Torray

Q1 2018 13F · by James Bailey, portfolio manager

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $964M · prev $1.0B
Positions: 105 · prev 108
Options notional: $0
Documents: 1· no amendments

Picture97.8% US stock

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

US stock listed on a US exchange 97.8%
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%

Moves101 since the prior filing

+4.7 pp in · −4.6 pp out

New 3 +0.19 pp
Added 63 +4.50 pp
Trimmed 29 −0.65 pp
Exited 6 −3.97 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions12% of US stock

SCHW The Charles Schwab Corporation trimmed+0.07 pp trimmed+0.072.6%
AAPL Apple Inc. added+0.11 pp added+0.112.5%
V VISA Inc. trimmed+0.14 pp trimmed+0.142.4%
AMT American Tower Corporation trimmed+0.15 pp trimmed+0.152.4%
FISV Fiserv, Inc. trimmed+0.19 pp trimmed+0.192.4%

Positions105 in this filing · 6 exited


SCHWThe Charles Schwab Corporation	2.60%	480,028	$25M	trimmed−4%	+0.07 pp	9 q
AAPLApple Inc.	2.48%	142,516	$24M	added0%	+0.11 pp	20 q
VVISA Inc.	2.41%	194,564	$23M	trimmed−4%	+0.14 pp	20 q
AMTAmerican Tower Corporation	2.40%	158,832	$23M	trimmed−1%	+0.15 pp	20 q
FISVFiserv, Inc.	2.39%	322,819	$23M	trimmed−5%	+0.19 pp	20 q
BACBank of America Corporation	2.37%	760,491	$23M	trimmed−9%	−0.05 pp	14 q
CSCOCisco Systems, Inc. (DE)	2.33%	524,369	$22M	added+1%	+0.37 pp	20 q
LKQLKQ Corporation	2.26%	575,140	$22M	added+12%	+0.20 pp	13 q
DHRDanaher Corporation	2.19%	215,471	$21M	trimmed−1%	+0.21 pp	20 q
MSFTMicrosoft Corp	2.18%	229,808	$21M	added×11.4	+2.01 pp	8 q
GOOGLAlphabet Inc. Class A	2.16%	20,073	$21M	trimmed−30%	−0.81 pp	11 q
VRSKVerisk Analytics, Inc.	2.13%	197,187	$21M	added+8%	+0.40 pp	15 q
BMRNBioMarin Pharmaceuticals Inc	2.10%	249,996	$20M	added+1%	−0.08 pp	17 q
ADBEAdobe Inc.	2.08%	92,726	$20M	trimmed−8%	+0.34 pp	20 q
UTXZRTX Corporation	2.03%	155,559	$20M	added+10%	+0.25 pp	20 q
AXPAmerican Express Company	2.01%	207,618	$19M	added0%	−0.02 pp	20 q
ORLYO'Reilly Automotive, Inc.	2.01%	78,351	$19M	added+18%	+0.44 pp	6 q
LZAGYLonza Group AG UNSP/	2.00%	815,641	$19M	added+11%	+0.04 pp	3 q
SHWThe Sherwin-Williams Company	1.99%	48,874	$19M	added+3%	+0.07 pp	5 q
unresolvedCooper Cos Inc/The	1.98%	83,484	$19M	added+1%	+0.20 pp	15 q
BLQADBlackrock Inc	1.95%	34,745	$19M	trimmed−3%	+0.14 pp	15 q
LLoews Corporation	1.94%	375,825	$19M	added0%	+0.09 pp	20 q
CERNCerner Corp	1.87%	310,205	$18M	added0%	−0.19 pp	7 q
METAMeta Platforms, Inc. Class A	1.86%	112,044	$18M	trimmed−15%	−0.42 pp	10 q
BPBP p.l.c.	1.82%	432,396	$18M	trimmed−1%	+0.03 pp	12 q
APHAmphenol Corporation	1.79%	200,216	$17M	trimmed−6%	−0.06 pp	20 q
ACNAccenture PLC	1.74%	109,054	$17M	trimmed−9%	−0.07 pp	20 q
GMGeneral Motors Company	1.67%	443,031	$16M	added+2%	−0.09 pp	7 q
IBMInternational Business Machines Corporation	1.65%	103,417	$16M	added+1%	+0.10 pp	20 q
