High Healthcare Exposure: Harry Burn's Portfolio Focus

Portfolio Overview

Harry Burn, managing Sound Shore Management's portfolio, demonstrates a clear investment focus as of March 31, 2026. The portfolio is characterized by a significant concentration in specific sectors and features holdings with substantial individual allocations.

Concentration in Healthcare

The portfolio exhibits a notable concentration in the Healthcare sector. Collectively, several of the largest holdings belong to this sector, including Teva Pharmaceutical Industries Ltd. (ADR), Regeneron Pharmaceuticals, GE HealthCare Technologies, and Zimmer Biomet Holdings. This sector allocation underscores a strategic emphasis on healthcare-related companies, potentially driven by factors like consistent demand or growth potential in this vital industry.

Top Holdings by Value

The largest individual positions in the portfolio, based on stock value, are:

• Teva Pharmaceutical Industries Ltd. (ADR) - A significant holding with a portfolio allocation of 3.92%
• Regeneron Pharmaceuticals - Another major position accounting for 3.91% of the portfolio
• Marvell Technology - Holding 3.81% of assets
• The Walt Disney Company - Representing 3.13% of the portfolio
• Bank of America - With a 3.37% allocation
• Berkshire Hathaway - Holding 3.2%

These top holdings represent the core of the portfolio's current structure, with individual allocations ranging from approximately 3.13% to nearly 4% of the total assets.

Strategic Shifts and Stability

The portfolio shows mixed trends in holdings, with some positions gaining favor while others have decreased. Regeneron Pharmaceuticals has seen a significant increase in its share count (+31.24%) and slight share increase, suggesting renewed confidence in its prospects. Conversely, Disney has also seen a substantial increase in shares (+35.72%). On the other hand, Citigroup experienced a notable decrease in its share count (-21.77%) and percentage change, indicating a strategic shift away from this holding. These changes reflect the dynamic nature of the investment strategy, with adjustments being made to the portfolio's composition.

Broader Sector Allocations

Beyond Healthcare, the portfolio also shows significant exposure to Financial Services, which includes holdings like Bank of America, Berkshire Hathaway, and Citigroup. This sector allocation, combined with the strong Healthcare focus, suggests a strategy that may prioritize stability and exposure to essential services. The portfolio also includes diversification into Technology (Marvell) and Communication Services (Disney), though these allocations are slightly lower than the dominant Healthcare and Financial Services sectors.

The overall strategy appears to favor large-cap, established companies across essential sectors like Healthcare and Financial Services, while also including some exposure to Technology and Entertainment. The significant individual allocations to specific stocks point towards a concentrated approach, where a smaller number of holdings bear substantial weight within the portfolio.