Torray

Q4 2017 13F · by James Bailey, portfolio manager

As of: Dec 31, 2017
Filed: Feb 13, 2018
US stock: $1.0B · prev $1.0B
Positions: 108 · 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%

Moves104 since the prior filing

+1.9 pp in · −2.4 pp out

New 6 +0.20 pp
Added 44 +1.68 pp
Trimmed 51 −0.43 pp
Exited 3 −2.00 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.0% a year, about 12.5 years per position

Low
Moderate
High

Top 5 positions13% of US stock

GOOGL Alphabet Inc. Class A trimmed+0.12 pp trimmed+0.123.0%
SCHW The Charles Schwab Corporation trimmed+0.20 pp trimmed+0.202.5%
BAC Bank of America Corporation trimmed+0.27 pp trimmed+0.272.4%
AAPL Apple Inc. trimmed+0.11 pp trimmed+0.112.4%
META Meta Platforms, Inc. Class A trimmed0.00 pp trimmed0.002.3%

Positions108 in this filing · 3 exited


GOOGLAlphabet Inc. Class A	2.97%	28,610	$30M	trimmed−3%	+0.12 pp	10 q
SCHWThe Charles Schwab Corporation	2.53%	500,208	$26M	trimmed−7%	+0.20 pp	8 q
BACBank of America Corporation	2.42%	832,223	$25M	trimmed−3%	+0.27 pp	13 q
AAPLApple Inc.	2.37%	142,084	$24M	trimmed−4%	+0.11 pp	19 q
METAMeta Platforms, Inc. Class A	2.28%	131,126	$23M	trimmed−3%	0.00 pp	9 q
VVISA Inc.	2.27%	202,007	$23M	trimmed−15%	−0.20 pp	19 q
AMTAmerican Tower Corporation	2.25%	160,146	$23M	trimmed−4%	0.00 pp	19 q
FISVFiserv, Inc.	2.20%	170,395	$22M	trimmed−5%	−0.08 pp	19 q
BMRNBioMarin Pharmaceuticals Inc	2.18%	247,799	$22M	added+8%	+0.07 pp	16 q
CERNCerner Corp	2.06%	309,955	$21M	trimmed−3%	−0.21 pp	6 q
LKQLKQ Corporation	2.06%	512,813	$21M	trimmed−3%	+0.18 pp	12 q
AXPAmerican Express Company	2.03%	207,510	$21M	trimmed−3%	+0.12 pp	19 q
DHRDanaher Corporation	1.98%	216,711	$20M	trimmed−3%	+0.08 pp	19 q
CSCOCisco Systems, Inc. (DE)	1.96%	518,723	$20M	added+5%	+0.32 pp	19 q
LZAGYLonza Group AG UNSP/	1.96%	737,511	$20M	trimmed−4%	−0.03 pp	2 q
SHWThe Sherwin-Williams Company	1.92%	47,502	$19M	trimmed−4%	+0.17 pp	4 q
APHAmphenol Corporation	1.85%	214,066	$19M	trimmed−4%	−0.02 pp	19 q
LLoews Corporation	1.85%	375,744	$19M	added+13%	+0.28 pp	19 q
BLQADBlackrock Inc	1.81%	35,642	$18M	trimmed−7%	+0.11 pp	14 q
ACNAccenture PLC	1.81%	119,772	$18M	trimmed−7%	+0.08 pp	19 q
BPBP p.l.c.	1.79%	431,929	$18M	trimmed−4%	+0.10 pp	11 q
ENBEnbridge, Inc	1.79%	463,173	$18M	added+16%	+0.14 pp	19 q
unresolvedCooper Cos Inc/The	1.78%	82,610	$18M	trimmed−3%	−0.22 pp	14 q
UTXZRTX Corporation	1.78%	141,405	$18M	trimmed−9%	−0.01 pp	19 q
GMGeneral Motors Company	1.76%	436,308	$18M	trimmed−1%	−0.01 pp	6 q
ADBEAdobe Inc.	1.74%	100,377	$18M	trimmed−14%	+0.02 pp	19 q
VRSKVerisk Analytics, Inc.	1.73%	182,573	$18M	trimmed−4%	+0.16 pp	14 q
CLColgate-Palmolive Company	1.70%	228,125	$17M	trimmed−4%	−0.02 pp	19 q
