Sound Shore

Q2 2015 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2015
Filed: Jul 31, 2015
US stock: $6.2B · prev $6.2B
Positions: 40 · prev 38
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%

Moves41 since the prior filing

+8.3 pp in · −8.3 pp out

New 4 +7.59 pp
Added 7 +0.73 pp
Trimmed 28 −4.08 pp
Exited 2 −4.22 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MRK Merck & Co., Inc. new+3.30 pp new+3.303.3%
COF Capital One Financial trimmed+0.25 pp trimmed+0.253.3%
BAC Bank of America Corporation trimmed+0.22 pp trimmed+0.223.2%
CIT CIT Group Inc. added+0.35 pp added+0.353.2%
TMO Thermo Fisher Scientific, Inc. trimmed−0.15 pp trimmed−0.153.2%

Positions40 in this filing · 2 exited


MRKMerck & Co., Inc.	3.30%	3,595,407	$205M	new	+3.30 pp	new
COFCapital One Financial	3.25%	2,292,574	$202M	trimmed−4%	+0.25 pp	9 q
BACBank of America Corporation	3.24%	11,808,315	$201M	trimmed−4%	+0.22 pp	9 q
CITCIT Group Inc.	3.23%	4,310,379	$200M	added+8%	+0.35 pp	9 q
TMOThermo Fisher Scientific, Inc.	3.23%	1,545,056	$200M	trimmed−2%	−0.15 pp	9 q
ORCLOracle Corp	3.20%	4,933,903	$199M	added+12%	+0.16 pp	3 q
AIGAmerican International Group, Inc.	3.12%	3,137,331	$194M	trimmed−11%	+0.04 pp	9 q
CCitigroup Inc.	3.12%	3,508,742	$194M	trimmed−6%	+0.05 pp	9 q
BPBP p.l.c.	2.98%	4,623,318	$185M	trimmed−5%	−0.03 pp	9 q
VODVodafone Group PLC	2.96%	5,042,412	$184M	trimmed−4%	+0.22 pp	6 q
HOUSAnywhere Real Estate Inc.	2.94%	3,908,658	$183M	added+4%	+0.21 pp	3 q
unresolvedAon PLC	2.89%	1,802,252	$180M	trimmed−5%	−0.04 pp	9 q
SNYSanofi	2.88%	3,606,724	$179M	trimmed−2%	−0.04 pp	9 q
AMATApplied Materials Inc	2.85%	9,220,428	$177M	added+19%	+0.06 pp	9 q
IPInternational Paper Co.	2.75%	3,584,717	$171M	added+9%	−0.18 pp	5 q
TXNTexas Instruments Incorporated	2.73%	3,287,004	$169M	added+19%	+0.20 pp	9 q
TWXTime Warner Inc	2.71%	1,926,344	$168M	trimmed−2%	+0.06 pp	9 q
CMCSAComcast Corp	2.70%	2,782,119	$167M	trimmed−8%	−0.04 pp	9 q
MRSHMarsh	2.65%	2,902,867	$165M	trimmed−4%	−0.06 pp	9 q
CFGCitizens Financial Group, Inc.	2.64%	6,009,913	$164M	trimmed−17%	−0.17 pp	4 q
FLEXFlex Ltd.	2.64%	14,494,514	$164M	added+8%	−0.07 pp	9 q
ELVElevance Health, Inc.	2.61%	987,841	$162M	trimmed−7%	−0.02 pp	3 q
unresolvedCBS Corp	2.60%	2,903,833	$161M	trimmed−2%	−0.27 pp	3 q
IVZInvesco LTD	2.60%	4,310,714	$162M	trimmed−5%	−0.27 pp	9 q
AESAES Corporation	2.59%	12,115,748	$161M	trimmed−27%	−0.82 pp	9 q
unresolvedGeneral Electric Co	2.58%	6,023,160	$160M	trimmed−25%	−0.61 pp	9 q
PGProcter & Gamble Company	2.53%	2,003,630	$157M	trimmed−1%	−0.14 pp	6 q
AAgilent Technologies Inc.	2.33%	3,744,952	$144M	trimmed−2%	−0.21 pp	9 q
QCOMQualcomm Inc	2.30%	2,275,355	$143M	trimmed−4%	−0.34 pp	9 q
AERAercap Holdings N.V.	2.29%	3,100,310	$142M	new	+2.29 pp	new
KEYSKeysight Technologies, Inc.	2.24%	4,467,942	$139M	trimmed−1%	−0.46 pp	3 q
OIO-I Glass, Inc.	2.22%	5,997,960	$138M	trimmed−2%	−0.05 pp	9 q
CVSCvs Health Corporation	2.21%	1,310,870	$137M	trimmed−15%	−0.32 pp	9 q
LOWLowe's Companies Inc.	2.02%	1,872,320	$125M	trimmed−8%	−0.39 pp	9 q
EXCExelon Corporation	2.00%	3,945,978	$124M	new	+2.00 pp	new
RSReliance, Inc.	1.95%	2,003,777	$121M	trimmed−15%	−0.36 pp	5 q
unresolvedGoogle Inc.	1.79%	205,230	$111M	trimmed−2%	−0.06 pp	9 q
GOOGAlphabet Inc. Class C	1.14%	135,884	$71M	trimmed−1%	−0.07 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.01%	5,900	$336,000	held	—	2 q
VIVHYVivendi SE UNSP/	0.00%	11,900	$301,000	new	0.00 pp	new
MSFTMicrosoft Corp	—	−4,076,883	—	exited	−2.65 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−1,371,127	—	exited	−1.57 pp	—