Sound Shore

Q4 2018 13F · by John DeGulis, portfolio manager

As of: Dec 31, 2018
Filed: Jan 30, 2019
US stock: $4.9B · prev $5.8B
Positions: 38 · 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%

Moves43 since the prior filing

+12.3 pp in · −12.3 pp out

New 6 +12.39 pp
Added 11 −0.07 pp
Trimmed 21 −4.19 pp
Exited 5 −8.12 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 65% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MRK Merck & Co., Inc. trimmed+0.78 pp trimmed+0.785.2%
BRK.B BERKSHIRE HATHAWAY Class B added+0.71 pp added+0.714.3%
BAC Bank of America Corporation trimmed−0.07 pp trimmed−0.073.6%
SABR Sabre Corporation trimmed−0.04 pp trimmed−0.043.5%
C Citigroup Inc. trimmed−0.85 pp trimmed−0.853.4%

Positions38 in this filing · 5 exited


MRKMerck & Co., Inc.	5.23%	3,324,191	$254M	trimmed−9%	+0.78 pp	15 q
BRK.BBERKSHIRE HATHAWAY Class B	4.34%	1,032,523	$211M	added+4%	+0.71 pp	12 q
BACBank of America Corporation	3.59%	7,084,502	$175M	trimmed−3%	−0.07 pp	23 q
SABRSabre Corporation	3.55%	7,962,786	$172M	trimmed−1%	−0.04 pp	5 q
CCitigroup Inc.	3.44%	3,207,321	$167M	trimmed−8%	−0.85 pp	23 q
FDCFirst Data Corporation	3.40%	9,765,897	$165M	added+8%	−0.39 pp	11 q
COFCapital One Financial	3.26%	2,095,661	$158M	added+2%	−0.06 pp	23 q
DALDelta Air Lines, Inc.	3.25%	3,167,306	$158M	added+11%	+0.44 pp	7 q
WMTWalmart Inc.	3.24%	1,690,132	$157M	trimmed−15%	+0.04 pp	9 q
AIGAmerican International Group, Inc.	3.17%	3,905,236	$154M	trimmed−8%	−0.68 pp	4 q
CBChubb Limited	3.12%	1,172,190	$151M	trimmed−15%	−0.03 pp	6 q
CMCSAComcast Corp	3.11%	4,437,610	$151M	new	+3.11 pp	new
PFEPfizer Inc.	2.96%	3,296,208	$144M	trimmed−38%	−1.06 pp	12 q
MDLZMondelez International, Inc. Class A	2.90%	3,525,082	$141M	new	+2.90 pp	new
MRSHMarsh	2.88%	1,754,309	$140M	trimmed−3%	+0.32 pp	23 q
unresolvedAon PLC	2.84%	949,810	$138M	trimmed−2%	+0.29 pp	23 q
ACTAllergan PLC	2.79%	1,014,813	$136M	added+38%	+0.40 pp	2 q
ETNEaton Corporation, plc	2.74%	1,935,366	$133M	added+7%	+0.05 pp	3 q
EXCExelon Corporation	2.71%	2,923,940	$132M	trimmed−1%	+0.50 pp	15 q
TTENTotalenergies SE -spon ADR	2.67%	2,482,661	$130M	trimmed−15%	−0.56 pp	13 q
MSFTMicrosoft Corp	2.65%	1,266,404	$129M	trimmed−16%	−0.31 pp	14 q
GTGoodyear Tire & Rubber	2.64%	6,286,626	$128M	trimmed−12%	−0.20 pp	7 q
unresolvedCBS Corp	2.60%	2,893,079	$126M	trimmed−2%	−0.29 pp	17 q
AMATApplied Materials Inc	2.53%	3,746,950	$123M	added+12%	+0.33 pp	23 q
TMOThermo Fisher Scientific, Inc.	2.40%	520,666	$117M	trimmed−23%	−0.42 pp	23 q
GOOGLAlphabet Inc. Class A	2.34%	108,805	$114M	trimmed−14%	−0.28 pp	13 q
EQTEqt Corp	2.20%	5,652,090	$107M	added+39%	−0.88 pp	3 q
LENLennar Corporation Class A	2.17%	2,690,108	$105M	new	+2.17 pp	new
NVTnVent Electric plc	2.14%	4,638,285	$104M	trimmed−7%	−0.18 pp	3 q
ETRNEquitrans Midstream Corporation	2.12%	5,134,524	$103M	new	+2.12 pp	new
ALXNAlexion Pharmaceuticals Inc	2.09%	1,041,306	$101M	trimmed−13%	−0.75 pp	3 q
FLRFluor Corporation	2.09%	3,153,230	$102M	added+40%	−0.14 pp	5 q
NXPINXP Semiconductors N.V.	2.09%	1,384,819	$101M	new	+2.09 pp	new
VODVodafone Group PLC	1.87%	4,721,066	$91M	trimmed−22%	−0.38 pp	20 q
ARAntero Resources Corporation	1.63%	8,456,228	$79M	added+9%	−0.72 pp	8 q
SLBSLB Limited	1.25%	1,680,124	$61M	added+66%	+0.19 pp	2 q
BPBP p.l.c.	0.00%	6,000	$228,000	trimmed−71%	−0.02 pp	23 q
JBLUJetBlue Airways Corp	0.00%	11,700	$188,000	new	0.00 pp	new
IPInternational Paper Co.	—	−3,550,651	—	exited	−2.98 pp	—
PNRPentair plc	—	−3,095,282	—	exited	−2.29 pp	—
METMetLife, Inc.	—	−1,998,339	—	exited	−1.60 pp	—
VISNVistance Networks, Inc.	—	−1,782,877	—	exited	−0.94 pp	—
FLEXFlex Ltd.	—	−1,366,050	—	exited	−0.31 pp	—