Torray

Q2 2020 13F · by James Bailey, portfolio manager

As of: Jun 30, 2020
Filed: Aug 3, 2020
US stock: $531M · prev $453M
Positions: 99 · prev 97
Options notional: $0
Documents: 1· no amendments

Picture98.7% US stock

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

US stock listed on a US exchange 98.7%
Foreign stock not listed in the US 1.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves101 since the prior filing

+5.2 pp in · −5.2 pp out

New 5 +4.07 pp
Added 39 +1.08 pp
Trimmed 54 −1.48 pp
Exited 3 −3.67 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions99 in this filing · 3 exited


CSCOCisco Systems, Inc. (DE)	3.30%	375,656	$18M	trimmed−1%	+0.01 pp	29 q
MRSHMarsh	3.26%	161,143	$17M	trimmed−0%	+0.17 pp	29 q
AXPAmerican Express Company	3.01%	167,622	$16M	trimmed−0%	−0.16 pp	29 q
JNJJohnson & Johnson	2.98%	112,614	$16M	trimmed−1%	−0.30 pp	29 q
INTCIntel Corp	2.92%	259,543	$16M	trimmed−1%	−0.22 pp	29 q
ETNEaton Corporation, plc	2.82%	170,993	$15M	trimmed−0%	−0.12 pp	29 q
KHCThe Kraft Heinz Company	2.79%	464,154	$15M	trimmed−0%	+0.25 pp	3 q
DDDuPont de Nemours, Inc.	2.78%	277,409	$15M	trimmed−0%	+0.69 pp	5 q
IBMInternational Business Machines Corporation	2.74%	120,295	$15M	trimmed−2%	−0.27 pp	29 q
BACBank of America Corporation	2.70%	603,412	$14M	trimmed−0%	−0.13 pp	23 q
BRK.BBERKSHIRE HATHAWAY Class B	2.66%	79,074	$14M	trimmed−3%	−0.63 pp	13 q
JPMJPMorgan Chase & Co.	2.52%	142,362	$13M	added+1%	−0.29 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.49%	44,763	$13M	trimmed−0%	+0.02 pp	29 q
LLoews Corporation	2.41%	372,855	$13M	trimmed−0%	−0.46 pp	29 q
CBChubb Limited	2.27%	95,393	$12M	trimmed−0%	−0.09 pp	18 q
AMZNAmazon.Com Inc	2.15%	4,144	$11M	trimmed−1%	+0.35 pp	11 q
SYYSysco Corporation	2.00%	194,681	$11M	trimmed−0%	+0.04 pp	2 q
BPBP p.l.c.	1.89%	429,779	$10M	trimmed−0%	−0.43 pp	21 q
AIGAmerican International Group, Inc.	1.87%	318,312	$10M	trimmed−0%	+0.16 pp	13 q
BDXBecton, Dickinson and Co.	1.86%	41,355	$10M	trimmed−0%	−0.24 pp	29 q
BMYBristol-Myers Squibb Co.	1.86%	167,594	$10M	trimmed−0%	−0.21 pp	2 q
HONHoneywell International, Inc.	1.86%	68,160	$10M	new	+1.86 pp	new
GDGeneral Dynamics Corporation	1.85%	65,861	$10M	trimmed−0%	−0.08 pp	29 q
AAPLApple Inc.	1.71%	24,946	$9M	added0%	+0.31 pp	29 q
RDS.ARoyal Dutch Shell PLC	1.71%	277,739	$9M	trimmed−0%	−0.43 pp	12 q
MSFTMicrosoft Corp	1.69%	44,092	$9M	trimmed−1%	+0.14 pp	17 q
