Torray

Q2 2019 13F · by James Bailey, portfolio manager

As of: Jun 30, 2019
Filed: Aug 8, 2019
US stock: $963M · prev $948M
Positions: 106 · prev 104
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%

Moves101 since the prior filing

+4.4 pp in · −5.0 pp out

New 7 +3.09 pp
Added 31 +1.31 pp
Trimmed 58 −1.91 pp
Exited 5 −3.05 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions13% of US stock

AXP American Express Company trimmed+0.26 pp trimmed+0.262.6%
MSFT Microsoft Corp trimmed+0.19 pp trimmed+0.192.6%
VRSK Verisk Analytics, Inc. trimmed+0.09 pp trimmed+0.092.6%
V VISA Inc. trimmed+0.11 pp trimmed+0.112.6%
AMT American Tower Corporation trimmed−0.07 pp trimmed−0.072.5%

Positions106 in this filing · 5 exited


AXPAmerican Express Company	2.64%	206,231	$25M	trimmed−0%	+0.26 pp	25 q
MSFTMicrosoft Corp	2.62%	187,993	$25M	trimmed−4%	+0.19 pp	13 q
VRSKVerisk Analytics, Inc.	2.60%	171,194	$25M	trimmed−4%	+0.09 pp	20 q
VVISA Inc.	2.60%	144,011	$25M	trimmed−5%	+0.11 pp	25 q
AMTAmerican Tower Corporation	2.54%	119,662	$24M	trimmed−5%	−0.07 pp	25 q
DHRDanaher Corporation	2.41%	162,341	$23M	trimmed−20%	−0.42 pp	25 q
AAPLApple Inc.	2.36%	114,867	$23M	trimmed−5%	−0.05 pp	25 q
AMZNAmazon.Com Inc	2.33%	11,830	$22M	added+25%	+0.55 pp	7 q
ROPRoper Technologies, Inc.	2.32%	60,873	$22M	trimmed−3%	+0.06 pp	3 q
FISVFiserv, Inc.	2.27%	239,350	$22M	trimmed−3%	−0.02 pp	25 q
BACBank of America Corporation	2.26%	751,372	$22M	held	—	19 q
LZAGYLonza Group AG UNSP/	2.22%	635,637	$21M	trimmed−2%	+0.09 pp	8 q
CSCOCisco Systems, Inc. (DE)	2.21%	388,876	$21M	trimmed−0%	−0.01 pp	25 q
ADBEAdobe Inc.	2.20%	71,912	$21M	trimmed−3%	+0.11 pp	25 q
GOOGLAlphabet Inc. Class A	2.17%	19,275	$21M	added+17%	+0.12 pp	16 q
LLoews Corporation	2.13%	374,606	$20M	added0%	+0.24 pp	25 q
unresolvedCooper Cos Inc/The	1.93%	55,194	$19M	trimmed−31%	−0.56 pp	20 q
SSNCSS&C Technologies Inc	1.90%	317,827	$18M	trimmed−4%	−0.33 pp	3 q
BPBP p.l.c.	1.86%	429,366	$18M	held	—	17 q
BMRNBioMarin Pharmaceuticals Inc	1.79%	201,001	$17M	trimmed−9%	−0.27 pp	22 q
AIGAmerican International Group, Inc.	1.77%	319,661	$17M	held	—	9 q
IBMInternational Business Machines Corporation	1.76%	122,533	$17M	added0%	−0.06 pp	25 q
ORLYO'Reilly Automotive, Inc.	1.76%	45,980	$17M	trimmed−2%	−0.17 pp	11 q
SCHWThe Charles Schwab Corporation	1.76%	422,228	$17M	trimmed−2%	−0.18 pp	14 q
CNCCentene Corporation	1.74%	319,048	$17M	added+10%	+0.12 pp	5 q
ACNAccenture PLC	1.73%	90,151	$17M	trimmed−5%	−0.03 pp	25 q
SHWThe Sherwin-Williams Company	1.72%	36,228	$17M	trimmed−4%	0.00 pp	10 q
MRSHMarsh	1.68%	162,581	$16M	trimmed−0%	+0.07 pp	25 q
APHAmphenol Corporation	1.66%	166,954	$16M	trimmed−4%	−0.08 pp	25 q
