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−4,400	—	exited	0.00 pp	—
PNCPNC Financial Services Group	—	−3,189	—	exited	0.00 pp	—