Torray

Q3 2017 13F · by James Bailey, portfolio manager

As of: Sep 30, 2017
Filed: Nov 9, 2017
US stock: $1.0B · prev $950M
Positions: 105 · prev 105
Options notional: $0
Documents: 1· no amendments

Picture97.9% US stock

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

US stock listed on a US exchange 97.9%
Foreign stock not listed in the US 2.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves106 since the prior filing

+5.1 pp in · −4.6 pp out

New 9 +4.98 pp
Added 54 +0.16 pp
Trimmed 34 −2.86 pp
Exited 9 −1.70 pp

The book

Diversified · behaves like 61 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions12% of US stock

GOOGL Alphabet Inc. Class A trimmed−0.09 pp trimmed−0.092.9%
V VISA Inc. trimmed+0.09 pp trimmed+0.092.5%
SCHW The Charles Schwab Corporation trimmed−0.14 pp trimmed−0.142.3%
META Meta Platforms, Inc. Class A trimmed−0.14 pp trimmed−0.142.3%
FISV Fiserv, Inc. trimmed−0.05 pp trimmed−0.052.3%

Positions105 in this filing · 9 exited


GOOGLAlphabet Inc. Class A	2.85%	29,589	$29M	trimmed−1%	−0.09 pp	9 q
VVISA Inc.	2.47%	237,281	$25M	trimmed−2%	+0.09 pp	18 q
SCHWThe Charles Schwab Corporation	2.33%	539,218	$24M	trimmed−1%	−0.14 pp	7 q
METAMeta Platforms, Inc. Class A	2.28%	135,142	$23M	trimmed−11%	−0.14 pp	8 q
FISVFiserv, Inc.	2.28%	178,911	$23M	trimmed−1%	−0.05 pp	18 q
CERNCerner Corp	2.27%	321,134	$23M	trimmed−1%	−0.01 pp	5 q
AAPLApple Inc.	2.26%	147,891	$23M	trimmed−12%	−0.28 pp	18 q
AMTAmerican Tower Corporation	2.25%	166,181	$23M	trimmed−2%	−0.10 pp	18 q
BACBank of America Corporation	2.15%	856,418	$22M	added+2%	+0.01 pp	12 q
BMRNBioMarin Pharmaceuticals Inc	2.11%	228,796	$21M	added+1%	−0.06 pp	15 q
unresolvedCooper Cos Inc/The	2.00%	85,070	$20M	trimmed−1%	−0.17 pp	13 q
LZAGYLonza Group AG UNSP/	1.99%	765,461	$20M	new	+1.99 pp	new
ALBAlbemarle Corporation	1.91%	141,254	$19M	trimmed−14%	+0.09 pp	5 q
AXPAmerican Express Company	1.91%	213,435	$19M	added+2%	+0.06 pp	18 q
DHRDanaher Corporation	1.90%	223,539	$19M	trimmed−2%	−0.12 pp	18 q
LKQLKQ Corporation	1.88%	528,567	$19M	trimmed−6%	−0.07 pp	11 q
APHAmphenol Corporation	1.87%	222,745	$19M	trimmed−2%	+0.11 pp	18 q
UTXZRTX Corporation	1.79%	156,217	$18M	trimmed−1%	−0.25 pp	18 q
GMGeneral Motors Company	1.77%	442,091	$18M	added+6%	+0.23 pp	5 q
SHWThe Sherwin-Williams Company	1.75%	49,327	$18M	trimmed−1%	−0.10 pp	3 q
ACNAccenture PLC	1.73%	129,102	$17M	trimmed−28%	−0.60 pp	18 q
ADBEAdobe Inc.	1.72%	116,404	$17M	trimmed−5%	−0.11 pp	18 q
CLColgate-Palmolive Company	1.72%	238,463	$17M	trimmed−1%	−0.17 pp	18 q
CHKPCheck Point Software Technologies Ltd	1.72%	152,639	$17M	added+19%	+0.24 pp	2 q
BLQADBlackrock Inc	1.70%	38,359	$17M	trimmed−15%	−0.30 pp	13 q
BPBP p.l.c.	1.69%	443,405	$17M	added0%	+0.11 pp	10 q
INCYIncyte Genomics Inc	1.67%	144,412	$17M	added+3%	−0.19 pp	7 q
ENBEnbridge, Inc	1.65%	397,778	$17M	trimmed−1%	−0.03 pp	18 q
CSCOCisco Systems, Inc. (DE)	1.64%	492,221	$17M	added+2%	+0.05 pp	18 q