NKENike, Inc.	1.61%	233,606	$16M	trimmed−0%	+0.16 pp	20 q
EOGEOG Resources, Inc.	1.54%	140,781	$15M	trimmed−1%	+0.03 pp	20 q
ENBEnbridge, Inc	1.53%	468,832	$15M	added+1%	−0.26 pp	20 q
JNJJohnson & Johnson	1.51%	113,786	$15M	added0%	−0.06 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	1.50%	72,273	$14M	added+6%	+0.16 pp	4 q
INTCIntel Corp	1.45%	267,575	$14M	added0%	+0.24 pp	20 q
WFCWells Fargo & Co.	1.44%	265,359	$14M	added0%	−0.14 pp	20 q
ETNEaton Corporation, plc	1.43%	172,779	$14M	added0%	+0.08 pp	20 q
CHKPCheck Point Software Technologies Ltd	1.41%	136,810	$14M	trimmed−6%	−0.08 pp	4 q
MRSHMarsh	1.40%	163,420	$13M	added0%	+0.09 pp	20 q
CBChubb Limited	1.37%	96,588	$13M	added0%	−0.02 pp	9 q
RDS.ARoyal Dutch Shell PLC	1.31%	198,530	$13M	added0%	0.00 pp	3 q
HPQHP Inc.	1.30%	572,000	$13M	held	—	8 q
AIGAmerican International Group, Inc.	1.28%	226,554	$12M	added+23%	+0.19 pp	4 q
unresolvedDowdupont Inc	1.21%	183,653	$12M	trimmed−0%	−0.08 pp	3 q
INCYIncyte Genomics Inc	1.21%	140,377	$12M	added+1%	−0.09 pp	9 q
ALBAlbemarle Corporation	1.15%	119,337	$11M	trimmed−3%	−0.39 pp	7 q
GDGeneral Dynamics Corporation	1.11%	48,589	$11M	added+1%	+0.14 pp	20 q
GCIGannett Co Inc	1.08%	1,045,000	$10M	held	—	12 q
unresolvedGeneral Electric Co	1.07%	768,098	$10M	added+1%	−0.23 pp	20 q
SWKStanley Black & Decker, Inc.	1.06%	66,667	$10M	added0%	−0.06 pp	18 q
WUThe Western Union Company	0.99%	495,307	$10M	added0%	+0.06 pp	20 q
HPEHewlett Packard Enterprise Company	0.98%	541,100	$9M	held	—	10 q
TUPTupperware Brands Corporation	0.96%	192,130	$9M	held	—	20 q
BDXBecton, Dickinson and Co.	0.93%	41,561	$9M	trimmed−19%	−0.16 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.87%	39,402	$8M	added+6%	+0.06 pp	20 q
unresolvedBoardwalk Pipeline Partners	0.76%	725,522	$7M	added0%	−0.16 pp	17 q
VIABViacom Inc. Class B	0.67%	208,700	$6M	held	—	4 q
TGNATEGNA Inc.	0.57%	482,700	$5M	held	—	12 q
XOMExxon Mobil Corp	0.19%	24,219	$2M	added+21%	+0.03 pp	3 q
LMTLockheed Martin Corp.	0.19%	5,344	$2M	trimmed−9%	0.00 pp	8 q
LYBLyondellBasell Industries N.V. Class A	0.19%	17,484	$2M	added+10%	+0.02 pp	8 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.18%	65,935	$2M	added+20%	+0.02 pp	7 q
ORIOld Republic International Corporation	0.18%	81,303	$2M	added+14%	+0.03 pp	3 q
QCOMQualcomm Inc	0.17%	29,269	$2M	added+12%	+0.01 pp	8 q
AMGNAmgen Inc	0.16%	9,170	$2M	added+10%	+0.02 pp	3 q
PMPhilip Morris International Inc.	0.16%	15,566	$2M	added+20%	+0.03 pp	8 q
ABBVAbbvie Inc.	0.15%	15,230	$1M	trimmed−5%	0.00 pp	8 q
CPRTCopart Inc	0.15%	27,606	$1M	trimmed−5%	+0.03 pp	6 q
HXLHexcel Corporation	0.15%	22,873	$1M	added+39%	+0.05 pp	6 q
QLYSQualys, Inc.	0.15%	20,005	$1M	added+24%	+0.06 pp	6 q
AZPNAspen Technology Inc	0.14%	17,674	$1M	added+42%	+0.06 pp	6 q
BABoeing Company	0.14%	4,052	$1M	trimmed−17%	0.00 pp	5 q
