Torray

Q2 2018 13F · by James Bailey, portfolio manager

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $957M · prev $964M
Positions: 103 · 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

+3.8 pp in · −3.7 pp out

New 3 +2.03 pp
Added 44 +1.77 pp
Trimmed 54 −0.40 pp
Exited 5 −3.32 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.6 years per position

Low
Moderate
High

Top 5 positions12% of US stock

AAPL Apple Inc. trimmed+0.09 pp trimmed+0.092.6%
unresolved Cooper Cos Inc/The added+0.52 pp added+0.522.5%
V VISA Inc. trimmed+0.01 pp trimmed+0.012.4%
BMRN BioMarin Pharmaceuticals Inc trimmed+0.28 pp trimmed+0.282.4%
CSCO Cisco Systems, Inc. (DE) added+0.03 pp added+0.032.4%

Positions103 in this filing · 5 exited


AAPLApple Inc.	2.57%	132,790	$25M	trimmed−7%	+0.09 pp	21 q
unresolvedCooper Cos Inc/The	2.50%	101,396	$24M	added+21%	+0.52 pp	16 q
VVISA Inc.	2.42%	174,588	$23M	trimmed−10%	+0.01 pp	21 q
BMRNBioMarin Pharmaceuticals Inc	2.38%	241,695	$23M	trimmed−3%	+0.28 pp	18 q
CSCOCisco Systems, Inc. (DE)	2.36%	525,793	$23M	added0%	+0.03 pp	21 q
FISVFiserv, Inc.	2.32%	299,294	$22M	trimmed−7%	−0.07 pp	21 q
SCHWThe Charles Schwab Corporation	2.32%	433,508	$22M	trimmed−10%	−0.28 pp	10 q
AMTAmerican Tower Corporation	2.25%	149,490	$22M	trimmed−6%	−0.15 pp	21 q
BACBank of America Corporation	2.23%	757,637	$21M	trimmed−0%	−0.14 pp	15 q
ORLYO'Reilly Automotive, Inc.	2.21%	77,439	$21M	trimmed−1%	+0.20 pp	7 q
VRSKVerisk Analytics, Inc.	2.19%	194,381	$21M	trimmed−1%	+0.06 pp	16 q
LKQLKQ Corporation	2.18%	652,662	$21M	added+13%	−0.08 pp	14 q
GOOGLAlphabet Inc. Class A	2.15%	18,187	$21M	trimmed−9%	−0.01 pp	12 q
MSFTMicrosoft Corp	2.15%	208,640	$21M	trimmed−9%	−0.03 pp	9 q
AXPAmerican Express Company	2.12%	207,288	$20M	trimmed−0%	+0.11 pp	21 q
ADBEAdobe Inc.	2.11%	82,692	$20M	trimmed−11%	+0.03 pp	21 q
DHRDanaher Corporation	2.11%	204,598	$20M	trimmed−5%	−0.08 pp	21 q
BPBP p.l.c.	2.06%	431,426	$20M	trimmed−2%	+0.24 pp	13 q
SHWThe Sherwin-Williams Company	2.05%	48,213	$20M	trimmed−1%	+0.06 pp	6 q
UTXZRTX Corporation	2.02%	154,524	$19M	trimmed−1%	−0.01 pp	21 q
LZAGYLonza Group AG UNSP/	1.94%	701,230	$19M	trimmed−14%	−0.06 pp	4 q
METAMeta Platforms, Inc. Class A	1.92%	94,652	$18M	trimmed−16%	+0.06 pp	11 q
LLoews Corporation	1.89%	374,865	$18M	trimmed−0%	−0.05 pp	21 q
CNCCentene Corporation	1.84%	142,611	$18M	new	+1.84 pp	new
GMGeneral Motors Company	1.83%	443,191	$17M	added0%	+0.16 pp	8 q
ACNAccenture PLC	1.79%	104,424	$17M	trimmed−4%	+0.05 pp	21 q
ENBEnbridge, Inc	1.75%	469,179	$17M	added0%	+0.22 pp	21 q
APHAmphenol Corporation	1.73%	189,454	$17M	trimmed−5%	−0.06 pp	21 q
