Torray

Q3 2018 13F · by James Bailey, portfolio manager

As of: Sep 30, 2018
Filed: Nov 2, 2018
US stock: $1.0B · prev $957M
Positions: 102 · prev 103
Options notional: $0
Documents: 1· no amendments

Picture97.6% US stock

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

US stock listed on a US exchange 97.6%
Foreign stock not listed in the US 2.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves100 since the prior filing

+1.3 pp in · −1.6 pp out

New 3 +0.41 pp
Added 45 +0.89 pp
Trimmed 48 −0.36 pp
Exited 4 −1.24 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.3% a year, about 15.9 years per position

Low
Moderate
High

Top 5 positions13% of US stock

AAPL Apple Inc. trimmed+0.35 pp trimmed+0.352.9%
unresolved Cooper Cos Inc/The trimmed+0.24 pp trimmed+0.242.7%
CSCO Cisco Systems, Inc. (DE) added+0.22 pp added+0.222.6%
V VISA Inc. trimmed−0.01 pp trimmed−0.012.4%
FISV Fiserv, Inc. trimmed+0.07 pp trimmed+0.072.4%

Positions102 in this filing · 4 exited


AAPLApple Inc.	2.92%	129,661	$29M	trimmed−2%	+0.35 pp	22 q
unresolvedCooper Cos Inc/The	2.74%	99,212	$27M	trimmed−2%	+0.24 pp	17 q
CSCOCisco Systems, Inc. (DE)	2.58%	531,055	$26M	added+1%	+0.22 pp	22 q
VVISA Inc.	2.41%	160,655	$24M	trimmed−8%	−0.01 pp	22 q
FISVFiserv, Inc.	2.39%	291,195	$24M	trimmed−3%	+0.07 pp	22 q
DHRDanaher Corporation	2.35%	216,290	$24M	added+6%	+0.24 pp	22 q
MSFTMicrosoft Corp	2.35%	205,878	$24M	trimmed−1%	+0.20 pp	10 q
LZAGYLonza Group AG UNSP/	2.34%	687,425	$23M	trimmed−2%	+0.40 pp	5 q
BMRNBioMarin Pharmaceuticals Inc	2.30%	237,271	$23M	trimmed−2%	−0.08 pp	19 q
ORLYO'Reilly Automotive, Inc.	2.30%	66,319	$23M	trimmed−14%	+0.09 pp	8 q
VRSKVerisk Analytics, Inc.	2.28%	189,895	$23M	trimmed−2%	+0.09 pp	17 q
BACBank of America Corporation	2.22%	754,194	$22M	trimmed−0%	−0.01 pp	16 q
AXPAmerican Express Company	2.20%	207,184	$22M	trimmed−0%	+0.08 pp	22 q
ADBEAdobe Inc.	2.15%	79,751	$22M	trimmed−4%	+0.04 pp	22 q
SHWThe Sherwin-Williams Company	2.14%	47,074	$21M	trimmed−2%	+0.09 pp	7 q
AMTAmerican Tower Corporation	2.12%	146,150	$21M	trimmed−2%	−0.13 pp	22 q
GOOGLAlphabet Inc. Class A	2.11%	17,497	$21M	trimmed−4%	−0.04 pp	13 q
UTXZRTX Corporation	2.11%	151,371	$21M	trimmed−2%	+0.09 pp	22 q
SCHWThe Charles Schwab Corporation	2.08%	424,003	$21M	trimmed−2%	−0.24 pp	11 q
CNCCentene Corporation	2.05%	141,673	$21M	trimmed−1%	+0.21 pp	2 q
LKQLKQ Corporation	2.02%	639,221	$20M	trimmed−2%	−0.16 pp	15 q
BPBP p.l.c.	1.98%	431,188	$20M	trimmed−1%	−0.08 pp	14 q
LLoews Corporation	1.88%	375,557	$19M	added0%	−0.01 pp	22 q
CERNCerner Corp	1.75%	273,026	$18M	trimmed−2%	+0.02 pp	9 q
APHAmphenol Corporation	1.74%	185,454	$17M	trimmed−2%	+0.01 pp	22 q
ACNAccenture PLC	1.72%	101,014	$17M	trimmed−3%	−0.07 pp	22 q
IBMInternational Business Machines Corporation	1.59%	105,205	$16M	added+1%	+0.07 pp	22 q
