Torray

Q4 2013 13F · by James Bailey, portfolio manager

As of: Dec 31, 2013
Filed: Feb 13, 2014
US stock: $482M · prev $464M
Positions: 72 · 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%

Moves56 since the prior filing

+4.3 pp in · −5.5 pp out

New 4 +2.49 pp
Added 8 +1.79 pp
Trimmed 39 −3.12 pp
Exited 5 −2.41 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions16% of US stock

WFC Wells Fargo & Co. held held3.6%
BAX Baxter International Inc. trimmed−0.01 pp trimmed−0.013.4%
TUP Tupperware Brands Corporation trimmed−0.45 pp trimmed−0.453.3%
unresolved General Electric Co trimmed+0.03 pp trimmed+0.033.1%
SYY Sysco Corporation held held2.9%

Positions72 in this filing · 5 exited


WFCWells Fargo & Co.	3.60%	381,700	$17M	held	—	3 q
BAXBaxter International Inc.	3.35%	231,722	$16M	trimmed−2%	−0.01 pp	3 q
TUPTupperware Brands Corporation	3.30%	168,273	$16M	trimmed−16%	−0.45 pp	3 q
unresolvedGeneral Electric Co	3.09%	531,167	$15M	trimmed−10%	+0.03 pp	3 q
SYYSysco Corporation	2.90%	386,800	$14M	held	—	3 q
unresolvedDu Pont E I De Nemours & Co	2.87%	212,700	$14M	held	—	3 q
unresolvedChubb	2.85%	142,300	$14M	held	—	3 q
GDGeneral Dynamics Corporation	2.80%	141,100	$13M	trimmed−11%	−0.21 pp	3 q
LLoews Corporation	2.79%	279,000	$13M	held	—	3 q
INTCIntel Corp	2.73%	506,500	$13M	held	—	3 q
ETNEaton Corporation, plc	2.64%	166,950	$13M	trimmed−14%	−0.25 pp	3 q
unresolvedGannett Inc	2.61%	425,700	$13M	trimmed−16%	−0.32 pp	3 q
unresolvedHewlett Packard Co	2.60%	448,100	$13M	held	—	3 q
TAT&T Inc.	2.58%	353,900	$12M	added+55%	+0.92 pp	3 q
unresolvedDow Chemical Co	2.47%	267,800	$12M	held	—	3 q
JNJJohnson & Johnson	2.43%	128,024	$12M	trimmed−0%	+0.03 pp	3 q
RSGRepublic Services Inc.	2.43%	352,200	$12M	held	—	3 q
unresolvedWellpoint Inc	2.41%	125,500	$12M	held	—	3 q
MRSHMarsh	2.38%	237,518	$11M	trimmed−26%	−0.65 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.30%	147,400	$11M	held	—	3 q
IBMInternational Business Machines Corporation	2.29%	58,900	$11M	held	—	3 q
AXPAmerican Express Company	2.24%	119,000	$11M	trimmed−22%	−0.25 pp	3 q
WUThe Western Union Company	2.24%	624,450	$11M	held	—	3 q
CSCOCisco Systems, Inc. (DE)	2.18%	467,000	$10M	held	—	3 q
BDXBecton, Dickinson and Co.	2.12%	92,500	$10M	trimmed−20%	−0.36 pp	3 q
unresolvedE M C Corp Mass	2.09%	401,200	$10M	held	—	3 q
CHKChesapeake Energy Corp	1.95%	346,700	$9M	trimmed−19%	−0.43 pp	3 q
unresolvedWalgreen Co	1.93%	161,550	$9M	trimmed−16%	−0.31 pp	3 q
SWKStanley Black & Decker, Inc.	1.69%	100,900	$8M	new	+1.69 pp	new
AAPLApple Inc.	1.27%	10,937	$6M	trimmed−2%	+0.13 pp	3 q
DHRDanaher Corporation	1.16%	72,270	$6M	trimmed−3%	+0.05 pp	3 q
QCOMQualcomm Inc	1.14%	73,964	$5M	trimmed−2%	+0.04 pp	3 q
VVISA Inc.	1.12%	24,194	$5M	trimmed−2%	+0.11 pp	3 q
FISVFiserv, Inc.	1.10%	89,581	$5M	trimmed−2%	+0.11 pp	3 q