CERNCerner Corp	1.73%	277,334	$17M	trimmed−11%	−0.14 pp	8 q
NKENike, Inc.	1.64%	197,148	$16M	trimmed−16%	+0.03 pp	21 q
BLQADBlackrock Inc	1.60%	30,579	$15M	trimmed−12%	−0.35 pp	16 q
WFCWells Fargo & Co.	1.53%	263,447	$15M	trimmed−1%	+0.09 pp	21 q
IBMInternational Business Machines Corporation	1.52%	103,849	$15M	added0%	−0.13 pp	21 q
EOGEOG Resources, Inc.	1.51%	116,059	$14M	trimmed−18%	−0.03 pp	21 q
JNJJohnson & Johnson	1.44%	113,334	$14M	trimmed−0%	−0.07 pp	21 q
RDS.ARoyal Dutch Shell PLC	1.43%	198,084	$14M	trimmed−0%	+0.12 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.41%	72,204	$13M	trimmed−0%	−0.09 pp	5 q
MRSHMarsh	1.40%	163,159	$13M	trimmed−0%	0.00 pp	21 q
ALBAlbemarle Corporation	1.39%	141,182	$13M	added+18%	+0.24 pp	8 q
INTCIntel Corp	1.39%	266,847	$13M	trimmed−0%	−0.06 pp	21 q
HPQHP Inc.	1.36%	572,360	$13M	added0%	+0.06 pp	9 q
ETNEaton Corporation, plc	1.35%	172,551	$13M	trimmed−0%	−0.08 pp	21 q
CBChubb Limited	1.28%	96,414	$12M	trimmed−0%	−0.09 pp	10 q
CHKPCheck Point Software Technologies Ltd	1.28%	125,428	$12M	trimmed−8%	−0.13 pp	5 q
unresolvedDowdupont Inc	1.26%	183,289	$12M	trimmed−0%	+0.05 pp	4 q
AIGAmerican International Group, Inc.	1.25%	226,090	$12M	trimmed−0%	−0.03 pp	5 q
unresolvedGeneral Electric Co	1.09%	765,299	$10M	trimmed−0%	+0.02 pp	21 q
WUThe Western Union Company	1.05%	494,070	$10M	trimmed−0%	+0.06 pp	21 q
BDXBecton, Dickinson and Co.	1.04%	41,527	$10M	trimmed−0%	+0.11 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.01%	39,387	$10M	trimmed−0%	+0.14 pp	21 q
TGNATEGNA Inc.	0.99%	868,995	$9M	added+80%	+0.42 pp	13 q
GDGeneral Dynamics Corporation	0.95%	48,501	$9M	trimmed−0%	−0.16 pp	21 q
SWKStanley Black & Decker, Inc.	0.92%	66,482	$9M	trimmed−0%	−0.14 pp	19 q
unresolvedBoardwalk Pipeline Partners	0.88%	724,169	$8M	trimmed−0%	+0.12 pp	18 q
HPEHewlett Packard Enterprise Company	0.83%	541,500	$8M	added0%	−0.15 pp	11 q
VIABViacom Inc. Class B	0.66%	208,780	$6M	added0%	−0.01 pp	5 q
XOMExxon Mobil Corp	0.22%	25,183	$2M	added+4%	+0.03 pp	4 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.22%	68,758	$2M	added+4%	+0.04 pp	8 q
AMGNAmgen Inc	0.21%	10,749	$2M	added+17%	+0.05 pp	4 q
LYBLyondellBasell Industries N.V. Class A	0.20%	17,786	$2M	added+2%	+0.01 pp	9 q
AZPNAspen Technology Inc	0.18%	18,342	$2M	added+4%	+0.04 pp	7 q
LMTLockheed Martin Corp.	0.18%	5,684	$2M	added+6%	−0.01 pp	9 q
ORIOld Republic International Corporation	0.18%	84,410	$2M	added+4%	0.00 pp	4 q
PSXPhillips 66	0.18%	15,146	$2M	added+4%	+0.04 pp	9 q
QCOMQualcomm Inc	0.18%	30,952	$2M	added+6%	+0.01 pp	9 q
ABBVAbbvie Inc.	0.17%	17,814	$2M	added+17%	+0.02 pp	9 q
HXLHexcel Corporation	0.17%	24,228	$2M	added+6%	+0.02 pp	7 q
