Torray

Q4 2018 13F · by James Bailey, portfolio manager

As of: Dec 31, 2018
Filed: Feb 6, 2019
US stock: $843M · prev $1.0B
Positions: 102 · prev 102
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 2.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves100 since the prior filing

+7.0 pp in · −7.2 pp out

New 7 +4.09 pp
Added 35 +2.92 pp
Trimmed 51 −3.22 pp
Exited 7 −4.00 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions13% of US stock

CSCO Cisco Systems, Inc. (DE) trimmed+0.13 pp trimmed+0.132.7%
ORLY O'Reilly Automotive, Inc. trimmed+0.31 pp trimmed+0.312.6%
unresolved Cooper Cos Inc/The trimmed−0.19 pp trimmed−0.192.5%
DHR Danaher Corporation trimmed+0.20 pp trimmed+0.202.5%
FISV Fiserv, Inc. trimmed+0.05 pp trimmed+0.052.4%

Positions102 in this filing · 7 exited


CSCOCisco Systems, Inc. (DE)	2.71%	527,021	$23M	trimmed−1%	+0.13 pp	23 q
ORLYO'Reilly Automotive, Inc.	2.61%	63,925	$22M	trimmed−4%	+0.31 pp	9 q
unresolvedCooper Cos Inc/The	2.55%	84,460	$21M	trimmed−15%	−0.19 pp	18 q
DHRDanaher Corporation	2.55%	208,558	$22M	trimmed−4%	+0.20 pp	23 q
FISVFiserv, Inc.	2.44%	279,831	$21M	trimmed−4%	+0.05 pp	23 q
VVISA Inc.	2.43%	155,073	$20M	trimmed−3%	+0.02 pp	23 q
AMTAmerican Tower Corporation	2.41%	128,475	$20M	trimmed−12%	+0.29 pp	23 q
MSFTMicrosoft Corp	2.40%	199,096	$20M	trimmed−3%	+0.05 pp	11 q
VRSKVerisk Analytics, Inc.	2.37%	183,343	$20M	trimmed−3%	+0.09 pp	18 q
AAPLApple Inc.	2.35%	125,502	$20M	trimmed−3%	−0.57 pp	23 q
AXPAmerican Express Company	2.34%	207,036	$20M	trimmed−0%	+0.14 pp	23 q
BMRNBioMarin Pharmaceuticals Inc	2.27%	224,639	$19M	trimmed−5%	−0.03 pp	20 q
BACBank of America Corporation	2.20%	753,872	$19M	trimmed−0%	−0.02 pp	17 q
SCHWThe Charles Schwab Corporation	2.16%	437,922	$18M	added+3%	+0.08 pp	12 q
GOOGLAlphabet Inc. Class A	2.09%	16,882	$18M	trimmed−4%	−0.02 pp	14 q
LZAGYLonza Group AG UNSP/	2.06%	669,089	$17M	trimmed−3%	−0.28 pp	6 q
ADBEAdobe Inc.	2.05%	76,508	$17M	trimmed−4%	−0.10 pp	23 q
LLoews Corporation	2.03%	375,557	$17M	held	—	23 q
CNCCentene Corporation	1.99%	145,767	$17M	added+3%	−0.06 pp	3 q
BPBP p.l.c.	1.94%	430,913	$16M	trimmed−2%	−0.04 pp	15 q
GMGeneral Motors Company	1.83%	461,121	$15M	added+1%	+0.29 pp	10 q
SHWThe Sherwin-Williams Company	1.81%	38,776	$15M	trimmed−18%	−0.33 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	1.74%	71,670	$15M	added0%	+0.21 pp	7 q
JNJJohnson & Johnson	1.73%	113,280	$15M	added0%	+0.17 pp	23 q
SSNCSS&C Technologies Inc	1.73%	322,968	$15M	new	+1.73 pp	new
APHAmphenol Corporation	1.72%	178,749	$14M	trimmed−4%	−0.02 pp	23 q
AMZNAmazon.Com Inc	1.69%	9,498	$14M	added×11.2	+1.52 pp	5 q
ACNAccenture PLC	1.63%	97,219	$14M	trimmed−4%	−0.09 pp	23 q
