Sound Shore

Q2 2016 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2016
Filed: Aug 1, 2016
US stock: $5.5B · prev $5.5B
Positions: 41 · 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%

Moves40 since the prior filing

+7.5 pp in · −7.5 pp out

New 3 +5.38 pp
Added 8 +2.08 pp
Trimmed 29 −7.48 pp
Exited 0 0.00 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MRK Merck & Co., Inc. trimmed+0.04 pp trimmed+0.043.6%
ORCL Oracle Corp trimmed−0.24 pp trimmed−0.243.3%
TTEN Totalenergies SE -spon ADR added+0.79 pp added+0.793.2%
CMCSA Comcast Corp trimmed+0.20 pp trimmed+0.203.0%
IP International Paper Co. trimmed−0.05 pp trimmed−0.053.0%

Positions41 in this filing · 0 exited


MRKMerck & Co., Inc.	3.59%	3,398,698	$196M	trimmed−8%	+0.04 pp	5 q
ORCLOracle Corp	3.26%	4,342,961	$178M	trimmed−8%	−0.24 pp	7 q
TTENTotalenergies SE -spon ADR	3.24%	3,678,622	$177M	added+24%	+0.79 pp	3 q
CMCSAComcast Corp	2.98%	2,496,207	$163M	trimmed−0%	+0.20 pp	13 q
IPInternational Paper Co.	2.98%	3,842,327	$163M	trimmed−5%	−0.05 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	2.88%	1,083,564	$157M	trimmed−0%	+0.08 pp	2 q
PFEPfizer Inc.	2.88%	4,459,240	$157M	added+4%	+0.57 pp	2 q
HPEHewlett Packard Enterprise Company	2.82%	8,437,198	$154M	added+30%	+0.73 pp	2 q
unresolvedGeneral Electric Co	2.76%	4,780,489	$150M	added+1%	+0.03 pp	13 q
BPBP p.l.c.	2.74%	4,206,212	$149M	trimmed−5%	+0.32 pp	13 q
CCitigroup Inc.	2.73%	3,518,004	$149M	trimmed−0%	+0.05 pp	13 q
EXCExelon Corporation	2.73%	4,094,572	$149M	trimmed−4%	−0.05 pp	5 q
CITCIT Group Inc.	2.72%	4,644,403	$148M	trimmed−13%	−0.29 pp	13 q
TXNTexas Instruments Incorporated	2.69%	138,096	$147M	trimmed−95%	+0.02 pp	13 q
unresolvedCalpine Corp	2.68%	9,919,342	$146M	new	+2.68 pp	new
BACBank of America Corporation	2.66%	10,918,739	$145M	added0%	−0.02 pp	13 q
AMATApplied Materials Inc	2.63%	5,994,104	$144M	trimmed−17%	−0.17 pp	13 q
unresolvedCBS Corp	2.63%	2,640,548	$144M	trimmed−13%	−0.40 pp	7 q
COFCapital One Financial	2.63%	2,261,244	$144M	trimmed−8%	−0.46 pp	13 q
PGProcter & Gamble Company	2.63%	1,694,977	$144M	trimmed−0%	+0.09 pp	10 q
ADIAnalog Devices, Inc.	2.60%	2,506,814	$142M	trimmed−8%	−0.34 pp	4 q
LBTYKLiberty Global Ltd. Class C	2.58%	4,909,191	$141M	added+20%	−0.21 pp	3 q
unresolvedAon PLC	2.56%	1,277,849	$140M	trimmed−6%	−0.02 pp	13 q
KEYSKeysight Technologies, Inc.	2.55%	4,779,168	$139M	trimmed−13%	−0.21 pp	7 q
TWXTime Warner Inc	2.55%	1,895,335	$139M	trimmed−9%	−0.18 pp	13 q
TMOThermo Fisher Scientific, Inc.	2.53%	2,204,253	$138M	added×2.2	−0.01 pp	13 q
MRSHMarsh	2.52%	2,008,841	$138M	trimmed−18%	−0.18 pp	13 q
MSFTMicrosoft Corp	2.50%	2,661,174	$136M	trimmed−19%	−0.79 pp	4 q
GOOGLAlphabet Inc. Class A	2.43%	188,374	$133M	trimmed−0%	−0.19 pp	3 q
FLEXFlex Ltd.	2.40%	11,093,529	$131M	trimmed−17%	−0.52 pp	13 q
FDCFirst Data Corporation	2.38%	11,717,188	$130M	new	+2.38 pp	new
VODVodafone Group PLC	2.37%	4,188,527	$129M	added+13%	+0.20 pp	10 q
AAgilent Technologies Inc.	2.35%	2,895,591	$128M	trimmed−20%	−0.29 pp	13 q
LOWLowe's Companies Inc.	2.28%	1,570,336	$124M	trimmed−1%	+0.09 pp	13 q
IVZInvesco LTD	2.25%	4,800,219	$123M	trimmed−1%	−0.48 pp	13 q
EQTEqt Corp	2.06%	1,449,556	$112M	trimmed−31%	−0.53 pp	3 q
AERAercap Holdings N.V.	1.74%	2,833,404	$95M	trimmed−0%	−0.27 pp	5 q
HOUSAnywhere Real Estate Inc.	1.19%	2,242,112	$65M	trimmed−39%	−1.22 pp	7 q
CFGCitizens Financial Group, Inc.	0.98%	2,686,752	$54M	trimmed−59%	−1.49 pp	8 q
1LGEUSDLiberty Global PLC Lilac - C	0.32%	531,796	$17M	new	+0.32 pp	new
GOOGAlphabet Inc. Class C	0.01%	415	$287,000	held	—	9 q