QLYSQualys, Inc.	0.17%	19,371	$2M	trimmed−3%	+0.02 pp	7 q
AMZNAmazon.Com Inc	0.16%	897	$2M	added+13%	+0.04 pp	3 q
PMPhilip Morris International Inc.	0.16%	19,172	$2M	added+23%	0.00 pp	9 q
BABoeing Company	0.15%	4,299	$1M	added+6%	+0.01 pp	6 q
CPRTCopart Inc	0.14%	23,495	$1M	trimmed−15%	−0.01 pp	7 q
MRKMerck & Co., Inc.	0.14%	22,553	$1M	added+3%	+0.02 pp	9 q
JKHYHenry (Jack) & Associates	0.13%	9,529	$1M	added+5%	+0.02 pp	7 q
unresolvedBaldwin & Lyons Inc Cl B	0.12%	48,369	$1M	new	+0.12 pp	new
ICFIICF International, Inc.	0.12%	15,760	$1M	added+5%	+0.03 pp	7 q
PRUPrudential Financial, Inc.	0.12%	12,660	$1M	added+11%	0.00 pp	8 q
WEDWebster Financial Corp	0.12%	18,201	$1M	added+14%	+0.03 pp	2 q
DNKNDunkin' Brands Group, Inc.	0.11%	15,138	$1M	added+7%	+0.02 pp	7 q
OMCLOmnicell Inc	0.11%	20,616	$1M	trimmed−7%	+0.01 pp	7 q
POOLPool Corporation	0.11%	6,646	$1M	added+8%	+0.02 pp	4 q
AKXAnsys Inc	0.10%	5,385	$938,000	added+8%	+0.02 pp	7 q
DYDycom Industries, Inc.	0.10%	10,186	$963,000	added+5%	−0.01 pp	5 q
HCSGHealthcare Services Group	0.10%	21,067	$910,000	added+21%	+0.02 pp	2 q
CLBCore Laboratories Inc.	0.10%	7,254	$916,000	trimmed−4%	+0.01 pp	7 q
AMNAMN Healthcare Services	0.09%	14,001	$820,000	added+7%	+0.01 pp	3 q
CHDChurch & Dwight Co., Inc.	0.09%	15,507	$824,000	added+5%	+0.01 pp	7 q
PRAAPRA Group, Inc.	0.09%	23,184	$894,000	added+6%	0.00 pp	4 q
SBACSBA Communications Corp	0.09%	5,489	$906,000	added+6%	0.00 pp	6 q
GMABGenmab A/S	0.08%	52,933	$811,000	added×6.0	−0.02 pp	7 q
ESGREnstar Group Ltd	0.08%	3,798	$787,000	added+5%	0.00 pp	6 q
AMGAffiliated Managers Group	0.07%	4,773	$710,000	trimmed−11%	−0.04 pp	7 q
HALOHalozyme Therapeutics, Inc.	0.07%	37,552	$634,000	trimmed−4%	−0.01 pp	7 q
IPGPIPG Photonics Corporation	0.07%	3,246	$716,000	added+7%	0.00 pp	7 q
MKSIMKS Inc.	0.07%	7,106	$680,000	new	+0.07 pp	new
MTDMettler-Toledo International	0.07%	1,207	$698,000	added+24%	+0.01 pp	7 q
CMDXFComputer Modelling Grp	0.06%	74,020	$561,000	added+4%	+0.01 pp	7 q
GOOGAlphabet Inc. Class C	0.04%	383	$427,000	trimmed−4%	0.00 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	2,313	$415,000	trimmed−8%	0.00 pp	8 q
IDXXIdexx Laboratories Inc	0.03%	1,200	$262,000	held	—	2 q
JPMJPMorgan Chase & Co.	0.03%	2,372	$247,000	trimmed−0%	0.00 pp	5 q
ECLEcolab, Inc.	0.02%	1,500	$210,000	held	—	3 q
HONHoneywell International, Inc.	0.02%	1,526	$220,000	trimmed−3%	0.00 pp	3 q
INCYIncyte Genomics Inc	—	−140,377	—	exited	−1.21 pp	—
GCIGannett Co Inc	—	−1,045,000	—	exited	−1.08 pp	—
TUPTupperware Brands Corporation	—	−192,130	—	exited	−0.96 pp	—
MIDDMiddleby Corp	—	−4,132	—	exited	−0.05 pp	—
SBUXStarbucks Corp	—	−4,085	—	exited	−0.02 pp	—