For the period ending September 30, 2017, the Fund's (Investor Class) 1-, 5-, and 10-year average annual returns were 16.96%, 14.87%, and 6.53%, respectively. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.91% for the Investor Class. Please click here for the Fund's most recent month-end performance, here for the top 10 holdings and related information, and here for the adviser’s most recent assets under management data. One basis point equals 0.01%.
Price/Earnings (P/E) ratio is the ratio of a stock's current price to its per-share earnings. For a fund, the P/E ratio is the weighted average P/E of the stocks it holds.
The Fund's active share as of 09/30/17 was 84.7 vs. the S&P 500 Index; meaning that about 85% of the Fund's holdings are not represented in the Index.
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.
The views in these article reprints and hyperlinks were those of Fund management as of each article's publication date and may be subject to change. These articles should not be considered as an offer to sell or a solicitation of an offer to buy shares of any other securities mentioned.
We are proud to report that Money Magazine has chosen the Sound Shore Fund for the 20th consecutive year to be featured in their Money 50 list. This is Money’s annual compilation of “recommended mutual and exchange-traded funds to construct a portfolio that’s built to last”.
Sound Shore’s Harry Burn and Mayo Smith were recently interviewed by The Wall Street Transcript. Discussed in the interview are details about our investment process, Sound Shore’s contrarian value mindset, and specific insights for some of our holdings. Please click the title link above for the entire interview.
In its January 9th 2017 issue, Barron’s cover story focused on actively managed mutual funds and listed the Sound Shore Fund as one of “seven great ones to buy.” Barron’s analysis made the case – as we here at Sound Shore have for almost forty years -- that funds with high active share - that is, one whose portfolios are distinct from their benchmarks are more likely to outperform after fees. Indeed, Sound Shore’s portfolio of typically 35-45 stocks and our 3 year average holding period, elements unchanged since Sound Shore Management’s founding in 1978, provided the basis for our selection to their list (along with performance). Barron’s also referenced an academic study by finance professors from the University of Notre Dame and Rutgers University that provided the historical data backing up the magazine’s work (click here for a link to the study). We remain committed to our active, long-term investment philosophy and take this opportunity to highlight that a hypothetical $10,000 investment in the Sound Shore Fund at its inception on 5/17/85 would have grown 27-fold in less than 32 years through 12/31/16, assuming reinvestment of dividends and capital gains.
A recent academic study supports what Sound Shore has been discussing with our clients for the last 38 years…the combination of active management and a long-term perspective is likely to increase an investor’s opportunity to outperform the broader market. According to the study, by Martijn Cremers of the University of Notre Dame and Ankur Pareek of Rutgers Business School, funds which deviate substantially from the indices they track (high “active share”) and which have average holding periods of more than two years, "on average outperformed 2% per year." You can read the study dated December 2015 by clicking here.
Barron’s recently published a ranking of the top 200 sustainable mutual funds. We're happy to announce that Sound Shore was named to the list. As long-term investors, we encourage the company management teams that we partner with to manage for the long term. We believe corporations that employ sustainable business practices, or ESG in today’s parlance, typically exhibit less risk and offers investors a better opportunity to outperform over time. Please click here for the full article and to see Sound Shore's ranking.
In a recent interview with Bottom Line Personal, Sound Shore’s Portfolio Manager John DeGulis was asked how readers may take advantage of the recent shift from growth to value stocks. He outlines how Sound Shore’s investment strategy helps the firm identify the most attractive value opportunities.
2016 marks the 19th consecutive year that the Sound Shore Fund has been recognized by Money on their annual list of recommended mutual funds, “The Money 50”. It is quite an honor and we would like to thank all of our investors, so many of whom are long-term, for placing their confidence with Sound Shore, proving once again that consistency and patience are critical to investment success.
Sound Shore’s Portfolio Manager, John DeGulis was recently interviewed by Financial Advisor Magazine’s author Marla Brill. In the interview, he shared some insight on Sound Shore’s approach to picking stocks as well as his thoughts on active management. DeGulis believes that active management offers investors a better opportunity for outperformance and notes, “To beat the index, you cannot be the index.”
