Torray

Q3 2016 13F · by James Bailey, portfolio manager

As of: Sep 30, 2016
Filed: Nov 9, 2016
US stock: $911M · prev $1.3B
Positions: 85 · prev 84
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%

Moves74 since the prior filing

+14.0 pp in · −15.6 pp out

New 6 +3.70 pp
Added 30 +10.26 pp
Trimmed 33 −10.52 pp
Exited 5 −5.11 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions14% of US stock

GOOGL Alphabet Inc. Class A trimmed−0.31 pp trimmed−0.313.4%
AAPL Apple Inc. trimmed−0.32 pp trimmed−0.322.8%
META Meta Platforms, Inc. Class A trimmed−0.31 pp trimmed−0.312.6%
FISV Fiserv, Inc. trimmed−0.95 pp trimmed−0.952.5%
V VISA Inc. trimmed−0.29 pp trimmed−0.292.5%

Positions85 in this filing · 5 exited


GOOGLAlphabet Inc. Class A	3.39%	38,435	$31M	trimmed−45%	−0.31 pp	5 q
AAPLApple Inc.	2.83%	228,030	$26M	trimmed−48%	−0.32 pp	14 q
METAMeta Platforms, Inc. Class A	2.63%	187,162	$24M	trimmed−45%	−0.31 pp	4 q
FISVFiserv, Inc.	2.52%	231,316	$23M	trimmed−45%	−0.95 pp	14 q
VVISA Inc.	2.50%	275,845	$23M	trimmed−44%	−0.29 pp	14 q
AMTAmerican Tower Corporation	2.38%	191,628	$22M	trimmed−45%	−0.62 pp	14 q
LKQLKQ Corporation	2.35%	604,527	$21M	trimmed−46%	−0.34 pp	7 q
ACNAccenture PLC	2.33%	173,775	$21M	trimmed−45%	−0.39 pp	14 q
CLColgate-Palmolive Company	2.29%	281,882	$21M	trimmed−44%	−0.52 pp	14 q
DHRDanaher Corporation	2.20%	256,241	$20M	trimmed−46%	−1.42 pp	14 q
unresolvedCooper Cos Inc/The	2.15%	109,467	$20M	trimmed−45%	−0.42 pp	9 q
APHAmphenol Corporation	2.12%	297,008	$19M	trimmed−43%	−0.15 pp	14 q
SCHWThe Charles Schwab Corporation	2.11%	610,165	$19M	trimmed−44%	+0.01 pp	3 q
TAT&T Inc.	2.04%	457,470	$19M	added0%	+0.54 pp	14 q
ENBEnbridge, Inc	2.01%	413,141	$18M	trimmed−45%	−0.42 pp	14 q
VRSKVerisk Analytics, Inc.	2.01%	225,134	$18M	trimmed−44%	−0.46 pp	9 q
BLQADBlackrock Inc	1.99%	50,083	$18M	trimmed−45%	−0.39 pp	9 q
BMRNBioMarin Pharmaceuticals Inc	1.98%	194,892	$18M	trimmed−46%	−0.17 pp	11 q
EOGEOG Resources, Inc.	1.94%	182,972	$18M	trimmed−45%	−0.16 pp	14 q
ADBEAdobe Inc.	1.93%	161,740	$18M	trimmed−45%	−0.19 pp	14 q
UTXZRTX Corporation	1.93%	173,236	$18M	trimmed−44%	−0.47 pp	14 q
HN9Hanesbrands Inc	1.91%	687,714	$17M	trimmed−29%	+0.08 pp	2 q
INCYIncyte Genomics Inc	1.88%	182,088	$17M	trimmed−34%	+0.20 pp	3 q
unresolvedGeneral Electric Co	1.78%	547,701	$16M	added0%	+0.47 pp	14 q
CERNCerner Corp	1.77%	260,600	$16M	new	+1.77 pp	new
ALBAlbemarle Corporation	1.71%	182,416	$16M	new	+1.71 pp	new
PXGBXPraxair Inc	1.70%	128,125	$15M	trimmed−44%	−0.25 pp	14 q
unresolvedBoardwalk Pipeline Partners	1.68%	893,975	$15M	added0%	+0.50 pp	11 q
CSCOCisco Systems, Inc. (DE)	1.67%	480,052	$15M	added0%	+0.63 pp	14 q
BACBank of America Corporation	1.64%	956,225	$15M	added0%	+0.68 pp	8 q
INTCIntel Corp	1.58%	381,206	$14M	added0%	+0.63 pp	14 q
IBMInternational Business Machines Corporation	1.58%	90,766	$14M	added0%	+0.53 pp	14 q
NKENike, Inc.	1.51%	261,849	$14M	trimmed−45%	−0.47 pp	14 q
JNJJohnson & Johnson	1.47%	113,258	$13M	trimmed−0%	+0.42 pp	14 q
LLoews Corporation	1.47%	324,480	$13M	added0%	+0.46 pp	14 q
AXPAmerican Express Company	1.46%	207,155	$13M	added+1%	+0.51 pp	14 q
GDGeneral Dynamics Corporation	1.45%	85,382	$13M	added0%	+0.55 pp	14 q
GILDGilead Sciences Inc	1.45%	166,772	$13M	trimmed−44%	−0.43 pp	14 q