RDS.ARoyal Dutch Shell PLC	1.59%	233,330	$16M	added+18%	+0.16 pp	5 q
JNJJohnson & Johnson	1.56%	113,272	$16M	trimmed−0%	+0.12 pp	22 q
GMGeneral Motors Company	1.54%	457,252	$15M	added+3%	−0.29 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	1.53%	71,533	$15M	trimmed−1%	+0.12 pp	6 q
METAMeta Platforms, Inc. Class A	1.51%	92,268	$15M	trimmed−3%	−0.41 pp	12 q
ETNEaton Corporation, plc	1.49%	172,744	$15M	added0%	+0.14 pp	22 q
ENBEnbridge, Inc	1.47%	455,283	$15M	trimmed−3%	−0.28 pp	22 q
HPQHP Inc.	1.47%	572,360	$15M	held	—	10 q
AIGAmerican International Group, Inc.	1.45%	272,622	$15M	added+21%	+0.20 pp	6 q
EOGEOG Resources, Inc.	1.45%	113,757	$15M	trimmed−2%	−0.06 pp	22 q
NKENike, Inc.	1.45%	171,971	$15M	trimmed−13%	−0.19 pp	22 q
ALBAlbemarle Corporation	1.39%	139,358	$14M	trimmed−1%	0.00 pp	9 q
WFCWells Fargo & Co.	1.38%	262,899	$14M	trimmed−0%	−0.15 pp	22 q
CHKPCheck Point Software Technologies Ltd	1.37%	117,016	$14M	trimmed−7%	+0.09 pp	6 q
MRSHMarsh	1.35%	163,409	$14M	added0%	−0.05 pp	22 q
CBChubb Limited	1.28%	96,212	$13M	trimmed−0%	0.00 pp	11 q
INTCIntel Corp	1.26%	267,385	$13M	added0%	−0.13 pp	22 q
unresolvedDowdupont Inc	1.18%	183,417	$12M	added0%	−0.08 pp	5 q
BLQADBlackrock Inc	1.12%	23,827	$11M	trimmed−22%	−0.48 pp	17 q
BDXBecton, Dickinson and Co.	1.08%	41,508	$11M	trimmed−0%	+0.04 pp	22 q
TGNATEGNA Inc.	1.04%	868,995	$10M	held	—	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.04%	39,172	$10M	trimmed−1%	+0.03 pp	22 q
GDGeneral Dynamics Corporation	0.99%	48,544	$10M	added0%	+0.04 pp	22 q
SWKStanley Black & Decker, Inc.	0.97%	66,439	$10M	trimmed−0%	+0.05 pp	20 q
WUThe Western Union Company	0.94%	492,977	$9M	trimmed−0%	−0.11 pp	22 q
HPEHewlett Packard Enterprise Company	0.88%	541,500	$9M	held	—	12 q
unresolvedGeneral Electric Co	0.86%	764,413	$9M	trimmed−0%	−0.23 pp	22 q
VIABViacom Inc. Class B	0.70%	208,780	$7M	held	—	6 q
AMGNAmgen Inc	0.24%	11,641	$2M	added+8%	+0.03 pp	5 q
XOMExxon Mobil Corp	0.24%	28,097	$2M	added+12%	+0.02 pp	5 q
QCOMQualcomm Inc	0.24%	32,779	$2M	added+6%	+0.06 pp	10 q
CMICummins Inc.	0.22%	15,410	$2M	new	+0.22 pp	new
LMTLockheed Martin Corp.	0.22%	6,418	$2M	added+13%	+0.04 pp	10 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.22%	76,445	$2M	added+11%	0.00 pp	9 q
LYBLyondellBasell Industries N.V. Class A	0.21%	20,246	$2M	added+14%	+0.01 pp	10 q
PMPhilip Morris International Inc.	0.20%	24,143	$2M	added+26%	+0.04 pp	10 q
ABBVAbbvie Inc.	0.19%	20,459	$2M	added+15%	+0.02 pp	10 q
PSXPhillips 66	0.19%	16,856	$2M	added+11%	+0.01 pp	10 q
BABoeing Company	0.18%	4,948	$2M	added+15%	+0.03 pp	7 q
HXLHexcel Corporation	0.18%	26,812	$2M	added+11%	+0.01 pp	8 q
MRKMerck & Co., Inc.	0.18%	25,965	$2M	added+15%	+0.04 pp	10 q
AMZNAmazon.Com Inc	0.17%	851	$2M	trimmed−5%	+0.01 pp	4 q
