Sound Shore 13F (2026 Q1): A Balanced Large-Cap Value Book

A value boutique where no single bet dominates

Sound Shore Management has run large-cap value money out of Greenwich, Connecticut for decades, and its 2026Q1 13F is a near-perfect illustration of the relative-value discipline it practices. The portfolio holds about 40 positions worth roughly $2.98 billion, and the striking thing is how evenly weighted the top of the book is: the largest holding is just 3.92% of reported value, and the next nine all cluster between 2.7% and 3.9%. There is no anchor position here, no 10% conviction bet. Instead there is a deliberately balanced slate of out-of-favor large caps, each sized so that no single name can make or break the fund.

That structure tells you something about the philosophy. A relative-value manager is not trying to find the one stock that triples; it is trying to assemble a basket of companies trading cheaply relative to their own history and their peers, then let mean reversion and patience do the work. Sound Shore's flat weighting is the portfolio expression of that idea.

A genuinely steady asset base

Unlike many concentrated or options-driven filers whose reported totals lurch around quarter to quarter, Sound Shore's 13F value has been remarkably stable, hovering between roughly $2.85 billion and $3.14 billion across the last eight quarters. The 2026Q1 figure of $2.98 billion is down just 1.4% from the prior quarter, the kind of small move you would expect from ordinary market fluctuation in a steady-handed book rather than any dramatic inflow or redemption. That stability makes this one of the cleaner filings to read at face value: the asset trend is real, not an artifact.

The rotation underneath the calm surface

A stable headline can hide active repositioning, and Sound Shore's share-count changes show a manager busily rotating within its value universe. On the buy side, it added meaningfully to healthcare and technology: Regeneron (+31% shares), Marvell (+33%), Disney (+36%), GE HealthCare (+22%), and Zimmer Biomet (+17%), plus a smaller add to Bank of America. On the sell side, it cut Teva Pharmaceutical by 31%, Citigroup by 22%, and CSX by 17%.

Read as a whole, the activity describes a tilt toward healthcare and select technology and away from a recovered pharma name and one of its bank positions. It is exactly the kind of measured, valuation-driven shuffle a relative-value shop makes: trimming what has worked and recycling the proceeds into what now looks cheaper on its own metrics. None of these moves blew out a position size, which keeps the book's signature flat profile intact.

Reading a balanced value book

For investors using institutional filings as a research input, Sound Shore is a useful counterpoint to the headline-grabbing concentrated funds. There is no single dramatic bet to copy here; the value is in the composition, a curated list of large caps a disciplined value team currently finds attractively priced, and in the direction of the share-count changes, which show where that team is leaning in versus backing away. The flat weighting also means the fund's results will track the basket rather than any one stock, a more diversified expression of the value style.

You can review the full 40-position book, the quarter-over-quarter share changes, and the multi-year history on the Sound Shore filer page.