Sound Shore

Q1 2023 13F · by John DeGulis, portfolio manager

As of: Mar 31, 2023
Filed: May 4, 2023
US stock: $2.7B · prev $2.7B
Positions: 35 · 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%

Moves42 since the prior filing

+19.5 pp in · −19.5 pp out

New 7 +17.29 pp
Added 9 +2.22 pp
Trimmed 19 −3.07 pp
Exited 7 −16.44 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 83% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

FLEX Flex Ltd. trimmed−0.18 pp trimmed−0.184.3%
ORCL Oracle Corp trimmed+0.21 pp trimmed+0.214.2%
VST Vistra Corp. trimmed−0.50 pp trimmed−0.504.1%
PFE Pfizer Inc. added+0.12 pp added+0.123.8%
NXPI NXP Semiconductors N.V. trimmed+0.50 pp trimmed+0.503.7%

Positions35 in this filing · 7 exited


FLEXFlex Ltd.	4.31%	4,973,423	$114M	trimmed−11%	−0.18 pp	11 q
ORCLOracle Corp	4.24%	1,211,799	$113M	trimmed−8%	+0.21 pp	13 q
VSTVistra Corp.	4.07%	4,510,462	$108M	trimmed−14%	−0.50 pp	9 q
PFEPfizer Inc.	3.75%	2,440,068	$100M	added+30%	+0.12 pp	13 q
NXPINXP Semiconductors N.V.	3.74%	532,452	$99M	trimmed−2%	+0.50 pp	13 q
PVHPVH Corp.	3.61%	1,075,295	$96M	trimmed−30%	−0.45 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	3.52%	303,359	$94M	trimmed−4%	−0.16 pp	13 q
WFCWells Fargo & Co.	3.35%	2,379,177	$89M	trimmed−5%	−0.53 pp	8 q
LENLennar Corporation Class A	3.33%	840,931	$88M	trimmed−17%	−0.11 pp	13 q
COFCapital One Financial	3.19%	881,619	$85M	trimmed−11%	−0.26 pp	13 q
GEHCGE HealthCare Technologies Inc.	3.10%	1,005,085	$82M	new	+3.10 pp	new
AVTRAvantor, Inc.	3.09%	3,890,403	$82M	new	+3.09 pp	new
OGNOrganon & Co.	2.95%	3,334,283	$78M	added+10%	−0.24 pp	8 q
CAHCardinal Health, Inc.	2.90%	1,020,501	$77M	added+40%	+0.79 pp	4 q
GMGeneral Motors Company	2.87%	2,080,711	$76M	trimmed−17%	−0.31 pp	5 q
CEGConstellation Energy Corporation	2.73%	923,818	$73M	new	+2.73 pp	new
TTENTotalenergies SE -spon ADR	2.73%	1,229,303	$73M	added+29%	+0.51 pp	2 q
KMIKinder Morgan, Inc.	2.69%	4,075,742	$71M	added+6%	+0.07 pp	4 q
MRKMerck & Co., Inc.	2.68%	669,280	$71M	added+2%	−0.07 pp	13 q
HIIHuntington Ingalls Industries, Inc.	2.67%	342,569	$71M	added0%	−0.29 pp	3 q
BABoeing Company	2.65%	331,675	$70M	added+4%	+0.36 pp	2 q
CLFCleveland-Cliffs Inc.	2.64%	3,834,810	$70M	trimmed−2%	+0.27 pp	3 q
AMATApplied Materials Inc	2.63%	568,971	$70M	trimmed−4%	+0.45 pp	4 q
VSXYVictorias Secret & Co.	2.55%	1,986,788	$68M	trimmed−14%	−0.57 pp	5 q
LRCXLam Research Corp	2.46%	123,375	$65M	added+30%	+0.97 pp	2 q
FDXFedEx Corporation	2.41%	279,968	$64M	trimmed−15%	+0.26 pp	4 q
BKRBaker Hughes Company	2.38%	2,190,302	$63M	trimmed−6%	−0.21 pp	8 q
CAGConagra Brands, Inc.	2.31%	1,636,384	$61M	trimmed−16%	−0.52 pp	10 q
RHIRobert Half Inc.	2.20%	724,151	$58M	new	+2.20 pp	new
PCARPaccar Inc	2.13%	772,100	$57M	trimmed−14%	−0.10 pp	7 q
CSCOCisco Systems, Inc. (DE)	2.08%	1,057,542	$55M	new	+2.08 pp	new
KHCThe Kraft Heinz Company	2.05%	1,410,919	$55M	new	+2.05 pp	new
CNCCentene Corporation	2.04%	856,468	$54M	new	+2.04 pp	new
HOLXHologic Inc	2.02%	664,673	$54M	trimmed−26%	−0.52 pp	5 q
MUMicron Technology, Inc.	1.95%	857,637	$52M	trimmed−30%	−0.34 pp	3 q
FRCBFirst Republic Bk CA	—	−787,896	—	exited	−3.61 pp	—
SIVBQSvb Financial Group	—	−346,243	—	exited	−3.00 pp	—
GOOGLAlphabet Inc. Class A	—	−843,992	—	exited	−2.80 pp	—
SGISomnigroup International Inc.	—	−2,107,039	—	exited	−2.72 pp	—
BACBank of America Corporation	—	−1,858,364	—	exited	−2.31 pp	—
MSMorgan Stanley	—	−619,501	—	exited	−1.98 pp	—
VNTVontier Corporation	—	−30,988	—	exited	−0.02 pp	—