IBMInternational Business Machines Corporation	1.62%	119,922	$14M	added+14%	+0.03 pp	23 q
RDS.ARoyal Dutch Shell PLC	1.61%	232,976	$14M	trimmed−0%	+0.02 pp	6 q
LKQLKQ Corporation	1.60%	569,373	$14M	trimmed−11%	−0.42 pp	16 q
CERNCerner Corp	1.56%	251,177	$13M	trimmed−8%	−0.19 pp	10 q
MRSHMarsh	1.55%	163,448	$13M	added0%	+0.20 pp	23 q
AIGAmerican International Group, Inc.	1.50%	320,125	$13M	added+17%	+0.05 pp	7 q
INTCIntel Corp	1.49%	267,032	$13M	trimmed−0%	+0.23 pp	23 q
CBChubb Limited	1.48%	96,317	$12M	added0%	+0.20 pp	12 q
ROPRoper Technologies, Inc.	1.47%	46,561	$12M	new	+1.47 pp	new
NKENike, Inc.	1.46%	166,470	$12M	trimmed−3%	+0.01 pp	23 q
WFCWells Fargo & Co.	1.43%	262,077	$12M	trimmed−0%	+0.05 pp	23 q
ETNEaton Corporation, plc	1.41%	172,604	$12M	trimmed−0%	−0.08 pp	23 q
HPQHP Inc.	1.39%	572,477	$12M	added0%	−0.08 pp	11 q
CHKPCheck Point Software Technologies Ltd	1.36%	111,921	$11M	trimmed−4%	−0.01 pp	7 q
METAMeta Platforms, Inc. Class A	1.35%	86,785	$11M	trimmed−6%	−0.16 pp	13 q
ALBAlbemarle Corporation	1.21%	132,500	$10M	trimmed−5%	−0.18 pp	10 q
unresolvedDowdupont Inc	1.16%	183,141	$10M	trimmed−0%	−0.02 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.16%	39,125	$10M	trimmed−0%	+0.12 pp	23 q
EOGEOG Resources, Inc.	1.13%	109,266	$10M	trimmed−4%	−0.32 pp	23 q
TGNATEGNA Inc.	1.12%	868,995	$9M	held	—	15 q
BDXBecton, Dickinson and Co.	1.11%	41,547	$9M	added0%	+0.03 pp	23 q
WUThe Western Union Company	1.00%	492,977	$8M	held	—	23 q
SWKStanley Black & Decker, Inc.	0.94%	66,313	$8M	trimmed−0%	−0.03 pp	21 q
GDGeneral Dynamics Corporation	0.90%	48,442	$8M	trimmed−0%	−0.09 pp	23 q
HPEHewlett Packard Enterprise Company	0.85%	541,500	$7M	held	—	13 q
unresolvedGeneral Electric Co	0.69%	763,317	$6M	trimmed−0%	−0.17 pp	23 q
VIABViacom Inc. Class B	0.64%	208,780	$5M	held	—	7 q
IWFiShares Russell 1000 Growth ETF	0.28%	17,864	$2M	new	+0.28 pp	new
ABBVAbbvie Inc.	0.27%	24,246	$2M	added+19%	+0.08 pp	11 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.24%	76,587	$2M	added0%	+0.02 pp	10 q
AMGNAmgen Inc	0.23%	9,905	$2M	trimmed−15%	−0.01 pp	6 q
QCOMQualcomm Inc	0.22%	32,769	$2M	trimmed−0%	−0.02 pp	11 q
LYBLyondellBasell Industries N.V. Class A	0.22%	22,569	$2M	added+11%	+0.01 pp	11 q
MRKMerck & Co., Inc.	0.21%	22,755	$2M	trimmed−12%	+0.03 pp	11 q
MOAltria Group, Inc.	0.20%	33,879	$2M	new	+0.20 pp	new
CMICummins Inc.	0.20%	12,898	$2M	trimmed−16%	−0.02 pp	2 q
LMTLockheed Martin Corp.	0.19%	6,219	$2M	trimmed−3%	−0.03 pp	11 q
AZPNAspen Technology Inc	0.18%	18,091	$1M	added+19%	+0.01 pp	9 q
HXLHexcel Corporation	0.18%	26,395	$2M	trimmed−2%	0.00 pp	9 q
QLYSQualys, Inc.	0.18%	20,501	$2M	added+11%	+0.02 pp	9 q
