Torray

Q2 2016 13F · by James Bailey, portfolio manager

As of: Jun 30, 2016
Filed: Aug 5, 2016
US stock: $1.3B · prev $1.9B
Positions: 84 · 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%

Moves85 since the prior filing

+10.9 pp in · −11.2 pp out

New 24 +3.37 pp
Added 22 +7.54 pp
Trimmed 37 −7.79 pp
Exited 2 −3.45 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions84 in this filing · 2 exited


GOOGLAlphabet Inc. Class A	3.70%	69,280	$49M	trimmed−36%	−0.61 pp	4 q
DHRDanaher Corporation	3.62%	472,880	$48M	trimmed−41%	−0.36 pp	13 q
FISVFiserv, Inc.	3.47%	421,196	$46M	trimmed−43%	−0.46 pp	13 q
AAPLApple Inc.	3.15%	434,666	$42M	trimmed−45%	−1.35 pp	13 q
AMTAmerican Tower Corporation	3.00%	348,178	$40M	trimmed−41%	−0.15 pp	13 q
METAMeta Platforms, Inc. Class A	2.94%	338,714	$39M	trimmed−31%	+0.04 pp	3 q
CLColgate-Palmolive Company	2.81%	505,787	$37M	trimmed−39%	−0.22 pp	13 q
VVISA Inc.	2.79%	495,007	$37M	trimmed−39%	−0.44 pp	13 q
ACNAccenture PLC	2.72%	316,660	$36M	trimmed−45%	−0.76 pp	13 q
LKQLKQ Corporation	2.69%	1,117,121	$35M	trimmed−41%	−0.46 pp	6 q
unresolvedMedivation Inc	2.69%	587,807	$35M	trimmed−42%	+0.28 pp	5 q
unresolvedCooper Cos Inc/The	2.57%	197,644	$34M	trimmed−41%	−0.13 pp	8 q
VRSKVerisk Analytics, Inc.	2.47%	402,201	$33M	trimmed−37%	−0.18 pp	8 q
ENBEnbridge, Inc	2.43%	757,372	$32M	trimmed−34%	+0.10 pp	13 q
UTXZRTX Corporation	2.40%	307,939	$32M	trimmed−39%	−0.22 pp	13 q
BLQADBlackrock Inc	2.38%	91,549	$31M	trimmed−47%	−0.68 pp	8 q
APHAmphenol Corporation	2.27%	522,659	$30M	trimmed−40%	−0.34 pp	13 q
BMRNBioMarin Pharmaceuticals Inc	2.15%	364,180	$28M	trimmed−19%	+0.22 pp	10 q
ADBEAdobe Inc.	2.12%	291,442	$28M	trimmed−46%	−0.50 pp	13 q
EOGEOG Resources, Inc.	2.10%	332,564	$28M	trimmed−40%	−0.01 pp	13 q
SCHWThe Charles Schwab Corporation	2.10%	1,093,920	$28M	trimmed−8%	+0.36 pp	2 q
SRCLStericycle Inc	2.06%	260,438	$27M	trimmed−38%	−0.71 pp	4 q
NKENike, Inc.	1.98%	471,952	$26M	trimmed−42%	−0.63 pp	13 q
PXGBXPraxair Inc	1.95%	228,980	$26M	trimmed−37%	−0.22 pp	13 q
VFCV.F. Corporation	1.92%	412,386	$25M	trimmed−44%	−0.56 pp	10 q
AKAMAkamai Technologies Inc	1.89%	444,362	$25M	trimmed−39%	−0.23 pp	11 q
GILDGilead Sciences Inc	1.88%	297,317	$25M	trimmed−34%	−0.29 pp	13 q
HN9Hanesbrands Inc	1.83%	961,777	$24M	new	+1.83 pp	new
INCYIncyte Genomics Inc	1.68%	277,627	$22M	trimmed−40%	−0.07 pp	2 q
TAT&T Inc.	1.50%	457,225	$20M	added+8%	+0.64 pp	13 q
unresolvedGeneral Electric Co	1.31%	547,596	$17M	added+1%	+0.41 pp	13 q
unresolvedBoardwalk Pipeline Partners	1.18%	893,895	$16M	trimmed−16%	+0.36 pp	10 q
unresolvedE M C Corp Mass	1.08%	524,759	$14M	held	—	13 q
IBMInternational Business Machines Corporation	1.05%	90,751	$14M	added+1%	+0.34 pp	13 q
JNJJohnson & Johnson	1.05%	113,758	$14M	added+1%	+0.41 pp	13 q
CSCOCisco Systems, Inc. (DE)	1.04%	480,002	$14M	added0%	+0.33 pp	13 q
LLoews Corporation	1.01%	324,435	$13M	added0%	+0.36 pp	13 q
BPBP p.l.c.	0.99%	366,220	$13M	added+20%	+0.51 pp	5 q
MRSHMarsh	0.99%	191,181	$13M	added0%	+0.38 pp	13 q
BACBank of America Corporation	0.96%	956,100	$13M	added+13%	+0.36 pp	7 q
