Torray

Q1 2016 13F · by James Bailey, portfolio manager

As of: Mar 31, 2016
Filed: May 3, 2016
US stock: $1.9B · prev $1.3B
Positions: 62 · prev 61
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves64 since the prior filing

+2.9 pp in · −3.0 pp out

New 4 +4.33 pp
Added 53 −1.43 pp
Trimmed 4 −1.34 pp
Exited 3 −1.62 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 15.0 years per position

Low
Moderate
High

Top 5 positions20% of US stock

AAPL Apple Inc. added+0.67 pp added+0.674.5%
GOOGL Alphabet Inc. Class A added+0.20 pp added+0.204.3%
DHR Danaher Corporation added+0.18 pp added+0.184.0%
FISV Fiserv, Inc. added+0.38 pp added+0.383.9%
ACN Accenture PLC added+0.33 pp added+0.333.5%

Positions62 in this filing · 3 exited


AAPLApple Inc.	4.50%	791,525	$86M	added+61%	+0.67 pp	12 q
GOOGLAlphabet Inc. Class A	4.31%	108,389	$83M	added+52%	+0.20 pp	3 q
DHRDanaher Corporation	3.98%	803,894	$76M	added+46%	+0.18 pp	12 q
FISVFiserv, Inc.	3.93%	733,894	$75M	added+40%	+0.38 pp	12 q
ACNAccenture PLC	3.48%	578,551	$67M	added+42%	+0.33 pp	12 q
VVISA Inc.	3.23%	810,024	$62M	added+31%	−0.33 pp	12 q
AMTAmerican Tower Corporation	3.15%	589,116	$60M	added+46%	+0.25 pp	12 q
LKQLKQ Corporation	3.15%	1,890,700	$60M	added+50%	+0.37 pp	5 q
unresolvedExpress Scripts Hldg Co	3.08%	860,378	$59M	added+57%	−0.47 pp	11 q
BLQADBlackrock Inc	3.06%	172,342	$59M	added+39%	−0.08 pp	7 q
CLColgate-Palmolive Company	3.03%	823,047	$58M	added+38%	+0.09 pp	12 q
METAMeta Platforms, Inc. Class A	2.90%	487,875	$56M	added+85%	+0.85 pp	2 q
SRCLStericycle Inc	2.77%	420,707	$53M	added+54%	+0.32 pp	3 q
unresolvedCooper Cos Inc/The	2.70%	336,390	$52M	added+55%	+0.54 pp	7 q
VRSKVerisk Analytics, Inc.	2.65%	635,637	$51M	added+35%	−0.05 pp	7 q
ADBEAdobe Inc.	2.62%	536,216	$50M	added+55%	+0.21 pp	12 q
UTXZRTX Corporation	2.62%	502,546	$50M	added+39%	+0.04 pp	12 q
APHAmphenol Corporation	2.61%	864,522	$50M	added+40%	+0.21 pp	12 q
NKENike, Inc.	2.61%	813,256	$50M	added+44%	−0.01 pp	12 q
VFCV.F. Corporation	2.48%	734,185	$48M	added+31%	−0.10 pp	9 q
unresolvedMedivation Inc	2.41%	1,005,770	$46M	added+27%	−0.44 pp	4 q
ENBEnbridge, Inc	2.33%	1,148,213	$45M	added+32%	+0.19 pp	12 q
GILDGilead Sciences Inc	2.17%	453,420	$42M	added+32%	−0.42 pp	12 q
PXGBXPraxair Inc	2.17%	362,587	$41M	added+38%	+0.17 pp	12 q
AKAMAkamai Technologies Inc	2.12%	731,058	$41M	added+40%	+0.08 pp	10 q
EOGEOG Resources, Inc.	2.11%	558,411	$41M	added+67%	+0.35 pp	12 q
BMRNBioMarin Pharmaceuticals Inc	1.93%	448,000	$37M	added+95%	+0.14 pp	9 q