AKAMAkamai Technologies Inc	1.41%	242,483	$13M	trimmed−45%	−0.48 pp	12 q
BPBP p.l.c.	1.41%	366,300	$13M	added0%	+0.42 pp	6 q
MRSHMarsh	1.41%	191,211	$13M	added0%	+0.42 pp	14 q
TUPTupperware Brands Corporation	1.40%	195,770	$13M	added0%	+0.56 pp	14 q
SWKStanley Black & Decker, Inc.	1.38%	102,601	$13M	trimmed−0%	+0.51 pp	12 q
HPEHewlett Packard Enterprise Company	1.37%	550,605	$13M	added0%	+0.61 pp	4 q
CBChubb Limited	1.34%	96,962	$12M	added0%	+0.38 pp	3 q
VMWVMware, Inc	1.31%	163,260	$12M	held	—	4 q
WFCWells Fargo & Co.	1.28%	264,398	$12M	added0%	+0.33 pp	14 q
ETNEaton Corporation, plc	1.25%	172,978	$11M	added0%	+0.47 pp	14 q
WUThe Western Union Company	1.14%	497,272	$10M	added0%	+0.42 pp	14 q
unresolvedDow Chemical Co	1.05%	183,974	$10M	added0%	+0.36 pp	14 q
BDXBecton, Dickinson and Co.	1.03%	52,073	$9M	trimmed−0%	+0.36 pp	14 q
HPQHP Inc.	0.97%	572,000	$9M	held	—	2 q
unresolvedChicago Bridge & Iron Co N V	0.92%	297,900	$8M	held	—	7 q
GCIGannett Co Inc	0.92%	719,700	$8M	held	—	6 q
TGNATEGNA Inc.	0.87%	362,293	$8M	added0%	+0.23 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.87%	56,483	$8M	added0%	+0.27 pp	14 q
RSGRepublic Services Inc.	0.77%	139,443	$7M	trimmed−0%	+0.23 pp	14 q
ELVElevance Health, Inc.	0.57%	41,300	$5M	held	—	8 q
unresolvedMedivation Inc	0.25%	28,249	$2M	trimmed−95%	−2.44 pp	6 q
LMTLockheed Martin Corp.	0.15%	5,815	$1M	held	—	2 q
MRKMerck & Co., Inc.	0.14%	21,034	$1M	added+3%	+0.05 pp	2 q
PMPhilip Morris International Inc.	0.13%	11,968	$1M	added+3%	+0.04 pp	2 q
DUKDuke Energy Corporation	0.11%	12,991	$1M	trimmed−0%	+0.03 pp	2 q
ERIEErie Indemnity Co	0.10%	8,825	$901,000	added+2%	+0.03 pp	2 q
LYBLyondellBasell Industries N.V. Class A	0.09%	10,125	$817,000	added+3%	+0.03 pp	2 q
MSFTMicrosoft Corp	0.08%	13,425	$773,000	added+2%	+0.03 pp	2 q
QCOMQualcomm Inc	0.08%	10,550	$723,000	added+2%	+0.04 pp	2 q
unresolvedSpectra Energy Corp.	0.08%	16,700	$714,000	held	—	2 q
ABBVAbbvie Inc.	0.06%	9,050	$571,000	held	—	2 q
CMICummins Inc.	0.06%	3,985	$511,000	added+5%	+0.03 pp	2 q
GMGeneral Motors Company	0.06%	17,300	$550,000	new	+0.06 pp	new
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.06%	19,700	$514,000	new	+0.06 pp	new
PSXPhillips 66	0.06%	6,325	$509,000	added+6%	+0.02 pp	2 q
PRUPrudential Financial, Inc.	0.06%	6,850	$559,000	new	+0.06 pp	new
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.05%	14,250	$448,000	held	—	2 q
EPDEnterprise Products Partners L.P.	0.04%	12,000	$332,000	held	—	2 q
unresolvedGlaxosmithkline PLC	0.04%	7,750	$334,000	held	—	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	2,340	$322,000	new	+0.04 pp	new
SLBSLB Limited	0.04%	4,735	$372,000	held	—	2 q
SOThe Southern Company	0.04%	7,500	$385,000	held	—	2 q
NLSNNielsen Holdings PLC	0.04%	6,630	$355,000	added+63%	+0.02 pp	2 q
KMIKinder Morgan, Inc.	0.03%	10,800	$250,000	held	—	2 q
unresolvedPlains Gp Hldgs L P	0.03%	22,850	$296,000	trimmed−17%	+0.01 pp	2 q
VZVerizon Communications	0.03%	5,102	$265,000	held	—	2 q
DISThe Walt Disney Company	0.02%	2,374	$220,000	held	—	2 q
SRCLStericycle Inc	—	−260,438	—	exited	−2.06 pp	—
VFCV.F. Corporation	—	−412,386	—	exited	−1.92 pp	—
unresolvedE M C Corp Mass	—	−524,759	—	exited	−1.08 pp	—
SYYSysco Corporation	—	−6,652	—	exited	−0.03 pp	—
CHDChurch & Dwight Co., Inc.	—	−4,004	—	exited	−0.02 pp	—