Torray

Q2 2017 13F · by James Bailey, portfolio manager

As of: Jun 30, 2017
Filed: Aug 4, 2017
US stock: $950M · prev $955M
Positions: 105 · prev 106
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves100 since the prior filing

+8.0 pp in · −7.4 pp out

New 6 +4.46 pp
Added 31 +3.55 pp
Trimmed 56 −4.16 pp
Exited 7 −3.22 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions13% of US stock

Positions105 in this filing · 7 exited


GOOGLAlphabet Inc. Class A	2.94%	29,985	$28M	trimmed−11%	−0.06 pp	8 q
AAPLApple Inc.	2.54%	167,634	$24M	trimmed−14%	−0.39 pp	17 q
SCHWThe Charles Schwab Corporation	2.47%	546,469	$23M	trimmed−8%	−0.06 pp	6 q
METAMeta Platforms, Inc. Class A	2.42%	152,188	$23M	trimmed−15%	−0.25 pp	7 q
VVISA Inc.	2.38%	241,220	$23M	trimmed−8%	−0.07 pp	17 q
AMTAmerican Tower Corporation	2.35%	168,963	$22M	trimmed−8%	+0.01 pp	17 q
FISVFiserv, Inc.	2.33%	180,530	$22M	trimmed−8%	−0.05 pp	17 q
ACNAccenture PLC	2.33%	178,604	$22M	trimmed−9%	−0.13 pp	17 q
CERNCerner Corp	2.28%	325,484	$22M	trimmed−14%	−0.05 pp	4 q
BMRNBioMarin Pharmaceuticals Inc	2.17%	227,360	$21M	trimmed−8%	−0.10 pp	14 q
unresolvedCooper Cos Inc/The	2.17%	86,174	$21M	trimmed−18%	−0.02 pp	12 q
BACBank of America Corporation	2.14%	835,987	$20M	added0%	+0.08 pp	11 q
UTXZRTX Corporation	2.04%	158,307	$19M	trimmed−7%	+0.04 pp	17 q
DHRDanaher Corporation	2.02%	227,709	$19M	trimmed−11%	−0.27 pp	17 q
BLQADBlackrock Inc	2.00%	45,006	$19M	trimmed−7%	+0.06 pp	12 q
LKQLKQ Corporation	1.95%	561,221	$18M	trimmed−18%	−0.16 pp	10 q
CLColgate-Palmolive Company	1.89%	241,572	$18M	trimmed−11%	−0.20 pp	17 q
INCYIncyte Genomics Inc	1.86%	140,023	$18M	added+17%	+0.19 pp	6 q
AXPAmerican Express Company	1.85%	208,443	$18M	added0%	+0.12 pp	17 q
SHWThe Sherwin-Williams Company	1.85%	50,029	$18M	added+8%	+0.34 pp	2 q
ADBEAdobe Inc.	1.83%	122,704	$17M	trimmed−20%	−0.26 pp	17 q
ALBAlbemarle Corporation	1.82%	163,903	$17M	trimmed−8%	−0.15 pp	4 q
APHAmphenol Corporation	1.76%	226,791	$17M	trimmed−8%	−0.07 pp	17 q
VRSKVerisk Analytics, Inc.	1.72%	193,849	$16M	trimmed−8%	−0.07 pp	12 q
unresolvedBoardwalk Pipeline Partners	1.70%	898,830	$16M	added0%	−0.02 pp	14 q
ENBEnbridge, Inc	1.68%	400,969	$16M	trimmed−6%	−0.18 pp	17 q
LLoews Corporation	1.60%	325,049	$15M	trimmed−0%	+0.01 pp	17 q
CSCOCisco Systems, Inc. (DE)	1.59%	482,415	$15M	added0%	−0.12 pp	17 q
JNJJohnson & Johnson	1.59%	114,295	$15M	added0%	+0.10 pp	17 q
BPBP p.l.c.	1.58%	433,817	$15M	trimmed−2%	+0.01 pp	9 q
MRSHMarsh	1.57%	191,391	$15M	trimmed−0%	+0.09 pp	17 q
EOGEOG Resources, Inc.	1.56%	163,494	$15M	trimmed−7%	−0.23 pp	17 q
unresolvedGeneral Electric Co	1.56%	549,160	$15M	added0%	−0.15 pp	17 q
