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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Extreme equity market concentration and rising Treasury yields have created a pronounced valuation disparity between momentum-driven technology giants and fundamentally sound, cash-generative value franchises."
The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 1.37% and 1.34% net of fees, respectively, in the third quarter of 2026, lagging the Russell 1000 Value Index gain of 2.61% and the S&P 500 Index return of 2.30%. The strategy maintained a value-disciplined posture, carrying an average twelve-month forward price-to-earnings multiple of 12.7 times relative to 16.4 times for the Russell 1000 Value and 18.7 times for the S&P 500. Macroeconomic performance was shaped by sharp market bifurcation and equity concentration, where technology weightings accounted for over 20% of the Russell 1000 Value Index while the median constituent gained less than 1% year-to-date. Concurrently, U.S. Treasury yields ascended across maturities, with the 10-year yield touching 5.29%, catalyzing algorithmic selling in interest-rate-sensitive equities amid geopolitical uncertainty, elevated oil prices, and pending midterm elections. Portfolio activity centered on capital deployment into contrarian opportunities and corporate restructurings across healthcare, industrial distribution, and energy. Sound Shore initiated a position in Thermo Fisher Scientific following inventory destocking headwinds, scaled building products distributor QXO under Brad Jacobs' operational rollout, and benefited from restructuring initiatives and capital return targets at Southwest Airlines and BP.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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