Sound Shore

Q2 2017 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2017
Filed: Jul 31, 2017
US stock: $6.1B · prev $6.0B
Positions: 37 · prev 36
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

+6.6 pp in · −6.6 pp out

New 2 +4.25 pp
Added 13 +2.39 pp
Trimmed 22 −6.63 pp
Exited 1 −0.01 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

C Citigroup Inc. trimmed+0.34 pp trimmed+0.343.8%
COF Capital One Financial added+0.41 pp added+0.413.7%
FDC First Data Corporation trimmed+0.50 pp trimmed+0.503.7%
BAC Bank of America Corporation added+0.43 pp added+0.433.6%
AR Antero Resources Corporation added+0.41 pp added+0.413.3%

Positions37 in this filing · 1 exited


CCitigroup Inc.	3.78%	3,446,704	$231M	trimmed−0%	+0.34 pp	17 q
COFCapital One Financial	3.73%	2,757,706	$228M	added+19%	+0.41 pp	17 q
FDCFirst Data Corporation	3.73%	12,513,257	$228M	trimmed−0%	+0.50 pp	5 q
BACBank of America Corporation	3.59%	9,028,212	$219M	added+12%	+0.43 pp	17 q
ARAntero Resources Corporation	3.33%	9,406,400	$203M	added+22%	+0.41 pp	2 q
OXYOccidental Petroleum Corporation	3.32%	3,390,254	$203M	added+5%	−0.06 pp	3 q
MRKMerck & Co., Inc.	3.30%	3,139,905	$201M	trimmed−3%	−0.13 pp	9 q
ACTAllergan PLC	3.16%	793,371	$193M	added+14%	+0.39 pp	3 q
TMOThermo Fisher Scientific, Inc.	3.15%	1,101,543	$192M	added+3%	+0.42 pp	17 q
TTENTotalenergies SE -spon ADR	3.14%	3,871,102	$192M	added+21%	+0.46 pp	7 q
MSFTMicrosoft Corp	3.13%	2,768,798	$191M	trimmed−6%	−0.10 pp	8 q
IPInternational Paper Co.	3.12%	3,361,084	$190M	trimmed−0%	+0.28 pp	13 q
ADIAnalog Devices, Inc.	3.03%	2,380,325	$185M	added+15%	+0.21 pp	8 q
WBAWalgreens Boots Alliance, Inc	2.92%	2,278,874	$178M	added+10%	+0.07 pp	4 q
ORCLOracle Corp	2.91%	3,540,032	$177M	trimmed−26%	−0.61 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	2.90%	1,043,862	$177M	trimmed−0%	0.00 pp	6 q
unresolvedGeneral Electric Co	2.85%	6,438,444	$174M	added+1%	−0.31 pp	17 q
KEYSKeysight Technologies, Inc.	2.82%	4,426,981	$172M	trimmed−0%	+0.16 pp	11 q
WMTWalmart Inc.	2.82%	2,277,186	$172M	trimmed−0%	+0.09 pp	3 q
FLEXFlex Ltd.	2.76%	10,328,932	$168M	added+18%	+0.32 pp	17 q
HPEHewlett Packard Enterprise Company	2.62%	9,632,181	$160M	added+16%	−0.66 pp	6 q
PFEPfizer Inc.	2.62%	4,754,021	$160M	trimmed−18%	−0.68 pp	6 q
DALDelta Air Lines, Inc.	2.59%	2,944,241	$158M	new	+2.59 pp	new
IVZInvesco LTD	2.54%	4,410,603	$155M	trimmed−14%	−0.08 pp	17 q
PNRPentair plc	2.51%	2,303,860	$153M	added+9%	+0.30 pp	2 q
CMCSAComcast Corp	2.50%	3,915,594	$152M	trimmed−7%	−0.12 pp	17 q
VODVodafone Group PLC	2.50%	5,315,753	$153M	trimmed−20%	−0.41 pp	14 q
unresolvedAon PLC	2.45%	1,126,454	$150M	trimmed−17%	−0.21 pp	17 q
BPBP p.l.c.	2.30%	4,054,311	$140M	trimmed−2%	−0.03 pp	17 q
AMATApplied Materials Inc	2.29%	3,383,835	$140M	trimmed−15%	−0.28 pp	17 q
GOOGLAlphabet Inc. Class A	2.24%	147,258	$137M	trimmed−21%	−0.39 pp	7 q
EXCExelon Corporation	2.24%	3,792,749	$137M	trimmed−0%	−0.03 pp	9 q
MRSHMarsh	2.19%	1,713,148	$134M	trimmed−17%	−0.33 pp	17 q
unresolvedCBS Corp	1.92%	1,837,196	$117M	trimmed−22%	−0.81 pp	11 q
GTGoodyear Tire & Rubber	1.66%	2,900,356	$101M	new	+1.66 pp	new
unresolvedCalpine Corp	1.32%	5,963,314	$81M	trimmed−46%	−0.70 pp	5 q
LBTYKLiberty Global Ltd. Class C	0.02%	42,350	$1M	trimmed−99%	−3.09 pp	7 q
GOOGAlphabet Inc. Class C	—	−450	—	exited	−0.01 pp	—