Torray

Q3 2019 13F · by James Bailey, portfolio manager

As of: Sep 30, 2019
Filed: Nov 6, 2019
US stock: $918M · prev $963M
Positions: 102 · prev 106
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

+1.8 pp in · −1.8 pp out

New 2 +0.18 pp
Added 49 +1.65 pp
Trimmed 43 +2.61 pp
Exited 6 −4.41 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.7% a year, about 21.3 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions102 in this filing · 6 exited


AMTAmerican Tower Corporation	2.86%	118,723	$26M	trimmed−1%	+0.32 pp	26 q
MSFTMicrosoft Corp	2.83%	186,668	$26M	trimmed−1%	+0.21 pp	14 q
AAPLApple Inc.	2.71%	111,129	$25M	trimmed−3%	+0.35 pp	26 q
AXPAmerican Express Company	2.64%	205,196	$24M	trimmed−1%	0.00 pp	26 q
GOOGLAlphabet Inc. Class A	2.56%	19,277	$24M	added0%	+0.39 pp	17 q
VVISA Inc.	2.55%	136,360	$23M	trimmed−5%	−0.05 pp	26 q
DHRDanaher Corporation	2.54%	161,579	$23M	trimmed−0%	+0.13 pp	26 q
FISVFiserv, Inc.	2.54%	225,477	$23M	trimmed−6%	+0.27 pp	26 q
VRSKVerisk Analytics, Inc.	2.41%	139,696	$22M	trimmed−18%	−0.19 pp	21 q
BACBank of America Corporation	2.39%	750,961	$22M	trimmed−0%	+0.13 pp	20 q
LZAGYLonza Group AG UNSP/	2.36%	640,506	$22M	added+1%	+0.14 pp	9 q
ROPRoper Technologies, Inc.	2.35%	60,576	$22M	trimmed−0%	+0.03 pp	4 q
ORLYO'Reilly Automotive, Inc.	2.29%	52,816	$21M	added+15%	+0.53 pp	12 q
AMZNAmazon.Com Inc	2.25%	11,922	$21M	added+1%	−0.08 pp	8 q
ADBEAdobe Inc.	2.15%	71,464	$20M	trimmed−1%	−0.05 pp	26 q
SHWThe Sherwin-Williams Company	2.15%	35,893	$20M	trimmed−1%	+0.43 pp	11 q
LLoews Corporation	2.10%	374,429	$19M	trimmed−0%	−0.03 pp	26 q
CSCOCisco Systems, Inc. (DE)	2.08%	386,864	$19M	trimmed−1%	−0.13 pp	26 q
NKENike, Inc.	2.00%	195,511	$18M	added+25%	+0.64 pp	26 q
AIGAmerican International Group, Inc.	1.94%	319,573	$18M	trimmed−0%	+0.17 pp	10 q
IBMInternational Business Machines Corporation	1.94%	122,494	$18M	trimmed−0%	+0.18 pp	26 q
SCHWThe Charles Schwab Corporation	1.89%	415,971	$17M	trimmed−1%	+0.13 pp	15 q
ACNAccenture PLC	1.82%	86,801	$17M	trimmed−4%	+0.09 pp	26 q
BPBP p.l.c.	1.77%	429,034	$16M	trimmed−2%	−0.09 pp	18 q
unresolvedCooper Cos Inc/The	1.77%	54,762	$16M	trimmed−1%	−0.16 pp	21 q
MRSHMarsh	1.77%	162,355	$16M	trimmed−0%	+0.09 pp	26 q
APHAmphenol Corporation	1.71%	162,737	$16M	trimmed−3%	+0.05 pp	26 q
CBChubb Limited	1.68%	95,775	$15M	trimmed−0%	+0.21 pp	15 q
GMGeneral Motors Company	1.65%	404,892	$15M	trimmed−0%	+0.03 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	1.60%	70,632	$15M	added0%	+0.04 pp	10 q
