Sound Shore

Q2 2021 13F · by John DeGulis, portfolio manager

As of: Jun 30, 2021
Filed: Aug 5, 2021
US stock: $3.6B · prev $3.4B
Positions: 39 · 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%

Moves42 since the prior filing

+12.6 pp in · −12.6 pp out

New 4 +9.21 pp
Added 8 +3.39 pp
Trimmed 27 −6.35 pp
Exited 3 −6.22 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

FLEX Flex Ltd. added+0.56 pp added+0.564.2%
PRGO Perrigo Company PLC added+0.99 pp added+0.993.8%
VST Vistra Corp. added+0.21 pp added+0.213.6%
Y Alleghany Corporation trimmed+0.03 pp trimmed+0.033.4%
CI The Cigna Group trimmed−0.50 pp trimmed−0.503.3%

Positions39 in this filing · 3 exited


FLEXFlex Ltd.	4.18%	8,402,374	$150M	added+24%	+0.56 pp	4 q
PRGOPerrigo Company PLC	3.80%	2,975,770	$136M	added+25%	+0.99 pp	6 q
VSTVistra Corp.	3.56%	6,889,795	$128M	added+6%	+0.21 pp	2 q
YAlleghany Corporation	3.38%	181,982	$121M	trimmed−1%	+0.03 pp	6 q
CIThe Cigna Group	3.33%	504,544	$120M	trimmed−7%	−0.50 pp	6 q
NXPINXP Semiconductors N.V.	3.24%	566,211	$116M	added+46%	+0.96 pp	6 q
MSMorgan Stanley	3.16%	1,240,906	$114M	trimmed−5%	+0.21 pp	6 q
COFCapital One Financial	2.94%	682,885	$106M	trimmed−24%	−0.41 pp	6 q
FISVFiserv, Inc.	2.93%	985,522	$105M	added+9%	−0.22 pp	4 q
XRAYDENTSPLY SIRONA Inc.	2.90%	1,646,481	$104M	added+20%	+0.34 pp	5 q
MGAMagna International	2.88%	1,118,149	$104M	trimmed−2%	−0.05 pp	5 q
PFEPfizer Inc.	2.83%	2,599,378	$102M	added+19%	+0.52 pp	6 q
CAGConagra Brands, Inc.	2.71%	2,682,429	$98M	added+10%	+0.03 pp	3 q
HSICHenry Schein Inc	2.71%	1,313,074	$97M	trimmed−3%	−0.03 pp	6 q
WFCWells Fargo & Co.	2.71%	2,152,119	$97M	new	+2.71 pp	new
MRKMerck & Co., Inc.	2.70%	1,246,859	$97M	trimmed−1%	−0.13 pp	6 q
BACBank of America Corporation	2.67%	2,329,154	$96M	trimmed−30%	−1.10 pp	6 q
CMCSAComcast Corp	2.63%	1,658,724	$95M	trimmed−0%	0.00 pp	6 q
STSensata Technologies Holding plc	2.61%	1,619,170	$94M	trimmed−1%	−0.16 pp	6 q
ORCLOracle Corp	2.56%	1,184,087	$92M	trimmed−35%	−1.16 pp	6 q
RNRRenaissanceRe Holdings Ltd.	2.54%	613,812	$91M	new	+2.54 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	2.52%	326,516	$91M	trimmed−36%	−1.29 pp	6 q
ELVElevance Health, Inc.	2.30%	216,091	$83M	trimmed−3%	−0.03 pp	3 q
ELANElanco Animal Health Incorporated	2.23%	2,310,086	$80M	trimmed−1%	+0.23 pp	6 q
GOOGLAlphabet Inc. Class A	2.19%	32,244	$79M	trimmed−1%	+0.23 pp	6 q
OGNOrganon & Co.	2.06%	2,452,287	$74M	new	+2.06 pp	new
WABWabtec Inc.	2.06%	899,506	$74M	trimmed−4%	−0.11 pp	5 q
CBChubb Limited	2.06%	465,276	$74M	trimmed−1%	−0.10 pp	5 q
EOGEOG Resources, Inc.	2.03%	872,706	$73M	trimmed−32%	−0.68 pp	4 q
VNTVontier Corporation	2.02%	2,225,540	$73M	trimmed−0%	+0.05 pp	2 q
IPInternational Paper Co.	2.01%	1,179,958	$72M	trimmed−25%	−0.46 pp	4 q
VZVerizon Communications	2.00%	1,280,947	$72M	trimmed−1%	−0.19 pp	2 q
CTRACoterra Energy Inc.	1.96%	4,033,029	$70M	trimmed−1%	−0.27 pp	5 q
LENLennar Corporation Class A	1.96%	709,204	$70M	trimmed−8%	−0.32 pp	6 q
SIVBQSvb Financial Group	1.96%	126,445	$70M	trimmed−1%	+0.13 pp	6 q
ETNEaton Corporation, plc	1.96%	476,461	$71M	trimmed−3%	−0.03 pp	6 q
BXBlackstone Inc.	1.95%	721,553	$70M	trimmed−28%	−0.24 pp	5 q
BKRBaker Hughes Company	1.90%	2,989,507	$68M	new	+1.90 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.87%	168,049	$67M	trimmed−1%	+0.03 pp	6 q
WHRWhirlpool Corp.	—	−330,665	—	exited	−2.13 pp	—
CCitigroup Inc.	—	−980,935	—	exited	−2.08 pp	—
BKNGBooking Holdings Inc.	—	−29,552	—	exited	−2.01 pp	—