Value Investor Insight spoke with four members of Sound Shore’s seven-member investment team - Harry Burn, John DeGulis, Jim Clark and David Bilik - for the January 30, 2015 issue. The detailed profile outlines our investment philosophy, provides practical examples of the process and showcases how Sound Shore is a “case study in sticking to one’s knitting.”
We are pleased to announce that for the 18th consecutive year, the Sound Shore Fund was included in Money’s list of recommended mutual and exchange-traded funds. This year's "Money 50" list selected funds that help construct a portfolio that's built to last.
“A value shop for the long haul” was author Sandra Ward’s description of Sound Shore as featured on the cover of Barron’s July 28, 2014 edition. T. Gibbs Kane Jr. and John P. DeGulis, two of our four investment committee members interviewed for the article, share their perspectives with Barron’s.
Morningstar’s Greggory Warren, CFA, Senior Stock Analyst and Carr Lanphier, Associate Analyst highlight top fund managers within Morningstar’s list of Ultimate Stock Pickers. The Sound Shore Fund was one of four funds that, according to the authors, "... stand out from the rest given their ability to outperform the market over almost all time periods."
We are honored to announce that for the 17th consecutive year, the Sound Shore Fund was included in Money’s list of recommended mutual and exchange-traded funds. This year's "Money 50" list selected funds that help construct a portfolio that's built to last.
Portfolio Manager, John DeGulis speaks with The Wall Street Transcript about Sound Shore’s contrarian, disciplined fundamental value investment process. In the interview, DeGulis highlights specific company examples and details how Sound Shore consistently applies its time-tested contrarian strategy to identify attractive risk/reward opportunities.
Sound Shore Management, Inc., adviser to the Sound Shore Fund, is pleased to announce that the Sound Shore Fund portfolio management team of Harry Burn III, T. Gibbs Kane, Jr. and John P. DeGulis has been nominated for Morningstar’s Domestic-Stock Fund Manager of the Year.
In his most recent report, Gregg Wolper, Senior Fund Analyst at Morningstar, points out that even though the managers of the Sound Shore Fund are risk averse, they look for companies that are financially sound but have a misstep. The Fund looks for candidates that will have a turn in fundamentals and/or catalysts within 18 months. Wolper goes on to highlight that Sound Shore’s consistent investment process has delivered top decile performance in the large-value category in 2012 and YTD 2013.
Sound Shore’s Co-Portfolio Manager, John DeGulis discusses the fund’s investment process in an interview with Murray Coleman, Funds Columnist for Dow Jones & Co./WSJ.com.
Barron’s reporter Ben Levisohn recently highlighted the Sound Shore Fund as a wise choice for investors looking for an investment manager with “. . . a quality value approach – buying stocks that look undervalued for one reason or another but have competitive advantages, strong balance sheets, and other characteristics that help separate the gold from the dross.” To read the full article, click the title above or the pdf.
Morningstar’s Greg Wolper recent profile of the Sound Shore Fund includes positive assessments of Sound Shore’s company-specific research process, long-term competitive performance, firm stability since 1978, and team consistency.
Morningstar recently cited the Sound Shore Fund as one of the more attractively valued large-cap funds using their proprietary Price/Fair Value Ratio.
For the 16th consecutive year, Money Magazine selected the Sound Shore Fund to its annual list of recommended funds, the “Money 70”.
Sound Shore was included as one of Morningstar’s seven fund picks for the article, “Buy the Unloved 2013”. The article suggests using fund flows as a contrarian indicator can be an effective strategy.
The Sound Shore Fund was recently profiled by Morningstar in their analyst report, “Sound Shore: No Problem Finding a Record to Evaluate.” Morningstar’s Gregg Wolper reviewed the Fund based upon their firm’s five analytical pillars.
