Sound Shore

Q3 2017 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2017
Filed: Oct 31, 2017
US stock: $6.1B · prev $6.1B
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%

Moves39 since the prior filing

+7.3 pp in · −7.3 pp out

New 2 +4.29 pp
Added 11 +2.98 pp
Trimmed 23 −3.01 pp
Exited 3 −4.26 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions19% of US stock

C Citigroup Inc. added+0.52 pp added+0.524.3%
BAC Bank of America Corporation added+0.60 pp added+0.604.2%
FDC First Data Corporation trimmed−0.11 pp trimmed−0.113.6%
MRK Merck & Co., Inc. added+0.21 pp added+0.213.5%
IP International Paper Co. added+0.24 pp added+0.243.4%

Positions36 in this filing · 3 exited


CCitigroup Inc.	4.30%	3,623,014	$264M	added+5%	+0.52 pp	18 q
BACBank of America Corporation	4.19%	10,121,051	$256M	added+12%	+0.60 pp	18 q
FDCFirst Data Corporation	3.62%	12,294,211	$222M	trimmed−2%	−0.11 pp	6 q
MRKMerck & Co., Inc.	3.51%	3,351,152	$215M	added+7%	+0.21 pp	10 q
IPInternational Paper Co.	3.36%	3,624,456	$206M	added+8%	+0.24 pp	14 q
TMOThermo Fisher Scientific, Inc.	3.35%	1,082,464	$205M	trimmed−2%	+0.20 pp	18 q
TTENTotalenergies SE -spon ADR	3.32%	3,799,343	$203M	trimmed−2%	+0.18 pp	8 q
COFCapital One Financial	3.26%	2,360,838	$200M	trimmed−14%	−0.47 pp	18 q
OXYOccidental Petroleum Corporation	3.26%	3,107,127	$200M	trimmed−8%	−0.06 pp	4 q
ARAntero Resources Corporation	3.23%	9,932,900	$198M	added+6%	−0.10 pp	3 q
PFEPfizer Inc.	3.11%	5,338,219	$191M	added+12%	+0.49 pp	7 q
ORCLOracle Corp	3.02%	3,822,453	$185M	added+8%	+0.11 pp	12 q
FLEXFlex Ltd.	3.00%	11,071,853	$183M	added+7%	+0.24 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	2.99%	997,356	$183M	trimmed−4%	+0.09 pp	7 q
KEYSKeysight Technologies, Inc.	2.96%	4,347,717	$181M	trimmed−2%	+0.14 pp	12 q
WMTWalmart Inc.	2.86%	2,237,496	$175M	trimmed−2%	+0.04 pp	4 q
ADIAnalog Devices, Inc.	2.80%	1,991,215	$172M	trimmed−16%	−0.23 pp	9 q
MSFTMicrosoft Corp	2.71%	2,228,440	$166M	trimmed−20%	−0.42 pp	9 q
AMATApplied Materials Inc	2.64%	3,105,309	$162M	trimmed−8%	+0.35 pp	18 q
unresolvedAon PLC	2.64%	1,106,583	$162M	trimmed−2%	+0.19 pp	18 q
ACTAllergan PLC	2.61%	781,069	$160M	trimmed−2%	−0.55 pp	4 q
PNRPentair plc	2.51%	2,264,529	$154M	trimmed−2%	0.00 pp	3 q
BPBP p.l.c.	2.50%	3,980,820	$153M	trimmed−3%	+0.20 pp	18 q
VODVodafone Group PLC	2.43%	5,218,946	$149M	trimmed−2%	−0.07 pp	15 q
DALDelta Air Lines, Inc.	2.34%	2,968,928	$143M	added+1%	−0.25 pp	2 q
EXCExelon Corporation	2.33%	3,786,713	$143M	trimmed−0%	+0.09 pp	10 q
unresolvedCBS Corp	2.31%	2,440,353	$142M	added+33%	+0.39 pp	12 q
GOOGLAlphabet Inc. Class A	2.30%	144,568	$141M	trimmed−2%	+0.06 pp	8 q
HPEHewlett Packard Enterprise Company	2.29%	9,528,965	$140M	trimmed−1%	−0.33 pp	7 q
CBChubb Limited	2.26%	971,453	$138M	new	+2.26 pp	new
GTGoodyear Tire & Rubber	2.19%	4,023,929	$134M	added+39%	+0.53 pp	2 q
MRSHMarsh	2.11%	1,538,492	$129M	trimmed−10%	−0.08 pp	18 q
unresolvedGeneral Electric Co	2.08%	5,269,540	$127M	trimmed−18%	−0.77 pp	18 q
CMCSAComcast Corp	2.06%	3,272,421	$126M	trimmed−16%	−0.44 pp	18 q
unresolvedMicro Focus Intl ADR	2.03%	3,898,012	$124M	new	+2.03 pp	new
IVZInvesco LTD	1.52%	2,655,103	$93M	trimmed−40%	−1.02 pp	18 q
WBAWalgreens Boots Alliance, Inc	—	−2,278,874	—	exited	−2.92 pp	—
unresolvedCalpine Corp	—	−5,963,314	—	exited	−1.32 pp	—
LBTYKLiberty Global Ltd. Class C	—	−42,350	—	exited	−0.02 pp	—