Portfolio

Performance

Month End Returns
As of 9/30/2021

*Daily values for the Russell 1000 Value began recording 1/2/1991 through present.

Quarter End Returns
as of 9/30/2021

*Daily values for the Russell 1000 Value began recording 1/2/1991 through present.

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 prospectuses, the total annual fund operating expense ratio (gross) is 0.93% for the Investor Class and 0.84% for the Institutional Class.  The net expense ratio for the Institutional Class is 0.75% since the Fund Adviser agreed to reimburse all of the ordinary expenses.  This agreement is in effect until at least May 1, 2022.  Returns greater than one year are annualized.  The performance for the Institutional Class prior to its inception on 12/9/13 is based on the performance of the Investor Class (inception date 5/17/85), adjusted to reflect the lower expense ratio of the Institutional Class (net of expense reimbursements).  Effective January 1, 2021 the Fund’s primary benchmark index changed from the S&P 500 to the Russell 1000 Value as the Fund’s investment adviser believes it more closely reflects the Fund’s strategy.

Historical Returns

Overall Rating

Investor Class

Institutional Class

Overall rating out of 1,144 large value funds as of 9/30/21 based on Morningstar weighted average of Fund’s 3-, 5-, and 10- year risk-adjusted returns.

Morningstar Sustainability Rating™ based on 94% of AUM as of 7/31/21.

Characteristics

Top 10 Holdings
as of 9/30/21

Holding % Held
Flex Ltd. 4.3
Perrigo Co. PLC 4.1
Wells Fargo & Co. 3.8
Bank of America Corporation 3.5
Vistra Corp. 3.4
Cigna Corporation 3.4
Merck & Co., Inc. 3.4
Alleghany Corporation 3.2
Capital One Financial Corporation 3.0
Oracle Corporation 3.0

Subject to change at any time.

Sector Weights
as of 9/30/21

Portfolio Securities Characteristics
As of 9/30/21

wdt_ID    
1 Price/Earnings Ratio (trailing 4 quarters) 13.6
2 Price/Earnings Ratio (forward 4 quarters) 12.3
3 Price/Book Ratio 1.8
4 Earnings Long-Term Future Growth Rate 24.1%
5 Weighted Average Market Capitalization (billions) $131.4

Earnings long-term future growth rate is the earnings long-term secular growth rate for a period of three to five years per fund holdings; this figure is not a reflection of the Fund's performance. 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. Price/Book (P/B) ratio is the ratio of a stock's current price to its per-share book value. For a fund, the P/B ratio is the weighted average P/B of the stocks it holds.

Fund Statistics/Asset Allocation
As of 9/30/21

wdt_ID Fund Statistics  
1 Net Assets (millions) $1,254
2 Number of Equities 36
wdt_ID Asset Allocation  
1 Stock 97.3%
2 Cash & Cash Equivalents 2.7%

wdt_ID Share Class Info Investor Class Institutional Class
1 Ticker SSHFX SSHVX
2 Inception Date May 17, 1985 December 9, 2013
3 Net Asset Value (NAV) 49.72 50.11
4 Expense Ratio - 2020 0.93% 0.75%*
5 Minimum Investment $10,000 $1 million

Growth of $10,000 Since Inception

Hover over graph lines for details and/or click on labels in the above legend to hide/show classes and indexes.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Sound Shore Fund (Investor Class) on May 17, 1985 (the Investor Class inception) through June 30, 2021.  Figures include reinvestment of capital gains and dividends. This chart is not intended to imply future performance of the Fund.  The inception date for the Investor Class (SSHFX) is May 17, 1985. The inception date for the Institutional Class is December 9, 2013. The performance for the Institutional Class prior to its inception on 12/9/13 is based on the performance of the Investor Class, adjusted to reflect the Institutional Class' lower expense ratio (net of expense reimbursements).

Commentaries

June 30, 2021

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…

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March 31, 2021

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.…

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December 31, 2020

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…

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September 30, 2020

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…

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June 30, 2020

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.…

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March 31, 2020

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.…

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December 31, 2019

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…

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September 30, 2019

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…

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June 30, 2019

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…

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March 31, 2019

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…

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December 31, 2018

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…

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2021 Dividends and Capital Gains

The above per share distributions were paid to shareholders during the 2021 calendar year. Unless shares are held in a tax-free or tax-deferred retirement account, distributions will be subject to federal, and possibly state, income and/or capital gains taxes.

Distributions
As of 6/30/21

Dividends and Capital Gains for the Fund have been rounded to the nearest one hundredth of a percent. For more information please consult the Annual Report or contact the Fund at: (800) 551-1980 or by email.