| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.43% | -3.45% | -3.45% |
Sound Shore Fund declined 3.45% in Q1 2026, trailing the Russell 1000 Value Index's 2.10% gain but outperforming the S&P 500's -4.33% decline. The quarter was marked by geopolitical shocks from the Iran war, surging oil prices, and AI disruption concerns that triggered sharp sector rotations. Technology holdings including Qualcomm, Check Point, and Kyndryl were detractors as markets worried about AI's impact on traditional IT systems. However, energy was the standout performer with Coterra Energy, EQT, and BP each gaining approximately 20% on higher commodity prices. Marvell Technology was a bright spot in tech, benefiting from AI infrastructure demand through its networking business and custom silicon division. The manager views increased market volatility as creating opportunities for active stock selection, with tracking error rising as correlations decrease. The portfolio trades at an attractive 12.8x forward P/E versus 19.4x for the S&P 500, maintaining the firm's disciplined value approach focused on sustainable businesses with strong balance sheets.
Sound Shore maintains a disciplined value investing approach focused on sustainable businesses with strong fundamentals, using market volatility and sector rotations as opportunities for active stock selection while maintaining attractive portfolio valuations.
The manager expects tracking error to revert toward long-term trends of 5-8% and views the current market regime of narrative-driven volatility as creating fertile ground for their disciplined approach. They believe the portfolio is well positioned for trends that will create long-term value.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 5 2026 | 2026 Q1 | BP, CHKP, CTRA, DIS, EQT, KD, LUV, MRVL, QCOM | active management, energy, large cap, technology, value, volatility |
QCOM MRVL |
Sound Shore's value-focused portfolio weathered Q1 2026's volatility with energy holdings surging 20% on Iran war-driven oil spikes while tech names faced AI disruption concerns. The manager views increased market volatility as opportunity, maintaining discipline with attractive 12.8x forward P/E valuation versus S&P 500's 19.4x multiple. |
| Feb 3 2026 | 2025 Q4 | C, COF, FLEX, GM, HII, LUV, MSFT, PVH, PYPL, REGN, TEVA, TMO, TXN, WBD | defense, earnings, healthcare, Manufacturing, Transformation, undervalued, value | - | Sound Shore delivered strong Q4 performance through diversified value picks across healthcare, defense, and manufacturing rather than tech concentration. Portfolio trades at meaningful discount to market despite strong fundamentals. Healthcare benefited from regulatory clarity while defense contractor HII gained from Navy expansion. Managers remain disciplined on valuations, viewing current environment as opportunity for patient value investors. |
| Nov 8 2025 | 2025 Q3 | AES, AMZN, BLK, CEG, CTRA, DIS, FIS, Gold, GPN, META, VST, WBD | energy, free cash flow, gold, M&A, Media, payments, undervalued, value |
TLNE WBD AES |
Sound Shore delivered 8.46% third quarter returns through company-specific value catalysts, led by Warner Brothers Discovery's strategic restructuring and potential AES acquisition by BlackRock. Despite mixed commodity performance and payment sector headwinds, the portfolio maintains attractive 12x forward P/E versus 23x S&P 500 valuation, positioning for continued value recognition amid broadening market fundamentals focus. |
| Jul 24 2025 | 2025 Q2 | AES, DIS, FLEX, HOLX, TEVA | AI, earnings, energy, healthcare, long-term, Media, technology, value |
TEVA HOLX FLEX AES DIS TEVA HOLX FLEX AES DIS |
Sound Shore delivered modest Q2 returns while maintaining disciplined value approach in volatile markets. Healthcare regulatory uncertainty created buying opportunities in Teva and Hologic. AI infrastructure demand benefited FLEX while renewable policy changes pressured AES. Disney's streaming pivot shows promise. Portfolio trades at attractive 12x forward P/E, well-positioned for long-term fundamental-driven outperformance through market cycles. |
| Mar 31 2025 | 2025 Q1 | BRK.B, C, CHKP, COF, CTRA, DIS, EOG, FIS, GM, Gold, KMI, KR, LEN, MHK, MTCH, NSRGY, PVH, PYPL, TEVA, VST | energy, financials, healthcare, materials, technology, value |
TEVA PYPL DIS CHKP Gold |
Sound Shore's value strategy faced headwinds in Q1 with a 1.9% decline as healthcare regulatory concerns and economic uncertainty weighed on holdings. The portfolio trades at an attractive 11.0x forward earnings versus 20.1x for the S&P 500. Management added to discounted positions like Teva while exiting Vistra at target prices, maintaining discipline in their long-term value approach. |
| Dec 31 2024 | 2024 Q4 | BA, BKR, FLEX, ORCL, TEVA, VST | AI, energy, Pharmaceuticals, technology, Transformation, Utilities, value |
FLEX TEVA BA |
Sound Shore delivered 22.58% returns in 2024 by investing in overlooked transformation stories trading at deep discounts. The fund targets second-wave AI beneficiaries like Vistra's data center power and Baker Hughes' energy equipment, plus turnaround stories like Flex and Teva. Portfolio trades at 11.5x earnings versus 21.5x for S&P 500. |
| Sep 30 2024 | 2024 Q3 | AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC | healthcare, Mining, nuclear, semiconductors, Utilities, value |
Gold AVTR PEG |
Sound Shore delivered 6.70% Q3 returns through value-focused stock selection, outperforming the S&P 500. Strong contributors included Barrick Gold on improved operations, Avantor on bioprocessing growth, and PSE&G on nuclear power premiums. Economic slowdown pressured NXP and FedEx. The portfolio trades at an attractive 11.5x forward P/E discount to markets. |
| Jul 31 2024 | 2024 Q2 | BBWI, GEHC, ORCL, TEVA | healthcare, long-term, Pharmaceuticals, retail, technology, value |
BBWI GEHC ORCL TEVA |
Sound Shore's contrarian value strategy lagged in Q2 but maintains strong year-to-date outperformance. The portfolio trades at attractive 11.2x forward P/E with positions in Oracle benefiting from AI growth and Teva recovering under new management. Despite macro uncertainty and geopolitical tensions, managers view current volatility as creating opportunities for their long-term approach. |
