Sound Shore

Q3 2016 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2016
Filed: Oct 31, 2016
US stock: $5.6B · prev $5.5B
Positions: 37 · prev 41
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

+7.0 pp in · −7.0 pp out

New 1 +2.91 pp
Added 12 +4.12 pp
Trimmed 23 −0.21 pp
Exited 5 −6.83 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions17% of US stock

MRK Merck & Co., Inc. trimmed+0.18 pp trimmed+0.183.8%
COF Capital One Financial added+0.75 pp added+0.753.4%
C Citigroup Inc. added+0.65 pp added+0.653.4%
BAC Bank of America Corporation added+0.71 pp added+0.713.4%
unresolved General Electric Co added+0.48 pp added+0.483.2%

Positions37 in this filing · 5 exited


MRKMerck & Co., Inc.	3.77%	3,387,016	$211M	trimmed−0%	+0.18 pp	6 q
COFCapital One Financial	3.38%	2,644,664	$190M	added+17%	+0.75 pp	14 q
CCitigroup Inc.	3.38%	4,017,856	$190M	added+14%	+0.65 pp	14 q
BACBank of America Corporation	3.37%	12,075,903	$189M	added+11%	+0.71 pp	14 q
unresolvedGeneral Electric Co	3.24%	6,141,698	$182M	added+28%	+0.48 pp	14 q
BPBP p.l.c.	3.19%	5,096,968	$179M	added+21%	+0.45 pp	14 q
TTENTotalenergies SE -spon ADR	3.12%	3,667,753	$175M	trimmed−0%	−0.12 pp	4 q
PFEPfizer Inc.	3.07%	5,085,058	$172M	added+14%	+0.19 pp	3 q
LBTYKLiberty Global Ltd. Class C	3.07%	5,207,448	$172M	added+6%	+0.49 pp	4 q
ORCLOracle Corp	3.03%	4,329,823	$170M	trimmed−0%	−0.23 pp	8 q
CITCIT Group Inc.	3.00%	4,631,334	$168M	trimmed−0%	+0.28 pp	14 q
unresolvedCBS Corp	2.97%	3,044,942	$167M	added+15%	+0.34 pp	8 q
WBAWalgreens Boots Alliance, Inc	2.91%	2,025,402	$163M	new	+2.91 pp	new
HPEHewlett Packard Enterprise Company	2.88%	7,096,883	$161M	trimmed−16%	+0.06 pp	3 q
unresolvedAon PLC	2.86%	1,426,622	$160M	added+12%	+0.30 pp	14 q
TMOThermo Fisher Scientific, Inc.	2.82%	994,938	$158M	trimmed−55%	+0.29 pp	14 q
EXCExelon Corporation	2.80%	4,726,155	$157M	added+15%	+0.07 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	2.78%	1,081,128	$156M	trimmed−0%	−0.10 pp	3 q
AMATApplied Materials Inc	2.74%	5,094,574	$154M	trimmed−15%	+0.11 pp	14 q
FDCFirst Data Corporation	2.74%	11,682,717	$154M	trimmed−0%	+0.36 pp	2 q
MSFTMicrosoft Corp	2.73%	2,657,413	$153M	trimmed−0%	+0.23 pp	5 q
PGProcter & Gamble Company	2.70%	1,689,503	$152M	trimmed−0%	+0.07 pp	11 q
CMCSAComcast Corp	2.69%	2,276,992	$151M	trimmed−9%	−0.29 pp	14 q
KEYSKeysight Technologies, Inc.	2.69%	4,767,414	$151M	trimmed−0%	+0.14 pp	8 q
TWXTime Warner Inc	2.68%	1,889,580	$150M	trimmed−0%	+0.13 pp	14 q
FLEXFlex Ltd.	2.68%	11,061,685	$151M	trimmed−0%	+0.28 pp	14 q
VODVodafone Group PLC	2.63%	5,058,899	$147M	added+21%	+0.26 pp	11 q
GOOGLAlphabet Inc. Class A	2.62%	183,112	$147M	trimmed−3%	+0.19 pp	4 q
IPInternational Paper Co.	2.62%	3,059,860	$147M	trimmed−20%	−0.36 pp	10 q
ADIAnalog Devices, Inc.	2.46%	2,143,199	$138M	trimmed−15%	−0.14 pp	5 q
TXNTexas Instruments Incorporated	2.12%	1,696,178	$119M	added×12.3	−0.57 pp	14 q
IVZInvesco LTD	2.11%	3,787,802	$118M	trimmed−21%	−0.14 pp	14 q
unresolvedCalpine Corp	2.09%	9,288,982	$117M	trimmed−6%	−0.59 pp	2 q
AAgilent Technologies Inc.	2.08%	2,479,974	$117M	trimmed−14%	−0.27 pp	14 q
MRSHMarsh	2.03%	1,696,174	$114M	trimmed−16%	−0.49 pp	14 q
AERAercap Holdings N.V.	1.94%	2,824,735	$109M	trimmed−0%	+0.20 pp	6 q
GOOGAlphabet Inc. Class C	0.01%	415	$323,000	held	—	10 q
LOWLowe's Companies Inc.	—	−1,570,336	—	exited	−2.28 pp	—
EQTEqt Corp	—	−1,449,556	—	exited	−2.06 pp	—
HOUSAnywhere Real Estate Inc.	—	−2,242,112	—	exited	−1.19 pp	—
CFGCitizens Financial Group, Inc.	—	−2,686,752	—	exited	−0.98 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−531,796	—	exited	−0.32 pp	—