BABoeing Company	0.17%	4,482	$1M	trimmed−9%	−0.01 pp	8 q
PSXPhillips 66	0.17%	16,962	$1M	added+1%	−0.02 pp	11 q
BXBlackstone Inc.	0.16%	44,151	$1M	new	+0.16 pp	new
EPDEnterprise Products Partners L.P.	0.16%	53,730	$1M	new	+0.16 pp	new
CPRTCopart Inc	0.15%	25,738	$1M	added+27%	+0.05 pp	9 q
WEDWebster Financial Corp	0.13%	21,928	$1M	added+1%	0.00 pp	4 q
DNKNDunkin' Brands Group, Inc.	0.12%	15,197	$974,000	trimmed−1%	+0.01 pp	9 q
JKHYHenry (Jack) & Associates	0.12%	7,680	$972,000	added+1%	0.00 pp	9 q
POOLPool Corporation	0.12%	6,955	$1M	added+3%	+0.01 pp	6 q
AMNAMN Healthcare Services	0.11%	16,411	$930,000	added+1%	+0.02 pp	5 q
ENBEnbridge, Inc	0.11%	30,668	$953,000	trimmed−93%	−1.36 pp	23 q
GMABGenmab A/S	0.11%	56,364	$929,000	added+3%	+0.02 pp	9 q
ICFIICF International, Inc.	0.11%	13,965	$905,000	added+1%	+0.01 pp	9 q
OMCLOmnicell Inc	0.11%	15,811	$968,000	trimmed−12%	−0.02 pp	9 q
SBACSBA Communications Corp	0.11%	5,587	$904,000	added+1%	+0.02 pp	8 q
AKXAnsys Inc	0.10%	5,746	$821,000	added+3%	0.00 pp	9 q
CHDChurch & Dwight Co., Inc.	0.10%	13,044	$858,000	trimmed−14%	+0.01 pp	9 q
HCSGHealthcare Services Group	0.10%	21,692	$872,000	added+1%	+0.01 pp	4 q
MTDMettler-Toledo International	0.10%	1,469	$831,000	added+17%	+0.02 pp	9 q
HALOHalozyme Therapeutics, Inc.	0.09%	51,827	$758,000	added+18%	+0.01 pp	9 q
MPWRMonolithic Power Systems, Inc.	0.09%	6,531	$759,000	new	+0.09 pp	new
DYDycom Industries, Inc.	0.08%	12,207	$660,000	trimmed−2%	−0.03 pp	7 q
ESGREnstar Group Ltd	0.08%	3,846	$644,000	added+1%	0.00 pp	8 q
IPGPIPG Photonics Corporation	0.07%	5,178	$587,000	added+1%	−0.01 pp	9 q
PRAAPRA Group, Inc.	0.07%	23,612	$575,000	trimmed−1%	−0.02 pp	6 q
MKSIMKS Inc.	0.06%	7,255	$469,000	trimmed−1%	0.00 pp	3 q
GOOGAlphabet Inc. Class C	0.05%	445	$461,000	added+5%	0.00 pp	5 q
PRUPrudential Financial, Inc.	0.05%	4,807	$392,000	trimmed−68%	−0.10 pp	10 q
ECLEcolab, Inc.	0.03%	1,500	$221,000	held	—	5 q
HONHoneywell International, Inc.	0.03%	1,623	$214,000	added+6%	0.00 pp	5 q
IDXXIdexx Laboratories Inc	0.03%	1,275	$237,000	held	—	4 q
JPMJPMorgan Chase & Co.	0.03%	2,923	$285,000	added+13%	0.00 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.03%	2,281	$288,000	held	—	10 q
SBUXStarbucks Corp	0.03%	4,000	$258,000	held	—	2 q
UTXZRTX Corporation	—	−151,371	—	exited	−2.11 pp	—
BLQADBlackrock Inc	—	−23,827	—	exited	−1.12 pp	—
XOMExxon Mobil Corp	—	−28,097	—	exited	−0.24 pp	—
PMPhilip Morris International Inc.	—	−24,143	—	exited	−0.20 pp	—
PTVCBProtective Insurance Corp- B	—	−75,627	—	exited	−0.17 pp	—
CLBCore Laboratories Inc.	—	−7,394	—	exited	−0.09 pp	—
AMGAffiliated Managers Group	—	−4,810	—	exited	−0.07 pp	—