JNJJohnson & Johnson	1.58%	112,383	$15M	trimmed−0%	−0.05 pp	26 q
METAMeta Platforms, Inc. Class A	1.56%	80,616	$14M	trimmed−0%	−0.06 pp	16 q
ETNEaton Corporation, plc	1.55%	171,732	$14M	trimmed−0%	+0.06 pp	26 q
GMABGenmab A/S	1.54%	699,340	$14M	added+2%	+0.23 pp	12 q
CNCCentene Corporation	1.51%	320,173	$14M	added0%	−0.23 pp	6 q
CHKPCheck Point Software Technologies Ltd	1.50%	125,922	$14M	added+2%	+0.02 pp	10 q
RDS.ARoyal Dutch Shell PLC	1.49%	232,109	$14M	trimmed−0%	−0.08 pp	9 q
BMRNBioMarin Pharmaceuticals Inc	1.48%	201,955	$14M	added0%	−0.31 pp	23 q
INTCIntel Corp	1.48%	263,297	$14M	trimmed−0%	+0.17 pp	26 q
TGNATEGNA Inc.	1.47%	869,295	$14M	held	—	18 q
WFCWells Fargo & Co.	1.40%	255,030	$13M	added0%	+0.15 pp	26 q
GDGeneral Dynamics Corporation	1.32%	66,136	$12M	added0%	+0.07 pp	26 q
JPMJPMorgan Chase & Co.	1.32%	103,315	$12M	trimmed−0%	+0.12 pp	2 q
WUThe Western Union Company	1.24%	489,926	$11M	trimmed−0%	+0.23 pp	26 q
BDXBecton, Dickinson and Co.	1.15%	41,600	$11M	trimmed−0%	+0.06 pp	26 q
SWKStanley Black & Decker, Inc.	1.04%	65,903	$10M	trimmed−0%	+0.05 pp	24 q
VIABViacom Inc. Class B	1.00%	382,580	$9M	held	—	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.87%	36,753	$8M	added0%	−0.06 pp	26 q
EOGEOG Resources, Inc.	0.84%	104,347	$8M	added0%	−0.17 pp	26 q
DDDuPont de Nemours, Inc.	0.80%	102,448	$7M	added0%	0.00 pp	2 q
unresolvedGeneral Electric Co	0.75%	770,759	$7M	added+1%	−0.08 pp	26 q
DOWDow Inc.	0.72%	138,846	$7M	added0%	+0.01 pp	2 q
BXBlackstone Inc.	0.33%	62,228	$3M	added+23%	+0.10 pp	4 q
CTVACorteva, Inc.	0.31%	101,982	$3M	trimmed−0%	0.00 pp	2 q
LYBLyondellBasell Industries N.V. Class A	0.26%	26,535	$2M	added+1%	+0.02 pp	14 q
ABBVAbbvie Inc.	0.25%	29,812	$2M	added+1%	+0.03 pp	14 q
AMGNAmgen Inc	0.25%	12,045	$2M	added0%	+0.02 pp	9 q
CMICummins Inc.	0.25%	13,898	$2M	added+1%	0.00 pp	5 q
LMTLockheed Martin Corp.	0.25%	5,818	$2M	added0%	+0.03 pp	14 q
PSXPhillips 66	0.24%	21,482	$2M	added+1%	+0.03 pp	14 q
HXLHexcel Corporation	0.23%	25,200	$2M	trimmed−9%	0.00 pp	12 q
QCOMQualcomm Inc	0.23%	28,047	$2M	added+1%	+0.01 pp	14 q
LVSLas Vegas Sands Corp.	0.22%	35,588	$2M	added+1%	0.00 pp	3 q
AZPNAspen Technology Inc	0.21%	15,663	$2M	trimmed−7%	−0.01 pp	12 q
CPRTCopart Inc	0.21%	24,439	$2M	trimmed−6%	+0.01 pp	12 q
IPGThe Interpublic Group of Companies, Inc.	0.21%	90,182	$2M	added+1%	0.00 pp	3 q
BABoeing Company	0.20%	4,929	$2M	added+1%	+0.02 pp	11 q
MRKMerck & Co., Inc.	0.20%	21,554	$2M	added+1%	+0.01 pp	14 q
EPDEnterprise Products Partners L.P.	0.19%	61,234	$2M	added0%	+0.01 pp	4 q
