Sound Shore Fund

Harry Burn

Part of Sound Shore Management

These are Sound Shore Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. The fund buys the large, established businesses that Wall Street has stopped paying attention to — companies still turning out real profits but trading at price-to-earnings multiples far below what those same stocks have sold for over the past decade. A working rule keeps a stock's forward multiple at no more than three-quarters of its weighted ten-year historical average, and the fund passes on names that are not still profitable and still growing steadily. Rather than agitating companies to change, it holds what it buys patiently, betting that the market will eventually revalue a neglected stock on its own. That approach reached ordinary investors in 1985, when Harry Burn III and T. Gibbs Kane Jr. launched the Sound Shore Fund as a no-load mutual fund — an early, low-cost way to give retail savers access to an institutional value strategy at a time when such access was rare. The fund's mandate and discipline have barely moved in the four decades since. Burn and Kane stepped back from day-to-day portfolio management at the end of 2024 but remain Co-Chairmen. Today the fund is run by a veteran team led by John DeGulis, who joined Sound Shore in 1996 and has been a portfolio manager since 2003, alongside longtime colleagues Peter Evans and David Bilik.