JNJJohnson & Johnson	1.63%	112,518	$16M	added0%	−0.03 pp	25 q
METAMeta Platforms, Inc. Class A	1.62%	80,673	$16M	trimmed−6%	+0.10 pp	15 q
GMGeneral Motors Company	1.62%	404,928	$16M	held	—	12 q
RDS.ARoyal Dutch Shell PLC	1.57%	232,195	$15M	added0%	+0.04 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	1.56%	70,631	$15M	trimmed−0%	+0.06 pp	9 q
ETNEaton Corporation, plc	1.49%	171,931	$14M	added0%	+0.03 pp	25 q
CHKPCheck Point Software Technologies Ltd	1.48%	123,547	$14M	trimmed−4%	−0.23 pp	9 q
CBChubb Limited	1.47%	95,898	$14M	trimmed−0%	+0.05 pp	14 q
TGNATEGNA Inc.	1.37%	869,295	$13M	held	—	17 q
NKENike, Inc.	1.36%	155,882	$13M	trimmed−4%	−0.08 pp	25 q
GMABGenmab A/S	1.31%	682,924	$13M	trimmed−5%	−0.01 pp	11 q
INTCIntel Corp	1.31%	263,647	$13M	trimmed−1%	−0.19 pp	25 q
GDGeneral Dynamics Corporation	1.25%	65,976	$12M	added0%	+0.07 pp	25 q
WFCWells Fargo & Co.	1.25%	254,805	$12M	trimmed−2%	−0.08 pp	25 q
HPQHP Inc.	1.24%	572,360	$12M	trimmed−0%	+0.07 pp	13 q
JPMJPMorgan Chase & Co.	1.20%	103,431	$12M	new	+1.20 pp	new
VIABViacom Inc. Class B	1.19%	382,580	$11M	held	—	9 q
BDXBecton, Dickinson and Co.	1.09%	41,692	$11M	added0%	−0.01 pp	25 q
ALBAlbemarle Corporation	1.07%	146,096	$10M	trimmed−3%	−0.23 pp	12 q
EOGEOG Resources, Inc.	1.01%	104,024	$10M	trimmed−4%	−0.07 pp	25 q
WUThe Western Union Company	1.01%	490,861	$10M	held	—	25 q
SWKStanley Black & Decker, Inc.	0.99%	66,130	$10M	held	—	23 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.93%	36,643	$9M	trimmed−1%	−0.04 pp	25 q
unresolvedGeneral Electric Co	0.83%	762,101	$8M	held	—	25 q
DDDuPont de Nemours, Inc.	0.80%	102,152	$8M	new	+0.80 pp	new
DOWDow Inc.	0.71%	138,770	$7M	new	+0.71 pp	new
CTVACorteva, Inc.	0.31%	102,151	$3M	new	+0.31 pp	new
CMICummins Inc.	0.25%	13,799	$2M	added+1%	+0.02 pp	4 q
LYBLyondellBasell Industries N.V. Class A	0.24%	26,291	$2M	added+7%	+0.02 pp	13 q
AMGNAmgen Inc	0.23%	12,002	$2M	added+15%	+0.02 pp	8 q
BXBlackstone Inc.	0.23%	50,581	$2M	added+1%	+0.05 pp	3 q
HXLHexcel Corporation	0.23%	27,687	$2M	trimmed−8%	+0.01 pp	11 q
ABBVAbbvie Inc.	0.22%	29,536	$2M	added+10%	−0.01 pp	13 q
AZPNAspen Technology Inc	0.22%	16,932	$2M	trimmed−8%	+0.02 pp	11 q
LVSLas Vegas Sands Corp.	0.22%	35,321	$2M	added+1%	0.00 pp	2 q
LMTLockheed Martin Corp.	0.22%	5,792	$2M	added+1%	+0.04 pp	13 q
QCOMQualcomm Inc	0.22%	27,784	$2M	trimmed−22%	+0.01 pp	13 q
IPGThe Interpublic Group of Companies, Inc.	0.21%	89,468	$2M	added+6%	+0.02 pp	2 q
PSXPhillips 66	0.21%	21,321	$2M	added+18%	+0.03 pp	13 q
MOAltria Group, Inc.	0.20%	41,170	$2M	added+1%	−0.05 pp	3 q
CPRTCopart Inc	0.20%	26,066	$2M	trimmed−8%	+0.02 pp	11 q
MRKMerck & Co., Inc.	0.19%	21,359	$2M	added+3%	+0.01 pp	13 q