LLoews Corporation	1.57%	331,776	$16M	added+2%	−0.03 pp	18 q
VRSKVerisk Analytics, Inc.	1.57%	191,058	$16M	trimmed−1%	−0.15 pp	13 q
EOGEOG Resources, Inc.	1.54%	161,090	$16M	trimmed−1%	−0.02 pp	18 q
JNJJohnson & Johnson	1.51%	117,164	$15M	added+3%	−0.08 pp	18 q
IBMInternational Business Machines Corporation	1.49%	103,869	$15M	added+13%	0.00 pp	18 q
WFCWells Fargo & Co.	1.49%	272,328	$15M	added+2%	−0.06 pp	18 q
ORLYO'Reilly Automotive, Inc.	1.48%	69,674	$15M	added+33%	+0.27 pp	4 q
MRSHMarsh	1.40%	168,784	$14M	trimmed−12%	−0.17 pp	18 q
CBChubb Limited	1.40%	99,585	$14M	added+3%	−0.09 pp	7 q
ETNEaton Corporation, plc	1.35%	178,053	$14M	added+3%	−0.07 pp	18 q
unresolvedGeneral Electric Co	1.34%	560,775	$14M	added+2%	−0.22 pp	18 q
unresolvedBoardwalk Pipeline Partners	1.33%	914,304	$13M	added+2%	−0.37 pp	15 q
unresolvedDowdupont Inc	1.30%	189,950	$13M	new	+1.30 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	1.28%	70,675	$13M	added+7%	+0.11 pp	2 q
NKENike, Inc.	1.26%	246,049	$13M	added+2%	−0.25 pp	18 q
HN9Hanesbrands Inc	1.23%	504,651	$12M	trimmed−1%	−0.01 pp	6 q
RDS.ARoyal Dutch Shell PLC	1.19%	198,886	$12M	new	+1.19 pp	new
TAT&T Inc.	1.18%	305,435	$12M	added+5%	+0.02 pp	18 q
TUPTupperware Brands Corporation	1.18%	192,130	$12M	held	—	18 q
AIGAmerican International Group, Inc.	1.16%	190,836	$12M	added+26%	+0.16 pp	2 q
HPQHP Inc.	1.13%	572,000	$11M	held	—	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.12%	57,889	$11M	added+2%	+0.01 pp	18 q
INTCIntel Corp	1.05%	277,617	$11M	added+4%	+0.10 pp	18 q
KBRKBR, Inc.	1.04%	590,400	$11M	held	—	3 q
BDXBecton, Dickinson and Co.	1.03%	53,205	$10M	added+3%	−0.03 pp	18 q
SWKStanley Black & Decker, Inc.	1.03%	69,170	$10M	added+3%	+0.04 pp	16 q
GDGeneral Dynamics Corporation	1.02%	50,171	$10M	added+3%	+0.01 pp	18 q
WUThe Western Union Company	0.97%	511,395	$10M	added+3%	−0.03 pp	18 q
GCIGannett Co Inc	0.93%	1,045,000	$9M	held	—	10 q
HPEHewlett Packard Enterprise Company	0.79%	541,100	$8M	held	—	8 q
ELVElevance Health, Inc.	0.78%	41,300	$8M	held	—	12 q
TGNATEGNA Inc.	0.64%	482,700	$6M	held	—	10 q
VIABViacom Inc. Class B	0.57%	208,700	$6M	held	—	2 q
LMTLockheed Martin Corp.	0.16%	5,340	$2M	trimmed−12%	−0.02 pp	6 q
XOMExxon Mobil Corp	0.14%	17,720	$1M	new	+0.14 pp	new
LYBLyondellBasell Industries N.V. Class A	0.14%	14,320	$1M	added+7%	+0.02 pp	6 q
ABBVAbbvie Inc.	0.13%	14,385	$1M	added+5%	+0.03 pp	6 q
PMPhilip Morris International Inc.	0.13%	11,434	$1M	added0%	−0.01 pp	6 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.12%	40,875	$1M	added+24%	+0.02 pp	5 q
MSFTMicrosoft Corp	0.12%	16,472	$1M	trimmed−6%	−0.01 pp	6 q
ORIOld Republic International Corporation	0.12%	62,395	$1M	new	+0.12 pp	new
QCOMQualcomm Inc	0.12%	23,305	$1M	added+42%	+0.02 pp	6 q
BABoeing Company	0.11%	4,285	$1M	added+3%	+0.02 pp	3 q
AMGNAmgen Inc	0.10%	5,643	$1M	new	+0.10 pp	new
NVRNVR, Inc.	0.10%	351	$1M	added+70%	+0.05 pp	3 q
PSXPhillips 66	0.10%	10,820	$991,000	added+15%	+0.02 pp	6 q