| Apr 15 2024 | 2024 Q1 | BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW | Adaptability, contrarian, energy, large cap, Utilities, value |
VST CEG TEVA AYI |
Sound Shore Fund's contrarian value strategy delivered 17.05% in Q1 2024, outperforming benchmarks through holdings in adaptable companies trading at attractive valuations. Key contributors included power producers Vistra and Constellation Energy benefiting from electricity demand growth. The portfolio trades at 11.7x forward P/E versus 20.9x for the S&P 500, representing significant value. |
| Jan 26 2024 | 2023 Q4 | CEG, CNC, COF, OGN, PVH, VST | Apparel, energy, financials, healthcare, Utilities, value |
PVH COF COGN3 BZ BOAVSTB BZ CNC |
Sound Shore's value strategy delivered 12.43% in Q4 2023, outpacing benchmarks through stock-specific opportunities created by market dispersion. Portfolio trades at 11.1x forward earnings versus 19.5x for S&P 500. Key winners included PVH, Capital One, and Vistra Corp. Healthcare holdings faced headwinds but offer compelling long-term value for patient capital. |
| Sep 30 2023 | 2023 Q3 | CEG, GEHC, MSFT, TEVA, VST | contrarian, energy, healthcare, long-term, Pharmaceuticals, Utilities, value |
GEHC BOAVSTB BZ CEG TEVA |
Sound Shore's contrarian value approach outperformed in Q3 despite market volatility. The fund added to GE Healthcare on temporary weakness while benefiting from power producers Vistra and Constellation Energy. New position in Teva reflects attractive valuations post-restructuring. Portfolio trades at 10.1x forward P/E versus market's 17.8x, positioning for company-specific fundamentals to drive returns. |
| Jun 30 2023 | 2023 Q2 | AMAT, AVTR, CAG, CAH, LEN, OGN, ORCL, PFE | contrarian, Cyclical, healthcare, large cap, technology, value |
ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AMAT GLEN CAH COGN3 BZ |
Sound Shore outperformed Russell Value in Q2 with contrarian positioning in cyclical recovery stories. Oracle and Applied Materials drove performance on AI/cloud themes while healthcare lagged on post-COVID normalization. Portfolio trades at attractive 11.5x forward P/E versus 19.1x for S&P 500, positioned for mini-cycle opportunities across technology, housing, and healthcare sectors. |
| Jan 4 2022 | 2021 Q4 | AMD, AMZN, ATVI, BBY, CANO, CRUS, DOCU, EVRG, F, GOOGL, INTC, LPX, META, PYPL, TCBI, TEN, TSLA, UBER, UPWK, VST | insider buying, Short Selling, technology, Utilities, value |
EVRG ATVI CANO INTC |
Value-focused fund following insider buying signals returned 30% in 2021 despite Q4 lag from high cash. Largest position Evergy bets on utility transformation from EV demand growth. Built significant short book targeting overvalued cloud stocks and Tesla. Manager expects challenging 2022 but optimistic about strategy effectiveness in current overvalued market environment. |
| Oct 10 2021 | 2021 Q3 | AMD, AMZN, BBBY, BHG, CASI, CCI, CRUS, EGHT, EVRG, GBX, GOOGL, LPX, MBIO, META, NSC, SAVA, SPY, TCS, UPWK, VRTX, VST, XOM | Cash, dividends, energy, inflation, Insider Trading, oil, Stagflation, Utilities | EVRG | Insider-focused fund positioning for energy transition through electric utilities and inflation protection via commodities. Largest holding Evergy benefits from renewable transition while maintaining oil exposure for near-term price appreciation. High cash position reflects cautious stance given lack of insider buying activity. Expects stagflation environment with utility sector revaluation potential despite interest rate headwinds. |
| Jul 23 2021 | 2021 Q2 | AGR, AMD, AMZN, BBBY, BMRN, CASI, CBOE, CCI, CNP, D, DHR, GOOGL, INCY, JKHY, MPLN, NUS, SAVA, UPWK, VST | Biotech, Energy Transition, Insider Trading, technology, Utilities, value |
UPWK VST AMZN |
Insider-focused fund underperformed in Q2 but delivered 97% annually. Holds 25% cash due to poor insider buying signals and elevated valuations. Core thesis centers on energy transition wealth transfer to utilities, holding 14.1% in regulated electric companies. Also owns Amazon and Google for their dominant business models. Cautious stance reflects anemic insider activity and market concentration in mega-cap tech. |
| Apr 22 2021 | 2021 Q1 | CBOE, CERN, COIN, DHR, HAE, INCY, INTC, MAC, NUS, RKT, SAVA, UPWK | Biotech, inflation, Insider Trading, small cap, Speculation, technology, value | - | Insiders Fund posted 28.41% Q1 returns led by Cassava Sciences 10-bagger on Alzheimer's drug news. Strategy of following insider buying proved effective as market rotated from speculation to value. Now holding 22% cash as opportunities scarce with few stocks trading below insider purchase prices. Maintains bearish crypto stance via Coinbase short position. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI emerged as a potential threat to information technology systems and software this quarter, causing tech investments like Qualcomm, Check Point, and Kyndryl to sell off. However, Qualcomm is adapting by facilitating AI functionality in new markets and driving chip adoption. Marvell Technology benefits from AI infrastructure demand through its networking, optical business, and custom silicon division that co-develops chips for hyperscalers. |
Artificial Intelligence Technology Semiconductors Infrastructure Custom Silicon |
EnergyEnergy was the best performing sector due to surging oil and gas prices from the Iran war. Holdings Coterra Energy, EQT and BP each returned close to 20% or more. The manager focuses on sustainable businesses with low-cost reserves and fortress-like balance sheets, finding continued value on normalized long-term cash flow despite geopolitical volatility. |
Oil Natural Gas Geopolitical Risk Energy Producers | |
ValueThe portfolio maintains a disciplined value approach, trading at an attractive twelve-month forward P/E ratio of 12.8 times versus the S&P 500 at 19.4 times and Russell 1000 Value at 16.0 times. The manager emphasizes prioritizing both valuation and fundamental sustainability of businesses, sticking to investment discipline over full market cycles. |
Valuation P/E Ratio Discipline Fundamentals | |
