Sound Shore

Q2 2019 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2019
Filed: Aug 2, 2019
US stock: $5.2B · prev $5.2B
Positions: 37 · prev 38
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%

Moves41 since the prior filing

+12.7 pp in · −12.8 pp out

New 3 +7.14 pp
Added 12 +5.59 pp
Trimmed 22 −5.18 pp
Exited 4 −7.57 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 positions21% of US stock

C Citigroup Inc. trimmed+0.31 pp trimmed+0.314.6%
AIG American International Group, Inc. trimmed+0.74 pp trimmed+0.744.4%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.13 pp trimmed+0.134.2%
COF Capital One Financial trimmed+0.23 pp trimmed+0.233.9%
unresolved CBS Corp added+0.31 pp added+0.313.7%

Positions37 in this filing · 4 exited


CCitigroup Inc.	4.62%	3,401,187	$238M	trimmed−6%	+0.31 pp	25 q
AIGAmerican International Group, Inc.	4.44%	4,300,496	$229M	trimmed−4%	+0.74 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	4.23%	1,024,337	$218M	trimmed−3%	+0.13 pp	14 q
COFCapital One Financial	3.86%	2,191,039	$199M	trimmed−5%	+0.23 pp	25 q
unresolvedCBS Corp	3.67%	3,796,530	$189M	added+3%	+0.31 pp	19 q
ALXNAlexion Pharmaceuticals Inc	3.52%	1,384,224	$181M	added+17%	+0.44 pp	5 q
DALDelta Air Lines, Inc.	3.41%	3,097,573	$176M	trimmed−5%	+0.16 pp	9 q
SABRSabre Corporation	3.41%	7,919,311	$176M	added+4%	+0.27 pp	7 q
CMCSAComcast Corp	3.28%	4,002,050	$169M	trimmed−7%	−0.04 pp	3 q
AMATApplied Materials Inc	3.27%	3,757,475	$169M	added+3%	+0.49 pp	25 q
TTENTotalenergies SE -spon ADR	3.13%	2,892,581	$161M	added+3%	+0.11 pp	15 q
BACBank of America Corporation	3.06%	5,431,842	$158M	trimmed−32%	−1.20 pp	25 q
MSMorgan Stanley	3.01%	3,546,971	$155M	new	+3.01 pp	new
ACTAllergan PLC	3.01%	927,794	$155M	trimmed−7%	+0.21 pp	4 q
NXPINXP Semiconductors N.V.	2.95%	1,555,819	$152M	added+4%	+0.41 pp	3 q
ETNEaton Corporation, plc	2.87%	1,773,913	$148M	trimmed−5%	−0.01 pp	5 q
MRKMerck & Co., Inc.	2.78%	1,712,426	$144M	trimmed−27%	−0.98 pp	17 q
STSensata Technologies Holding plc	2.77%	2,913,781	$143M	added+25%	+0.75 pp	2 q
PFEPfizer Inc.	2.66%	3,165,742	$137M	trimmed−4%	−0.03 pp	14 q
LENLennar Corporation Class A	2.51%	2,673,703	$130M	added+2%	+0.04 pp	3 q
JBLUJetBlue Airways Corp	2.48%	6,906,335	$128M	added×511.6	+2.48 pp	3 q
ELANElanco Animal Health Incorporated	2.35%	3,583,774	$121M	trimmed−1%	+0.13 pp	2 q
ETRNEquitrans Midstream Corporation	2.34%	6,122,989	$121M	added+31%	+0.39 pp	3 q
TMOThermo Fisher Scientific, Inc.	2.24%	393,275	$115M	trimmed−24%	−0.47 pp	25 q
WMTWalmart Inc.	2.23%	1,040,614	$115M	trimmed−7%	+0.13 pp	11 q
MRSHMarsh	2.21%	1,144,760	$114M	trimmed−23%	−0.48 pp	25 q
NVTnVent Electric plc	2.21%	4,603,851	$114M	added+3%	−0.11 pp	5 q
MDLZMondelez International, Inc. Class A	2.17%	2,078,201	$112M	trimmed−28%	−0.59 pp	3 q
GMGeneral Motors Company	2.11%	2,824,355	$109M	new	+2.11 pp	new
CBChubb Limited	2.11%	739,599	$109M	trimmed−22%	−0.44 pp	8 q
MSFTMicrosoft Corp	2.05%	787,444	$105M	trimmed−36%	−0.76 pp	16 q
GOOGLAlphabet Inc. Class A	2.03%	96,846	$105M	trimmed−7%	−0.33 pp	15 q
MHKMohawk Industries, Inc.	2.02%	706,205	$104M	new	+2.02 pp	new
unresolvedAon PLC	1.99%	530,780	$102M	trimmed−20%	−0.18 pp	25 q
EQTEqt Corp	1.76%	5,752,602	$91M	trimmed−1%	−0.55 pp	5 q
EXCExelon Corporation	1.20%	1,293,045	$62M	trimmed−47%	−1.16 pp	17 q
BPBP p.l.c.	0.02%	24,750	$1M	added×2.3	+0.01 pp	25 q
FDCFirst Data Corporation	—	−5,492,857	—	exited	−2.78 pp	—
GTGoodyear Tire & Rubber	—	−6,578,014	—	exited	−2.30 pp	—
SLBSLB Limited	—	−1,588,047	—	exited	−1.33 pp	—
ARAntero Resources Corporation	—	−6,845,685	—	exited	−1.16 pp	—