Torray

Q3 2013 13F · by James Bailey, portfolio manager

As of: Sep 30, 2013
Filed: Nov 12, 2013
US stock: $464M · prev $459M
Positions: 73 · prev 73
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves44 since the prior filing

+3.4 pp in · −5.2 pp out

New 2 +0.58 pp
Added 30 +2.79 pp
Trimmed 10 −1.88 pp
Exited 2 −3.31 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.9% a year, about 10.1 years per position

Low
Moderate
High

Top 5 positions17% of US stock

TUP Tupperware Brands Corporation added+0.34 pp added+0.343.8%
WFC Wells Fargo & Co. held held3.4%
BAX Baxter International Inc. added−0.21 pp added−0.213.4%
unresolved General Electric Co held held3.1%
MRSH Marsh held held3.0%

Positions73 in this filing · 2 exited


TUPTupperware Brands Corporation	3.75%	201,493	$17M	added0%	+0.34 pp	2 q
WFCWells Fargo & Co.	3.40%	381,700	$16M	held	—	2 q
BAXBaxter International Inc.	3.36%	237,011	$16M	added0%	−0.21 pp	2 q
unresolvedGeneral Electric Co	3.06%	593,367	$14M	held	—	2 q
MRSHMarsh	3.03%	323,118	$14M	held	—	2 q
GDGeneral Dynamics Corporation	3.01%	159,400	$14M	held	—	2 q
unresolvedGannett Inc	2.93%	506,500	$14M	held	—	2 q
ETNEaton Corporation, plc	2.89%	194,750	$13M	held	—	2 q
LLoews Corporation	2.81%	279,000	$13M	held	—	2 q
unresolvedChubb	2.74%	142,300	$13M	held	—	2 q
unresolvedDu Pont E I De Nemours & Co	2.69%	212,700	$12M	trimmed−11%	−0.05 pp	2 q
SYYSysco Corporation	2.65%	386,800	$12M	held	—	2 q
RSGRepublic Services Inc.	2.53%	352,200	$12M	added+19%	+0.35 pp	2 q
WUThe Western Union Company	2.51%	624,450	$12M	trimmed−21%	−0.44 pp	2 q
INTCIntel Corp	2.50%	506,500	$12M	added+19%	+0.25 pp	2 q
AXPAmerican Express Company	2.49%	152,800	$12M	held	—	2 q
BDXBecton, Dickinson and Co.	2.48%	115,000	$12M	held	—	2 q
JNJJohnson & Johnson	2.40%	128,404	$11M	trimmed−23%	−0.71 pp	2 q
CHKChesapeake Energy Corp	2.38%	426,900	$11M	held	—	2 q
CSCOCisco Systems, Inc. (DE)	2.36%	467,000	$11M	held	—	2 q
IBMInternational Business Machines Corporation	2.35%	58,900	$11M	held	—	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.28%	147,400	$11M	held	—	2 q
unresolvedWellpoint Inc	2.26%	125,500	$10M	held	—	2 q
unresolvedWalgreen Co	2.24%	193,250	$10M	trimmed−36%	−0.66 pp	2 q
unresolvedDow Chemical Co	2.22%	267,800	$10M	held	—	2 q
unresolvedE M C Corp Mass	2.21%	401,200	$10M	held	—	2 q
CTSHCognizant Technology Solutions	2.15%	121,650	$10M	trimmed−16%	+0.17 pp	2 q
unresolvedHewlett Packard Co	2.03%	448,100	$9M	added+36%	+0.26 pp	2 q
TAT&T Inc.	1.66%	227,800	$8M	added0%	−0.09 pp	2 q
EOGEOG Resources, Inc.	1.28%	35,064	$6M	trimmed−0%	+0.27 pp	2 q
AAPLApple Inc.	1.14%	11,132	$5M	added0%	+0.18 pp	2 q
DHRDanaher Corporation	1.11%	74,275	$5M	added0%	+0.09 pp	2 q
