Torray

Q1 2015 13F · by James Bailey, portfolio manager

As of: Mar 31, 2015
Filed: May 8, 2015
US stock: $855M · prev $1.2B
Positions: 66 · prev 62
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%

Moves67 since the prior filing

+21.7 pp in · −21.7 pp out

New 6 +2.82 pp
Added 18 +18.87 pp
Trimmed 41 −19.80 pp
Exited 2 −1.93 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions22% of US stock

AAPL Apple Inc. added+1.77 pp added+1.774.8%
FISV Fiserv, Inc. trimmed+1.54 pp trimmed+1.544.5%
DHR Danaher Corporation trimmed+1.14 pp trimmed+1.144.2%
V VISA Inc. added+1.20 pp added+1.204.2%
UTXZ RTX Corporation trimmed+1.06 pp trimmed+1.064.0%

Positions66 in this filing · 2 exited


AAPLApple Inc.	4.78%	328,619	$41M	added+1%	+1.77 pp	8 q
FISVFiserv, Inc.	4.55%	490,173	$39M	trimmed−3%	+1.54 pp	8 q
DHRDanaher Corporation	4.18%	420,873	$36M	trimmed−1%	+1.14 pp	8 q
VVISA Inc.	4.16%	543,120	$36M	added+1%	+1.20 pp	8 q
UTXZRTX Corporation	3.97%	289,696	$34M	trimmed−4%	+1.06 pp	8 q
CTRACoterra Energy Inc.	3.83%	1,109,555	$33M	added+32%	+1.73 pp	2 q
VFCV.F. Corporation	3.81%	431,970	$33M	added+1%	+1.12 pp	5 q
ACNAccenture PLC	3.80%	346,900	$33M	trimmed−3%	+1.12 pp	8 q
unresolvedExpress Scripts Hldg Co	3.76%	369,926	$32M	added+1%	+1.16 pp	7 q
BMRNBioMarin Pharmaceuticals Inc	3.74%	256,455	$32M	trimmed−16%	+1.43 pp	5 q
CLColgate-Palmolive Company	3.61%	444,669	$31M	added0%	+1.04 pp	8 q
AKAMAkamai Technologies Inc	3.46%	416,705	$30M	trimmed−1%	+1.23 pp	6 q
unresolvedCooper Cos Inc/The	3.41%	155,510	$29M	added+13%	+1.54 pp	3 q
unresolvedGoogle Inc.	3.39%	52,249	$29M	added+1%	+1.09 pp	2 q
APHAmphenol Corporation	3.31%	480,680	$28M	trimmed−3%	+1.08 pp	8 q
PXGBXPraxair Inc	3.31%	234,220	$28M	added+1%	+0.78 pp	8 q
NKENike, Inc.	3.28%	279,048	$28M	added0%	+1.04 pp	8 q
BAXBaxter International Inc.	3.20%	399,617	$27M	trimmed−32%	−0.39 pp	8 q
AMTAmerican Tower Corporation	3.08%	279,184	$26M	trimmed−10%	+0.52 pp	8 q
unresolvedPrecision Castparts Corp	3.05%	124,080	$26M	added+1%	+0.57 pp	8 q
ENBEnbridge, Inc	2.98%	525,980	$26M	added+1%	+0.74 pp	8 q
FMCFMC Corporation	2.97%	443,598	$25M	added+1%	+0.88 pp	8 q
VRSKVerisk Analytics, Inc.	2.93%	350,221	$25M	added+1%	+1.06 pp	3 q
GILDGilead Sciences Inc	2.88%	251,174	$25M	added+1%	+0.92 pp	8 q
CMICummins Inc.	2.87%	176,738	$25M	added+1%	+0.75 pp	8 q
EOGEOG Resources, Inc.	2.72%	253,484	$23M	trimmed−11%	+0.51 pp	8 q
BLQADBlackrock Inc	2.71%	63,297	$23M	added+1%	+0.83 pp	3 q
LKQLKQ Corporation	2.68%	895,525	$23M	new	+2.68 pp	new
ADBEAdobe Inc.	2.15%	247,996	$18M	added+1%	+0.65 pp	8 q
JNJJohnson & Johnson	0.08%	6,423	$646,000	trimmed−94%	−0.92 pp	8 q
SLBSLB Limited	0.06%	6,341	$529,000	trimmed−11%	+0.01 pp	8 q
