Sound Shore

Q4 2017 13F · by John DeGulis, portfolio manager

As of: Dec 31, 2017
Filed: Feb 2, 2018
US stock: $6.6B · prev $6.1B
Positions: 36 · 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%

Moves42 since the prior filing

+15.4 pp in · −15.4 pp out

New 6 +13.68 pp
Added 18 +1.72 pp
Trimmed 12 −2.05 pp
Exited 6 −13.36 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 59% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

BAC Bank of America Corporation trimmed+0.32 pp trimmed+0.324.5%
C Citigroup Inc. trimmed−0.22 pp trimmed−0.224.1%
COF Capital One Financial added+0.37 pp added+0.373.6%
IP International Paper Co. added+0.17 pp added+0.173.5%
OXY Occidental Petroleum Corporation trimmed+0.06 pp trimmed+0.063.3%

Positions36 in this filing · 6 exited


BACBank of America Corporation	4.51%	10,035,213	$296M	trimmed−1%	+0.32 pp	19 q
CCitigroup Inc.	4.08%	3,595,520	$268M	trimmed−1%	−0.22 pp	19 q
COFCapital One Financial	3.63%	2,389,822	$238M	added+1%	+0.37 pp	19 q
IPInternational Paper Co.	3.53%	4,000,234	$232M	added+10%	+0.17 pp	15 q
OXYOccidental Petroleum Corporation	3.32%	2,961,443	$218M	trimmed−5%	+0.06 pp	5 q
PFEPfizer Inc.	3.22%	5,843,013	$212M	added+9%	+0.11 pp	8 q
TTENTotalenergies SE -spon ADR	3.22%	3,819,222	$211M	added+1%	−0.10 pp	9 q
FDCFirst Data Corporation	3.17%	12,466,524	$208M	added+1%	−0.45 pp	7 q
ARAntero Resources Corporation	3.13%	10,799,117	$205M	added+9%	−0.10 pp	4 q
MRKMerck & Co., Inc.	3.12%	3,637,248	$205M	added+9%	−0.39 pp	11 q
FLEXFlex Ltd.	3.08%	11,221,218	$202M	added+1%	+0.08 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	2.95%	976,693	$194M	trimmed−2%	−0.04 pp	8 q
FLRFluor Corporation	2.89%	3,666,689	$189M	new	+2.89 pp	new
WMTWalmart Inc.	2.87%	1,908,935	$189M	trimmed−15%	+0.01 pp	5 q
DALDelta Air Lines, Inc.	2.86%	3,353,100	$188M	added+13%	+0.52 pp	3 q
CBChubb Limited	2.85%	1,278,154	$187M	added+32%	+0.59 pp	2 q
TMOThermo Fisher Scientific, Inc.	2.83%	976,959	$186M	trimmed−10%	−0.52 pp	19 q
VODVodafone Group PLC	2.82%	5,810,869	$185M	added+11%	+0.39 pp	16 q
ORCLOracle Corp	2.80%	3,881,729	$184M	added+2%	−0.22 pp	13 q
METMetLife, Inc.	2.73%	3,548,474	$179M	new	+2.73 pp	new
PNRPentair plc	2.71%	2,521,049	$178M	added+11%	+0.20 pp	4 q
unresolvedCBS Corp	2.70%	3,001,274	$177M	added+23%	+0.39 pp	13 q
INTCIntel Corp	2.60%	3,701,413	$171M	new	+2.60 pp	new
MSFTMicrosoft Corp	2.60%	1,997,505	$171M	trimmed−10%	−0.11 pp	10 q
GTGoodyear Tire & Rubber	2.50%	5,075,414	$164M	added+26%	+0.31 pp	3 q
KEYSKeysight Technologies, Inc.	2.47%	3,901,826	$162M	trimmed−10%	−0.49 pp	13 q
BPBP p.l.c.	2.46%	3,848,012	$162M	trimmed−5%	−0.04 pp	19 q
AMATApplied Materials Inc	2.37%	3,040,235	$155M	trimmed−2%	−0.27 pp	19 q
GOOGLAlphabet Inc. Class A	2.35%	146,351	$154M	added+1%	+0.05 pp	9 q
unresolvedAon PLC	2.24%	1,096,031	$147M	trimmed−1%	−0.40 pp	19 q
unresolvedMicro Focus Intl ADR	2.02%	3,947,161	$133M	added+1%	−0.01 pp	2 q
EXCExelon Corporation	1.98%	3,302,427	$130M	trimmed−13%	−0.35 pp	11 q
MUMicron Technology, Inc.	1.93%	3,079,248	$127M	new	+1.93 pp	new
MRSHMarsh	1.92%	1,549,997	$126M	added+1%	−0.19 pp	19 q
SABRSabre Corporation	1.78%	5,714,497	$117M	new	+1.78 pp	new
FCXFreeport-McMoran Inc.	1.75%	6,070,138	$115M	new	+1.75 pp	new
ADIAnalog Devices, Inc.	—	−1,991,215	—	exited	−2.80 pp	—
ACTAllergan PLC	—	−781,069	—	exited	−2.61 pp	—
HPEHewlett Packard Enterprise Company	—	−9,528,965	—	exited	−2.29 pp	—
unresolvedGeneral Electric Co	—	−5,269,540	—	exited	−2.08 pp	—
CMCSAComcast Corp	—	−3,272,421	—	exited	−2.06 pp	—
IVZInvesco LTD	—	−2,655,103	—	exited	−1.52 pp	—