MOAltria Group, Inc.	0.18%	41,398	$2M	added+1%	−0.02 pp	4 q
PRUPrudential Financial, Inc.	0.18%	18,372	$2M	added+1%	−0.01 pp	13 q
QLYSQualys, Inc.	0.16%	19,091	$1M	added0%	−0.01 pp	12 q
POOLPool Corporation	0.14%	6,398	$1M	added0%	+0.01 pp	9 q
SBACSBA Communications Corp	0.14%	5,209	$1M	trimmed−1%	+0.02 pp	11 q
JKHYHenry (Jack) & Associates	0.13%	8,099	$1M	added0%	+0.02 pp	12 q
AKXAnsys Inc	0.12%	5,184	$1M	added0%	+0.01 pp	12 q
DNKNDunkin' Brands Group, Inc.	0.12%	13,959	$1M	added0%	0.00 pp	12 q
ICFIICF International, Inc.	0.12%	12,908	$1M	added0%	+0.02 pp	12 q
WEDWebster Financial Corp	0.12%	23,688	$1M	trimmed−0%	0.00 pp	7 q
MPWRMonolithic Power Systems, Inc.	0.11%	6,645	$1M	held	—	4 q
CYBRCyberark Software LTD/ISRAEL	0.11%	10,187	$1M	added×2.3	+0.05 pp	3 q
CTLTCatalent, Inc.	0.10%	19,600	$934,000	trimmed−9%	−0.02 pp	3 q
MTDMettler-Toledo International	0.10%	1,365	$962,000	added0%	−0.02 pp	12 q
TDOCTeladoc Health, Inc.	0.10%	13,729	$930,000	new	+0.10 pp	new
AMNAMN Healthcare Services	0.09%	15,134	$871,000	added0%	0.00 pp	8 q
CHDChurch & Dwight Co., Inc.	0.09%	10,788	$812,000	added0%	+0.01 pp	12 q
OMCLOmnicell Inc	0.09%	11,368	$822,000	added0%	−0.01 pp	12 q
ESGREnstar Group Ltd	0.09%	4,351	$826,000	added0%	+0.01 pp	11 q
HALOHalozyme Therapeutics, Inc.	0.08%	46,353	$719,000	added0%	0.00 pp	12 q
IPGPIPG Photonics Corporation	0.08%	5,400	$732,000	added+14%	0.00 pp	12 q
PRAAPRA Group, Inc.	0.08%	22,895	$774,000	added0%	+0.01 pp	9 q
VRRMVerra Mobility Corporation Class A	0.08%	49,137	$705,000	new	+0.08 pp	new
MKSIMKS Inc.	0.07%	6,974	$644,000	added0%	+0.01 pp	6 q
ENBEnbridge, Inc	0.06%	15,507	$544,000	added+1%	0.00 pp	26 q
GOOGAlphabet Inc. Class C	0.05%	405	$494,000	held	—	8 q
ECLEcolab, Inc.	0.04%	1,704	$337,000	held	—	8 q
IDXXIdexx Laboratories Inc	0.04%	1,350	$367,000	held	—	7 q
IWFiShares Russell 1000 Growth ETF	0.04%	2,544	$406,000	held	—	4 q
SBUXStarbucks Corp	0.04%	4,000	$354,000	held	—	5 q
HONHoneywell International, Inc.	0.03%	1,430	$242,000	trimmed−17%	0.00 pp	8 q
MAMastercard Incorporated	0.02%	788	$214,000	trimmed−1%	0.00 pp	2 q
VONGVanguard Russell 1000 Growth ETF	0.02%	1,384	$227,000	trimmed−17%	−0.01 pp	2 q
SSNCSS&C Technologies Inc	—	−317,827	—	exited	−1.90 pp	—
HPQHP Inc.	—	−572,360	—	exited	−1.24 pp	—
ALBAlbemarle Corporation	—	−146,096	—	exited	−1.07 pp	—
DYDycom Industries, Inc.	—	−17,007	—	exited	−0.10 pp	—
HCSGHealthcare Services Group	—	−26,447	—	exited	−0.08 pp	—
PYPLPayPal Holdings, Inc.	—	−1,880	—	exited	−0.02 pp	—