Torray

Q4 2016 13F · by James Bailey, portfolio manager

As of: Dec 31, 2016
Filed: Feb 15, 2017
US stock: $939M · prev $911M
Positions: 110 · prev 85
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves109 since the prior filing

+5.3 pp in · −5.3 pp out

New 30 +4.52 pp
Added 38 +0.76 pp
Trimmed 36 −4.93 pp
Exited 5 −0.39 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions13% of US stock

GOOGL Alphabet Inc. Class A trimmed−0.50 pp trimmed−0.502.9%
SCHW The Charles Schwab Corporation trimmed+0.42 pp trimmed+0.422.5%
AAPL Apple Inc. trimmed−0.32 pp trimmed−0.322.5%
FISV Fiserv, Inc. trimmed−0.16 pp trimmed−0.162.4%
LKQ LKQ Corporation added−0.04 pp added−0.042.3%

Positions110 in this filing · 5 exited


GOOGLAlphabet Inc. Class A	2.89%	34,276	$27M	trimmed−11%	−0.50 pp	6 q
SCHWThe Charles Schwab Corporation	2.53%	601,587	$24M	trimmed−1%	+0.42 pp	4 q
AAPLApple Inc.	2.51%	203,487	$24M	trimmed−11%	−0.32 pp	15 q
FISVFiserv, Inc.	2.36%	208,662	$22M	trimmed−10%	−0.16 pp	15 q
LKQLKQ Corporation	2.31%	707,427	$22M	added+17%	−0.04 pp	8 q
VVISA Inc.	2.26%	272,588	$21M	trimmed−1%	−0.24 pp	15 q
METAMeta Platforms, Inc. Class A	2.25%	183,435	$21M	trimmed−2%	−0.38 pp	5 q
BMRNBioMarin Pharmaceuticals Inc	2.21%	250,438	$21M	added+29%	+0.23 pp	12 q
DHRDanaher Corporation	2.10%	253,880	$20M	trimmed−1%	−0.10 pp	15 q
TAT&T Inc.	2.08%	458,767	$20M	added0%	+0.04 pp	15 q
ACNAccenture PLC	2.07%	166,179	$19M	trimmed−4%	−0.26 pp	15 q
AMTAmerican Tower Corporation	2.06%	182,778	$19M	trimmed−5%	−0.32 pp	15 q
UTXZRTX Corporation	2.00%	171,620	$19M	trimmed−1%	+0.07 pp	15 q
BLQADBlackrock Inc	1.98%	48,860	$19M	trimmed−2%	−0.01 pp	10 q
unresolvedCooper Cos Inc/The	1.97%	106,037	$19M	trimmed−3%	−0.18 pp	10 q
BACBank of America Corporation	1.96%	834,962	$18M	trimmed−13%	+0.32 pp	9 q
CLColgate-Palmolive Company	1.95%	279,366	$18M	trimmed−1%	−0.34 pp	15 q
INCYIncyte Genomics Inc	1.93%	180,511	$18M	trimmed−1%	+0.05 pp	4 q
EOGEOG Resources, Inc.	1.88%	174,464	$18M	trimmed−5%	−0.06 pp	15 q
APHAmphenol Corporation	1.85%	258,435	$17M	trimmed−13%	−0.27 pp	15 q
unresolvedGeneral Electric Co	1.85%	548,632	$17M	added0%	+0.07 pp	15 q
VRSKVerisk Analytics, Inc.	1.81%	209,237	$17M	trimmed−7%	−0.20 pp	10 q
ENBEnbridge, Inc	1.80%	402,261	$17M	trimmed−3%	−0.21 pp	15 q
ADBEAdobe Inc.	1.75%	159,552	$16M	trimmed−1%	−0.18 pp	15 q
CERNCerner Corp	1.67%	332,003	$16M	added+27%	−0.10 pp	2 q
unresolvedBoardwalk Pipeline Partners	1.66%	895,423	$16M	added0%	−0.02 pp	12 q
AXPAmerican Express Company	1.64%	208,407	$15M	added+1%	+0.18 pp	15 q
ALBAlbemarle Corporation	1.62%	176,928	$15M	trimmed−3%	−0.09 pp	2 q
LLoews Corporation	1.62%	325,016	$15M	added0%	+0.15 pp	15 q
AKAMAkamai Technologies Inc	1.61%	226,127	$15M	trimmed−7%	+0.20 pp	13 q
IBMInternational Business Machines Corporation	1.61%	91,337	$15M	added+1%	+0.03 pp	15 q
