Torray

Q3 2014 13F · by James Bailey, portfolio manager

As of: Sep 30, 2014
Filed: Oct 24, 2014
US stock: $1.1B · prev $987M
Positions: 88 · prev 91
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%

Moves47 since the prior filing

+8.9 pp in · −5.0 pp out

New 3 +4.81 pp
Added 32 +4.06 pp
Trimmed 6 −1.28 pp
Exited 6 −3.74 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions88 in this filing · 6 exited


BAXBaxter International Inc.	3.46%	531,567	$38M	added+23%	+0.29 pp	6 q
AAPLApple Inc.	2.94%	321,137	$32M	added+13%	+0.27 pp	6 q
FISVFiserv, Inc.	2.83%	483,063	$31M	added+18%	+0.33 pp	6 q
DHRDanaher Corporation	2.81%	406,998	$31M	added+24%	+0.19 pp	6 q
VVISA Inc.	2.79%	144,029	$31M	added+20%	+0.22 pp	6 q
ENBEnbridge, Inc	2.70%	620,990	$30M	added+18%	+0.18 pp	6 q
UTXZRTX Corporation	2.64%	275,353	$29M	added+28%	+0.13 pp	6 q
VFCV.F. Corporation	2.58%	429,725	$28M	added+30%	+0.47 pp	3 q
AMTAmerican Tower Corporation	2.47%	291,157	$27M	added+12%	+0.10 pp	6 q
unresolvedExpress Scripts Hldg Co	2.47%	385,411	$27M	added+21%	+0.24 pp	5 q
ACNAccenture PLC	2.46%	332,575	$27M	added+23%	+0.25 pp	6 q
QCOMQualcomm Inc	2.45%	360,484	$27M	added+12%	−0.13 pp	6 q
EOGEOG Resources, Inc.	2.43%	269,956	$27M	added+10%	−0.47 pp	6 q
PXGBXPraxair Inc	2.40%	204,525	$26M	added+25%	+0.20 pp	6 q
CLColgate-Palmolive Company	2.39%	403,584	$26M	added+24%	+0.14 pp	6 q
unresolvedPrecision Castparts Corp	2.38%	110,710	$26M	added+29%	+0.19 pp	6 q
NKENike, Inc.	2.33%	287,863	$26M	added+17%	+0.40 pp	6 q
BMRNBioMarin Pharmaceuticals Inc	2.30%	350,895	$25M	added+28%	+0.57 pp	3 q
AKAMAkamai Technologies Inc	2.11%	387,865	$23M	added+35%	+0.33 pp	4 q
GILDGilead Sciences Inc	2.07%	214,144	$23M	added+8%	+0.40 pp	6 q
APHAmphenol Corporation	2.04%	225,300	$22M	added+14%	+0.12 pp	6 q
CMICummins Inc.	1.89%	157,588	$21M	added+27%	−0.04 pp	6 q
FMCFMC Corporation	1.82%	350,633	$20M	added+17%	−0.34 pp	6 q
unresolvedCooper Cos Inc/The	1.75%	123,510	$19M	new	+1.75 pp	new
BLQADBlackrock Inc	1.73%	57,882	$19M	new	+1.73 pp	new
CLBCore Laboratories Inc.	1.68%	126,373	$18M	added+30%	+0.04 pp	6 q
ORCLOracle Corp	1.63%	469,253	$18M	added+22%	+0.05 pp	6 q
WFCWells Fargo & Co.	1.63%	345,200	$18M	held	—	6 q
unresolvedHewlett Packard Co	1.44%	448,100	$16M	held	—	6 q
ADBEAdobe Inc.	1.37%	218,566	$15M	added+13%	−0.04 pp	6 q
unresolvedE M C Corp Mass	1.35%	509,900	$15M	held	—	6 q
SYYSysco Corporation	1.33%	387,100	$15M	held	—	6 q
VRSKVerisk Analytics, Inc.	1.33%	239,835	$15M	new	+1.33 pp	new
unresolvedBoardwalk Pipeline Partners	1.32%	779,800	$15M	held	—	3 q
unresolvedGeneral Electric Co	1.24%	531,167	$14M	held	—	6 q
LLoews Corporation	1.19%	315,500	$13M	held	—	6 q
unresolvedChubb	1.18%	142,300	$13M	held	—	6 q
INTCIntel Corp	1.16%	367,900	$13M	trimmed−18%	−0.25 pp	6 q
unresolvedGannett Inc	1.15%	425,700	$13M	held	—	6 q
GDGeneral Dynamics Corporation	1.15%	99,600	$13M	held	—	6 q
WUThe Western Union Company	1.14%	780,650	$13M	held	—	6 q
TAT&T Inc.	1.13%	353,900	$12M	held	—	6 q
unresolvedDow Chemical Co	1.12%	235,600	$12M	held	—	6 q
unresolvedWellpoint Inc	1.09%	100,500	$12M	held	—	6 q
JNJJohnson & Johnson	1.08%	111,724	$12M	held	—	6 q
CSCOCisco Systems, Inc. (DE)	1.07%	467,000	$12M	held	—	6 q