QCOMQualcomm Inc	1.10%	75,459	$5M	added0%	+0.10 pp	2 q
ENBEnbridge, Inc	1.07%	118,775	$5M	added+16%	+0.13 pp	2 q
UTXZRTX Corporation	1.02%	43,688	$5M	added0%	+0.14 pp	2 q
VVISA Inc.	1.01%	24,619	$5M	added0%	+0.03 pp	2 q
FISVFiserv, Inc.	0.99%	45,568	$5M	added0%	+0.12 pp	2 q
GILDGilead Sciences Inc	0.96%	70,961	$4M	trimmed−6%	+0.12 pp	2 q
unresolvedPrecision Castparts Corp	0.94%	19,138	$4M	trimmed−0%	0.00 pp	2 q
AMTAmerican Tower Corporation	0.93%	58,277	$4M	added0%	0.00 pp	2 q
CLColgate-Palmolive Company	0.93%	72,869	$4M	added+10%	+0.10 pp	2 q
BENFranklin Templeton, Inc.	0.92%	84,415	$4M	added+11%	+0.17 pp	2 q
NKENike, Inc.	0.90%	57,203	$4M	added0%	+0.11 pp	2 q
FMCFMC Corporation	0.84%	54,018	$4M	added+10%	+0.19 pp	2 q
CMICummins Inc.	0.83%	28,823	$4M	added0%	+0.15 pp	2 q
ACNAccenture PLC	0.83%	52,220	$4M	added+2%	+0.03 pp	2 q
APHAmphenol Corporation	0.80%	47,857	$4M	added0%	−0.01 pp	2 q
PXGBXPraxair Inc	0.80%	31,022	$4M	added+11%	+0.10 pp	2 q
VRTXVertex Pharmaceuticals Inc	0.75%	45,970	$3M	added+1%	−0.04 pp	2 q
ORCLOracle Corp	0.71%	99,135	$3M	added+2%	+0.06 pp	2 q
unresolvedMicros Sys Inc	0.70%	64,599	$3M	trimmed−2%	+0.08 pp	2 q
CLBCore Laboratories Inc.	0.66%	17,968	$3M	added0%	+0.07 pp	2 q
ADBEAdobe Inc.	0.57%	50,906	$3M	added0%	+0.07 pp	2 q
unresolvedExpress Scripts Hldg Co	0.54%	40,715	$3M	new	+0.54 pp	new
VARVarian Medical Systems, Inc.	0.52%	32,287	$2M	added0%	+0.05 pp	2 q
COPConocoPhillips	0.26%	17,350	$1M	added+2%	+0.04 pp	2 q
LMTLockheed Martin Corp.	0.20%	7,200	$918,000	held	—	2 q
DUKDuke Energy Corporation	0.13%	9,133	$610,000	added+4%	0.00 pp	2 q
EPDEnterprise Products Partners L.P.	0.13%	10,000	$610,000	held	—	2 q
SLBSLB Limited	0.12%	6,175	$546,000	held	—	2 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.11%	10,000	$527,000	held	—	2 q
unresolvedWilliams Partners LP	0.10%	8,500	$449,000	held	—	2 q
JPMJPMorgan Chase & Co.	0.09%	7,900	$408,000	held	—	2 q
unresolvedKinder Morgan Energy Partners	0.09%	5,000	$399,000	held	—	2 q
CTLLumen Technologies, Inc.	0.08%	12,000	$377,000	held	—	2 q
unresolvedEnbridge Energy Partners	0.08%	12,750	$388,000	held	—	2 q
unresolvedXl Group PLC	0.08%	12,250	$378,000	held	—	2 q
unresolvedSeadrill	0.07%	7,500	$338,000	held	—	2 q
EDConsolidated Edison, Inc.	0.06%	5,250	$289,000	held	—	2 q
MRKMerck & Co., Inc.	0.06%	5,750	$274,000	added+10%	+0.01 pp	2 q
CVXChevron Corporation	0.05%	1,800	$219,000	held	—	2 q
unresolvedCoach Inc	0.04%	3,775	$206,000	trimmed−93%	−0.66 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	1,229	$206,000	new	+0.04 pp	new
CTASCintas Corp	—	−264,146	—	exited	−2.62 pp	—
CMPCompass Minerals International, Inc.	—	−37,339	—	exited	−0.69 pp	—