VolatilityMarket volatility increased with higher interest rates, lower stock correlations, and extreme industry swings. The manager views this volatility as a key source of opportunity, with tracking error rising sharply to reflect increased ability to differentiate through active stock selection. Narrative-driven volatility creates fertile ground for their disciplined approach. |
Market Volatility Tracking Error Stock Selection Opportunity | |
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. Manager believes dominant vertical software platforms can successfully reinvent themselves for an agentic world and fend off AI-native startups through domain expertise and mission-critical systems integration. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, but manager sees meaningful differentiation. Incumbents with engineering talent and proprietary data have structural advantages in deploying AI tools. Early adopters historically capture more economic benefits than infrastructure providers. |
Enterprise Software SaaS Technology Vertical Software | |
Small CapsLong-anticipated broadening out to small cap value industries has occurred, but fund's software overweight prevented participation in this leadership shift. Small cap value has outperformed while software has underperformed despite being cheaper than traditional value industrials. |
Small Cap Value Russell 2000 Market Leadership | |
HotelsChoice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiples due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments like Extended Stay and international markets while potentially unlocking $700 million in balance sheet capital for share buybacks. |
Hospitality Franchising Real Estate Travel | |
| 2025 Q3 |
MediaLegacy media companies are creating value through strategic restructuring and streaming business improvements. Warner Brothers Discovery exemplifies this with balance sheet deleveraging, streaming profitability, and potential asset separation creating sum-of-parts value recognition. |
Streaming Content Restructuring Asset Separation Linear TV |
Energy TransitionIndependent power producers with renewable assets are benefiting from data center electricity demand and infrastructure investment. AES Corporation's utility-scale solar projects powering hyperscaler data centers represent the transition to different energy sources. |
Solar Data Centers Renewable Energy Infrastructure Power Generation | |
GoldGold prices have been driven higher by investor concerns over fiscal stability, benefiting mining companies like Barrick with expanding copper operations alongside their gold business. |
Gold Miners Fiscal Stability Copper Precious Metals | |
PaymentsPayment services providers face technological disruption from stable coins but also opportunity to help banks develop new capabilities. The sector has experienced de-rating despite solid fundamentals and improving business mix. |
FinTech Stable Coins Digital Payments Banking Technology | |
| 2025 Q2 |
AIThe appetite for semiconductor chips is being fueled by excitement around artificial intelligence technology potential. The world needs more data centers and electricity to power AI infrastructure, creating opportunities for suppliers like FLEX. |
Data Centers Semiconductors Infrastructure Technology Power |
HealthcareHealthcare holdings faced regulatory uncertainty regarding Medicaid reimbursement, pharmaceutical pricing and tariffs. The fund added to positions like Teva Pharmaceutical and Hologic during price dislocations, with Hologic trading at compelling 14 times earnings valuation. |
Pharmaceuticals Medical Devices Regulation Valuation Diagnostics | |
MediaTechnology is disrupting legacy media as the transition to digital streaming accelerates. Disney represents an attractive risk/reward opportunity with potential growth in US and abroad, recently hitting new highs on ESPN streaming service launch plans. |
Streaming Digital Entertainment Content Disruption | |
Energy TransitionPower generator AES has been hampered by prospective changes to investment tax credits for renewable energy sources, despite having a customer base that continues placing orders for renewable systems to power data centers. |
Renewables Tax Credits Data Centers Power Generation Policy | |
| 2025 Q1 |
ValueSound Shore emphasizes their value investing approach, highlighting that their portfolio trades at 11.0 times forward earnings versus 20.1 times for the S&P 500. The manager notes that quality at an attractive price has performed well over the past five years as interest rates normalized from zero. |
Value Earnings Quality |
PharmaceuticalsTeva Pharmaceutical was discussed as a key holding that was impacted by regulatory concerns but remains attractively valued at 4 times earnings with 20%+ free cash flow yield. The manager added to the position on weakness, citing new leadership's focus on execution and pipeline development. |
Pharmaceuticals Generics Specialty Pharma | |
CybersecurityCheck Point Software Technologies was the top contributor for the period, benefiting from improved bookings and positive revenue outlook. The manager views cybersecurity as a critical focus for businesses and added the position when it was trading at below normal 17 times earnings. |
Cybersecurity Enterprise Software IT Services | |
GoldBarrick Gold benefited from rising gold prices and expanding copper business. The manager initiated the investment when the stock was trading at below normal valuations due to poor acquisitions and inflationary pressures, but sees improvement under new management. |
Gold Gold Miners Copper | |
| 2024 Q4 |
ValueSound Shore specializes in identifying overlooked companies undergoing transformations, targeting businesses with strong fundamentals trading at attractive valuations relative to growth potential. The portfolio trades at 11.5x forward P/E versus 21.5x for S&P 500, despite strong balance sheets and free cash flow. |
Undervalued Transformation Fundamentals Discount Intrinsic |
AIThe fund sees AI impact extending beyond semiconductors and cloud services to second and third derivative beneficiaries across utilities, energy, and information technology. Portfolio includes companies like Vistra Corp for data center power, Baker Hughes for AI-enabled production analysis, and Oracle for database and cloud services. |