The Sound Shore Fund was selected to the 2012 Money 70 list of recommended mutual funds. This is the 15th consecutive year Sound Shore has been included.
From Morningstar: "More Evidence Supports Manager Ownership."
Morningstar recently updated its research on mutual fund performance and
fund manager ownership and concluded that ". . . funds whose managers
have skin in the game have outperformed those whose managers don't
invest in their funds." We are proud to report that each of Sound
Shore's managers has significant investments in the Sound Shore Fund, as
disclosed in the Statement of Additional information.
Data discussed in the article is as of 12/31/10.
We are proud to report that Money Magazine recently named the Sound Shore Fund to its annual recommended list of best mutual funds for the 14th consecutive year. The magazine’s 2011 “Money 70” honor roll included funds that combined lower than average fees, strong stewardship, experienced managers with consistent strategies, and competitive long-term performance.
Money Magazine recently included The Sound Shore Fund on a concentrated list of investment opportunities, commenting that Sound Shore’s "…disciplined, numbers-oriented approach is well suited to today’s uncertain market”.
Sound Shore's disciplined, fundamental value investment process was recently profiled by reporter Peter Stass.
Sound Shore's investment team member Jim Clark was recently interviewed by Oil & Gas Investor Magazine about the firm's investment process and several energy holdings.
We are proud to report that on May 17th 2010, the Sound Shore Fund celebrated its 25th birthday. As we noted in the Fund’s first quarter 2010 shareholder report, during the ten year period ending March 31, 2010, a $10,000 investment in the Sound Shore Fund would have grown to $15,884, while a comparable investment in the S&P 500 would have declined to $9,365. Thanks to our fellow shareholders for their investment alongside ours in The Sound Shore Fund.
Morningstar recently interviewed the Sound Shore team regarding its investment process, several holdings, and perspectives on the most recent bear market.
Sound Shore was recently highlighted as “A Low Profile Market Beater” by Morningstar’s mutual fund research team on the MoneyShow.com website.
We are proud to report that Money Magazine recently has named the Sound Shore Fund to its annual recommended list of best mutual funds for the 13th consecutive year. The magazine’s 2010 “Money 70” honor roll included funds that combined long-term competitive performance with low expenses, a consistent investment strategy, experienced managers, and trustworthiness.
“Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. Moreover, there can be no guarantee that any strategy will be successful.”
The Sound Shore Fund was recently highlighted in Morningstar Advisor’s article “How the Best Large Cap Managers Rise Above the Rest.”
Money Magazine recently included the Sound Shore Fund in a recommended list of ideas for how to invest $10,000 today.
Morningstar mutual fund research recently profiled the Sound Shore Fund as one that, “has the traits that one looks for in a long-term core holding.”
A recent article from Adviser Perspectives written by David Solow, an independent registered investment adviser, provides evidence and analysis indicating that truly active managers, as measured by “Active Share,” have delivered market beating results over time.
Morningstar mutual fund analyst Gregg Wolper recently profiled the Sound Shore Fund in an article titled “Sound Shore’s outperformance during market downturns just one of its attractions”.
Money Magazine has named the Sound Shore Fund to its 2009 list of best mutual funds for the 12th consecutive year. Mutual funds included in the “Money 70” were selected for their competitive performance, low expenses, manager tenure and experience, and stewardship, according to the magazine.
We’re happy to report that the Sound Shore Fund was listed in SmartMoney’s “100 Best Time-Tested Funds”. From a universe of more than 5,000 mutual funds, the magazine selected only those “that survived the ups and downs”.
Barron’s magazine recently interviewed the Sound Shore team regarding its investment process and recent holdings.
The Fall 2008 edition of Morningstar Advisor magazine listed the Sound Shore Fund as one of only 27 domestic equity mutual funds out of a universe of 2,895 funds where each portfolio manager of the Fund has at least $1 million invested in their product. Morningstar based its analysis on required disclosure filed with the Securities & Exchange Commission as of 12/31/07. In addition to these individual investments by our senior managers, we are also proud that all employees with a minimum of one year on the Sound Shore team participate in our profit sharing plan which is invested exclusively in the Sound Shore Fund.
