Torray

Q3 2015 13F · by James Bailey, portfolio manager

As of: Sep 30, 2015
Filed: Nov 10, 2015
US stock: $1.4B · prev $1.5B
Positions: 63 · prev 65
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%

Moves50 since the prior filing

+8.9 pp in · −9.0 pp out

New 4 +7.34 pp
Added 18 +1.53 pp
Trimmed 22 −0.78 pp
Exited 6 −8.23 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions63 in this filing · 6 exited


AAPLApple Inc.	4.10%	505,504	$56M	added0%	−0.01 pp	10 q
FISVFiserv, Inc.	3.64%	571,840	$50M	trimmed−14%	+0.07 pp	10 q
DHRDanaher Corporation	3.53%	564,774	$48M	trimmed−7%	+0.14 pp	10 q
GOOGLAlphabet Inc. Class A	3.48%	74,263	$47M	new	+3.48 pp	new
VVISA Inc.	3.32%	649,350	$45M	trimmed−15%	−0.03 pp	10 q
unresolvedExpress Scripts Hldg Co	3.23%	543,331	$44M	added+3%	+0.18 pp	9 q
ACNAccenture PLC	3.04%	421,031	$41M	trimmed−12%	+0.04 pp	10 q
CLColgate-Palmolive Company	2.96%	635,967	$40M	trimmed−4%	+0.14 pp	10 q
VFCV.F. Corporation	2.88%	575,780	$39M	trimmed−10%	−0.01 pp	7 q
NKENike, Inc.	2.81%	311,198	$38M	trimmed−20%	+0.07 pp	10 q
BLQADBlackrock Inc	2.80%	128,028	$38M	added+2%	−0.02 pp	5 q
VRSKVerisk Analytics, Inc.	2.77%	510,222	$38M	trimmed−1%	+0.34 pp	5 q
AKAMAkamai Technologies Inc	2.69%	529,855	$37M	trimmed−1%	+0.26 pp	8 q
LKQLKQ Corporation	2.63%	1,264,500	$36M	trimmed−6%	−0.01 pp	3 q
AMTAmerican Tower Corporation	2.59%	400,366	$35M	trimmed−1%	+0.15 pp	10 q
APHAmphenol Corporation	2.50%	667,124	$34M	added0%	0.00 pp	10 q
unresolvedMedivation Inc	2.49%	797,015	$34M	added×2.9	+0.43 pp	2 q
GILDGilead Sciences Inc	2.47%	342,574	$34M	trimmed−6%	−0.29 pp	10 q
ADBEAdobe Inc.	2.42%	401,220	$33M	added+13%	+0.56 pp	10 q
UTXZRTX Corporation	2.39%	365,471	$33M	trimmed−18%	−0.80 pp	10 q
unresolvedCooper Cos Inc/The	2.37%	216,545	$32M	added0%	−0.13 pp	5 q
ENBEnbridge, Inc	2.24%	821,775	$31M	added0%	−0.25 pp	10 q
CTRACoterra Energy Inc.	2.21%	1,376,160	$30M	added0%	−0.61 pp	4 q
PXGBXPraxair Inc	2.21%	295,267	$30M	trimmed−8%	−0.28 pp	10 q
SRCLStericycle Inc	2.06%	201,425	$28M	new	+2.06 pp	new
EOGEOG Resources, Inc.	1.80%	336,886	$25M	trimmed−6%	−0.25 pp	10 q
unresolvedWhole Foods Market	1.79%	768,925	$24M	new	+1.79 pp	new
BMRNBioMarin Pharmaceuticals Inc	1.76%	227,845	$24M	trimmed−1%	−0.29 pp	7 q
unresolvedChubb	1.13%	125,076	$15M	held	—	10 q
TAT&T Inc.	1.01%	420,769	$14M	added+22%	+0.21 pp	10 q
unresolvedGeneral Electric Co	1.01%	542,827	$14M	held	—	10 q
WFCWells Fargo & Co.	0.98%	260,829	$13M	held	—	10 q
IBMInternational Business Machines Corporation	0.96%	90,111	$13M	held	—	10 q
unresolvedE M C Corp Mass	0.93%	521,789	$13M	held	—	10 q
CSCOCisco Systems, Inc. (DE)	0.92%	479,722	$13M	added0%	+0.07 pp	10 q
SWKStanley Black & Decker, Inc.	0.90%	126,856	$12M	held	—	8 q
SYYSysco Corporation	0.88%	307,912	$12M	held	—	10 q
GDGeneral Dynamics Corporation	0.86%	84,457	$12M	trimmed−0%	+0.08 pp	10 q
LLoews Corporation	0.86%	323,841	$12M	held	—	10 q
INTCIntel Corp	0.84%	378,121	$11M	added0%	+0.09 pp	10 q
RSGRepublic Services Inc.	0.84%	276,948	$11M	added0%	+0.14 pp	10 q
BACBank of America Corporation	0.80%	698,065	$11M	held	—	4 q
GCIGannett Co Inc	0.80%	735,374	$11M	added×4.2	+0.64 pp	2 q
unresolvedDu Pont E I De Nemours & Co	0.79%	222,992	$11M	added+50%	+0.17 pp	10 q
JNJJohnson & Johnson	0.78%	113,198	$11M	trimmed−1%	+0.05 pp	10 q
unresolvedHewlett Packard Co	0.76%	404,401	$10M	held	—	10 q
unresolvedDow Chemical Co	0.75%	241,488	$10M	held	—	10 q
BDXBecton, Dickinson and Co.	0.72%	73,668	$10M	held	—	10 q
MRSHMarsh	0.72%	189,011	$10M	added0%	+0.03 pp	10 q
unresolvedBoardwalk Pipeline Partners	0.69%	799,918	$9M	held	—	7 q
AXPAmerican Express Company	0.67%	122,820	$9M	trimmed−0%	+0.05 pp	10 q
WUThe Western Union Company	0.66%	490,897	$9M	held	—	10 q
ETNEaton Corporation, plc	0.65%	171,678	$9M	added0%	−0.10 pp	10 q
TUPTupperware Brands Corporation	0.60%	165,556	$8M	trimmed−0%	−0.09 pp	10 q
TGNATEGNA Inc.	0.58%	354,273	$8M	held	—	2 q
BPBP p.l.c.	0.57%	252,035	$8M	added+49%	+0.13 pp	2 q
unresolvedChicago Bridge & Iron Co N V	0.53%	181,280	$7M	held	—	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.47%	55,028	$6M	held	—	10 q
ELVElevance Health, Inc.	0.43%	42,236	$6M	held	—	4 q
BAXBaxter International Inc.	0.36%	150,450	$5M	held	—	10 q
CHKChesapeake Energy Corp	0.34%	631,031	$5M	trimmed−0%	−0.12 pp	10 q
DISThe Walt Disney Company	0.03%	3,538	$362,000	trimmed−4%	0.00 pp	3 q
CHDChurch & Dwight Co., Inc.	0.01%	2,420	$203,000	new	+0.01 pp	new
unresolvedGoogle Inc.	—	−80,190	—	exited	−2.81 pp	—
CMICummins Inc.	—	−276,849	—	exited	−2.36 pp	—
FMCFMC Corporation	—	−674,008	—	exited	−2.30 pp	—
unresolvedDirectv	—	−122,807	—	exited	−0.74 pp	—
BMYBristol-Myers Squibb Co.	—	−3,222	—	exited	−0.01 pp	—
JPMJPMorgan Chase & Co.	—	−3,036	—	exited	−0.01 pp	—