WFCWells Fargo & Co.	1.58%	264,423	$16M	trimmed−3%	+0.09 pp	19 q
JNJJohnson & Johnson	1.57%	113,765	$16M	trimmed−3%	+0.06 pp	19 q
ORLYO'Reilly Automotive, Inc.	1.57%	66,124	$16M	trimmed−5%	+0.09 pp	5 q
IBMInternational Business Machines Corporation	1.55%	102,153	$16M	trimmed−2%	+0.06 pp	19 q
ALBAlbemarle Corporation	1.54%	122,391	$16M	trimmed−13%	−0.37 pp	6 q
EOGEOG Resources, Inc.	1.51%	141,954	$15M	trimmed−12%	−0.03 pp	19 q
CHKPCheck Point Software Technologies Ltd	1.49%	146,107	$15M	trimmed−4%	−0.23 pp	3 q
NKENike, Inc.	1.45%	234,583	$15M	trimmed−5%	+0.19 pp	19 q
CBChubb Limited	1.39%	96,578	$14M	trimmed−3%	−0.01 pp	8 q
ETNEaton Corporation, plc	1.35%	172,682	$14M	trimmed−3%	0.00 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	1.34%	68,345	$14M	trimmed−3%	+0.06 pp	3 q
MRSHMarsh	1.31%	163,367	$13M	trimmed−3%	−0.09 pp	19 q
RDS.ARoyal Dutch Shell PLC	1.31%	198,497	$13M	trimmed−0%	+0.12 pp	2 q
unresolvedGeneral Electric Co	1.30%	756,999	$13M	added+35%	−0.04 pp	19 q
INCYIncyte Genomics Inc	1.30%	139,043	$13M	trimmed−4%	−0.37 pp	8 q
unresolvedDowdupont Inc	1.29%	183,702	$13M	trimmed−3%	−0.01 pp	2 q
INTCIntel Corp	1.21%	266,299	$12M	trimmed−4%	+0.16 pp	19 q
GCIGannett Co Inc	1.19%	1,045,000	$12M	held	—	11 q
HPQHP Inc.	1.19%	572,000	$12M	held	—	7 q
TUPTupperware Brands Corporation	1.19%	192,130	$12M	held	—	19 q
KBRKBR, Inc.	1.15%	590,400	$12M	held	—	4 q
SWKStanley Black & Decker, Inc.	1.12%	66,645	$11M	trimmed−4%	+0.09 pp	17 q
AIGAmerican International Group, Inc.	1.09%	184,920	$11M	trimmed−3%	−0.07 pp	3 q
BDXBecton, Dickinson and Co.	1.09%	51,461	$11M	trimmed−3%	+0.06 pp	19 q
GDGeneral Dynamics Corporation	0.97%	48,211	$10M	trimmed−4%	−0.05 pp	19 q
HN9Hanesbrands Inc	0.96%	464,156	$10M	trimmed−8%	−0.27 pp	7 q
WUThe Western Union Company	0.93%	495,233	$9M	trimmed−3%	−0.04 pp	19 q
unresolvedBoardwalk Pipeline Partners	0.92%	725,443	$9M	trimmed−21%	−0.41 pp	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.81%	37,079	$8M	trimmed−36%	−0.31 pp	19 q
HPEHewlett Packard Enterprise Company	0.77%	541,100	$8M	held	—	9 q
TGNATEGNA Inc.	0.67%	482,700	$7M	held	—	11 q
VIABViacom Inc. Class B	0.63%	208,700	$6M	held	—	3 q
LMTLockheed Martin Corp.	0.19%	5,899	$2M	added+10%	+0.03 pp	7 q
MSFTMicrosoft Corp	0.17%	20,124	$2M	added+22%	+0.05 pp	7 q
LYBLyondellBasell Industries N.V. Class A	0.17%	15,949	$2M	added+11%	+0.03 pp	7 q
XOMExxon Mobil Corp	0.16%	19,945	$2M	added+13%	+0.02 pp	2 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.16%	55,096	$2M	added+35%	+0.04 pp	6 q
QCOMQualcomm Inc	0.16%	26,056	$2M	added+12%	+0.04 pp	7 q
ABBVAbbvie Inc.	0.15%	16,099	$2M	added+12%	+0.02 pp	7 q
ORIOld Republic International Corporation	0.15%	71,403	$2M	added+14%	+0.03 pp	2 q
AMGNAmgen Inc	0.14%	8,316	$1M	added+47%	+0.04 pp	2 q