ENBEnbridge, Inc	1.07%	118,415	$5M	trimmed−0%	0.00 pp	3 q
unresolvedPrecision Castparts Corp	1.05%	18,788	$5M	trimmed−2%	+0.11 pp	3 q
EOGEOG Resources, Inc.	1.04%	29,949	$5M	trimmed−15%	−0.24 pp	3 q
ACNAccenture PLC	1.03%	60,170	$5M	added+15%	+0.20 pp	3 q
UTXZRTX Corporation	1.00%	42,428	$5M	trimmed−3%	−0.02 pp	3 q
BENFranklin Templeton, Inc.	0.98%	82,105	$5M	trimmed−3%	+0.06 pp	3 q
CLColgate-Palmolive Company	0.97%	71,524	$5M	trimmed−2%	+0.04 pp	3 q
PXGBXPraxair Inc	0.97%	35,922	$5M	added+16%	+0.17 pp	3 q
AMTAmerican Tower Corporation	0.95%	57,622	$5M	trimmed−1%	+0.02 pp	3 q
unresolvedExpress Scripts Hldg Co	0.88%	60,130	$4M	added+48%	+0.34 pp	2 q
APHAmphenol Corporation	0.87%	47,107	$4M	trimmed−2%	+0.07 pp	3 q
CMICummins Inc.	0.84%	28,588	$4M	trimmed−1%	+0.01 pp	3 q
FMCFMC Corporation	0.84%	53,703	$4M	trimmed−1%	0.00 pp	3 q
VRTXVertex Pharmaceuticals Inc	0.84%	54,280	$4M	added+18%	+0.09 pp	3 q
NKENike, Inc.	0.82%	50,288	$4M	trimmed−12%	−0.08 pp	3 q
GILDGilead Sciences Inc	0.76%	48,476	$4M	trimmed−32%	−0.20 pp	3 q
ORCLOracle Corp	0.75%	94,425	$4M	trimmed−5%	+0.04 pp	3 q
CLBCore Laboratories Inc.	0.69%	17,523	$3M	trimmed−2%	+0.03 pp	3 q
AKAMAkamai Technologies Inc	0.67%	68,365	$3M	new	+0.67 pp	new
unresolvedMicros Sys Inc	0.55%	45,904	$3M	trimmed−29%	−0.15 pp	3 q
ADBEAdobe Inc.	0.53%	42,741	$3M	trimmed−16%	−0.04 pp	3 q
VARVarian Medical Systems, Inc.	0.51%	31,902	$2M	trimmed−1%	−0.01 pp	3 q
COPConocoPhillips	0.25%	16,975	$1M	trimmed−2%	−0.01 pp	3 q
LMTLockheed Martin Corp.	0.20%	6,450	$959,000	trimmed−10%	0.00 pp	3 q
EPDEnterprise Products Partners L.P.	0.14%	10,000	$663,000	held	—	3 q
DUKDuke Energy Corporation	0.13%	8,800	$607,000	trimmed−4%	0.00 pp	3 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.11%	10,000	$518,000	held	—	3 q
SLBSLB Limited	0.11%	6,125	$552,000	trimmed−1%	−0.01 pp	3 q
EDConsolidated Edison, Inc.	0.09%	7,750	$428,000	added+48%	+0.03 pp	3 q
JPMJPMorgan Chase & Co.	0.09%	7,650	$447,000	trimmed−3%	0.00 pp	3 q
MRKMerck & Co., Inc.	0.09%	8,575	$429,000	added+49%	+0.03 pp	3 q
unresolvedEnbridge Energy Partners	0.08%	12,750	$381,000	held	—	3 q
unresolvedKinder Morgan Energy Partners	0.08%	5,000	$403,000	held	—	3 q
unresolvedSeadrill	0.08%	9,500	$390,000	added+27%	+0.01 pp	3 q
unresolvedXl Group PLC	0.08%	12,250	$390,000	held	—	3 q
KMIKinder Morgan, Inc.	0.07%	9,350	$337,000	new	+0.07 pp	new
BPBP p.l.c.	0.06%	6,000	$292,000	new	+0.06 pp	new
CVXChevron Corporation	0.05%	1,800	$225,000	held	—	3 q
CTSHCognizant Technology Solutions	—	−121,650	—	exited	−2.15 pp	—
unresolvedWilliams Partners LP	—	−8,500	—	exited	−0.10 pp	—
CTLLumen Technologies, Inc.	—	−12,000	—	exited	−0.08 pp	—
unresolvedCoach Inc	—	−3,775	—	exited	−0.04 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,229	—	exited	−0.04 pp	—