Sound Shore Fund nominated by Morningstar for its 2008 Domestic Stock Manager of the Year award!
Morningstar says that the Sound Shore Fund “avoided nearly all of the financials that suffered the worst subprime-mortgage damage, as well as homebuilders. As a result, the fund’s moderate year to date loss puts it ahead of 98% of it category peers. Over the long haul, the fund’s results have shone in both absolute and relative terms.”
Sound Shore Management’s bottom-up, company by company investment process was recently profiled by Kiplinger.com in an article titled “Winning With Out-of-Favor Stocks.”
Sound Shore’s Co-Portfolio Manager, John DeGulis was recently interviewed by the Editor and Publisher, Mark Salzinger of The No Load Fund Investor newsletter.
Senior mutual-fund analyst, Greg Wolper of Morningstar recently published an article titled, “Sound Shore Shows Impressive Coping Skills”. He references Sound Shore’s strategy and how it has “led to long-term success.” He closes the article with, “all in all, this fund itself makes for an appealing long-term holding.”
We are pleased to be named to the February, 2008 “Money 70” list of best mutual funds and remain a recommended fund for the 11th consecutive year.” Money’s criteria focus on “low expenses, a strong record for putting share-holder interests first, a consistent investment strategy and experienced managers.”
In an interview with Murray Coleman for the Dow Jones MarketWatch publication of “The Stockpickers”, Fund co-portfolio manager, John DeGulis discusses three stocks that have helped Sound Shore find “relative bargains in tech, health care and media”.
For the tenth year in a row, the Sound Shore Fund made Money magazine’s annual list of best mutual funds. The “Money 70,” recommends funds that are described as being, “built to last, no matter what the market brings.”
In SmartMoney’s fund screen, “Long-Term Leaders,” the Sound Shore Fund was one of ten mutual funds highlighted in the article. SmartMoney’s screen “started with funds whose managers had been in place for longer than a decade…then narrowed the field by demanding performance during that time period was in the top 25% of a fund’s given category. Finally (they) weeded out any fund charging higher than a 1.5% expense ratio. Funds that charge a load were also allowed, since many long-term managers are employed by independent fund shops.”
The Sound Shore Fund and it’s “highly competitive” team were featured in Tim Beyers weekly edition of “Better Know a Stock Picker.” Beyers states that, “It’s remarkably difficult to beat the market consistently, yet they’ve done it for more than 20 years without charging exorbitant fees.”
The Sound Shore Fund was featured in the “Money 65,” Money magazine’s 2006 list of low-cost, well-managed mutual funds. This is the ninth consecutive year that Sound Shore has been included in Money’s lineup.
The Sound Shore Fund was highlighted in an article titled "7 Great Funds to Buy Now" in the February 2006 issue of SmartMoney. The article refers to the Fund's 20-year track record: "That's good enough to put it in the top 5 percent of its category..."
The Fund's (Investor Class) 09/30/2017 numeric ranking within Morningstar's Large Value category for the 1-,3-,5- and 10-year periods were 575 of 1,269 funds; 643 of 1,108 funds; 33 of 962 funds and 180 of 689 funds, respectively.
© 2016 Lipper, a Thomson Reuters Company. Republication or redistribution of Lipper content, including by framing or similar means, is prohibited without the prior written consent of Lipper. "Thomson Reuters" and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies and are used herein under license. The Fund’s numeric rankings are based solely on total return performance. Earnings Per Share(EPS) is the portion of a company's profit allocated to each outstanding share of common stock. The S&P 500 Index consists of 500 widely held common stocks. This Index, calculated by Standard and Poor’s, is a total return index with dividends reinvested. The Russell 1000 Value Index consists of stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The Dow Jones Industrial Average consists of 30 stocks that are considered to be major factors in their industries and that are widely held by individuals and institutional investors. One cannot invest directly in an index.