Sound Shore

Q3 2018 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2018
Filed: Nov 6, 2018
US stock: $5.8B · 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%

Moves39 since the prior filing

+9.1 pp in · −9.1 pp out

New 3 +4.39 pp
Added 13 +4.69 pp
Trimmed 21 −4.50 pp
Exited 2 −4.61 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MRK Merck & Co., Inc. trimmed−0.19 pp trimmed−0.194.5%
C Citigroup Inc. trimmed+0.17 pp trimmed+0.174.3%
PFE Pfizer Inc. trimmed+0.64 pp trimmed+0.644.0%
AIG American International Group, Inc. added+0.74 pp added+0.743.9%
FDC First Data Corporation trimmed−0.31 pp trimmed−0.313.8%

Positions37 in this filing · 2 exited


MRKMerck & Co., Inc.	4.45%	3,672,903	$261M	trimmed−19%	−0.19 pp	14 q
CCitigroup Inc.	4.29%	3,501,567	$251M	trimmed−5%	+0.17 pp	22 q
PFEPfizer Inc.	4.02%	5,341,857	$235M	trimmed−4%	+0.64 pp	11 q
AIGAmerican International Group, Inc.	3.85%	4,229,347	$225M	added+21%	+0.74 pp	3 q
FDCFirst Data Corporation	3.79%	9,061,213	$222M	trimmed−22%	−0.31 pp	10 q
BACBank of America Corporation	3.66%	7,271,486	$214M	trimmed−4%	+0.06 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	3.63%	992,404	$212M	trimmed−3%	+0.43 pp	11 q
SABRSabre Corporation	3.59%	8,061,033	$210M	added0%	+0.27 pp	4 q
COFCapital One Financial	3.32%	2,046,644	$194M	trimmed−5%	0.00 pp	22 q
TTENTotalenergies SE -spon ADR	3.23%	2,935,453	$189M	added+1%	+0.27 pp	12 q
WMTWalmart Inc.	3.20%	1,991,373	$187M	added+4%	+0.43 pp	8 q
CBChubb Limited	3.15%	1,377,783	$184M	trimmed−6%	+0.02 pp	5 q
EQTEqt Corp	3.08%	4,070,449	$180M	added+26%	+0.09 pp	2 q
IPInternational Paper Co.	2.98%	3,550,651	$175M	trimmed−3%	−0.23 pp	18 q
MSFTMicrosoft Corp	2.96%	1,513,612	$173M	trimmed−5%	+0.33 pp	13 q
unresolvedCBS Corp	2.89%	2,938,870	$169M	trimmed−18%	−0.49 pp	16 q
ALXNAlexion Pharmaceuticals Inc	2.84%	1,194,563	$166M	added+10%	+0.58 pp	2 q
GTGoodyear Tire & Rubber	2.84%	7,113,298	$166M	added+22%	+0.56 pp	6 q
TMOThermo Fisher Scientific, Inc.	2.82%	674,710	$165M	trimmed−4%	+0.37 pp	22 q
DALDelta Air Lines, Inc.	2.81%	2,841,995	$164M	trimmed−1%	+0.42 pp	6 q
ETNEaton Corporation, plc	2.69%	1,810,872	$157M	added+11%	+0.64 pp	2 q
GOOGLAlphabet Inc. Class A	2.62%	126,965	$153M	trimmed−14%	−0.17 pp	12 q
MRSHMarsh	2.56%	1,813,515	$150M	added+13%	+0.34 pp	22 q
unresolvedAon PLC	2.55%	969,236	$149M	trimmed−17%	−0.14 pp	22 q
ACTAllergan PLC	2.39%	735,120	$140M	new	+2.39 pp	new
ARAntero Resources Corporation	2.35%	7,756,248	$137M	trimmed−26%	−1.40 pp	7 q
NVTnVent Electric plc	2.32%	4,989,877	$136M	added+6%	+0.34 pp	2 q
PNRPentair plc	2.29%	3,095,282	$134M	added+5%	+0.21 pp	7 q
VODVodafone Group PLC	2.25%	6,071,825	$132M	added+20%	+0.18 pp	19 q
FLRFluor Corporation	2.23%	2,244,684	$130M	trimmed−21%	−0.11 pp	4 q
EXCExelon Corporation	2.21%	2,962,731	$129M	trimmed−24%	−0.59 pp	14 q
AMATApplied Materials Inc	2.20%	3,332,753	$129M	added+20%	+0.04 pp	22 q
METMetLife, Inc.	1.60%	1,998,339	$93M	trimmed−45%	−1.07 pp	4 q
SLBSLB Limited	1.06%	1,015,190	$62M	new	+1.06 pp	new
VISNVistance Networks, Inc.	0.94%	1,782,877	$55M	new	+0.94 pp	new
FLEXFlex Ltd.	0.31%	1,366,050	$18M	trimmed−87%	−2.23 pp	22 q
BPBP p.l.c.	0.02%	20,150	$929,000	trimmed−52%	−0.01 pp	22 q
FCXFreeport-McMoran Inc.	—	−8,504,488	—	exited	−2.47 pp	—
ORCLOracle Corp	—	−2,890,170	—	exited	−2.14 pp	—