IBMInternational Business Machines Corporation	1.02%	58,950	$11M	held	—	6 q
SWKStanley Black & Decker, Inc.	1.00%	123,900	$11M	held	—	4 q
TGTTarget Corporation	0.98%	171,500	$11M	held	—	3 q
BDXBecton, Dickinson and Co.	0.96%	92,500	$11M	held	—	6 q
RSGRepublic Services Inc.	0.96%	270,000	$11M	trimmed−23%	−0.39 pp	6 q
ETNEaton Corporation, plc	0.96%	167,050	$11M	held	—	6 q
AXPAmerican Express Company	0.95%	119,284	$10M	held	—	6 q
unresolvedDirectv	0.94%	120,200	$10M	held	—	2 q
unresolvedDu Pont E I De Nemours & Co	0.94%	144,500	$10M	trimmed−20%	−0.25 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.94%	119,600	$10M	held	—	6 q
MRSHMarsh	0.88%	184,318	$10M	trimmed−22%	−0.37 pp	6 q
TUPTupperware Brands Corporation	0.75%	120,195	$8M	held	—	6 q
CHKChesapeake Energy Corp	0.72%	346,700	$8M	held	—	6 q
LMTLockheed Martin Corp.	0.10%	5,875	$1M	held	—	6 q
COPConocoPhillips	0.07%	9,900	$758,000	held	—	6 q
EPDEnterprise Products Partners L.P.	0.07%	20,000	$806,000	held	—	6 q
DUKDuke Energy Corporation	0.06%	8,800	$658,000	held	—	6 q
MRKMerck & Co., Inc.	0.05%	8,575	$508,000	held	—	6 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.05%	10,000	$589,000	held	—	6 q
SLBSLB Limited	0.05%	5,872	$597,000	trimmed−1%	−0.02 pp	6 q
unresolvedKinder Morgan Energy Partners	0.04%	5,000	$466,000	held	—	6 q
KMIKinder Morgan, Inc.	0.04%	11,500	$441,000	added+12%	0.00 pp	4 q
unresolvedXl Group PLC	0.04%	11,850	$393,000	held	—	6 q
AMGAffiliated Managers Group	0.03%	1,385	$277,000	held	—	2 q
CHDChurch & Dwight Co., Inc.	0.03%	3,940	$276,000	held	—	3 q
ERIEErie Indemnity Co	0.03%	4,850	$368,000	held	—	3 q
unresolvedGlaxosmithkline PLC	0.03%	7,750	$356,000	held	—	2 q
unresolvedMedivation Inc	0.03%	2,810	$278,000	held	—	2 q
unresolvedSBA Comms Corp	0.03%	2,760	$306,000	held	—	3 q
unresolvedCanadian Energy Service	0.02%	26,235	$222,000	added×3.0	−0.01 pp	3 q
unresolvedCatamaran Corp	0.02%	5,310	$224,000	held	—	2 q
CVXChevron Corporation	0.02%	1,950	$233,000	added+8%	0.00 pp	6 q
CMDXFComputer Modelling Grp	0.02%	20,450	$212,000	added×2.0	−0.01 pp	3 q
CPRTCopart Inc	0.02%	6,620	$207,000	held	—	3 q
unresolvedFEI Company	0.02%	3,255	$245,000	added+22%	0.00 pp	3 q
FLSFlowserve Corporation	0.02%	3,080	$217,000	held	—	3 q
JKHYHenry (Jack) & Associates	0.02%	4,035	$225,000	held	—	3 q
HXLHexcel Corporation	0.02%	5,785	$230,000	held	—	3 q
unresolvedItc Hldgs Corp	0.02%	7,610	$271,000	added0%	−0.01 pp	3 q
MIDDMiddleby Corp	0.02%	2,685	$237,000	trimmed−3%	0.00 pp	3 q
QLYSQualys, Inc.	0.02%	8,630	$230,000	held	—	2 q
PWRQuanta Services, Inc.	0.02%	7,590	$275,000	held	—	3 q
BENFranklin Templeton, Inc.	—	−346,515	—	exited	−2.03 pp	—
unresolvedMicros Sys Inc	—	−231,029	—	exited	−1.59 pp	—
unresolvedSeadrill	—	−9,500	—	exited	−0.04 pp	—
BPBP p.l.c.	—	−6,000	—	exited	−0.03 pp	—
unresolvedO'Reilly Automotive	—	−1,830	—	exited	−0.03 pp	—
WKCWorld Kinect Corporation	—	−4,440	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 22 unresolved
Accession: 0000950123-14-010539
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 13566W108 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 205249105 not on the Official 13(f) List for 2014-09-30

Search