WFCWells Fargo & Co.	1.55%	265,899	$15M	added0%	0.00 pp	17 q
GMGeneral Motors Company	1.54%	419,010	$15M	added×20.1	+1.46 pp	4 q
NKENike, Inc.	1.51%	242,373	$14M	trimmed−8%	−0.02 pp	17 q
IBMInternational Business Machines Corporation	1.49%	91,680	$14M	added0%	−0.18 pp	17 q
CBChubb Limited	1.49%	97,059	$14M	trimmed−0%	+0.10 pp	6 q
CHKPCheck Point Software Technologies Ltd	1.48%	128,713	$14M	new	+1.48 pp	new
TUPTupperware Brands Corporation	1.42%	192,130	$13M	held	—	17 q
ETNEaton Corporation, plc	1.42%	173,546	$14M	trimmed−0%	+0.07 pp	17 q
HN9Hanesbrands Inc	1.24%	508,405	$12M	trimmed−9%	+0.03 pp	5 q
unresolvedDow Chemical Co	1.22%	184,290	$12M	trimmed−0%	−0.01 pp	17 q
ORLYO'Reilly Automotive, Inc.	1.21%	52,420	$11M	added×26.7	+1.15 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.17%	65,864	$11M	new	+1.17 pp	new
TAT&T Inc.	1.16%	292,226	$11M	trimmed−0%	−0.11 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.11%	56,704	$11M	added0%	+0.14 pp	17 q
BDXBecton, Dickinson and Co.	1.06%	51,745	$10M	added0%	+0.07 pp	17 q
HPQHP Inc.	1.05%	572,000	$10M	held	—	5 q
GDGeneral Dynamics Corporation	1.01%	48,538	$10M	trimmed−1%	+0.05 pp	17 q
AIGAmerican International Group, Inc.	1.00%	151,468	$9M	new	+1.00 pp	new
WUThe Western Union Company	1.00%	497,962	$9M	trimmed−0%	−0.06 pp	17 q
SWKStanley Black & Decker, Inc.	0.99%	67,086	$9M	trimmed−35%	−0.44 pp	15 q
GCIGannett Co Inc	0.96%	1,045,000	$9M	held	—	9 q
HPEHewlett Packard Enterprise Company	0.95%	541,100	$9M	held	—	7 q
INTCIntel Corp	0.95%	268,129	$9M	trimmed−0%	−0.06 pp	17 q
KBRKBR, Inc.	0.95%	590,400	$9M	added+18%	+0.16 pp	2 q
ELVElevance Health, Inc.	0.82%	41,300	$8M	held	—	11 q
VIABViacom Inc. Class B	0.74%	208,700	$7M	new	+0.74 pp	new
TGNATEGNA Inc.	0.73%	482,700	$7M	held	—	9 q
LMTLockheed Martin Corp.	0.18%	6,060	$2M	held	—	5 q
PMPhilip Morris International Inc.	0.14%	11,383	$1M	trimmed−2%	0.00 pp	5 q
ERIEErie Indemnity Co	0.13%	9,665	$1M	held	—	5 q
MSFTMicrosoft Corp	0.13%	17,442	$1M	trimmed−1%	+0.01 pp	5 q
MRKMerck & Co., Inc.	0.12%	18,384	$1M	held	—	5 q
LYBLyondellBasell Industries N.V. Class A	0.12%	13,380	$1M	added+33%	+0.02 pp	5 q
ABBVAbbvie Inc.	0.10%	13,645	$989,000	added+19%	+0.02 pp	5 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.10%	32,875	$960,000	added+30%	+0.03 pp	4 q
QCOMQualcomm Inc	0.10%	16,400	$906,000	added+30%	+0.02 pp	5 q
BABoeing Company	0.09%	4,180	$827,000	held	—	2 q
CHDChurch & Dwight Co., Inc.	0.08%	14,545	$755,000	trimmed−3%	0.00 pp	3 q
CPRTCopart Inc	0.08%	23,134	$735,000	trimmed−4%	0.00 pp	3 q
JKHYHenry (Jack) & Associates	0.08%	7,053	$733,000	trimmed−4%	+0.01 pp	3 q
