Sound Shore

Q4 2015 13F · by John DeGulis, portfolio manager

As of: Dec 31, 2015
Filed: Feb 4, 2016
US stock: $5.5B · prev $5.3B
Positions: 37 · prev 37
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

+9.9 pp in · −9.9 pp out

New 4 +8.13 pp
Added 10 +1.76 pp
Trimmed 23 −2.89 pp
Exited 4 −6.99 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

TMO Thermo Fisher Scientific, Inc. trimmed+0.09 pp trimmed+0.093.5%
MSFT Microsoft Corp trimmed+0.58 pp trimmed+0.583.3%
CIT CIT Group Inc. trimmed−0.19 pp trimmed−0.193.3%
MRK Merck & Co., Inc. added+0.11 pp added+0.113.3%
AMAT Applied Materials Inc trimmed+0.38 pp trimmed+0.383.2%

Positions37 in this filing · 4 exited


TMOThermo Fisher Scientific, Inc.	3.54%	1,370,684	$194M	trimmed−9%	+0.09 pp	11 q
MSFTMicrosoft Corp	3.32%	3,284,272	$182M	trimmed−0%	+0.58 pp	2 q
CITCIT Group Inc.	3.28%	4,547,135	$181M	trimmed−1%	−0.19 pp	11 q
MRKMerck & Co., Inc.	3.28%	3,416,961	$180M	added0%	+0.11 pp	3 q
AMATApplied Materials Inc	3.20%	9,424,570	$176M	trimmed−8%	+0.38 pp	11 q
CCitigroup Inc.	3.19%	3,385,445	$175M	trimmed−0%	+0.03 pp	11 q
ORCLOracle Corp	3.19%	4,796,334	$175M	trimmed−0%	−0.07 pp	5 q
BACBank of America Corporation	3.11%	10,148,439	$171M	trimmed−10%	−0.19 pp	11 q
unresolvedAon PLC	3.08%	1,837,113	$169M	trimmed−4%	−0.11 pp	11 q
COFCapital One Financial	3.06%	2,333,045	$168M	trimmed−0%	−0.13 pp	11 q
AAgilent Technologies Inc.	3.05%	4,008,494	$168M	trimmed−2%	+0.40 pp	11 q
CFGCitizens Financial Group, Inc.	3.02%	6,333,881	$166M	trimmed−6%	−0.01 pp	6 q
CMCSAComcast Corp	2.95%	2,874,719	$162M	trimmed−0%	−0.13 pp	11 q
unresolvedGeneral Electric Co	2.87%	5,066,330	$158M	trimmed−23%	−0.25 pp	11 q
EQTEqt Corp	2.85%	3,007,561	$157M	new	+2.85 pp	new
IVZInvesco LTD	2.85%	4,677,557	$157M	added0%	+0.10 pp	11 q
unresolvedCBS Corp	2.84%	3,308,716	$156M	added0%	+0.36 pp	5 q
MRSHMarsh	2.84%	2,818,978	$156M	added+1%	+0.09 pp	11 q
IPInternational Paper Co.	2.82%	4,107,658	$155M	added+11%	+0.18 pp	7 q
BPBP p.l.c.	2.78%	4,886,554	$153M	added+5%	+0.11 pp	11 q
PGProcter & Gamble Company	2.77%	1,918,059	$152M	trimmed−4%	+0.08 pp	8 q
SNYSanofi	2.77%	3,569,654	$152M	added+4%	−0.29 pp	11 q
AIGAmerican International Group, Inc.	2.74%	2,428,892	$151M	trimmed−20%	−0.52 pp	11 q
VODVodafone Group PLC	2.73%	4,657,588	$150M	trimmed−2%	−0.10 pp	8 q
FLEXFlex Ltd.	2.73%	13,364,547	$150M	trimmed−4%	−0.02 pp	11 q
EXCExelon Corporation	2.71%	5,361,957	$149M	added+43%	+0.61 pp	3 q
KEYSKeysight Technologies, Inc.	2.70%	5,231,621	$148M	added+17%	+0.11 pp	5 q
GOOGLAlphabet Inc. Class A	2.65%	187,308	$146M	new	+2.65 pp	new
ADIAnalog Devices, Inc.	2.63%	2,610,632	$144M	added+23%	+0.38 pp	2 q
LBTYKLiberty Global Ltd. Class C	2.61%	3,524,201	$144M	new	+2.61 pp	new
AERAercap Holdings N.V.	2.60%	3,305,676	$143M	trimmed−6%	+0.07 pp	3 q
TXNTexas Instruments Incorporated	2.56%	2,563,237	$140M	trimmed−27%	−0.72 pp	11 q
HOUSAnywhere Real Estate Inc.	2.45%	3,676,335	$135M	trimmed−9%	−0.41 pp	5 q
LOWLowe's Companies Inc.	2.20%	1,590,460	$121M	trimmed−15%	−0.24 pp	11 q
TWXTime Warner Inc	2.01%	1,705,747	$110M	trimmed−19%	−0.71 pp	11 q
TTENTotalenergies SE -spon ADR	0.02%	23,300	$1M	new	+0.02 pp	new
GOOGAlphabet Inc. Class C	0.01%	415	$315,000	trimmed−99%	−0.72 pp	7 q
unresolvedGoogle Inc.	—	−200,955	—	exited	−2.41 pp	—
CVSCvs Health Corporation	—	−1,320,493	—	exited	−2.40 pp	—
OIO-I Glass, Inc.	—	−5,557,748	—	exited	−2.17 pp	—
VIVHYVivendi SE UNSP/	—	−30,900	—	exited	−0.01 pp	—