Sound Shore

Q1 2017 13F · by John DeGulis, portfolio manager

As of: Mar 31, 2017
Filed: May 5, 2017
US stock: $6.0B · prev $5.8B
Positions: 36 · 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%

Moves38 since the prior filing

+7.8 pp in · −7.8 pp out

New 2 +5.13 pp
Added 15 +2.67 pp
Trimmed 18 −0.58 pp
Exited 3 −7.25 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

ORCL Oracle Corp trimmed+0.33 pp trimmed+0.333.5%
C Citigroup Inc. trimmed−0.18 pp trimmed−0.183.4%
MRK Merck & Co., Inc. trimmed+0.07 pp trimmed+0.073.4%
OXY Occidental Petroleum Corporation added+0.16 pp added+0.163.4%
COF Capital One Financial added+0.01 pp added+0.013.3%

Positions36 in this filing · 3 exited


ORCLOracle Corp	3.52%	4,753,568	$212M	trimmed−1%	+0.33 pp	10 q
CCitigroup Inc.	3.44%	3,459,681	$207M	trimmed−2%	−0.18 pp	16 q
MRKMerck & Co., Inc.	3.43%	3,247,674	$206M	trimmed−2%	+0.07 pp	8 q
OXYOccidental Petroleum Corporation	3.38%	3,216,111	$204M	added+23%	+0.16 pp	2 q
COFCapital One Financial	3.32%	2,309,459	$200M	added+5%	+0.01 pp	16 q
PFEPfizer Inc.	3.30%	5,817,692	$199M	added+16%	+0.49 pp	5 q
HPEHewlett Packard Enterprise Company	3.28%	8,330,980	$197M	added+7%	+0.19 pp	5 q
FDCFirst Data Corporation	3.23%	12,561,031	$195M	trimmed−1%	+0.12 pp	4 q
MSFTMicrosoft Corp	3.23%	2,952,532	$194M	added+28%	+0.77 pp	7 q
BACBank of America Corporation	3.16%	8,057,360	$190M	trimmed−16%	−0.49 pp	16 q
unresolvedGeneral Electric Co	3.16%	6,383,451	$190M	added+6%	−0.11 pp	16 q
LBTYKLiberty Global Ltd. Class C	3.11%	5,343,995	$187M	trimmed−3%	+0.29 pp	6 q
ARAntero Resources Corporation	2.92%	7,708,542	$176M	new	+2.92 pp	new
VODVodafone Group PLC	2.91%	6,620,681	$175M	added+9%	+0.35 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	2.90%	1,046,829	$174M	trimmed−2%	−0.09 pp	5 q
WBAWalgreens Boots Alliance, Inc	2.85%	2,068,549	$172M	added+4%	+0.02 pp	3 q
IPInternational Paper Co.	2.84%	3,370,525	$171M	added+16%	+0.20 pp	12 q
ADIAnalog Devices, Inc.	2.82%	2,070,953	$170M	trimmed−2%	+0.18 pp	7 q
ACTAllergan PLC	2.77%	698,448	$167M	trimmed−1%	+0.22 pp	2 q
unresolvedCBS Corp	2.73%	2,367,406	$164M	trimmed−2%	+0.09 pp	10 q
TMOThermo Fisher Scientific, Inc.	2.73%	1,070,047	$164M	trimmed−1%	+0.10 pp	16 q
WMTWalmart Inc.	2.73%	2,284,073	$165M	added+8%	+0.21 pp	2 q
TTENTotalenergies SE -spon ADR	2.68%	3,207,482	$162M	added+12%	+0.16 pp	6 q
KEYSKeysight Technologies, Inc.	2.66%	4,440,994	$160M	added+3%	−0.04 pp	10 q
unresolvedAon PLC	2.66%	1,351,114	$160M	trimmed−1%	+0.03 pp	16 q
GOOGLAlphabet Inc. Class A	2.63%	186,696	$158M	trimmed−4%	−0.03 pp	6 q
CMCSAComcast Corp	2.62%	4,201,891	$158M	trimmed−12%	−0.22 pp	16 q
IVZInvesco LTD	2.62%	5,145,083	$158M	added+15%	+0.28 pp	16 q
AMATApplied Materials Inc	2.57%	3,976,052	$155M	trimmed−20%	−0.20 pp	16 q
MRSHMarsh	2.52%	2,051,741	$152M	trimmed−2%	+0.09 pp	16 q
FLEXFlex Ltd.	2.44%	8,757,178	$147M	trimmed−19%	−0.23 pp	16 q
BPBP p.l.c.	2.33%	4,069,591	$140M	added+6%	−0.09 pp	16 q
EXCExelon Corporation	2.27%	3,805,629	$137M	added+6%	+0.07 pp	8 q
PNRPentair plc	2.21%	2,120,561	$133M	new	+2.21 pp	new
unresolvedCalpine Corp	2.02%	11,037,205	$122M	trimmed−19%	−0.66 pp	4 q
GOOGAlphabet Inc. Class C	0.01%	450	$373,000	held	—	12 q
PRGOPerrigo Company PLC	—	−2,014,296	—	exited	−2.89 pp	—
TWXTime Warner Inc	—	−1,343,527	—	exited	−2.23 pp	—
AAgilent Technologies Inc.	—	−2,722,153	—	exited	−2.13 pp	—