Torray

Q2 2015 13F · by James Bailey, portfolio manager

As of: Jun 30, 2015
Filed: Aug 10, 2015
US stock: $1.5B · prev $855M
Positions: 65 · prev 66
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%

Moves70 since the prior filing

+7.5 pp in · −7.5 pp out

New 5 +3.41 pp
Added 56 +4.09 pp
Trimmed 3 −4.23 pp
Exited 6 −3.25 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

AAPL Apple Inc. added−0.67 pp added−0.674.1%
FISV Fiserv, Inc. added−0.98 pp added−0.983.6%
DHR Danaher Corporation added−0.79 pp added−0.793.4%
V VISA Inc. added−0.81 pp added−0.813.4%
UTXZ RTX Corporation added−0.78 pp added−0.783.2%

Positions65 in this filing · 6 exited


AAPLApple Inc.	4.11%	504,014	$63M	added+53%	−0.67 pp	9 q
FISVFiserv, Inc.	3.57%	663,205	$55M	added+35%	−0.98 pp	9 q
DHRDanaher Corporation	3.39%	609,024	$52M	added+45%	−0.79 pp	9 q
VVISA Inc.	3.35%	768,400	$52M	added+41%	−0.81 pp	9 q
UTXZRTX Corporation	3.19%	443,051	$49M	added+53%	−0.78 pp	9 q
unresolvedExpress Scripts Hldg Co	3.05%	527,846	$47M	added+43%	−0.71 pp	8 q
ACNAccenture PLC	3.00%	477,006	$46M	added+38%	−0.80 pp	9 q
VFCV.F. Corporation	2.89%	636,980	$44M	added+47%	−0.92 pp	6 q
BLQADBlackrock Inc	2.82%	125,662	$43M	added+99%	+0.11 pp	4 q
CTRACoterra Energy Inc.	2.82%	1,375,130	$43M	added+24%	−1.01 pp	3 q
CLColgate-Palmolive Company	2.82%	663,997	$43M	added+49%	−0.79 pp	9 q
unresolvedGoogle Inc.	2.81%	80,190	$43M	added+53%	−0.58 pp	3 q
GILDGilead Sciences Inc	2.76%	363,379	$43M	added+45%	−0.12 pp	9 q
NKENike, Inc.	2.74%	390,218	$42M	added+40%	−0.54 pp	9 q
LKQLKQ Corporation	2.64%	1,341,795	$41M	added+50%	−0.04 pp	2 q
APHAmphenol Corporation	2.50%	665,094	$39M	added+38%	−0.81 pp	9 q
unresolvedCooper Cos Inc/The	2.50%	215,945	$38M	added+39%	−0.91 pp	4 q
ENBEnbridge, Inc	2.49%	819,280	$38M	added+56%	−0.49 pp	9 q
PXGBXPraxair Inc	2.49%	320,527	$38M	added+37%	−0.82 pp	9 q
AMTAmerican Tower Corporation	2.44%	403,306	$38M	added+44%	−0.64 pp	9 q
AKAMAkamai Technologies Inc	2.43%	536,270	$37M	added+29%	−1.03 pp	7 q
VRSKVerisk Analytics, Inc.	2.43%	514,952	$37M	added+47%	−0.50 pp	4 q
CMICummins Inc.	2.36%	276,849	$36M	added+57%	−0.51 pp	9 q
FMCFMC Corporation	2.30%	674,008	$35M	added+52%	−0.67 pp	9 q
unresolvedMedivation Inc	2.06%	277,060	$32M	new	+2.06 pp	new
BMRNBioMarin Pharmaceuticals Inc	2.05%	230,195	$31M	trimmed−10%	−1.69 pp	6 q
EOGEOG Resources, Inc.	2.05%	359,691	$31M	added+42%	−0.67 pp	9 q
ADBEAdobe Inc.	1.86%	353,690	$29M	added+43%	−0.29 pp	9 q
IBMInternational Business Machines Corporation	0.95%	90,111	$15M	added×37.1	+0.90 pp	9 q
WFCWells Fargo & Co.	0.95%	260,829	$15M	added×35.9	+0.90 pp	9 q
unresolvedGeneral Electric Co	0.94%	542,827	$14M	added×31.1	+0.89 pp	9 q