HXLHexcel Corporation	0.08%	14,775	$780,000	added+3%	0.00 pp	3 q
OMCLOmnicell Inc	0.08%	17,962	$774,000	trimmed−4%	0.00 pp	3 q
PSXPhillips 66	0.08%	9,370	$775,000	added+27%	+0.02 pp	5 q
PRUPrudential Financial, Inc.	0.08%	7,435	$804,000	held	—	4 q
SBACSBA Communications Corp	0.08%	5,862	$791,000	trimmed−3%	0.00 pp	2 q
AMGAffiliated Managers Group	0.07%	4,098	$680,000	trimmed−3%	0.00 pp	3 q
IPGPIPG Photonics Corporation	0.07%	4,678	$679,000	trimmed−4%	+0.01 pp	3 q
unresolvedOneBeacon Insurance	0.07%	36,750	$670,000	added+1%	+0.01 pp	2 q
CRTOCriteo S.A.	0.06%	11,941	$586,000	added+44%	+0.02 pp	2 q
MANHManhattan Associates Inc	0.06%	11,037	$530,000	trimmed−3%	0.00 pp	3 q
MTDMettler-Toledo International	0.06%	1,039	$611,000	trimmed−28%	−0.01 pp	3 q
MIDDMiddleby Corp	0.06%	4,840	$588,000	added+10%	0.00 pp	3 q
QLYSQualys, Inc.	0.06%	14,444	$589,000	trimmed−13%	−0.01 pp	3 q
unresolvedAdvisory Brd Co	0.05%	9,579	$493,000	trimmed−3%	0.00 pp	3 q
AKXAnsys Inc	0.05%	3,977	$484,000	trimmed−26%	−0.01 pp	3 q
AZPNAspen Technology Inc	0.05%	8,598	$475,000	added+35%	+0.01 pp	3 q
DNKNDunkin' Brands Group, Inc.	0.05%	8,682	$479,000	trimmed−3%	0.00 pp	3 q
DYDycom Industries, Inc.	0.05%	5,313	$476,000	new	+0.05 pp	new
GMABGenmab A/S	0.05%	4,633	$495,000	trimmed−2%	0.00 pp	3 q
GILDGilead Sciences Inc	0.05%	7,358	$521,000	trimmed−96%	−1.14 pp	17 q
ICFIICF International, Inc.	0.05%	10,691	$504,000	added+37%	+0.02 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.05%	2,883	$444,000	added+2%	+0.01 pp	4 q
NVRNVR, Inc.	0.05%	207	$499,000	added+5%	+0.01 pp	2 q
ESGREnstar Group Ltd	0.05%	2,588	$514,000	added+42%	+0.01 pp	2 q
EGEverest Group, Ltd.	0.05%	1,831	$466,000	added+1%	+0.01 pp	3 q
CLBCore Laboratories Inc.	0.05%	4,394	$445,000	added+14%	0.00 pp	3 q
CMDXFComputer Modelling Grp	0.04%	50,112	$394,000	trimmed−4%	0.00 pp	3 q
HDSHD Supply Holdings, Inc.	0.04%	12,764	$391,000	trimmed−3%	−0.02 pp	3 q
HALOHalozyme Therapeutics, Inc.	0.04%	29,687	$381,000	trimmed−4%	0.00 pp	3 q
NLSNNielsen Holdings PLC	0.04%	9,422	$364,000	trimmed−1%	0.00 pp	5 q
PAGPPlains GP Holdings, L.P. Class A Units representing Limited Partner Interests	0.03%	9,615	$252,000	held	—	3 q
JPMJPMorgan Chase & Co.	0.02%	2,371	$217,000	new	+0.02 pp	new
AKAMAkamai Technologies Inc	—	−220,666	—	exited	−1.38 pp	—
unresolvedChicago Bridge & Iron Co N V	—	−297,900	—	exited	−0.96 pp	—
VMWVMware, Inc	—	−74,060	—	exited	−0.71 pp	—
RICEEqt Re Merger Sub Inc	—	−20,192	—	exited	−0.05 pp	—
TSCOTractor Supply Co	—	−6,412	—	exited	−0.05 pp	—
SLBSLB Limited	—	−4,860	—	exited	−0.04 pp	—
KRThe Kroger Co.	—	−9,856	—	exited	−0.03 pp	—