Data Centers Cloud Infrastructure Technology Innovation | |
Energy TransitionInvestment in companies supporting the shift to cleaner energy, including Vistra Corp's carbon-free nuclear facilities for data centers and Baker Hughes' LNG infrastructure enabling natural gas to replace coal and crude oil globally to reduce carbon emissions. |
Nuclear LNG Carbon Clean Energy Infrastructure | |
| 2024 Q3 |
ValueSound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow. |
Value Discount Undervalued P/E Free Cash Flow |
GoldBarrick Gold rose after posting earnings that topped forecasts driven by improved cost performance and higher metals prices. The company was purchased at below normal valuations due to past acquisition issues and inflationary pressures, but new management has streamlined operations. |
Gold Barrick Mining Metals Cost Performance | |
NuclearThe fund discusses the resurgence of nuclear power as a base load electricity source. PSE&G's nuclear plants sit in an unregulated subsidiary that can capture upside from increased power prices, with carbon-free and reliable electricity commanding a premium in the marketplace. |
Nuclear Power Generation Electricity Carbon-free Base Load | |
| 2024 Q2 |
ValueThe fund focuses on attractively valued companies trading below peer valuations, with the portfolio at 11.2x forward P/E versus 20.9x for S&P 500. They seek companies with internally driven earnings and sustainable competitive advantages. |
Valuation Earnings Contrarian Undervalued P/E |
AIOracle's cloud and AI efforts are expected to potentially double earnings per share over the next 5 years as the company leverages its database dominance to compete in the AI infrastructure space. |
Cloud Database Infrastructure Technology | |
| 2024 Q1 |
ResilienceSound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets. |
Adaptability Business Models Contrarian Sustainability Balance Sheets |
Energy TransitionThe fund holds independent power producers Vistra and Constellation Energy, which benefit from rising electricity prices and improving demand environment. Constellation is the biggest producer of carbon-free electricity in the US with nuclear power plants, positioned to benefit from growing demand for reliable clean power including data center demand. |
Clean Power Nuclear Electricity Demand Carbon Free Data Centers | |
ValueSound Shore's portfolio had a forward price-earnings multiple of 11.7 times consensus estimates as of March 31, 2024, representing a meaningful discount to the S&P 500 Index at 20.9 times and the Russell Value at 15.9 times. The managers believe the portfolio represents tremendous value. |
Valuation Discount Price Earnings Undervalued Value Investing | |
| 2023 Q4 |
ValueSound Shore emphasizes fundamental value investing with stocks trading at attractive valuation levels. The portfolio has a forward P/E of 11.1x versus S&P 500 at 19.5x, demonstrating significant discount to market. Manager highlights that their strategy doesn't need a value-driven market to produce attractive returns. |
Valuation Discount Fundamental |
Energy TransitionVistra Corp represents the energy transition theme with diversified fuel sources including solar, natural gas, nuclear and battery storage. The company is transitioning to sustainable footprint by closing fossil fuel plants and increasing renewables portfolio while maintaining reliable clean power supply. |
Renewables Nuclear Clean Power | |
BuybacksVistra management is using excess cash flow to repurchase 40% of outstanding shares over five years and is more than halfway through that process. This demonstrates significant capital return to shareholders through share buyback programs. |
Share Repurchase Capital Return | |
| 2023 Q3 |
Independent Power ProducersStrong contributions from Vistra and Constellation Energy as higher US electricity prices exposed grid reliability issues. Vistra benefits from diversified fuel sources and low costs, while Constellation leads in carbon-free nuclear power with regulatory tailwinds from the Inflation Reduction Act. |
Nuclear Grid Electricity Baseload Clean Energy |
Energy TransitionConstellation Energy represents the clean energy transition with nuclear power plants providing carbon-free electricity. The company benefits from regulatory changes including nuclear credits and premium pricing for reliable baseload power. |
Nuclear Carbon-free Clean Energy Baseload Regulatory | |
GenericsNew position in Teva Pharmaceuticals, a generic and specialty drug maker focused on neurological, respiratory diseases and oncology. Following poor capital allocation in prior years, management has positioned for renewed growth with promising branded drug pipeline. |
Pharmaceuticals Pipeline Specialty Neurological Oncology | |
| 2023 Q2 |
AITechnology sector benefited from excitement around artificial intelligence potential, driving semiconductor demand. Oracle and Applied Materials are positioned to benefit from AI-driven cloud and infrastructure growth, with Oracle's AI efforts potentially doubling earnings over 5 years. |
Artificial Intelligence Cloud Semiconductors Technology Innovation |
Semiconductor CycleApplied Materials exemplifies mini-cycle dynamics as wafer fabrication equipment spend corrected in 2022 and first half 2023, but business is now stabilizing. Capital deployment anticipates supply needs from cloud adoption, AI, IoT, and electric vehicles. |
Semiconductors Capital Equipment Cyclical WFE Technology | |
HomebuildersHousing experiencing mini-cycle correction in 2022, but US is structurally short housing. Lennar has scale advantages over smaller builders and benefits from supply/demand imbalance with right positioning in geography and pricing. |
Housing Construction Supply Demand Real Estate Cyclical | |
ValuePortfolio attractively valued at 11.5x forward P/E versus S&P 500 at 19.1x and Russell Value at 14.2x. Contrarian approach seeks overlooked opportunities amid market concentration and momentum-driven performance. |
Valuation Contrarian P/E Ratio Overlooked Fundamental | |
