Torray

Q4 2015 13F · by James Bailey, portfolio manager

As of: Dec 31, 2015
Filed: Feb 10, 2016
US stock: $1.3B · prev $1.4B
Positions: 61 · prev 63
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%

Moves66 since the prior filing

+5.9 pp in · −5.9 pp out

New 4 +3.40 pp
Added 29 +2.55 pp
Trimmed 27 +0.31 pp
Exited 6 −6.25 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GOOGL Alphabet Inc. Class A trimmed+0.63 pp trimmed+0.634.1%
AAPL Apple Inc. trimmed−0.27 pp trimmed−0.273.8%
DHR Danaher Corporation trimmed+0.27 pp trimmed+0.273.8%
V VISA Inc. trimmed+0.24 pp trimmed+0.243.6%
unresolved Express Scripts Hldg Co added+0.32 pp added+0.323.5%

Positions61 in this filing · 6 exited


GOOGLAlphabet Inc. Class A	4.11%	71,163	$55M	trimmed−4%	+0.63 pp	2 q
AAPLApple Inc.	3.83%	490,469	$52M	trimmed−3%	−0.27 pp	11 q
DHRDanaher Corporation	3.80%	551,844	$51M	trimmed−2%	+0.27 pp	11 q
VVISA Inc.	3.56%	618,430	$48M	trimmed−5%	+0.24 pp	11 q
unresolvedExpress Scripts Hldg Co	3.55%	547,603	$48M	added+1%	+0.32 pp	10 q
FISVFiserv, Inc.	3.55%	523,395	$48M	trimmed−8%	−0.09 pp	11 q
ACNAccenture PLC	3.15%	406,036	$42M	trimmed−4%	+0.11 pp	11 q
BLQADBlackrock Inc	3.14%	124,178	$42M	trimmed−3%	+0.34 pp	6 q
CLColgate-Palmolive Company	2.94%	595,292	$40M	trimmed−6%	−0.02 pp	11 q
AMTAmerican Tower Corporation	2.90%	402,501	$39M	added+1%	+0.31 pp	11 q
unresolvedMedivation Inc	2.85%	793,000	$38M	trimmed−1%	+0.36 pp	3 q
LKQLKQ Corporation	2.78%	1,262,515	$37M	trimmed−0%	+0.15 pp	4 q
VRSKVerisk Analytics, Inc.	2.70%	472,527	$36M	trimmed−7%	−0.07 pp	6 q
NKENike, Inc.	2.62%	564,611	$35M	trimmed−9%	−0.19 pp	11 q
GILDGilead Sciences Inc	2.59%	344,395	$35M	added+1%	+0.12 pp	11 q
UTXZRTX Corporation	2.58%	362,311	$35M	trimmed−1%	+0.19 pp	11 q
VFCV.F. Corporation	2.58%	558,520	$35M	trimmed−3%	−0.30 pp	8 q
SRCLStericycle Inc	2.45%	273,902	$33M	added+36%	+0.39 pp	2 q
ADBEAdobe Inc.	2.41%	346,095	$33M	trimmed−14%	−0.01 pp	11 q
APHAmphenol Corporation	2.40%	618,269	$32M	trimmed−7%	−0.10 pp	11 q
unresolvedCooper Cos Inc/The	2.16%	216,515	$29M	trimmed−0%	−0.21 pp	6 q
ENBEnbridge, Inc	2.14%	867,850	$29M	added+6%	−0.10 pp	11 q
METAMeta Platforms, Inc. Class A	2.05%	263,460	$28M	new	+2.05 pp	new
AKAMAkamai Technologies Inc	2.04%	521,715	$27M	trimmed−2%	−0.65 pp	9 q
PXGBXPraxair Inc	2.00%	263,547	$27M	trimmed−11%	−0.21 pp	11 q
BMRNBioMarin Pharmaceuticals Inc	1.79%	229,965	$24M	added+1%	+0.03 pp	8 q
EOGEOG Resources, Inc.	1.76%	335,371	$24M	trimmed−0%	−0.04 pp	11 q
unresolvedGeneral Electric Co	1.26%	543,971	$17M	added0%	+0.25 pp	11 q