TAT&T Inc.	0.05%	13,958	$456,000	trimmed−96%	−0.93 pp	8 q
DISThe Walt Disney Company	0.05%	4,038	$424,000	new	+0.05 pp	new
unresolvedGeneral Electric Co	0.05%	17,470	$433,000	trimmed−97%	−1.10 pp	8 q
IBMInternational Business Machines Corporation	0.05%	2,426	$389,000	trimmed−97%	−1.15 pp	8 q
WFCWells Fargo & Co.	0.05%	7,259	$395,000	trimmed−97%	−1.14 pp	8 q
unresolvedXl Group PLC	0.05%	11,850	$436,000	held	—	8 q
AXPAmerican Express Company	0.04%	4,854	$379,000	trimmed−96%	−0.91 pp	8 q
unresolvedBoardwalk Pipeline Partners	0.04%	22,943	$369,000	trimmed−97%	−1.14 pp	5 q
unresolvedChubb	0.04%	3,736	$378,000	trimmed−97%	−1.04 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.04%	13,177	$363,000	trimmed−97%	−1.07 pp	8 q
unresolvedDow Chemical Co	0.04%	6,658	$319,000	trimmed−97%	−0.88 pp	8 q
unresolvedE M C Corp Mass	0.04%	13,594	$347,000	trimmed−97%	−1.25 pp	8 q
unresolvedGannett Inc	0.04%	9,933	$368,000	trimmed−98%	−1.12 pp	8 q
GDGeneral Dynamics Corporation	0.04%	2,762	$375,000	trimmed−97%	−0.92 pp	8 q
unresolvedHewlett Packard Co	0.04%	10,846	$338,000	trimmed−97%	−1.32 pp	8 q
INTCIntel Corp	0.04%	10,591	$331,000	trimmed−97%	−1.10 pp	8 q
LLoews Corporation	0.04%	9,401	$384,000	trimmed−97%	−1.09 pp	8 q
SWKStanley Black & Decker, Inc.	0.04%	3,331	$318,000	trimmed−97%	−0.97 pp	6 q
WUThe Western Union Company	0.04%	17,737	$369,000	trimmed−98%	−1.15 pp	8 q
ETNEaton Corporation, plc	0.04%	4,678	$318,000	trimmed−97%	−0.93 pp	8 q
BACBank of America Corporation	0.03%	18,555	$286,000	trimmed−96%	−0.62 pp	2 q
BDXBecton, Dickinson and Co.	0.03%	1,878	$270,000	trimmed−98%	−1.06 pp	8 q
CHKChesapeake Energy Corp	0.03%	16,416	$232,000	trimmed−95%	−0.55 pp	8 q
unresolvedDirectv	0.03%	3,062	$261,000	trimmed−97%	−0.86 pp	4 q
unresolvedDu Pont E I De Nemours & Co	0.03%	4,037	$289,000	trimmed−97%	−0.88 pp	8 q
MRSHMarsh	0.03%	4,308	$242,000	trimmed−98%	−0.86 pp	8 q
RSGRepublic Services Inc.	0.03%	6,933	$281,000	trimmed−97%	−0.89 pp	8 q
SYYSysco Corporation	0.03%	7,642	$288,000	trimmed−98%	−0.99 pp	8 q
TRGPTarga Resources Corp.	0.03%	2,450	$235,000	new	+0.03 pp	new
TUPTupperware Brands Corporation	0.03%	3,106	$214,000	trimmed−97%	−0.60 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.03%	1,878	$222,000	trimmed−98%	−0.83 pp	8 q
ELVElevance Health, Inc.	0.02%	1,331	$206,000	trimmed−98%	−0.78 pp	2 q
BMYBristol-Myers Squibb Co.	0.02%	3,222	$208,000	new	+0.02 pp	new
unresolvedChicago Bridge & Iron Co N V	0.02%	4,180	$206,000	new	+0.02 pp	new
CHDChurch & Dwight Co., Inc.	0.02%	2,420	$207,000	new	+0.02 pp	new
CLBCore Laboratories Inc.	—	−138,338	—	exited	−1.40 pp	—
BPBP p.l.c.	—	−166,715	—	exited	−0.53 pp	—