| 2021 Q4 |
Electric VehiclesManager sees Ford as clear #2 winner in EV market with F-150 Lightning expected to exceed expectations. However, believes entire auto industry including Tesla will sacrifice profits for market share in existential fight for survival. |
Ford Tesla Automotive Competition |
Regulated UtilitiesLargest holding at 15% weighting. Manager views utilities as monopolies transitioning to renewables with government incentives. Expects dramatic earnings growth from EV charging demand creating new revenues for 2-3% growth industry. |
Evergy Monopoly Renewables Infrastructure | |
CloudManager is shorting several cloud stocks believing almost the whole sector is overvalued by 5x. States not everyone will turn out to be AWS or Google, with many companies having no profits and no clear path to them. |
AWS Overvaluation Profitability | |
SemiconductorsMixed view with profitable trades in semiconductor ETF SMH in Q4. Bullish on Intel despite market pessimism, citing strong culture and potential supply chain reshoring from Taiwan. Concerned about geopolitical risks to Taiwan Semiconductor. |
Intel Taiwan Supply Chain Geopolitics | |
GamingOwns Activision despite recent sexist culture charges. Manager notes video gaming is now bigger than movie industry and expects potential acquisition. Believes controversy won't damage sales, only ESG ratings. |
Activision Call of Duty Acquisition | |
| 2021 Q3 |
InflationManager is actively positioning for inflation through ETFs tracking various inflation measures, futures trades in oil, gas, copper, and gold. Believes inflation is a good bet driven by supply disruption and pass-through of energy and labor costs. Expects transitioning to net zero carbon world will be expensive and inflationary. |
Commodities Energy Hedging Futures ETFs |
Energy TransitionFund heavily weighted in electric utilities positioned to benefit from transition away from coal toward wind and solar. Believes there will be a giant transfer of wealth from oil and gas industry to regulated electric utility industry as transportation fleet electrifies and electricity demand doubles or triples. |
Utilities Renewables Solar Wind Electrification | |
OilDespite bullish view on energy transition, manager maintains heavy weighting in midstream gas and oil and integrated fossil fuel companies like Exxon. Believes combustion engine won't disappear in timeframe that justifies current discount of oil and gas sector, and expects hydrocarbon prices to soar as drive to net zero isn't properly planned. |
Hydrocarbons Midstream Integrated Oil Energy | |
DividendsPortfolio heavily skewed toward dividend paying stocks, mostly electric utilities and midstream oil and gas pipelines. Top ten holdings have average dividend yield of 4.39%, which is striking when bonds and risk-free returns are so low. Earning over 3% in dividend income while waiting for investment themes to play out. |
Income Yield Utilities Pipelines | |
RatesManager has large bet on rising interest rates through December 2023 put options on 30-year treasury. However, now more concerned about stagflation than rising rates. Acknowledges utility stocks will underperform in rising rate environment but believes growth prospects may override interest rate concerns. |
Treasury Stagflation Monetary Policy | |
| 2021 Q2 |
Energy TransitionThe fund sees a giant transfer of wealth from oil and gas to regulated electric utilities as transportation electrifies. California requires zero-emission vehicles by 2035, EU bans combustion engines by 2035, and Shell is moving into renewable electricity. This creates a low-risk sector with above-market dividends and underappreciated revenue growth. |
Utilities Renewable Electric Transportation Regulation |
Regulated UtilitiesUtilities are regulated monopolies allowed to earn agreed-upon ROE. The fund holds Vistra, Avangrid, and Centerpoint representing 14.1% of portfolio, earning over 3% dividend income while waiting for the electrification theme to play out. Rising interest rates are the main concern, hedged with TLT puts. |
Utilities Dividends Monopoly ROE Interest | |
E-commerceAmazon is described as an impossible competitor and ultimate Pac Man company, gobbling up commerce piece by piece. They own 40% of e-commerce, the fastest growing sector, plus dominant AWS cloud business. Only government antitrust regulation poses a real obstacle to their expansion. |
Amazon Commerce Cloud Antitrust Growth | |
| 2021 Q1 |
BiotechnologyFund had significant exposure to small-cap biotech with mixed results. Achieved a 10-bagger with Cassava Sciences on Alzheimer's drug news, but took large losses on Casi Pharmaceuticals despite insider buying. Manager notes biotech requires diversified approach as one winner can pay for multiple losers. |
Alzheimer's Drug Development Clinical Trials FDA Pipeline |
SPACsManager notes the heady start to 2021 in speculative names and SPACs has completely rotated back to large-cap stocks. References the collapse of speculative investments as fundamentals and value once again count for something in the market. |
Speculation Direct Listing IPO Public Markets | |
CryptoFund holds a short position in Coinbase, viewing it as overvalued at IPO timing. Manager believes bitcoin is a house of cards and Coinbase's first-mover advantage is ephemeral as competition increases from brokerages and payment platforms. |
Bitcoin Exchange Trading Platform Competition | |
SemiconductorsFund owns Intel as a contrarian play, believing the largest U.S. semiconductor manufacturer will eventually return to growth. Manager sees potential geopolitical catalyst if China moves on Taiwan, disrupting Taiwan Semiconductor operations. |
Manufacturing Defense Geopolitics Taiwan | |
InflationManager identifies inflation popping up in many places including housing prices and rents, with supply restraints bumping into increased demand. Notes the market is nervous about sudden rise in yield curve that Fed doesn't control. |
Housing Supply Chain Demand Yield Curve |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 5, 2026 | Fund Letters | The Sound Shore Fund | QCOM | Qualcomm Incorporated | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, automotive, data centers, Developer Tools, diversification, IoT, Licensing, Mobile Chips, semiconductors | Login |