PRUPrudential Financial, Inc.	0.19%	18,269	$2M	added+1%	+0.02 pp	12 q
BABoeing Company	0.18%	4,880	$2M	added+31%	+0.03 pp	10 q
EPDEnterprise Products Partners L.P.	0.18%	61,114	$2M	added+1%	−0.01 pp	3 q
QLYSQualys, Inc.	0.17%	19,057	$2M	trimmed−7%	−0.01 pp	11 q
POOLPool Corporation	0.13%	6,390	$1M	trimmed−10%	+0.01 pp	8 q
CTLTCatalent, Inc.	0.12%	21,432	$1M	trimmed−11%	+0.02 pp	2 q
DNKNDunkin' Brands Group, Inc.	0.12%	13,954	$1M	trimmed−10%	0.00 pp	11 q
MTDMettler-Toledo International	0.12%	1,361	$1M	trimmed−10%	0.00 pp	11 q
SBACSBA Communications Corp	0.12%	5,239	$1M	trimmed−9%	0.00 pp	10 q
WEDWebster Financial Corp	0.12%	23,768	$1M	added+6%	0.00 pp	6 q
AKXAnsys Inc	0.11%	5,178	$1M	trimmed−12%	0.00 pp	11 q
JKHYHenry (Jack) & Associates	0.11%	8,092	$1M	added+2%	−0.01 pp	11 q
DYDycom Industries, Inc.	0.10%	17,007	$1M	added+32%	+0.04 pp	9 q
ICFIICF International, Inc.	0.10%	12,893	$939,000	trimmed−10%	−0.02 pp	11 q
OMCLOmnicell Inc	0.10%	11,347	$976,000	trimmed−25%	−0.03 pp	11 q
AMNAMN Healthcare Services	0.09%	15,113	$820,000	trimmed−10%	+0.01 pp	7 q
MPWRMonolithic Power Systems, Inc.	0.09%	6,645	$902,000	trimmed−1%	−0.01 pp	3 q
CHDChurch & Dwight Co., Inc.	0.08%	10,756	$786,000	trimmed−10%	−0.01 pp	11 q
HALOHalozyme Therapeutics, Inc.	0.08%	46,243	$794,000	trimmed−11%	−0.01 pp	11 q
HCSGHealthcare Services Group	0.08%	26,447	$802,000	trimmed−10%	−0.02 pp	6 q
IPGPIPG Photonics Corporation	0.08%	4,757	$734,000	trimmed−10%	−0.01 pp	11 q
ESGREnstar Group Ltd	0.08%	4,341	$757,000	trimmed−10%	−0.01 pp	10 q
PRAAPRA Group, Inc.	0.07%	22,817	$642,000	trimmed−9%	0.00 pp	8 q
ENBEnbridge, Inc	0.06%	15,312	$552,000	added+8%	+0.01 pp	25 q
MKSIMKS Inc.	0.06%	6,941	$541,000	trimmed−10%	−0.02 pp	5 q
CYBRCyberark Software LTD/ISRAEL	0.06%	4,494	$575,000	trimmed−10%	0.00 pp	2 q
GOOGAlphabet Inc. Class C	0.05%	405	$438,000	trimmed−0%	0.00 pp	7 q
IDXXIdexx Laboratories Inc	0.04%	1,350	$372,000	added+6%	+0.01 pp	6 q
IWFiShares Russell 1000 Growth ETF	0.04%	2,544	$400,000	added+6%	0.00 pp	3 q
ECLEcolab, Inc.	0.03%	1,704	$336,000	added+7%	0.00 pp	7 q
HONHoneywell International, Inc.	0.03%	1,726	$301,000	trimmed−2%	0.00 pp	7 q
SBUXStarbucks Corp	0.03%	4,000	$335,000	held	—	4 q
VONGVanguard Russell 1000 Growth ETF	0.03%	1,667	$270,000	new	+0.03 pp	new
MAMastercard Incorporated	0.02%	795	$210,000	new	+0.02 pp	new
PYPLPayPal Holdings, Inc.	0.02%	1,880	$215,000	new	+0.02 pp	new
CERNCerner Corp	—	−181,214	—	exited	−1.09 pp	—
unresolvedDowdupont Inc	—	−182,259	—	exited	−1.02 pp	—
HPEHewlett Packard Enterprise Company	—	−541,500	—	exited	−0.88 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−2,020	—	exited	−0.03 pp	—
WABWabtec Inc.	—	−4,087	—	exited	−0.03 pp	—