PXGBXPraxair Inc	1.58%	126,589	$15M	trimmed−1%	−0.12 pp	15 q
GDGeneral Dynamics Corporation	1.57%	85,348	$15M	trimmed−0%	+0.12 pp	15 q
HN9Hanesbrands Inc	1.56%	678,900	$15M	trimmed−1%	−0.35 pp	3 q
CSCOCisco Systems, Inc. (DE)	1.55%	480,905	$15M	added0%	−0.12 pp	15 q
WFCWells Fargo & Co.	1.55%	264,576	$15M	added0%	+0.27 pp	15 q
INTCIntel Corp	1.47%	381,612	$14M	added0%	−0.11 pp	15 q
BPBP p.l.c.	1.46%	366,982	$14M	trimmed−2%	+0.05 pp	7 q
NKENike, Inc.	1.42%	261,542	$13M	trimmed−0%	−0.09 pp	15 q
JNJJohnson & Johnson	1.39%	113,486	$13M	added0%	−0.08 pp	15 q
AYIAcuity Inc.	1.38%	56,245	$13M	new	+1.38 pp	new
MRSHMarsh	1.38%	191,616	$13M	added0%	−0.03 pp	15 q
HPEHewlett Packard Enterprise Company	1.37%	555,014	$13M	added+1%	0.00 pp	5 q
CBChubb Limited	1.37%	97,231	$13M	added0%	+0.03 pp	4 q
GILDGilead Sciences Inc	1.27%	165,963	$12M	trimmed−0%	−0.18 pp	15 q
SWKStanley Black & Decker, Inc.	1.26%	102,819	$12M	added0%	−0.12 pp	13 q
ETNEaton Corporation, plc	1.24%	173,388	$12M	added0%	−0.01 pp	15 q
WUThe Western Union Company	1.15%	498,455	$11M	added0%	+0.01 pp	15 q
unresolvedDow Chemical Co	1.12%	184,419	$11M	added0%	+0.07 pp	15 q
GCIGannett Co Inc	1.08%	1,045,000	$10M	added+45%	+0.16 pp	7 q
TUPTupperware Brands Corporation	1.08%	192,130	$10M	trimmed−2%	−0.32 pp	15 q
unresolvedChicago Bridge & Iron Co N V	1.01%	297,900	$9M	held	—	8 q
VMWVMware, Inc	0.99%	118,460	$9M	trimmed−27%	−0.32 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.96%	56,604	$9M	added0%	+0.09 pp	15 q
BDXBecton, Dickinson and Co.	0.91%	51,728	$9M	trimmed−1%	−0.12 pp	15 q
HPQHP Inc.	0.90%	572,000	$8M	held	—	3 q
TGNATEGNA Inc.	0.79%	345,400	$7M	trimmed−5%	−0.08 pp	7 q
ELVElevance Health, Inc.	0.63%	41,300	$6M	held	—	9 q
JKHYHenry (Jack) & Associates	0.17%	17,625	$2M	new	+0.17 pp	new
HXLHexcel Corporation	0.17%	30,486	$2M	new	+0.17 pp	new
LMTLockheed Martin Corp.	0.16%	5,985	$1M	added+3%	+0.01 pp	3 q
CPRTCopart Inc	0.15%	24,646	$1M	new	+0.15 pp	new
MTDMettler-Toledo International	0.15%	3,343	$1M	new	+0.15 pp	new
MRKMerck & Co., Inc.	0.14%	21,749	$1M	added+3%	0.00 pp	3 q
OMCLOmnicell Inc	0.14%	40,001	$1M	new	+0.14 pp	new
unresolvedSBA Comms Corp	0.14%	12,944	$1M	new	+0.14 pp	new
AMGAffiliated Managers Group	0.13%	8,455	$1M	new	+0.13 pp	new
CHDChurch & Dwight Co., Inc.	0.13%	27,076	$1M	new	+0.13 pp	new
HDSHD Supply Holdings, Inc.	0.13%	29,591	$1M	new	+0.13 pp	new
MANHManhattan Associates Inc	0.13%	22,590	$1M	new	+0.13 pp	new
MIDDMiddleby Corp	0.13%	9,270	$1M	new	+0.13 pp	new
ORLYO'Reilly Automotive, Inc.	0.12%	4,147	$1M	new	+0.12 pp	new
PMPhilip Morris International Inc.	0.12%	12,768	$1M	added+7%	−0.01 pp	3 q
AKXAnsys Inc	0.11%	10,912	$1M	new	+0.11 pp	new
DUKDuke Energy Corporation	0.11%	13,116	$1M	added+1%	0.00 pp	3 q
ERIEErie Indemnity Co	0.11%	9,240	$1M	added+5%	+0.01 pp	3 q
IPGPIPG Photonics Corporation	0.11%	10,494	$1M	new	+0.11 pp	new