unresolvedChubb	1.23%	125,291	$17M	added0%	+0.10 pp	11 q
TAT&T Inc.	1.08%	420,980	$14M	added0%	+0.07 pp	11 q
WFCWells Fargo & Co.	1.06%	261,844	$14M	added0%	+0.08 pp	11 q
SWKStanley Black & Decker, Inc.	1.01%	126,946	$14M	added0%	+0.11 pp	9 q
unresolvedE M C Corp Mass	1.00%	524,259	$13M	added0%	+0.07 pp	11 q
CSCOCisco Systems, Inc. (DE)	0.97%	479,517	$13M	trimmed−0%	+0.05 pp	11 q
INTCIntel Corp	0.97%	378,761	$13M	added0%	+0.13 pp	11 q
SYYSysco Corporation	0.94%	308,542	$13M	added0%	+0.06 pp	11 q
IBMInternational Business Machines Corporation	0.92%	89,661	$12M	trimmed−1%	−0.04 pp	11 q
LLoews Corporation	0.92%	323,350	$12M	trimmed−0%	+0.06 pp	11 q
RSGRepublic Services Inc.	0.91%	277,733	$12M	added0%	+0.07 pp	11 q
GCIGannett Co Inc	0.89%	737,330	$12M	added0%	+0.09 pp	3 q
BACBank of America Corporation	0.87%	699,675	$12M	added0%	+0.07 pp	5 q
GDGeneral Dynamics Corporation	0.86%	84,697	$12M	added0%	0.00 pp	11 q
JNJJohnson & Johnson	0.86%	113,353	$12M	added0%	+0.08 pp	11 q
BDXBecton, Dickinson and Co.	0.84%	73,793	$11M	added0%	+0.12 pp	11 q
MRSHMarsh	0.78%	189,436	$11M	added0%	+0.06 pp	11 q
unresolvedBoardwalk Pipeline Partners	0.77%	797,130	$10M	trimmed−0%	+0.08 pp	8 q
unresolvedDow Chemical Co	0.70%	182,399	$9M	trimmed−24%	−0.05 pp	11 q
TUPTupperware Brands Corporation	0.68%	165,205	$9M	trimmed−0%	+0.08 pp	11 q
TGNATEGNA Inc.	0.67%	354,353	$9M	added0%	+0.09 pp	3 q
ETNEaton Corporation, plc	0.67%	172,653	$9M	added+1%	+0.02 pp	11 q
WUThe Western Union Company	0.66%	492,707	$9M	added0%	0.00 pp	11 q
AXPAmerican Express Company	0.64%	123,225	$9M	added0%	−0.03 pp	11 q
BPBP p.l.c.	0.59%	253,630	$8M	added+1%	+0.02 pp	3 q
VMWVMware, Inc	0.53%	126,035	$7M	new	+0.53 pp	new
unresolvedChicago Bridge & Iron Co N V	0.52%	181,330	$7M	added0%	−0.01 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.49%	55,563	$7M	added+1%	+0.02 pp	11 q
HPEHewlett Packard Enterprise Company	0.46%	404,440	$6M	new	+0.46 pp	new
ELVElevance Health, Inc.	0.44%	42,316	$6M	added0%	+0.01 pp	5 q
HPQHP Inc.	0.36%	407,445	$5M	new	+0.36 pp	new
DISThe Walt Disney Company	0.03%	3,438	$361,000	trimmed−3%	0.00 pp	4 q
CHDChurch & Dwight Co., Inc.	0.02%	2,420	$205,000	held	—	2 q
CTRACoterra Energy Inc.	—	−1,376,160	—	exited	−2.21 pp	—
unresolvedWhole Foods Market	—	−768,925	—	exited	−1.79 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−222,992	—	exited	−0.79 pp	—
unresolvedHewlett Packard Co	—	−404,401	—	exited	−0.76 pp	—
BAXBaxter International Inc.	—	−150,450	—	exited	−0.36 pp	—
CHKChesapeake Energy Corp	—	−631,031	—	exited	−0.34 pp	—