Sound Shore Fund’s Q1 2019 Investor Letter

Sound Shore Fund is an equity mutual fund launched back in 1985 and managed by Sound Shore Management, Inc. The fund’s investment philosophy is contrarian and value oriented. Sound Shore Management was co-founded by a Chartered Financial Analyst, Harry Burn III, back in 1978, and he is the fund’s Portfolio Manager. Prior to launching his own investment management firm, Mr. Burn was employed at Chase Investment Counsel. He graduated with B.A. and M.B.A. in Economics from University of Virginia, Colgate Darden Graduate Business School. Recently, Sound Shore Fund published its Q1 2019 Investor Letter, a copy of which you can download below.

“Dear Investor:The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) advanced 11.88% and 11.91%, respectively, in the first quarter of 2019, finishing roughly in line with the Russell 1000 Value Index (Russell Value)which was up11.93%. Meanwhile, the Standard & Poor’s 500 Index (S&P 500) advanced 13.65% .As long term investors, we are proud to highlight that Sound Shore’s 20 year annualized returns of 7.30% and 7.51%, for SSHFX and SSHVX, respectively, were ahead of the Russell Value at 6.68% and the S&P 500 at 6.04%.

We are required by FINRA to say that: Past performance is no guarantee of future results. Current performance maybe 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 their original cost. For the most recent month-end performance, please visit the Fund’s website at

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 500sectors solidly in positive territory.While the market appeared to incorporate a Goldilocks, “just-right” outlook, skepticism was still evident as suggested by the bond-proxy real estate investment trust (REIT)stocks gaining 18% in the quarter –finishing just behind the top performing technology sector of the S&P 500.”

You can download a copy of Sound Shore Fund’s Q1 2019 Investor Letter here:


You can also see the list of our 2019 Q1 investor letters and download them on this page.