Sound Shore

Q3 2023 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2023
Filed: Nov 6, 2023
US stock: $2.6B · prev $2.7B
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%

Moves40 since the prior filing

+12.5 pp in · −12.5 pp out

New 3 +5.94 pp
Added 13 +6.56 pp
Trimmed 22 −8.45 pp
Exited 2 −4.00 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 51% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

TTEN Totalenergies SE -spon ADR added+1.38 pp added+1.383.9%
FLEX Flex Ltd. trimmed−0.87 pp trimmed−0.873.9%
VST Vistra Corp. trimmed−0.61 pp trimmed−0.613.6%
WFC Wells Fargo & Co. trimmed−0.04 pp trimmed−0.043.6%
AVTR Avantor, Inc. added+0.68 pp added+0.683.2%

Positions38 in this filing · 2 exited


TTENTotalenergies SE -spon ADR	3.91%	1,551,641	$102M	added+30%	+1.38 pp	4 q
FLEXFlex Ltd.	3.87%	3,743,268	$101M	trimmed−20%	−0.87 pp	13 q
VSTVistra Corp.	3.64%	2,869,177	$95M	trimmed−35%	−0.61 pp	11 q
WFCWells Fargo & Co.	3.60%	2,303,746	$94M	trimmed−0%	−0.04 pp	10 q
AVTRAvantor, Inc.	3.22%	3,989,327	$84M	added+19%	+0.68 pp	3 q
COFCapital One Financial	3.22%	866,496	$84M	trimmed−0%	−0.29 pp	15 q
GEHCGE HealthCare Technologies Inc.	3.15%	1,209,168	$82M	added+22%	+0.18 pp	3 q
GMGeneral Motors Company	3.13%	2,477,454	$82M	added+21%	+0.21 pp	7 q
TEVATeva Pharmaceutical Industries Limited	3.09%	7,920,712	$81M	new	+3.09 pp	new
PVHPVH Corp.	3.05%	1,042,398	$80M	trimmed−0%	−0.23 pp	7 q
MUMicron Technology, Inc.	2.92%	1,119,863	$76M	added+36%	+1.01 pp	5 q
HIIHuntington Ingalls Industries, Inc.	2.86%	365,105	$75M	trimmed−0%	−0.21 pp	5 q
KMIKinder Morgan, Inc.	2.84%	4,467,037	$74M	added+11%	+0.29 pp	6 q
FDXFedEx Corporation	2.79%	274,890	$73M	trimmed−15%	−0.18 pp	6 q
MRKMerck & Co., Inc.	2.77%	703,293	$72M	trimmed−6%	−0.42 pp	15 q
BABoeing Company	2.74%	373,084	$72M	added+10%	+0.10 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	2.72%	203,141	$71M	trimmed−26%	−0.71 pp	15 q
CNCCentene Corporation	2.70%	1,022,400	$70M	trimmed−0%	+0.15 pp	3 q
FISFidelity National Information Services, Inc.	2.64%	1,245,291	$69M	added+19%	+0.52 pp	2 q
NXPINXP Semiconductors N.V.	2.63%	342,962	$69M	trimmed−33%	−1.25 pp	15 q
KHCThe Kraft Heinz Company	2.57%	1,991,764	$67M	added+34%	+0.62 pp	3 q
CAHCardinal Health, Inc.	2.54%	765,334	$66M	added+26%	+0.42 pp	6 q
ELVElevance Health, Inc.	2.50%	150,177	$65M	added+28%	+0.58 pp	2 q
HOLXHologic Inc	2.46%	926,165	$64M	added+43%	+0.53 pp	7 q
AYIAcuity Inc.	2.34%	358,179	$61M	new	+2.34 pp	new
OGNOrganon & Co.	2.30%	3,458,615	$60M	trimmed−8%	−0.60 pp	10 q
ORCLOracle Corp	2.29%	564,515	$60M	trimmed−0%	−0.20 pp	15 q
ADIAnalog Devices, Inc.	2.28%	340,732	$60M	trimmed−0%	−0.18 pp	2 q
CLFCleveland-Cliffs Inc.	2.22%	3,702,768	$58M	trimmed−12%	−0.37 pp	5 q
CEGConstellation Energy Corporation	2.22%	530,594	$58M	trimmed−42%	−0.85 pp	3 q
PCARPaccar Inc	2.16%	662,121	$56M	trimmed−11%	−0.13 pp	9 q
BKRBaker Hughes Company	2.15%	1,588,700	$56M	trimmed−25%	−0.31 pp	10 q
PFEPfizer Inc.	2.12%	1,665,647	$55M	trimmed−7%	−0.30 pp	15 q
LENLennar Corporation Class A	2.11%	491,786	$55M	added+10%	+0.04 pp	15 q
CSCOCisco Systems, Inc. (DE)	2.10%	1,018,729	$55M	trimmed−23%	−0.42 pp	3 q
AMATApplied Materials Inc	2.07%	390,197	$54M	trimmed−0%	−0.02 pp	6 q
CAGConagra Brands, Inc.	1.60%	1,522,008	$42M	trimmed−6%	−0.41 pp	12 q
BBWIBath & Body Works, Inc.	0.51%	397,148	$13M	new	+0.51 pp	new
RHHBYRoche Holding Ltd S/	—	−1,437,613	—	exited	−2.02 pp	—
RHIRobert Half Inc.	—	−715,537	—	exited	−1.98 pp	—