Sound Shore

Q3 2025 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2025
Filed: Nov 6, 2025
US stock: $3.0B · prev $2.9B
Positions: 38 · prev 36
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

+14.4 pp in · −14.4 pp out

New 5 +12.10 pp
Added 10 +2.30 pp
Trimmed 23 −7.19 pp
Exited 3 −7.20 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 67% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions38 in this filing · 3 exited


TEVATeva Pharmaceutical Industries Limited	3.77%	5,647,449	$114M	trimmed−3%	+0.43 pp	9 q
CTRACoterra Energy Inc.	3.32%	4,241,760	$100M	trimmed−3%	−0.48 pp	5 q
CCitigroup Inc.	3.32%	988,934	$100M	trimmed−30%	−0.76 pp	4 q
BACBank of America Corporation	3.21%	1,879,690	$97M	trimmed−10%	−0.18 pp	2 q
COFCapital One Financial	3.21%	457,286	$97M	trimmed−14%	−0.65 pp	23 q
QCOMQualcomm Inc	3.13%	568,454	$95M	new	+3.13 pp	new
FISFidelity National Information Services, Inc.	3.04%	1,393,298	$92M	added+28%	+0.01 pp	10 q
GMGeneral Motors Company	3.00%	1,487,512	$91M	trimmed−3%	+0.42 pp	15 q
BRK.BBERKSHIRE HATHAWAY Class B	2.98%	179,234	$90M	added+53%	+1.04 pp	23 q
HOLXHologic Inc	2.98%	1,337,653	$90M	trimmed−3%	−0.09 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	2.92%	896,284	$88M	trimmed−3%	+0.04 pp	4 q
ACIAlbertsons Companies, Inc.	2.84%	4,902,179	$86M	added+61%	+0.61 pp	2 q
CSXCSX Corporation	2.84%	2,416,667	$86M	trimmed−22%	−0.62 pp	4 q
WTWWillis Towers Watson Public Limited Company	2.83%	247,551	$86M	trimmed−4%	+0.14 pp	8 q
MHKMohawk Industries, Inc.	2.82%	661,166	$85M	trimmed−3%	+0.38 pp	3 q
WBDWarner Bros. Discovery, Inc. Series A	2.80%	4,340,858	$85M	trimmed−49%	−0.54 pp	2 q
EQTEqt Corp	2.75%	1,526,821	$83M	added+32%	+0.45 pp	2 q
HIIHuntington Ingalls Industries, Inc.	2.73%	287,030	$83M	trimmed−13%	0.00 pp	2 q
DISThe Walt Disney Company	2.71%	715,025	$82M	added+8%	−0.08 pp	6 q
AMATApplied Materials Inc	2.70%	399,239	$82M	added+10%	+0.43 pp	2 q
PRGOPerrigo Company PLC	2.69%	3,650,998	$81M	added+11%	−0.30 pp	7 q
LUVSouthwest Airlines Co.	2.68%	2,537,637	$81M	trimmed−11%	−0.48 pp	4 q
GOOGLAlphabet Inc. Class A	2.60%	324,214	$79M	trimmed−25%	−0.01 pp	2 q
AESAES Corporation	2.56%	5,895,812	$78M	trimmed−27%	−0.33 pp	4 q
WFCWells Fargo & Co.	2.56%	925,667	$78M	trimmed−14%	−0.39 pp	18 q
KMIKinder Morgan, Inc.	2.50%	2,670,908	$76M	added+1%	−0.15 pp	14 q
GEHCGE HealthCare Technologies Inc.	2.43%	980,756	$74M	added+15%	+0.27 pp	11 q
CHKPCheck Point Software Technologies Ltd	2.42%	353,313	$73M	new	+2.42 pp	new
MRVLMarvell Technology, Inc.	2.39%	860,774	$72M	new	+2.39 pp	new
INCYIncyte Genomics Inc	2.38%	849,856	$72M	trimmed−25%	−0.27 pp	5 q
IPInternational Paper Co.	2.38%	1,551,437	$72M	added+5%	+0.02 pp	2 q
PYPLPayPal Holdings, Inc.	2.37%	1,069,187	$72M	trimmed−23%	−1.14 pp	5 q
PEGPublic Service Enterprise Group Incorporated	2.25%	817,347	$68M	trimmed−20%	−0.69 pp	6 q
FLEXFlex Ltd.	2.24%	1,171,628	$68M	trimmed−34%	−0.77 pp	21 q
REGNRegeneron Pharmaceuticals Inc	2.14%	115,028	$65M	new	+2.14 pp	new
KDKyndryl Holdings, Inc.	2.02%	2,035,069	$61M	new	+2.02 pp	new
BBarrick Mining Corporation	1.26%	1,164,080	$38M	trimmed−62%	−0.93 pp	7 q
NEMNewmont Corporation	0.25%	88,665	$7M	trimmed−66%	−0.27 pp	6 q
BAXBaxter International Inc.	—	−2,821,514	—	exited	−2.91 pp	—
KRThe Kroger Co.	—	−888,544	—	exited	−2.17 pp	—
MTCHMatch Group, Inc	—	−2,012,336	—	exited	−2.12 pp	—