AZPNAspen Technology Inc	0.17%	15,238	$2M	trimmed−17%	−0.01 pp	8 q
PTVCBProtective Insurance Corp- B	0.17%	75,627	$2M	new	+0.17 pp	new
QLYSQualys, Inc.	0.16%	18,489	$2M	trimmed−5%	−0.01 pp	8 q
PRUPrudential Financial, Inc.	0.15%	15,169	$2M	added+20%	+0.03 pp	9 q
OMCLOmnicell Inc	0.13%	18,033	$1M	trimmed−13%	+0.02 pp	8 q
WEDWebster Financial Corp	0.13%	21,676	$1M	added+19%	+0.01 pp	3 q
JKHYHenry (Jack) & Associates	0.12%	7,622	$1M	trimmed−20%	−0.01 pp	8 q
DNKNDunkin' Brands Group, Inc.	0.11%	15,322	$1M	added+1%	0.00 pp	8 q
DYDycom Industries, Inc.	0.11%	12,499	$1M	added+23%	+0.01 pp	6 q
POOLPool Corporation	0.11%	6,739	$1M	added+1%	0.00 pp	5 q
AKXAnsys Inc	0.10%	5,597	$1M	added+4%	0.00 pp	8 q
CPRTCopart Inc	0.10%	20,299	$1M	trimmed−14%	−0.04 pp	8 q
ICFIICF International, Inc.	0.10%	13,797	$1M	trimmed−12%	−0.02 pp	8 q
AMNAMN Healthcare Services	0.09%	16,224	$887,000	added+16%	0.00 pp	4 q
CHDChurch & Dwight Co., Inc.	0.09%	15,215	$903,000	trimmed−2%	0.00 pp	8 q
GMABGenmab A/S	0.09%	54,924	$865,000	added+4%	+0.01 pp	8 q
HCSGHealthcare Services Group	0.09%	21,474	$872,000	added+2%	−0.01 pp	3 q
PRAAPRA Group, Inc.	0.09%	23,892	$860,000	added+3%	0.00 pp	5 q
SBACSBA Communications Corp	0.09%	5,552	$892,000	added+1%	0.00 pp	7 q
CLBCore Laboratories Inc.	0.09%	7,394	$856,000	added+2%	−0.01 pp	8 q
HALOHalozyme Therapeutics, Inc.	0.08%	43,876	$797,000	added+17%	+0.01 pp	8 q
IPGPIPG Photonics Corporation	0.08%	5,111	$798,000	added+57%	+0.01 pp	8 q
MTDMettler-Toledo International	0.08%	1,254	$764,000	added+4%	+0.01 pp	8 q
ESGREnstar Group Ltd	0.08%	3,826	$798,000	added+1%	0.00 pp	7 q
AMGAffiliated Managers Group	0.07%	4,810	$658,000	added+1%	0.00 pp	8 q
MKSIMKS Inc.	0.06%	7,343	$589,000	added+3%	−0.01 pp	2 q
GOOGAlphabet Inc. Class C	0.05%	422	$504,000	added+10%	+0.01 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	2,281	$396,000	trimmed−1%	0.00 pp	9 q
HONHoneywell International, Inc.	0.03%	1,526	$254,000	held	—	4 q
IDXXIdexx Laboratories Inc	0.03%	1,275	$318,000	added+6%	0.00 pp	3 q
JPMJPMorgan Chase & Co.	0.03%	2,591	$292,000	added+9%	0.00 pp	6 q
ECLEcolab, Inc.	0.02%	1,500	$235,000	held	—	4 q
SBUXStarbucks Corp	0.02%	4,000	$227,000	new	+0.02 pp	new
unresolvedBoardwalk Pipeline Partners	—	−724,169	—	exited	−0.88 pp	—
ORIOld Republic International Corporation	—	−84,410	—	exited	−0.18 pp	—
unresolvedBaldwin & Lyons Inc Cl B	—	−48,369	—	exited	−0.12 pp	—
CMDXFComputer Modelling Grp	—	−74,020	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 3 unresolved
Accession: 0000950123-18-010457
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 372303206 not on the Official 13(f) List for 2018-09-30
A security outside the official 13F list — CUSIP 54338V101 not on the Official 13(f) List for 2018-09-30

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