Sound Shore

Q4 2016 13F · by John DeGulis, portfolio manager

As of: Dec 31, 2016
Filed: Jan 23, 2017
US stock: $5.8B · prev $5.6B
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

+12.9 pp in · −12.8 pp out

New 4 +11.18 pp
Added 13 +1.69 pp
Trimmed 20 −3.08 pp
Exited 4 −9.76 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

BAC Bank of America Corporation trimmed+0.28 pp trimmed+0.283.6%
C Citigroup Inc. trimmed+0.24 pp trimmed+0.243.6%
MRK Merck & Co., Inc. trimmed−0.41 pp trimmed−0.413.4%
COF Capital One Financial trimmed−0.07 pp trimmed−0.073.3%
unresolved General Electric Co trimmed+0.03 pp trimmed+0.033.3%

Positions37 in this filing · 4 exited


BACBank of America Corporation	3.65%	9,587,123	$212M	trimmed−21%	+0.28 pp	15 q
CCitigroup Inc.	3.62%	3,534,611	$210M	trimmed−12%	+0.24 pp	15 q
MRKMerck & Co., Inc.	3.36%	3,314,952	$195M	trimmed−2%	−0.41 pp	7 q
COFCapital One Financial	3.31%	2,204,082	$192M	trimmed−17%	−0.07 pp	15 q
unresolvedGeneral Electric Co	3.27%	6,012,718	$190M	trimmed−2%	+0.03 pp	15 q
OXYOccidental Petroleum Corporation	3.22%	2,624,473	$187M	new	+3.22 pp	new
ORCLOracle Corp	3.19%	4,814,664	$185M	added+11%	+0.16 pp	9 q
FDCFirst Data Corporation	3.11%	12,714,780	$180M	added+9%	+0.37 pp	3 q
HPEHewlett Packard Enterprise Company	3.09%	7,759,370	$180M	added+9%	+0.21 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	2.99%	1,066,425	$174M	trimmed−1%	+0.21 pp	4 q
PRGOPerrigo Company PLC	2.89%	2,014,296	$168M	new	+2.89 pp	new
CMCSAComcast Corp	2.84%	2,390,177	$165M	added+5%	+0.15 pp	15 q
WBAWalgreens Boots Alliance, Inc	2.83%	1,984,747	$164M	trimmed−2%	−0.08 pp	2 q
LBTYKLiberty Global Ltd. Class C	2.82%	5,512,279	$164M	added+6%	−0.25 pp	5 q
PFEPfizer Inc.	2.81%	5,022,125	$163M	trimmed−1%	−0.26 pp	4 q
AMATApplied Materials Inc	2.77%	4,981,850	$161M	trimmed−2%	+0.03 pp	15 q
KEYSKeysight Technologies, Inc.	2.70%	4,293,970	$157M	trimmed−10%	+0.01 pp	9 q
unresolvedCalpine Corp	2.68%	13,628,594	$156M	added+47%	+0.59 pp	3 q
FLEXFlex Ltd.	2.67%	10,814,954	$155M	trimmed−2%	−0.01 pp	15 q
GOOGLAlphabet Inc. Class A	2.66%	195,154	$155M	added+7%	+0.04 pp	5 q
ADIAnalog Devices, Inc.	2.64%	2,114,953	$154M	trimmed−1%	+0.18 pp	6 q
unresolvedCBS Corp	2.64%	2,414,202	$154M	trimmed−21%	−0.33 pp	9 q
IPInternational Paper Co.	2.64%	2,893,441	$154M	trimmed−5%	+0.02 pp	11 q
TMOThermo Fisher Scientific, Inc.	2.63%	1,081,520	$153M	added+9%	−0.19 pp	15 q
unresolvedAon PLC	2.63%	1,369,637	$153M	trimmed−4%	−0.23 pp	15 q
VODVodafone Group PLC	2.56%	6,080,064	$149M	added+20%	−0.07 pp	12 q
ACTAllergan PLC	2.55%	704,404	$148M	new	+2.55 pp	new
TTENTotalenergies SE -spon ADR	2.52%	2,869,571	$146M	trimmed−22%	−0.60 pp	5 q
WMTWalmart Inc.	2.52%	2,121,819	$147M	new	+2.52 pp	new
MSFTMicrosoft Corp	2.46%	2,298,309	$143M	trimmed−14%	−0.27 pp	6 q
MRSHMarsh	2.43%	2,090,751	$141M	added+23%	+0.40 pp	15 q
BPBP p.l.c.	2.42%	3,766,209	$141M	trimmed−27%	−0.77 pp	15 q
IVZInvesco LTD	2.34%	4,481,747	$136M	added+18%	+0.23 pp	15 q
TWXTime Warner Inc	2.23%	1,343,527	$130M	trimmed−29%	−0.45 pp	15 q
EXCExelon Corporation	2.20%	3,597,327	$128M	trimmed−24%	−0.60 pp	7 q
AAgilent Technologies Inc.	2.13%	2,722,153	$124M	added+10%	+0.05 pp	15 q
GOOGAlphabet Inc. Class C	0.01%	450	$347,000	added+8%	0.00 pp	11 q
CITCIT Group Inc.	—	−4,631,334	—	exited	−3.00 pp	—
PGProcter & Gamble Company	—	−1,689,503	—	exited	−2.70 pp	—
TXNTexas Instruments Incorporated	—	−1,696,178	—	exited	−2.12 pp	—
AERAercap Holdings N.V.	—	−2,824,735	—	exited	−1.94 pp	—