| May 5, 2026 | Fund Letters | The Sound Shore Fund | MRVL | Marvell Technology, Inc. | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Amazon, Asic, custom chips, data centers, Google, hyperscalers, Networking, Optical, semiconductors | Login |
| Nov 8, 2025 | Fund Letters | Harry Burn, John P. DeGulis, T. Gibbs Kane | WBD | Warner Bros. Discovery, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | Content, deleveraging, Freecashflow, M&A, media, rerating, spinoff, Streaming | Login |
| Nov 8, 2025 | Fund Letters | Harry Burn, John P. DeGulis, T. Gibbs Kane | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Bull | NYSE | acquisition, datacenters, infrastructure, Power, renewables, Solar, Storage, utilities | Login |
| Nov 8, 2025 | Fund Letters | Harry Burn, John P. DeGulis, T. Gibbs Kane | TLNE | Talen Energy | Other | Independent Power Producers | Bull | - | Baseload, datacenters, Electricity, Naturalgas, Nuclear, Powerdemand | Login |
| Jul 24, 2025 | Fund Letters | Harry Burn | HOLX | Hologic, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Buyout Rumors, diagnostics, PE ratio, valuation, women's health | Login |
| Jul 24, 2025 | Fund Letters | Harry Burn | FLEX | Flex Ltd. | Information Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | AI infrastructure, data centers, manufacturing, Outsourcing | Login |
| Jul 24, 2025 | Fund Letters | Harry Burn | AES | The AES Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | New York Stock Exchange | data centers, infrastructure, renewable energy, tax credits, utilities | Login |
| Jul 24, 2025 | Fund Letters | Harry Burn | DIS | The Walt Disney Company | Communication Services | Entertainment | Bull | New York Stock Exchange | media, scale, sports, Streaming, transformation | Login |
| Jul 24, 2025 | Fund Letters | Harry Burn | TEVA | Teva Pharmaceutical Industries Limited | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | drug pipeline, growth acceleration, pharmaceuticals, turnaround | Login |
| Jun 30, 2025 | Fund Letters | The Sound Shore Fund | DIS | The Walt Disney Company | Communication Services | Movies & Entertainment | Bull | NYSE | Content, Digital transformation, entertainment, ESPN, media, Streaming, theme parks | Login |
| Jun 30, 2025 | Fund Letters | The Sound Shore Fund | HOLX | Hologic, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | buyout, diagnostics, Healthcare Equipment, medical technology, private equity, valuation, women's health | Login |
| Jun 30, 2025 | Fund Letters | The Sound Shore Fund | FLEX | Flex Ltd. | Information Technology | Electronic Manufacturing Services | Bull | NASDAQ | Artificial Intelligence, data centers, Electronic Manufacturing, infrastructure, Outsource Manufacturing, technology | Login |
| Jun 30, 2025 | Fund Letters | The Sound Shore Fund | AES | The AES Corporation | Utilities | Independent Power Producers & Energy Traders | Bull | NYSE | data centers, infrastructure, Investment Tax Credits, Power generation, private equity, renewable energy, utilities | Login |
| Jun 30, 2025 | Fund Letters | The Sound Shore Fund | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | NYSE | contrarian, Generic Drugs, growth, healthcare, pharmaceuticals, pipeline | Login |
| Mar 31, 2025 | Fund Letters | The Sound Shore Fund | Gold | Barrick Gold Corporation | Materials | Gold | Bull | NYSE | Commodities, Copper, debt-free, dividends, Free Cash Flow, Gold, Mining, Operational Improvement, Share Buybacks, turnaround | Login |
| Mar 31, 2025 | Fund Letters | The Sound Shore Fund | PYPL | PayPal Holdings, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | digital payments, Fintech, margin expansion, Mobile payments, net cash, Share Buybacks, technology, turnaround | Login |
| Mar 31, 2025 | Fund Letters | The Sound Shore Fund | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | NASDAQ | Free Cash Flow, Generic Drugs, healthcare, Neurological, pharmaceuticals, Respiratory, Specialty Drugs, turnaround | Login |
| Mar 31, 2025 | Fund Letters | The Sound Shore Fund | CHKP | Check Point Software Technologies Ltd. | Information Technology | Systems Software | Bull | NASDAQ | cybersecurity, earnings growth, Enterprise software, Free Cash Flow, Information Security, Share Buybacks, Software, technology | Login |
| Mar 31, 2025 | Fund Letters | The Sound Shore Fund | DIS | The Walt Disney Company | Communication Services | Movies & Entertainment | Bull | NYSE | Content, dividend, entertainment, ESPN, Hulu, International Growth, media, Share Buybacks, Streaming, theme parks | Login |
| Dec 31, 2024 | Fund Letters | The Sound Shore Fund | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | NYSE | Branded Drugs, Clinical trials, Free Cash Flow, Generic Drugs, margin expansion, pharmaceuticals, pipeline development, turnaround, Value | Login |
| Dec 31, 2024 | Fund Letters | The Sound Shore Fund | BA | The Boeing Company | Industrials | Aerospace & Defense | Neutral | NYSE | Aerospace, Aircraft Deliveries, Commercial Aviation, Cyclical, Free Cash Flow, manufacturing, operational challenges, risk management | Login |
| Dec 31, 2024 | Fund Letters | The Sound Shore Fund | FLEX | Flex Ltd. | Information Technology | Electronic Manufacturing Services | Bull | NASDAQ | automotive, contract manufacturing, Electronics Manufacturing Services, Industrial, margin expansion, Medical devices, Operational Turnaround, transformation, Value | Login |
| Sep 30, 2024 | Fund Letters | The Sound Shore Fund | PEG | Public Service Enterprise Group Inc | Utilities | Electric Utilities | Bull | NYSE | Baseload Power, Carbon-Free, data centers, long-term contracts, Nuclear Power, premium pricing, rate base growth, regulated utility, Unregulated Generation | Login |
| Sep 30, 2024 | Fund Letters | The Sound Shore Fund | AVTR | Avantor Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | Bioprocessing, Consumables, Full Position, healthcare, Life Sciences Tools, margin expansion, Peer Discount, recurring revenue, services | Login |