BABoeing Company	0.14%	4,904	$1M	added+14%	+0.03 pp	4 q
PMPhilip Morris International Inc.	0.13%	12,943	$1M	added+13%	0.00 pp	7 q
PSXPhillips 66	0.13%	12,676	$1M	added+17%	+0.03 pp	7 q
CPRTCopart Inc	0.12%	29,068	$1M	added+25%	+0.04 pp	5 q
PRUPrudential Financial, Inc.	0.11%	9,338	$1M	added+20%	+0.03 pp	6 q
AMGAffiliated Managers Group	0.10%	5,112	$1M	added+24%	+0.02 pp	5 q
DYDycom Industries, Inc.	0.10%	9,441	$1M	added+24%	+0.04 pp	3 q
JKHYHenry (Jack) & Associates	0.10%	8,792	$1M	added+24%	+0.03 pp	5 q
HXLHexcel Corporation	0.10%	16,470	$1M	added+10%	+0.02 pp	5 q
MRKMerck & Co., Inc.	0.10%	18,342	$1M	added+22%	+0.01 pp	7 q
OMCLOmnicell Inc	0.10%	20,992	$1M	added+33%	+0.02 pp	5 q
SBACSBA Communications Corp	0.10%	6,282	$1M	added+25%	+0.03 pp	4 q
CHDChurch & Dwight Co., Inc.	0.09%	17,516	$879,000	added+22%	+0.02 pp	5 q
QLYSQualys, Inc.	0.09%	16,181	$960,000	added+26%	+0.02 pp	5 q
AZPNAspen Technology Inc	0.08%	12,427	$823,000	added+43%	+0.03 pp	5 q
DNKNDunkin' Brands Group, Inc.	0.08%	12,864	$829,000	added+22%	+0.02 pp	5 q
HALOHalozyme Therapeutics, Inc.	0.08%	38,588	$782,000	added+29%	+0.03 pp	5 q
MIDDMiddleby Corp	0.08%	6,254	$844,000	added+27%	+0.02 pp	5 q
POOLPool Corporation	0.08%	6,157	$798,000	added+24%	+0.03 pp	2 q
CLBCore Laboratories Inc.	0.08%	7,427	$814,000	added+68%	+0.04 pp	5 q
AKXAnsys Inc	0.07%	5,150	$760,000	added+28%	+0.02 pp	5 q
ICFIICF International, Inc.	0.07%	13,112	$688,000	added+22%	+0.01 pp	5 q
IPGPIPG Photonics Corporation	0.07%	3,314	$710,000	added+5%	+0.01 pp	5 q
PRAAPRA Group, Inc.	0.07%	22,243	$738,000	added+30%	+0.02 pp	2 q
ESGREnstar Group Ltd	0.07%	3,300	$662,000	added+25%	+0.01 pp	4 q
AMNAMN Healthcare Services	0.06%	11,892	$586,000	new	+0.06 pp	new
GMABGenmab A/S	0.06%	7,305	$605,000	added+56%	+0.01 pp	5 q
HDSHD Supply Holdings, Inc.	0.06%	15,035	$602,000	added+19%	+0.01 pp	5 q
MTDMettler-Toledo International	0.06%	903	$559,000	trimmed−14%	0.00 pp	5 q
NVRNVR, Inc.	0.06%	181	$635,000	trimmed−48%	−0.04 pp	4 q
AMZNAmazon.Com Inc	0.05%	395	$462,000	new	+0.05 pp	new
CMDXFComputer Modelling Grp	0.05%	66,089	$502,000	added+30%	+0.01 pp	5 q
CRTOCriteo S.A.	0.04%	14,886	$387,000	added+23%	−0.01 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	2,500	$399,000	trimmed−48%	−0.03 pp	6 q
GOOGAlphabet Inc. Class C	0.03%	337	$353,000	new	+0.03 pp	new
JPMJPMorgan Chase & Co.	0.03%	2,380	$255,000	added+5%	+0.01 pp	3 q
ECLEcolab, Inc.	0.02%	1,500	$201,000	new	+0.02 pp	new
HONHoneywell International, Inc.	0.02%	1,575	$242,000	new	+0.02 pp	new
SBUXStarbucks Corp	0.02%	4,085	$235,000	new	+0.02 pp	new
TAT&T Inc.	—	−305,435	—	exited	−1.18 pp	—
ELVElevance Health, Inc.	—	−41,300	—	exited	−0.78 pp	—
CBMCambrex Corporation	—	−7,779	—	exited	−0.04 pp	—