Torray

Q4 2014 13F · by James Bailey, portfolio manager

As of: Dec 31, 2014
Filed: Feb 12, 2015
US stock: $1.2B · prev $1.1B
Positions: 62 · prev 88
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%

Moves92 since the prior filing

+8.6 pp in · −8.7 pp out

New 5 +6.38 pp
Added 42 +2.27 pp
Trimmed 14 −1.60 pp
Exited 31 −7.07 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions62 in this filing · 31 exited


BAXBaxter International Inc.	3.59%	584,087	$43M	added+10%	+0.13 pp	7 q
DHRDanaher Corporation	3.04%	422,998	$36M	added+4%	+0.23 pp	7 q
AAPLApple Inc.	3.01%	325,344	$36M	added+1%	+0.07 pp	7 q
FISVFiserv, Inc.	3.01%	505,588	$36M	added+5%	+0.18 pp	7 q
VVISA Inc.	2.96%	134,625	$35M	trimmed−7%	+0.17 pp	7 q
UTXZRTX Corporation	2.91%	301,080	$35M	added+9%	+0.27 pp	7 q
VFCV.F. Corporation	2.69%	428,250	$32M	trimmed−0%	+0.11 pp	4 q
ACNAccenture PLC	2.68%	357,615	$32M	added+8%	+0.22 pp	7 q
unresolvedExpress Scripts Hldg Co	2.60%	366,046	$31M	trimmed−5%	+0.13 pp	6 q
CLColgate-Palmolive Company	2.57%	442,499	$31M	added+10%	+0.18 pp	7 q
AMTAmerican Tower Corporation	2.56%	308,869	$31M	added+6%	+0.09 pp	7 q
PXGBXPraxair Inc	2.53%	232,290	$30M	added+14%	+0.13 pp	7 q
unresolvedPrecision Castparts Corp	2.48%	122,635	$30M	added+11%	+0.10 pp	7 q
BMRNBioMarin Pharmaceuticals Inc	2.31%	304,560	$28M	trimmed−13%	+0.01 pp	4 q
unresolvedGoogle Inc.	2.30%	51,685	$27M	new	+2.30 pp	new
ENBEnbridge, Inc	2.24%	518,295	$27M	trimmed−17%	−0.46 pp	7 q
NKENike, Inc.	2.24%	277,978	$27M	trimmed−3%	−0.09 pp	7 q
AKAMAkamai Technologies Inc	2.23%	421,725	$27M	added+9%	+0.12 pp	5 q
APHAmphenol Corporation	2.23%	493,810	$27M	added+10%	+0.19 pp	7 q
EOGEOG Resources, Inc.	2.21%	286,129	$26M	added+6%	−0.22 pp	7 q
CMICummins Inc.	2.12%	174,883	$25M	added+11%	+0.23 pp	7 q
CTRACoterra Energy Inc.	2.10%	843,780	$25M	new	+2.10 pp	new
FMCFMC Corporation	2.09%	437,493	$25M	added+25%	+0.27 pp	7 q
GILDGilead Sciences Inc	1.96%	247,844	$23M	added+16%	−0.11 pp	7 q
BLQADBlackrock Inc	1.88%	62,600	$22M	added+8%	+0.15 pp	2 q
unresolvedCooper Cos Inc/The	1.87%	137,080	$22M	added+11%	+0.12 pp	2 q
VRSKVerisk Analytics, Inc.	1.87%	347,971	$22M	added+45%	+0.54 pp	2 q
ADBEAdobe Inc.	1.50%	246,286	$18M	added+13%	+0.13 pp	7 q
CLBCore Laboratories Inc.	1.40%	138,338	$17M	added+9%	−0.28 pp	7 q
unresolvedHewlett Packard Co	1.36%	402,285	$16M	trimmed−10%	−0.08 pp	7 q
unresolvedE M C Corp Mass	1.29%	517,285	$15M	added+1%	−0.06 pp	7 q
IBMInternational Business Machines Corporation	1.20%	89,341	$14M	added+52%	+0.18 pp	7 q
WFCWells Fargo & Co.	1.19%	258,914	$14M	trimmed−25%	−0.44 pp	7 q
WUThe Western Union Company	1.19%	790,805	$14M	added+1%	+0.05 pp	7 q
unresolvedBoardwalk Pipeline Partners	1.18%	789,035	$14M	added+1%	−0.14 pp	4 q
unresolvedGannett Inc	1.16%	431,385	$14M	added+1%	+0.01 pp	7 q
unresolvedGeneral Electric Co	1.15%	540,432	$14M	added+2%	−0.09 pp	7 q
INTCIntel Corp	1.14%	374,079	$14M	added+2%	−0.02 pp	7 q
LLoews Corporation	1.13%	319,570	$13M	added+1%	−0.06 pp	7 q
CSCOCisco Systems, Inc. (DE)	1.11%	474,585	$13M	added+2%	+0.04 pp	7 q
BDXBecton, Dickinson and Co.	1.09%	93,465	$13M	added+1%	+0.13 pp	7 q
