Performance
Month End Returns
As of 2/28/2023
Date | SSHFX (Investor Class) | SSHVX (Institutional Class) | Morningstar Large-Cap Value Average | Russell 1000 Value Index | S&P 500 Index |
---|---|---|---|---|---|
Month | -3.64 | -3.62 | -3.27 | -3.53 | -2.44 |
Year-to-date | 6.38 | 6.39 | 1.62 | 1.47 | 3.69 |
1 Year | -3.55 | -3.37 | -2.03 | -2.81 | -7.69 |
3 Years | 13.57 | 13.78 | 12.22 | 10.96 | 12.15 |
5 Years | 6.38 | 6.57 | 7.53 | 7.22 | 9.82 |
10 Years | 9.86 | 10.04 | 9.64 | 9.60 | 12.25 |
15 Years | 7.53 | 7.72 | 7.81 | 7.66 | 9.76 |
Since Inception* (5/17/85) | 10.47 | 10.81 | 9.20 | 0.00 | 10.88 |
*Daily values for the Russell 1000 Value began recording 1/2/1991 through present.
Quarter End Returns
as of 12/31/2022
SSHFX (Investor Class) | SSHVX (Institutional Class) | Morningstar Large-Cap Value Average | Russell 1000 Value Index | S&P 500 Index | |
---|---|---|---|---|---|
QTD | 13.18 | 13.25 | 12.77 | 12.42 | 7.56 |
YTD | -10.57 | -10.40 | -5.90 | -7.54 | -18.11 |
1 Year | -10.57 | -10.40 | -5.90 | -7.54 | -18.11 |
3 Years | 6.05 | 6.24 | 6.96 | 5.96 | 7.66 |
5 Years | 5.14 | 5.32 | 7.03 | 6.67 | 9.42 |
10 Years | 9.90 | 10.10 | 10.23 | 10.29 | 12.56 |
15 Years | 6.66 | 6.86 | 7.10 | 6.96 | 8.81 |
Since Inception* (5/17/85) | 10.34 | 10.68 | 9.19 | 0.00 | 10.83 |
*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 0.83% 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, 2023. 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).
Historical Returns
Characteristics
Top 10 Holdings
as of 2/28/23
Holding | % Held |
---|---|
Wells Fargo & Co. | 4.2 |
Vistra Corp. | 4.0 |
Berkshire Hathaway, Inc. | 3.7 |
Flex Ltd. | 3.6 |
SVB Financial Group | 3.5 |
Pfizer, Inc. | 3.4 |
PVH Corp. | 3.4 |
General Motors Company | 3.4 |
NXP Semiconductors NV | 3.3 |
Lennar Corporation | 3.3 |
Subject to change at any time.
Sector Weights
as of 2/28/23
Portfolio Securities Characteristics
As of 2/28/23
wdt_ID | ||
---|---|---|
1 | Price/Earnings Ratio (trailing 4 quarters) | 11.3 |
2 | Price/Earnings Ratio (forward 4 quarters) | 11.3 |
3 | Price/Book Ratio | 1.7 |
4 | Earnings Long-Term Future Growth Rate | 4.5% |
5 | Weighted Average Market Capitalization (billions) | $93.6 |
6 | ||
7 |
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 2/28/23
wdt_ID | Fund Statistics | |
---|---|---|
1 | Net Assets (millions) | $946 |
2 | Number of Equities | 36 |
wdt_ID | Asset Allocation | |
---|---|---|
1 | Stock | 97.1% |
2 | Cash & Cash Equivalents | 2.9% |
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) | $37.34 | $37.77 |
4 | Expense Ratio - 2022 | 0.94% | 0.75%* |
5 | Minimum Investment | $10,000 | $1 million |
*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.
Growth of $10,000
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 December 31, 1992 through December 31, 2022. 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
September 30, 2022
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…
Read More ...June 30, 2022
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.…
Read More ...March 31, 2022
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…
Read More ...December 31, 2021
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…
Read More ...September 30, 2021
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…
Read More ...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…
Read More ...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.…
Read More ...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…
Read More ...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…
Read More ...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.…
Read More ...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.…
Read More ...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…
Read More ...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…
Read More ...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…
Read More ...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…
Read More ...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…
Read More ...
DistributionsAs of 12/29/22
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.
2022 Dividends and Capital Gains
The above per share distributions were paid to shareholders during the 2022 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.
December 31, 2022
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…
Read More ...