Sound Shore

Q2 2018 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2018
Filed: Aug 2, 2018
US stock: $6.0B · prev $6.2B
Positions: 36 · prev 35
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

+11.3 pp in · −11.3 pp out

New 4 +9.28 pp
Added 12 +2.07 pp
Trimmed 20 −4.01 pp
Exited 3 −7.31 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MRK Merck & Co., Inc. trimmed+0.50 pp trimmed+0.504.6%
C Citigroup Inc. added+0.22 pp added+0.224.1%
FDC First Data Corporation trimmed+0.89 pp trimmed+0.894.1%
AR Antero Resources Corporation trimmed+0.02 pp trimmed+0.023.8%
BAC Bank of America Corporation trimmed−0.22 pp trimmed−0.223.6%

Positions36 in this filing · 3 exited


MRKMerck & Co., Inc.	4.64%	4,546,777	$276M	trimmed−3%	+0.50 pp	13 q
CCitigroup Inc.	4.12%	3,666,805	$245M	added+3%	+0.22 pp	21 q
FDCFirst Data Corporation	4.10%	11,658,197	$244M	trimmed−6%	+0.89 pp	9 q
ARAntero Resources Corporation	3.75%	10,439,443	$223M	trimmed−10%	+0.02 pp	6 q
BACBank of America Corporation	3.60%	7,607,881	$214M	trimmed−3%	−0.22 pp	21 q
unresolvedCBS Corp	3.38%	3,572,553	$201M	added+2%	+0.46 pp	15 q
PFEPfizer Inc.	3.38%	5,546,510	$201M	trimmed−3%	+0.08 pp	10 q
COFCapital One Financial	3.32%	2,151,052	$198M	trimmed−4%	−0.14 pp	21 q
SABRSabre Corporation	3.32%	8,028,474	$198M	trimmed−3%	+0.44 pp	3 q
IPInternational Paper Co.	3.21%	3,664,705	$191M	trimmed−3%	−0.07 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	3.20%	1,020,398	$190M	added+2%	−0.03 pp	10 q
CBChubb Limited	3.13%	1,464,783	$186M	added+7%	+0.09 pp	4 q
AIGAmerican International Group, Inc.	3.11%	3,485,772	$185M	trimmed−3%	−0.07 pp	2 q
EQTEqt Corp	2.99%	3,221,362	$178M	new	+2.99 pp	new
TTENTotalenergies SE -spon ADR	2.96%	2,910,667	$176M	trimmed−15%	−0.24 pp	11 q
EXCExelon Corporation	2.80%	3,911,713	$167M	added+18%	+0.71 pp	13 q
GOOGLAlphabet Inc. Class A	2.79%	147,048	$166M	added+1%	+0.35 pp	11 q
WMTWalmart Inc.	2.77%	1,922,976	$165M	added+20%	+0.47 pp	7 q
unresolvedAon PLC	2.69%	1,165,250	$160M	trimmed−4%	−0.06 pp	21 q
METMetLife, Inc.	2.67%	3,642,682	$159M	trimmed−3%	−0.13 pp	3 q
MSFTMicrosoft Corp	2.63%	1,585,778	$156M	trimmed−16%	−0.17 pp	12 q
FLEXFlex Ltd.	2.54%	10,696,781	$151M	added+7%	−0.09 pp	21 q
FCXFreeport-McMoran Inc.	2.47%	8,504,488	$147M	added+13%	+0.33 pp	3 q
TMOThermo Fisher Scientific, Inc.	2.45%	703,088	$146M	trimmed−6%	−0.04 pp	21 q
DALDelta Air Lines, Inc.	2.39%	2,872,729	$142M	trimmed−13%	−0.53 pp	5 q
FLRFluor Corporation	2.34%	2,857,413	$139M	trimmed−1%	−0.33 pp	3 q
GTGoodyear Tire & Rubber	2.28%	5,815,665	$135M	added+15%	+0.11 pp	5 q
ALXNAlexion Pharmaceuticals Inc	2.26%	1,084,094	$135M	new	+2.26 pp	new
MRSHMarsh	2.22%	1,609,471	$132M	trimmed−3%	−0.01 pp	21 q
AMATApplied Materials Inc	2.16%	2,783,347	$129M	added+8%	−0.16 pp	21 q
ORCLOracle Corp	2.14%	2,890,170	$127M	trimmed−25%	−0.70 pp	15 q
PNRPentair plc	2.08%	2,942,681	$124M	added+31%	−0.39 pp	6 q
VODVodafone Group PLC	2.07%	5,055,649	$123M	trimmed−3%	−0.29 pp	18 q
ETNEaton Corporation, plc	2.05%	1,633,243	$122M	new	+2.05 pp	new
NVTnVent Electric plc	1.98%	4,700,676	$118M	new	+1.98 pp	new
BPBP p.l.c.	0.03%	41,262	$2M	trimmed−99%	−2.94 pp	21 q
KEYSKeysight Technologies, Inc.	—	−3,179,764	—	exited	−2.70 pp	—
INTCIntel Corp	—	−2,931,959	—	exited	−2.47 pp	—
MUMicron Technology, Inc.	—	−2,535,950	—	exited	−2.14 pp	—