unresolvedChubb	1.08%	123,910	$13M	trimmed−13%	−0.10 pp	7 q
SYYSysco Corporation	1.02%	305,165	$12M	trimmed−21%	−0.31 pp	7 q
SWKStanley Black & Decker, Inc.	1.01%	125,435	$12M	added+1%	+0.01 pp	5 q
JNJJohnson & Johnson	1.00%	113,383	$12M	added+1%	−0.08 pp	7 q
TAT&T Inc.	0.98%	347,127	$12M	trimmed−2%	−0.15 pp	7 q
ETNEaton Corporation, plc	0.97%	169,511	$12M	added+1%	+0.01 pp	7 q
GDGeneral Dynamics Corporation	0.96%	83,180	$11M	trimmed−16%	−0.19 pp	7 q
AXPAmerican Express Company	0.95%	121,519	$11M	added+2%	0.00 pp	7 q
unresolvedDow Chemical Co	0.92%	238,970	$11M	added+1%	−0.20 pp	7 q
RSGRepublic Services Inc.	0.92%	272,820	$11M	added+1%	−0.04 pp	7 q
unresolvedDu Pont E I De Nemours & Co	0.91%	147,218	$11M	added+2%	−0.03 pp	7 q
unresolvedDirectv	0.89%	121,810	$11M	added+1%	−0.05 pp	3 q
MRSHMarsh	0.89%	186,113	$11M	added+1%	+0.01 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.86%	100,832	$10M	trimmed−16%	−0.08 pp	7 q
ELVElevance Health, Inc.	0.80%	75,874	$10M	new	+0.80 pp	new
BACBank of America Corporation	0.65%	431,525	$8M	new	+0.65 pp	new
TUPTupperware Brands Corporation	0.63%	118,940	$7M	trimmed−1%	−0.12 pp	7 q
CHKChesapeake Energy Corp	0.58%	351,330	$7M	added+1%	−0.14 pp	7 q
BPBP p.l.c.	0.53%	166,715	$6M	new	+0.53 pp	new
SLBSLB Limited	0.05%	7,123	$608,000	added+21%	0.00 pp	7 q
unresolvedXl Group PLC	0.03%	11,850	$407,000	held	—	7 q
QCOMQualcomm Inc	—	−360,484	—	exited	−2.45 pp	—
ORCLOracle Corp	—	−469,253	—	exited	−1.63 pp	—
unresolvedWellpoint Inc	—	−100,500	—	exited	−1.09 pp	—
TGTTarget Corporation	—	−171,500	—	exited	−0.98 pp	—
LMTLockheed Martin Corp.	—	−5,875	—	exited	−0.10 pp	—
COPConocoPhillips	—	−9,900	—	exited	−0.07 pp	—
EPDEnterprise Products Partners L.P.	—	−20,000	—	exited	−0.07 pp	—
DUKDuke Energy Corporation	—	−8,800	—	exited	−0.06 pp	—
MRKMerck & Co., Inc.	—	−8,575	—	exited	−0.05 pp	—
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	—	−10,000	—	exited	−0.05 pp	—
unresolvedKinder Morgan Energy Partners	—	−5,000	—	exited	−0.04 pp	—
KMIKinder Morgan, Inc.	—	−11,500	—	exited	−0.04 pp	—
AMGAffiliated Managers Group	—	−1,385	—	exited	−0.03 pp	—
CHDChurch & Dwight Co., Inc.	—	−3,940	—	exited	−0.03 pp	—
ERIEErie Indemnity Co	—	−4,850	—	exited	−0.03 pp	—
unresolvedGlaxosmithkline PLC	—	−7,750	—	exited	−0.03 pp	—
unresolvedMedivation Inc	—	−2,810	—	exited	−0.03 pp	—
unresolvedSBA Comms Corp	—	−2,760	—	exited	−0.03 pp	—
unresolvedCanadian Energy Service	—	−26,235	—	exited	−0.02 pp	—
unresolvedCatamaran Corp	—	−5,310	—	exited	−0.02 pp	—
CVXChevron Corporation	—	−1,950	—	exited	−0.02 pp	—
CMDXFComputer Modelling Grp	—	−20,450	—	exited	−0.02 pp	—
CPRTCopart Inc	—	−6,620	—	exited	−0.02 pp	—
unresolvedFEI Company	—	−3,255	—	exited	−0.02 pp	—
FLSFlowserve Corporation	—	−3,080	—	exited	−0.02 pp	—
JKHYHenry (Jack) & Associates	—	−4,035	—	exited	−0.02 pp	—
HXLHexcel Corporation	—	−5,785	—	exited	−0.02 pp	—
unresolvedItc Hldgs Corp	—	−7,610	—	exited	−0.02 pp	—
MIDDMiddleby Corp	—	−2,685	—	exited	−0.02 pp	—
QLYSQualys, Inc.	—	−8,630	—	exited	−0.02 pp	—
PWRQuanta Services, Inc.	—	−7,590	—	exited	−0.02 pp	—