MRKMerck & Co., Inc.	0.09%	14,999	$960,000	trimmed−18%	−0.03 pp	6 q
AMGAffiliated Managers Group	0.08%	4,130	$784,000	added+1%	+0.01 pp	4 q
CPRTCopart Inc	0.08%	23,322	$802,000	added+1%	0.00 pp	4 q
HXLHexcel Corporation	0.08%	14,937	$858,000	added+1%	0.00 pp	4 q
OMCLOmnicell Inc	0.08%	15,780	$806,000	trimmed−12%	0.00 pp	4 q
PRUPrudential Financial, Inc.	0.08%	7,770	$826,000	added+5%	0.00 pp	5 q
CHDChurch & Dwight Co., Inc.	0.07%	14,363	$696,000	trimmed−1%	−0.01 pp	4 q
JKHYHenry (Jack) & Associates	0.07%	7,113	$731,000	added+1%	−0.01 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.07%	4,842	$731,000	added+68%	+0.02 pp	5 q
QLYSQualys, Inc.	0.07%	12,850	$666,000	trimmed−11%	+0.01 pp	4 q
SBACSBA Communications Corp	0.07%	5,037	$726,000	trimmed−14%	−0.01 pp	3 q
DNKNDunkin' Brands Group, Inc.	0.06%	10,503	$557,000	added+21%	+0.01 pp	4 q
DYDycom Industries, Inc.	0.06%	7,618	$654,000	added+43%	+0.01 pp	2 q
ICFIICF International, Inc.	0.06%	10,783	$582,000	added+1%	+0.01 pp	4 q
IPGPIPG Photonics Corporation	0.06%	3,149	$583,000	trimmed−33%	−0.01 pp	4 q
MTDMettler-Toledo International	0.06%	1,047	$656,000	added+1%	0.00 pp	4 q
MIDDMiddleby Corp	0.06%	4,924	$631,000	added+2%	0.00 pp	4 q
ESGREnstar Group Ltd	0.06%	2,634	$586,000	added+2%	+0.01 pp	3 q
AKXAnsys Inc	0.05%	4,011	$492,000	added+1%	0.00 pp	4 q
AZPNAspen Technology Inc	0.05%	8,671	$545,000	added+1%	0.00 pp	4 q
CRTOCriteo S.A.	0.05%	12,138	$504,000	added+2%	−0.01 pp	3 q
GMABGenmab A/S	0.05%	4,672	$517,000	added+1%	0.00 pp	4 q
HDSHD Supply Holdings, Inc.	0.05%	12,676	$457,000	trimmed−1%	+0.01 pp	4 q
HALOHalozyme Therapeutics, Inc.	0.05%	29,945	$520,000	added+1%	+0.01 pp	4 q
PRAAPRA Group, Inc.	0.05%	17,122	$491,000	new	+0.05 pp	new
POOLPool Corporation	0.05%	4,958	$536,000	new	+0.05 pp	new
CBMCambrex Corporation	0.04%	7,779	$428,000	new	+0.04 pp	new
CMDXFComputer Modelling Grp	0.04%	50,756	$373,000	added+1%	0.00 pp	4 q
CLBCore Laboratories Inc.	0.04%	4,432	$437,000	added+1%	−0.01 pp	4 q
JPMJPMorgan Chase & Co.	0.02%	2,271	$217,000	trimmed−4%	0.00 pp	2 q
unresolvedDow Chemical Co	—	−184,290	—	exited	−1.22 pp	—
ERIEErie Indemnity Co	—	−9,665	—	exited	−0.13 pp	—
unresolvedOneBeacon Insurance	—	−36,750	—	exited	−0.07 pp	—
MANHManhattan Associates Inc	—	−11,037	—	exited	−0.06 pp	—
unresolvedAdvisory Brd Co	—	−9,579	—	exited	−0.05 pp	—
GILDGilead Sciences Inc	—	−7,358	—	exited	−0.05 pp	—
EGEverest Group, Ltd.	—	−1,831	—	exited	−0.05 pp	—
NLSNNielsen Holdings PLC	—	−9,422	—	exited	−0.04 pp	—
PAGPPlains GP Holdings, L.P. Class A Units representing Limited Partner Interests	—	−9,615	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 4 unresolved
Accession: 0000950123-17-009980
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 2017-09-30
A security outside the official 13F list — CUSIP 372303206 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 54338V101 not on the Official 13(f) List for 2017-09-30

Search