Sound Shore

Q1 2016 13F · by John DeGulis, portfolio manager

As of: Mar 31, 2016
Filed: May 4, 2016
US stock: $5.5B · prev $5.5B
Positions: 38 · 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%

Moves39 since the prior filing

+9.3 pp in · −9.3 pp out

New 3 +7.20 pp
Added 13 +2.09 pp
Trimmed 21 −3.76 pp
Exited 2 −5.51 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MRK Merck & Co., Inc. added+0.27 pp added+0.273.5%
ORCL Oracle Corp trimmed+0.31 pp trimmed+0.313.5%
MSFT Microsoft Corp trimmed−0.03 pp trimmed−0.033.3%
COF Capital One Financial added+0.03 pp added+0.033.1%
unresolved CBS Corp trimmed+0.19 pp trimmed+0.193.0%

Positions38 in this filing · 2 exited


MRKMerck & Co., Inc.	3.55%	3,692,775	$195M	added+8%	+0.27 pp	4 q
ORCLOracle Corp	3.50%	4,701,723	$192M	trimmed−2%	+0.31 pp	6 q
MSFTMicrosoft Corp	3.29%	3,275,659	$181M	trimmed−0%	−0.03 pp	3 q
COFCapital One Financial	3.09%	2,447,597	$170M	added+5%	+0.03 pp	12 q
unresolvedCBS Corp	3.03%	3,027,799	$167M	trimmed−8%	+0.19 pp	6 q
IPInternational Paper Co.	3.03%	4,058,331	$167M	trimmed−1%	+0.21 pp	8 q
CITCIT Group Inc.	3.01%	5,328,967	$165M	added+17%	−0.27 pp	12 q
ADIAnalog Devices, Inc.	2.94%	2,734,139	$162M	added+5%	+0.31 pp	3 q
FLEXFlex Ltd.	2.92%	13,318,687	$161M	trimmed−0%	+0.19 pp	12 q
AMATApplied Materials Inc	2.80%	7,262,948	$154M	trimmed−23%	−0.40 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	2.80%	1,087,020	$154M	new	+2.80 pp	new
LBTYKLiberty Global Ltd. Class C	2.79%	4,081,131	$153M	added+16%	+0.18 pp	2 q
CMCSAComcast Corp	2.78%	2,506,130	$153M	trimmed−13%	−0.17 pp	12 q
EXCExelon Corporation	2.78%	4,258,256	$153M	trimmed−21%	+0.07 pp	4 q
KEYSKeysight Technologies, Inc.	2.76%	5,466,709	$152M	added+4%	+0.06 pp	6 q
unresolvedGeneral Electric Co	2.73%	4,724,009	$150M	trimmed−7%	−0.14 pp	12 q
TWXTime Warner Inc	2.73%	2,071,646	$150M	added+21%	+0.72 pp	12 q
IVZInvesco LTD	2.73%	4,871,433	$150M	added+4%	−0.12 pp	12 q
MRSHMarsh	2.70%	2,443,608	$149M	trimmed−13%	−0.14 pp	12 q
BACBank of America Corporation	2.68%	10,879,147	$147M	added+7%	−0.43 pp	12 q
CCitigroup Inc.	2.68%	3,529,570	$147M	added+4%	−0.51 pp	12 q
TXNTexas Instruments Incorporated	2.67%	2,553,185	$147M	trimmed−0%	+0.11 pp	12 q
AAgilent Technologies Inc.	2.64%	3,641,415	$145M	trimmed−9%	−0.41 pp	12 q
GOOGLAlphabet Inc. Class A	2.62%	188,595	$144M	added+1%	−0.03 pp	2 q
EQTEqt Corp	2.59%	2,113,346	$142M	trimmed−30%	−0.26 pp	2 q
unresolvedAon PLC	2.58%	1,358,721	$142M	trimmed−26%	−0.50 pp	12 q
PGProcter & Gamble Company	2.54%	1,699,397	$140M	trimmed−11%	−0.23 pp	9 q
TMOThermo Fisher Scientific, Inc.	2.54%	986,303	$140M	trimmed−28%	−1.00 pp	12 q
CFGCitizens Financial Group, Inc.	2.47%	6,479,598	$136M	added+2%	−0.55 pp	7 q
TTENTotalenergies SE -spon ADR	2.45%	2,961,033	$134M	added×127.1	+2.43 pp	2 q
BPBP p.l.c.	2.42%	4,413,542	$133M	trimmed−10%	−0.36 pp	12 q
HOUSAnywhere Real Estate Inc.	2.41%	3,665,878	$132M	trimmed−0%	−0.04 pp	6 q
PFEPfizer Inc.	2.31%	4,282,995	$127M	new	+2.31 pp	new
LOWLowe's Companies Inc.	2.19%	1,588,741	$120M	trimmed−0%	−0.01 pp	12 q
VODVodafone Group PLC	2.17%	3,723,110	$119M	trimmed−20%	−0.56 pp	9 q
HPEHewlett Packard Enterprise Company	2.09%	6,469,513	$115M	new	+2.09 pp	new
AERAercap Holdings N.V.	2.01%	2,844,681	$110M	trimmed−14%	−0.59 pp	4 q
GOOGAlphabet Inc. Class C	0.01%	415	$309,000	held	—	8 q
SNYSanofi	—	−3,569,654	—	exited	−2.77 pp	—
AIGAmerican International Group, Inc.	—	−2,428,892	—	exited	−2.74 pp	—