QLYSQualys, Inc.	0.11%	32,279	$1M	new	+0.11 pp	new
DNKNDunkin' Brands Group, Inc.	0.10%	18,041	$946,000	new	+0.10 pp	new
ICFIICF International, Inc.	0.10%	16,366	$903,000	new	+0.10 pp	new
CLBCore Laboratories Inc.	0.10%	7,741	$929,000	new	+0.10 pp	new
unresolvedAdvisory Brd Co	0.09%	24,082	$801,000	new	+0.09 pp	new
GMABGenmab A/S	0.09%	10,154	$842,000	new	+0.09 pp	new
MSFTMicrosoft Corp	0.09%	13,627	$847,000	added+2%	+0.01 pp	3 q
PIIPolaris Inc.	0.09%	9,758	$804,000	new	+0.09 pp	new
RICEEqt Re Merger Sub Inc	0.09%	37,996	$811,000	new	+0.09 pp	new
SNCRSynchronoss Technologies Inc	0.09%	21,091	$808,000	new	+0.09 pp	new
TSCOTractor Supply Co	0.09%	11,729	$889,000	new	+0.09 pp	new
LYBLyondellBasell Industries N.V. Class A	0.09%	10,020	$860,000	trimmed−1%	0.00 pp	3 q
AZPNAspen Technology Inc	0.08%	13,340	$729,000	new	+0.08 pp	new
CMDXFComputer Modelling Grp	0.08%	109,675	$744,000	new	+0.08 pp	new
PRUPrudential Financial, Inc.	0.08%	7,260	$755,000	added+6%	+0.02 pp	2 q
QCOMQualcomm Inc	0.08%	11,200	$730,000	added+6%	0.00 pp	3 q
ABBVAbbvie Inc.	0.07%	9,790	$613,000	added+8%	+0.01 pp	3 q
GMGeneral Motors Company	0.07%	19,635	$684,000	added+14%	+0.01 pp	2 q
unresolvedSpectra Energy Corp.	0.07%	16,514	$679,000	trimmed−1%	−0.01 pp	3 q
CMICummins Inc.	0.06%	4,175	$571,000	added+5%	0.00 pp	3 q
HALOHalozyme Therapeutics, Inc.	0.06%	60,119	$594,000	new	+0.06 pp	new
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.06%	22,025	$557,000	added+12%	0.00 pp	2 q
PSXPhillips 66	0.06%	6,845	$591,000	added+8%	0.00 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	2,649	$340,000	added+13%	0.00 pp	2 q
SLBSLB Limited	0.04%	5,010	$421,000	added+6%	0.00 pp	3 q
SOThe Southern Company	0.04%	7,500	$369,000	held	—	3 q
NLSNNielsen Holdings PLC	0.04%	9,445	$396,000	added+42%	0.00 pp	3 q
DISThe Walt Disney Company	0.03%	2,374	$247,000	held	—	3 q
EPDEnterprise Products Partners L.P.	0.03%	12,000	$324,000	held	—	3 q
unresolvedGlaxosmithkline PLC	0.03%	6,500	$250,000	trimmed−16%	−0.01 pp	3 q
PAGPPlains GP Holdings, L.P. Class A Units representing Limited Partner Interests	0.03%	9,254	$321,000	new	+0.03 pp	new
RSGRepublic Services Inc.	0.03%	4,851	$277,000	trimmed−97%	−0.74 pp	15 q
EGEverest Group, Ltd.	0.03%	1,427	$309,000	new	+0.03 pp	new
unresolvedMedivation Inc	—	−28,249	—	exited	−0.25 pp	—
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	—	−14,250	—	exited	−0.05 pp	—
KMIKinder Morgan, Inc.	—	−10,800	—	exited	−0.03 pp	—
unresolvedPlains Gp Hldgs L P	—	−22,850	—	exited	−0.03 pp	—
VZVerizon Communications	—	−5,102	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 9 unresolved
Accession: 0000950123-17-002576
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 205249105 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 372303206 not on the Official 13(f) List for 2016-12-31

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