unresolvedE M C Corp Mass	0.89%	521,789	$14M	added×38.4	+0.85 pp	9 q
SWKStanley Black & Decker, Inc.	0.87%	126,856	$13M	added×38.1	+0.83 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.85%	478,822	$13M	added×36.3	+0.81 pp	9 q
LLoews Corporation	0.81%	323,841	$12M	added×34.4	+0.77 pp	9 q
TAT&T Inc.	0.80%	345,693	$12M	added×24.8	+0.75 pp	9 q
unresolvedDow Chemical Co	0.80%	241,488	$12M	added×36.3	+0.76 pp	9 q
unresolvedHewlett Packard Co	0.79%	404,401	$12M	added×37.3	+0.75 pp	9 q
GDGeneral Dynamics Corporation	0.78%	84,697	$12M	added×30.7	+0.74 pp	9 q
BACBank of America Corporation	0.77%	698,065	$12M	added×37.6	+0.74 pp	3 q
unresolvedChubb	0.77%	125,076	$12M	added×33.5	+0.73 pp	9 q
unresolvedBoardwalk Pipeline Partners	0.75%	799,918	$12M	added×34.9	+0.71 pp	6 q
INTCIntel Corp	0.75%	377,251	$11M	added×35.6	+0.71 pp	9 q
ETNEaton Corporation, plc	0.75%	171,118	$12M	added×36.6	+0.71 pp	9 q
unresolvedDirectv	0.74%	122,807	$11M	added×40.1	+0.71 pp	5 q
TGNATEGNA Inc.	0.74%	354,273	$11M	new	+0.74 pp	new
JNJJohnson & Johnson	0.73%	114,518	$11M	added×17.8	+0.65 pp	9 q
SYYSysco Corporation	0.72%	307,912	$11M	added×40.3	+0.69 pp	9 q
RSGRepublic Services Inc.	0.70%	276,068	$11M	added×39.8	+0.67 pp	9 q
MRSHMarsh	0.69%	188,141	$11M	added×43.7	+0.66 pp	9 q
TUPTupperware Brands Corporation	0.69%	165,681	$11M	added×53.3	+0.66 pp	9 q
BAXBaxter International Inc.	0.68%	150,450	$11M	trimmed−62%	−2.52 pp	9 q
BDXBecton, Dickinson and Co.	0.68%	73,668	$10M	added×39.2	+0.65 pp	9 q
WUThe Western Union Company	0.65%	490,897	$10M	added×27.7	+0.61 pp	9 q
AXPAmerican Express Company	0.62%	123,220	$10M	added×25.4	+0.58 pp	9 q
unresolvedDu Pont E I De Nemours & Co	0.62%	148,222	$9M	added×36.7	+0.59 pp	9 q
unresolvedChicago Bridge & Iron Co N V	0.59%	181,280	$9M	added×43.4	+0.57 pp	2 q
CHKChesapeake Energy Corp	0.46%	633,551	$7M	added×38.6	+0.43 pp	9 q
ELVElevance Health, Inc.	0.45%	42,236	$7M	added×31.7	+0.43 pp	3 q
BPBP p.l.c.	0.44%	168,785	$7M	new	+0.44 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.44%	55,028	$7M	added×29.3	+0.41 pp	9 q
GCIGannett Co Inc	0.16%	177,129	$2M	new	+0.16 pp	new
DISThe Walt Disney Company	0.03%	3,693	$422,000	trimmed−9%	−0.02 pp	2 q
BMYBristol-Myers Squibb Co.	0.01%	3,222	$214,000	held	—	2 q
JPMJPMorgan Chase & Co.	0.01%	3,036	$206,000	new	+0.01 pp	new
unresolvedPrecision Castparts Corp	—	−124,080	—	exited	−3.05 pp	—
SLBSLB Limited	—	−6,341	—	exited	−0.06 pp	—
unresolvedXl Group PLC	—	−11,850	—	exited	−0.05 pp	—
unresolvedGannett Inc	—	−9,933	—	exited	−0.04 pp	—
TRGPTarga Resources Corp.	—	−2,450	—	exited	−0.03 pp	—
CHDChurch & Dwight Co., Inc.	—	−2,420	—	exited	−0.02 pp	—