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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Sound Shore outperformed its benchmarks in Q3 2025, capitalizing on corporate restructurings and M&A catalysts within its heavily discounted, value-oriented portfolio."
For the third quarter of 2025, the Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) advanced 8.46% and 8.53%, respectively, outperforming both the Russell 1000 Value Index (5.33%) and the S&P 500 (8.12%). Portfolio returns were driven by corporate self-help dynamics and active M&A discussions. Best contributors included Warner Bros. Discovery (WBD), which surged on structural split plans and buyout rumors, and AES Corporation (AES), which is rumored to be in acquisition talks with BlackRock. In commodities, Barrick Gold (GOLD) performed well on gold/copper strength, while Coterra Energy (CTRA) dragged due to soft oil prices despite solid gas fundamentals. FIS also detracted on fintech sector headwinds but remains a high-conviction value holding. The fund emphasizes its conservative positioning, with its portfolio trading at 12x forward earnings versus 23x for the S&P 500.
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