| Sep 30, 2024 | Fund Letters | The Sound Shore Fund | Gold | Barrick Gold Corporation | Materials | Gold | Bull | NYSE | commodity prices, copper mining, debt-free, Free Cash Flow, gold mining, materials, Mining Operations, Operational Improvement, turnaround, Value | Login |
| Jun 30, 2024 | Fund Letters | The Sound Shore Fund | GEHC | GE Healthcare Technologies Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | China exposure, Healthcare Equipment, market leader, medical imaging, medical technology, spinoff, Value | Login |
| Jun 30, 2024 | Fund Letters | The Sound Shore Fund | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | NYSE | Generic Drugs, Management Change, Neurological, pharmaceuticals, pipeline, Respiratory, Specialty Drugs, turnaround | Login |
| Jun 30, 2024 | Fund Letters | The Sound Shore Fund | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | Artificial Intelligence, Cloud computing, Database Software, Digital transformation, Enterprise software, Legacy Technology, Long-term holding | Login |
| Jun 30, 2024 | Fund Letters | The Sound Shore Fund | BBWI | Bath & Body Works, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Consumer products, Market expansion, personal care, share repurchases, Specialty retail, supply chain, Value | Login |
| Mar 31, 2024 | Fund Letters | The Sound Shore Fund | AYI | Acuity Brands, Inc. | Industrials | Electrical Equipment | Bull | NYSE | Commercial Buildings, energy efficiency, Free Cash Flow, Industrial Lighting, Lighting Controls, market leader, Retrofit Solutions | Login |
| Mar 31, 2024 | Fund Letters | The Sound Shore Fund | VST | Vistra Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | Bull market, electricity generation, energy infrastructure, Independent Power Producer, Power Markets, utilities | Login |
| Mar 31, 2024 | Fund Letters | The Sound Shore Fund | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | NYSE | drug pipeline, free cash flow yield, Generic Drugs, healthcare, neurological diseases, Respiratory Diseases, Specialty pharmaceuticals | Login |
| Mar 31, 2024 | Fund Letters | The Sound Shore Fund | CEG | Constellation Energy Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Baseload Power, Carbon-Free Electricity, clean energy, data centers, Electric Vehicles, Exelon Spinoff, Inflation Reduction Act, Nuclear Power | Login |
| Dec 31, 2023 | Fund Letters | The Sound Shore Fund | PVH | PVH Corp | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NYSE | Apparel, brand portfolio, Calvin Klein, Consumer Discretionary, margin expansion, operational efficiency, retail, Tommy Hilfiger, turnaround | Login |
| Dec 31, 2023 | Fund Letters | The Sound Shore Fund | COF | Capital One Financial Corporation | Financials | Consumer Finance | Bull | NYSE | banking, Cloud Technology, credit cards, Deposits, digital banking, financial services, risk management, underwriting, Value | Login |
| Dec 31, 2023 | Fund Letters | The Sound Shore Fund | COGN3 BZ | Organon & Co | Health Care | Pharmaceuticals | Bull | NYSE | cash flow generation, debt reduction, healthcare, pharmaceuticals, R&D pipeline, spinoff, Value, women's health | Login |
| Dec 31, 2023 | Fund Letters | The Sound Shore Fund | BOAVSTB BZ | Vistra Corp | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | clean energy, electricity demand, energy transition, Free Cash Flow, nuclear energy, Power generation, renewable energy, Share Buybacks, utilities | Login |
| Dec 31, 2023 | Fund Letters | The Sound Shore Fund | CNC | Centene Corporation | Health Care | Health Care Services | Bull | NYSE | Government Healthcare, Healthcare services, healthcare solutions, Management Turnaround, Medicaid, Operational Improvement, Value | Login |
| Sep 30, 2023 | Fund Letters | The Sound Shore Fund | GEHC | GE Healthcare Technologies Inc | Health Care | Health Care Equipment | Bull | NASDAQ | China exposure, contrarian, Healthcare Equipment, medical imaging, spinoff, Value | Login |
| Sep 30, 2023 | Fund Letters | The Sound Shore Fund | BOAVSTB BZ | Vistra Corp | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | acquisition, Diversified Fuel, electricity generation, Free Cash Flow, Independent Power Producer, Low cost, Texas | Login |
| Sep 30, 2023 | Fund Letters | The Sound Shore Fund | CEG | Constellation Energy Corp | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Baseload Power, Carbon-Free, clean energy, Inflation Reduction Act, Nuclear Power, premium pricing, spinoff | Login |
| Sep 30, 2023 | Fund Letters | The Sound Shore Fund | TEVA | Teva Pharmaceutical Industries Ltd | Health Care | Pharmaceuticals | Bull | NYSE | Generic Drugs, Neurological, Oncology, pharmaceuticals, pipeline, Respiratory, Specialty Drugs, turnaround | Login |
| Jun 30, 2023 | Fund Letters | The Sound Shore Fund | AMAT | Applied Materials Inc | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Capital equipment, Cloud computing, Cyclical Recovery, Electric Vehicles, semiconductors, Wafer Fabrication | Login |
| Jun 30, 2023 | Fund Letters | The Sound Shore Fund | GLEN | Lennar Corporation | Consumer Discretionary | Homebuilding | Bull | NYSE | capital allocation, Cyclical Recovery, homebuilding, Housing shortage, market share gains, Real Estate, Scale Advantages | Login |
| Jun 30, 2023 | Fund Letters | The Sound Shore Fund | CAH | Cardinal Health Inc | Health Care | Health Care Distributors | Bull | NYSE | At-Home Healthcare, Healthcare Distribution, Medical Products, Operational Improvement, Pharmaceutical Distribution, turnaround, Value Investment | Login |
| Jun 30, 2023 | Fund Letters | The Sound Shore Fund | COGN3 BZ | Organon & Co | Health Care | Pharmaceuticals | Bull | NYSE | cash generation, high dividend yield, pharmaceuticals, R&D pipeline, spinoff, Value Investment, women's health | Login |
| Jun 30, 2023 | Fund Letters | The Sound Shore Fund | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Oracle Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Database, Digital transformation, Enterprise software, Legacy Technology, Software | Login |
| Jan 4, 2022 | Fund Letters | The Sound Shore Fund | INTC | Intel Corporation | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Contrarian Investment, Domestic Manufacturing, Geopolitical Catalyst, insider buying, semiconductors, supply chain, technology leadership, turnaround story | Login |