CBChubb Limited	0.96%	96,942	$13M	added+27%	+0.49 pp	2 q
AXPAmerican Express Company	0.95%	205,900	$13M	added0%	+0.29 pp	13 q
INTCIntel Corp	0.95%	381,171	$13M	added+1%	+0.31 pp	13 q
WFCWells Fargo & Co.	0.95%	264,323	$13M	added0%	+0.29 pp	13 q
GDGeneral Dynamics Corporation	0.90%	85,367	$12M	added+1%	+0.32 pp	13 q
SWKStanley Black & Decker, Inc.	0.87%	102,681	$11M	trimmed−19%	+0.17 pp	11 q
TUPTupperware Brands Corporation	0.84%	195,745	$11M	added+18%	+0.34 pp	13 q
unresolvedChicago Bridge & Iron Co N V	0.78%	297,900	$10M	added+25%	+0.32 pp	6 q
ETNEaton Corporation, plc	0.78%	172,938	$10M	added0%	+0.22 pp	13 q
HPEHewlett Packard Enterprise Company	0.76%	550,565	$10M	trimmed−0%	+0.25 pp	3 q
GCIGannett Co Inc	0.75%	719,700	$10M	trimmed−2%	+0.17 pp	5 q
WUThe Western Union Company	0.72%	497,187	$10M	added0%	+0.22 pp	13 q
VMWVMware, Inc	0.71%	163,260	$9M	added+31%	+0.37 pp	3 q
unresolvedDow Chemical Co	0.69%	183,929	$9M	added0%	+0.20 pp	13 q
BDXBecton, Dickinson and Co.	0.67%	52,138	$9M	trimmed−30%	+0.08 pp	13 q
TGNATEGNA Inc.	0.64%	361,753	$8M	added+1%	+0.20 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.60%	56,468	$8M	added+2%	+0.23 pp	13 q
HPQHP Inc.	0.54%	572,000	$7M	new	+0.54 pp	new
RSGRepublic Services Inc.	0.54%	139,513	$7M	trimmed−19%	+0.11 pp	13 q
ELVElevance Health, Inc.	0.41%	41,300	$5M	trimmed−2%	+0.10 pp	7 q
LMTLockheed Martin Corp.	0.11%	5,815	$1M	new	+0.11 pp	new
MRKMerck & Co., Inc.	0.09%	20,484	$1M	new	+0.09 pp	new
PMPhilip Morris International Inc.	0.09%	11,618	$1M	new	+0.09 pp	new
DUKDuke Energy Corporation	0.08%	13,016	$1M	new	+0.08 pp	new
ERIEErie Indemnity Co	0.07%	8,675	$862,000	new	+0.07 pp	new
LYBLyondellBasell Industries N.V. Class A	0.06%	9,875	$735,000	new	+0.06 pp	new
MSFTMicrosoft Corp	0.05%	13,175	$674,000	new	+0.05 pp	new
unresolvedSpectra Energy Corp.	0.05%	16,700	$612,000	new	+0.05 pp	new
ABBVAbbvie Inc.	0.04%	9,050	$560,000	new	+0.04 pp	new
PSXPhillips 66	0.04%	5,975	$474,000	new	+0.04 pp	new
QCOMQualcomm Inc	0.04%	10,300	$552,000	new	+0.04 pp	new
CMICummins Inc.	0.03%	3,785	$426,000	new	+0.03 pp	new
EPDEnterprise Products Partners L.P.	0.03%	12,000	$351,000	new	+0.03 pp	new
unresolvedGlaxosmithkline PLC	0.03%	7,750	$336,000	new	+0.03 pp	new
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.03%	14,250	$392,000	new	+0.03 pp	new
SLBSLB Limited	0.03%	4,735	$374,000	new	+0.03 pp	new
SOThe Southern Company	0.03%	7,500	$402,000	new	+0.03 pp	new
SYYSysco Corporation	0.03%	6,652	$338,000	trimmed−97%	−0.46 pp	13 q
CHDChurch & Dwight Co., Inc.	0.02%	2,002	$206,000	trimmed−17%	+0.01 pp	4 q
DISThe Walt Disney Company	0.02%	2,374	$232,000	new	+0.02 pp	new
KMIKinder Morgan, Inc.	0.02%	10,800	$202,000	new	+0.02 pp	new
unresolvedPlains Gp Hldgs L P	0.02%	27,475	$287,000	new	+0.02 pp	new
VZVerizon Communications	0.02%	5,102	$285,000	new	+0.02 pp	new
NLSNNielsen Holdings PLC	0.02%	4,060	$211,000	new	+0.02 pp	new
unresolvedExpress Scripts Hldg Co	—	−860,378	—	exited	−3.08 pp	—
unresolvedHewlett Packard Co	—	−572,000	—	exited	−0.37 pp	—