PSXPhillips 66	0.14%	14,565	$1M	added+15%	+0.01 pp	8 q
AMZNAmazon.Com Inc	0.12%	797	$1M	added×2.0	+0.07 pp	2 q
MRKMerck & Co., Inc.	0.12%	21,953	$1M	added+20%	+0.02 pp	8 q
PRUPrudential Financial, Inc.	0.12%	11,454	$1M	added+23%	+0.01 pp	7 q
AMGAffiliated Managers Group	0.11%	5,370	$1M	added+5%	+0.01 pp	6 q
DYDycom Industries, Inc.	0.11%	9,708	$1M	added+3%	+0.01 pp	4 q
JKHYHenry (Jack) & Associates	0.11%	9,049	$1M	added+3%	+0.01 pp	6 q
GMABGenmab A/S	0.10%	8,752	$949,000	added+20%	+0.04 pp	6 q
OMCLOmnicell Inc	0.10%	22,284	$967,000	added+6%	0.00 pp	6 q
DNKNDunkin' Brands Group, Inc.	0.09%	14,176	$846,000	added+10%	+0.01 pp	6 q
ICFIICF International, Inc.	0.09%	14,968	$875,000	added+14%	+0.02 pp	6 q
PRAAPRA Group, Inc.	0.09%	21,948	$834,000	trimmed−1%	+0.02 pp	3 q
POOLPool Corporation	0.09%	6,176	$903,000	added0%	+0.01 pp	3 q
SBACSBA Communications Corp	0.09%	5,162	$882,000	trimmed−18%	−0.01 pp	5 q
WEDWebster Financial Corp	0.09%	16,006	$887,000	new	+0.09 pp	new
CLBCore Laboratories Inc.	0.09%	7,578	$820,000	added+2%	+0.01 pp	6 q
AMNAMN Healthcare Services	0.08%	13,115	$744,000	added+10%	+0.02 pp	2 q
AKXAnsys Inc	0.08%	4,994	$783,000	trimmed−3%	+0.01 pp	6 q
CHDChurch & Dwight Co., Inc.	0.08%	14,708	$741,000	trimmed−16%	−0.01 pp	6 q
HALOHalozyme Therapeutics, Inc.	0.08%	39,040	$765,000	added+1%	0.00 pp	6 q
HCSGHealthcare Services Group	0.08%	17,411	$757,000	new	+0.08 pp	new
ESGREnstar Group Ltd	0.08%	3,614	$760,000	added+10%	+0.01 pp	5 q
IPGPIPG Photonics Corporation	0.07%	3,035	$708,000	trimmed−8%	0.00 pp	6 q
MTDMettler-Toledo International	0.06%	972	$559,000	added+8%	0.00 pp	6 q
CMDXFComputer Modelling Grp	0.05%	71,023	$512,000	added+7%	0.00 pp	6 q
MIDDMiddleby Corp	0.05%	4,132	$512,000	trimmed−34%	−0.03 pp	6 q
GOOGAlphabet Inc. Class C	0.04%	398	$411,000	added+18%	+0.01 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	2,508	$406,000	added0%	0.00 pp	7 q
JPMJPMorgan Chase & Co.	0.03%	2,380	$262,000	held	—	4 q
ECLEcolab, Inc.	0.02%	1,500	$206,000	held	—	2 q
HONHoneywell International, Inc.	0.02%	1,575	$228,000	held	—	2 q
IDXXIdexx Laboratories Inc	0.02%	1,200	$230,000	new	+0.02 pp	new
SBUXStarbucks Corp	0.02%	4,085	$236,000	held	—	2 q
CLColgate-Palmolive Company	—	−228,125	—	exited	−1.70 pp	—
KBRKBR, Inc.	—	−590,400	—	exited	−1.15 pp	—
HN9Hanesbrands Inc	—	−464,156	—	exited	−0.96 pp	—
HDSHD Supply Holdings, Inc.	—	−15,035	—	exited	−0.06 pp	—
NVRNVR, Inc.	—	−181	—	exited	−0.06 pp	—
CRTOCriteo S.A.	—	−14,886	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 4 unresolved
Accession: 0000950123-18-005274
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 2018-03-31
A security outside the official 13F list — CUSIP 372303206 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 54338V101 not on the Official 13(f) List for 2018-03-31

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