Portfolio

The Sound Shore Fund Investor (SSHFX) and Institutional (SSHVX) class shares advanced 13.18% and 13.25%, respectively, in the 4th quarter of 2022, ahead of the Russell 1000 Value Index (Russell Value) which was up 12.42%.  The 2022 full year declines for SSHFX of 10.57% and for SSHVX of 10.40% were behind the Russell Value’s decline…

The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 7.81% and 7.78%, (for the Fund’s most recent standardized performance information, click here) respectively, in the third quarter of 2022, trailing the Russell 1000 Value Index (Russell Value) which declined 5.62%.  Year-to-date returns for SSHFX of -20.98% and for SSHVX of -20.88% were behind…

In a broadly down market, globally, Sound Shore’s second quarter 2022 results were ahead of the S&P 500 Index (“S&P 500”) but behind the Russell 1000 Value Index (for the Fund’s most recent standardized performance information, click here). Higher inflation, rising interest rates and a slowing economy pushed the S&P 500 into bear market territory.…

We entered 2022 anticipating that the Federal Reserve would raise interest rates and with consumers feeling the bite of rising prices at the pump and the grocery store.  Over more than four decades of managing portfolios we’ve observed that the Fed’s transition to increasing rates requires investor patience, while keeping a keen eye on the…

Equity markets advanced briskly during the year as investors were encouraged by a recovering global economy and solid corporate earnings growth.  All eleven Standard & Poor’s 500 Index sectors posted double-digit gains.  Growth stocks finished the year with a surge in the fourth quarter, outpacing value stocks and the broader market.  While disappointed that we…

After a significant surge over the last twelve months through May, stocks were mixed in the third quarter of 2021.  Buoyant first half 2021 GDP growth of more than 6% persuaded the Federal Reserve to indicate tapering could begin later this year, with rate increases to follow as soon as 2022.  That guidance left the…

Strong corporate profits and resurgent consumer spending helped drive our strong performance in the second quarter. Investor confidence remained strong due to reopening economies and despite interest rate and inflation concerns. However, performance narrowed vs. the S&P 500 during June, favoring growth stocks, after the US Federal Reserve indicated it could be tightening as soon…

The Sound Shore Fund’s strong first quarter 2021 gain was just ahead of the Russell Value. Stocks continued their recovery to start the year as investors were encouraged by an accommodative Federal Reserve, passage of the American Rescue Plan Act and continued rollout of COVID-19 vaccines. Meanwhile, solid corporate earnings backed up these macro factors.…

As 2020 drew to a close, all of us at Sound Shore reflected on what we are thankful for. Thankful for our health and that of our families, colleagues and our broader community. We understand not everyone has been so fortunate. Thankful that scientists and clinicians can innovate quickly to respond to the pandemic with…

Stocks rose in the third quarter of 2020 as investors overall were encouraged by signs of recovery in much of the economy and improved corporate earnings reports. While COVID-19 vaccine optimism and business reopenings helped to fuel strong market gains through August, a turbulent September followed as virus cases began spiking again and fiscal stimulus…

Dear Investor: Global equities rebounded strongly in the second quarter of 2020 after a swift decline in the first quarter due to the COVID-19 pandemic. Investors were encouraged that unprecedented stimulus from major central banks – nearing $5 trillion in aggregate – combined with economic “re-openings” would lead to a recovery from the current recession.…

The Sound Shore Fund’s strong first quarter 2021 gain was just ahead of the Russell Value. Stocks continued their recovery to start the year as investors were encouraged by an accommodative Federal Reserve, passage of the American Rescue Plan Act and continued rollout of COVID-19 vaccines. Meanwhile, solid corporate earnings backed up these macro factors.…

Stocks finished higher in 2019 bolstered by steady, if not spectacular, economic growth. Ten plus years into the current bull run, the S&P 500 posted record high closings in December. Accommodative central banks, US unemployment at a 50-year low, few signs of inflation and solid corporate earnings all contributed to positive investor sentiment. It wasn’t…

The slowing global economy and declining interest rates set the table for more volatile and defensive stock markets in the third quarter of 2019. The best performing sectors – utilities, REITs and consumer staples – accounted for more than 100% of the Russell 1000 Value Index’s third quarter return. Further, these three “bond proxy” sectors…

Sound Shore’s second quarter 2019 results were ahead of solid gains for both the Russell 1000 Value Index and Standard & Poor’s 500 Index.  Equities proved resilient despite concerns over moderating global growth and trade disputes.  With major central banks indicating a bias toward greater accommodation, the aggregate level of negative yielding debt worldwide reached…

Global stock markets rebounded to start the year as investors were encouraged by central banks’ pausing on interest rate hikes and solid corporate earnings. Participation was broad with all 11 S&P 500 sectors solidly in positive territory. While the market appeared to incorporate a Goldilocks, “just-right” outlook, skepticism was still evident as suggested by the…

Stocks sold off sharply and broadly in the fourth quarter of 2018, leaving the major indices with their worst annual return since 2008.  Equity investors had plenty of company.  Among the major asset classes, only treasury bills and the US dollar finished up for the year.  Indeed, 2018 is being dubbed by many as “the…