| Jan 4, 2022 | Fund Letters | The Sound Shore Fund | EVRG | Evergy Inc | Utilities - Regulated Electric | Electric Utilities | Bull | New York Stock Exchange | activist investors, Defensive growth, Electric Utilities, energy transition, Ev infrastructure, insider buying, Regulated Monopoly, renewable energy, Solar power, Wind power | Login |
| Jan 4, 2022 | Fund Letters | The Sound Shore Fund | ATVI | Activision Blizzard Inc | Other | Interactive Media & Services | Bull | NASDAQ | acquisition target, Call of Duty, Contrarian Investment, entertainment, ESG Controversy, Gaming, Multiplayer Games, value play, Video games | Login |
| Jan 4, 2022 | Fund Letters | The Sound Shore Fund | CANO | Cano Health Inc | Other | Health Care Providers & Services | Bull | New York Stock Exchange | Disruptive Model, Growth Investment, healthcare innovation, Healthcare services, Healthcare Transformation, insider buying, Medicare Advantage, Primary Care | Login |
| Oct 10, 2021 | Fund Letters | The Sound Shore Fund | EVRG | Evergy Inc | Utilities - Regulated Electric | Electric Utilities | Bull | New York Stock Exchange | activist investors, clean energy, Electric Utilities, Electrification, energy transition, insider buying, Power Purchase Agreements, Regulated Monopoly, renewable energy, Solar power, Tax Incentives, Wind power | Login |
| Jul 23, 2021 | Fund Letters | The Sound Shore Fund | UPWK | Upwork Inc. | Internet Content & Information | Internet Services & Infrastructure | Bull | NASDAQ | Cash Flow Negative, covered calls, Disruptive Technology, Freelance Marketplace, growth, Options Strategy, SaaS | Login |
| Jul 23, 2021 | Fund Letters | The Sound Shore Fund | VST | Vistra Corp. | Utilities - Independent Power Producers | Independent Power and Renewable Electricity Producers | Bull | New York Stock Exchange | dividend income, Electric Utilities, Electrification, ESG, infrastructure, Regulated Monopoly, renewable energy, Transportation | Login |
| Jul 23, 2021 | Fund Letters | The Sound Shore Fund | AMZN | Amazon.com Inc. | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Antitrust Risk, AWS, Cloud computing, covered calls, e-commerce, growth, market dominance, technology | Login |
| TICKER | COMMENTARY |
|---|---|
| QCOM | Leading semiconductor supplier Qualcomm (QCOM) is one example that was down with the sector. Long known for its mobile chip technology, there is short-term concern that the surge in memory prices will slow the cell phone market. And while this segment is maturing, Qualcomm is rapidly diversifying its business as its robust developer tools facilitate AI functionality in new markets and is driving adoption of QCOM chips. Meanwhile, the company is growing in diverse end markets such as automotive, internet of things and data centers. With its profitable mobile and licensing businesses and a strong balance sheet, we believe Qualcomm has the strategic flexibility to execute on the AI opportunity ahead. |
| DIS | Media and entertainment leader Disney and domestic carrier Southwest Airlines both gave back a portion of their prior gains as fears of a protracted war impacted consumer discretionary and travel related names. Both companies have very strong balance sheets and are benefitting from multiyear restructurings that are driving improved earnings and returns on capital. They remain full positions. |
| LUV | Media and entertainment leader Disney and domestic carrier Southwest Airlines both gave back a portion of their prior gains as fears of a protracted war impacted consumer discretionary and travel related names. Both companies have very strong balance sheets and are benefitting from multiyear restructurings that are driving improved earnings and returns on capital. They remain full positions. |
| CTRA | Surging oil and gas prices drove holdings Coterra Energy, EQT and BP higher, each returning close to 20% or more. Our process leads us to sustainable businesses with low-cost reserves and fortress-like balance sheets. These are critical attributes in today's volatile world and, we believe, make these businesses even more valuable. |
| EQT | Surging oil and gas prices drove holdings Coterra Energy, EQT and BP higher, each returning close to 20% or more. Our process leads us to sustainable businesses with low-cost reserves and fortress-like balance sheets. These are critical attributes in today's volatile world and, we believe, make these businesses even more valuable. |
| BP | Surging oil and gas prices drove holdings Coterra Energy, EQT and BP higher, each returning close to 20% or more. Our process leads us to sustainable businesses with low-cost reserves and fortress-like balance sheets. These are critical attributes in today's volatile world and, we believe, make these businesses even more valuable. |
| MRVL | A bright spot in the tech space was our holding in Marvell Technology. The company designs custom chips that are both flexible and efficient, a competitive advantage we believe will help Marvell take market share and grow rapidly over the next few years. While many debated whether management could effectively scale up the business and compete, we were able to purchase the stock when it was trading at 10 times our estimate of long-term earnings power. Marvell's exposure to data centers stems from a robust networking and optical business—essentially the 'plumbing' of AI infrastructure. Additionally, its emerging custom silicon (ASIC) division co-develops tailored chips for 'hyperscalers' like Amazon and Google to optimize performance and power efficiency for specific AI workloads. We believe this business will double earnings over the next three years. |
| CHKP | A number of our tech investments were detractors for the quarter as a result. Qualcomm, Check Point, and Kyndryl sold off as the market worried about long-term impacts. |
| KD | A number of our tech investments were detractors for the quarter as a result. Qualcomm, Check Point, and Kyndryl sold off as the market worried about long-term impacts. |
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