INCYIncyte Genomics Inc	1.75%	463,860	$34M	new	+1.75 pp	new
SCHWThe Charles Schwab Corporation	1.74%	1,189,715	$33M	new	+1.74 pp	new
unresolvedGeneral Electric Co	0.90%	544,361	$17M	added0%	−0.36 pp	12 q
TAT&T Inc.	0.86%	421,600	$17M	added0%	−0.22 pp	12 q
unresolvedBoardwalk Pipeline Partners	0.82%	1,068,850	$16M	added+34%	+0.05 pp	9 q
unresolvedE M C Corp Mass	0.73%	524,759	$14M	added0%	−0.27 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.71%	479,892	$14M	added0%	−0.26 pp	12 q
IBMInternational Business Machines Corporation	0.71%	90,266	$14M	added+1%	−0.21 pp	12 q
SWKStanley Black & Decker, Inc.	0.70%	127,031	$13M	added0%	−0.31 pp	10 q
AXPAmerican Express Company	0.66%	205,565	$13M	added+67%	+0.02 pp	12 q
WFCWells Fargo & Co.	0.66%	263,059	$13M	added0%	−0.40 pp	12 q
LLoews Corporation	0.65%	323,930	$12M	added0%	−0.27 pp	12 q
INTCIntel Corp	0.64%	379,281	$12M	added0%	−0.33 pp	12 q
JNJJohnson & Johnson	0.64%	113,153	$12M	trimmed−0%	−0.22 pp	12 q
MRSHMarsh	0.61%	190,821	$12M	added+1%	−0.17 pp	12 q
BACBank of America Corporation	0.60%	847,885	$11M	added+21%	−0.27 pp	6 q
BDXBecton, Dickinson and Co.	0.59%	74,463	$11M	added+1%	−0.25 pp	12 q
GCIGannett Co Inc	0.58%	737,765	$11M	added0%	−0.31 pp	4 q
GDGeneral Dynamics Corporation	0.58%	84,757	$11M	added0%	−0.28 pp	12 q
ETNEaton Corporation, plc	0.56%	172,713	$11M	added0%	−0.11 pp	12 q
HPEHewlett Packard Enterprise Company	0.51%	550,920	$10M	added+36%	+0.05 pp	2 q
TUPTupperware Brands Corporation	0.50%	165,495	$10M	added0%	−0.18 pp	12 q
WUThe Western Union Company	0.50%	496,182	$10M	added+1%	−0.16 pp	12 q
unresolvedDow Chemical Co	0.49%	183,539	$9M	added+1%	−0.21 pp	12 q
SYYSysco Corporation	0.49%	199,242	$9M	trimmed−35%	−0.45 pp	12 q
BPBP p.l.c.	0.48%	305,820	$9M	added+21%	−0.11 pp	4 q
CBChubb Limited	0.47%	76,344	$9M	new	+0.47 pp	new
unresolvedChicago Bridge & Iron Co N V	0.46%	239,050	$9M	added+32%	−0.06 pp	5 q
TGNATEGNA Inc.	0.44%	356,533	$8M	added+1%	−0.23 pp	4 q
RSGRepublic Services Inc.	0.43%	172,483	$8M	trimmed−38%	−0.48 pp	12 q
unresolvedHewlett Packard Co	0.37%	572,000	$7M	new	+0.37 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.37%	55,593	$7M	added0%	−0.12 pp	12 q
VMWVMware, Inc	0.34%	124,760	$7M	trimmed−1%	−0.19 pp	2 q
ELVElevance Health, Inc.	0.31%	42,336	$6M	added0%	−0.13 pp	6 q
CHDChurch & Dwight Co., Inc.	0.01%	2,420	$223,000	held	—	3 q
unresolvedChubb	—	−125,291	—	exited	−1.23 pp	—
HPQHP Inc.	—	−407,445	—	exited	−0.36 pp	—
DISThe Walt Disney Company	—	−3,438	—	exited	−0.03 pp	—