DISThe Walt Disney Company	1.65%	78,455	$9M	new	+1.65 pp	new
GOOGLAlphabet Inc. Class A	1.46%	5,476	$8M	added0%	+0.06 pp	20 q
ADBEAdobe Inc.	1.42%	17,290	$8M	trimmed−0%	+0.20 pp	29 q
LZAGYLonza Group AG UNSP/	1.29%	129,067	$7M	trimmed−9%	−0.01 pp	12 q
AMTAmerican Tower Corporation	1.28%	26,251	$7M	trimmed−0%	+0.02 pp	29 q
BMRNBioMarin Pharmaceuticals Inc	1.26%	54,070	$7M	trimmed−11%	+0.13 pp	26 q
DHRDanaher Corporation	1.23%	37,007	$7M	trimmed−2%	+0.08 pp	29 q
VVISA Inc.	1.21%	33,395	$6M	added+1%	+0.03 pp	29 q
ROPRoper Technologies, Inc.	1.11%	15,242	$6M	added0%	+0.06 pp	7 q
FISVFiserv, Inc.	1.07%	58,437	$6M	added+2%	−0.13 pp	29 q
VRSKVerisk Analytics, Inc.	1.07%	33,235	$6M	added0%	+0.05 pp	24 q
DOWDow Inc.	1.06%	138,127	$6M	trimmed−0%	+0.16 pp	5 q
GMABGenmab A/S	1.00%	156,640	$5M	trimmed−13%	+0.16 pp	15 q
CNCCentene Corporation	0.97%	80,736	$5M	added+7%	−0.02 pp	9 q
ORLYO'Reilly Automotive, Inc.	0.92%	11,636	$5M	trimmed−0%	+0.14 pp	15 q
CPRTCopart Inc	0.88%	55,956	$5M	trimmed−6%	−0.02 pp	15 q
SHWThe Sherwin-Williams Company	0.88%	8,042	$5M	trimmed−0%	+0.06 pp	14 q
NKENike, Inc.	0.87%	47,222	$5M	added+1%	+0.01 pp	29 q
unresolvedCooper Cos Inc/The	0.85%	15,855	$4M	added+1%	−0.11 pp	24 q
IDXXIdexx Laboratories Inc	0.81%	13,010	$4M	added+9%	+0.17 pp	10 q
METAMeta Platforms, Inc. Class A	0.80%	18,626	$4M	added+3%	+0.14 pp	19 q
ACNAccenture PLC	0.79%	19,606	$4M	added0%	+0.08 pp	29 q
APHAmphenol Corporation	0.72%	40,148	$4M	added+2%	+0.09 pp	29 q
MSIMotorola Solutions, Inc. New	0.69%	26,132	$4M	trimmed−2%	−0.09 pp	3 q
HDHome Depot, Inc.	0.40%	8,551	$2M	trimmed−8%	+0.02 pp	2 q
ABBVAbbvie Inc.	0.38%	20,489	$2M	trimmed−12%	−0.01 pp	17 q
QCOMQualcomm Inc	0.38%	22,385	$2M	trimmed−2%	+0.04 pp	17 q
QLYSQualys, Inc.	0.37%	18,975	$2M	trimmed−0%	+0.01 pp	15 q
CMICummins Inc.	0.35%	10,795	$2M	trimmed−5%	+0.01 pp	8 q
BXBlackstone Inc.	0.34%	32,274	$2M	trimmed−1%	+0.01 pp	7 q
PSXPhillips 66	0.34%	25,015	$2M	added+21%	+0.09 pp	17 q
TDOCTeladoc Health, Inc.	0.34%	9,552	$2M	trimmed−22%	−0.08 pp	4 q
POOLPool Corporation	0.33%	6,482	$2M	added0%	+0.05 pp	12 q
SBACSBA Communications Corp	0.33%	5,798	$2M	added0%	−0.01 pp	14 q
CTLTCatalent, Inc.	0.32%	23,447	$2M	trimmed−30%	−0.07 pp	6 q
CCICrown Castle Inc.	0.32%	10,041	$2M	new	+0.32 pp	new
MCDMcDonald's Corporation	0.32%	9,111	$2M	added+4%	0.00 pp	2 q
LYBLyondellBasell Industries N.V. Class A	0.32%	25,757	$2M	added+1%	+0.04 pp	17 q
AMGNAmgen Inc	0.31%	6,985	$2M	trimmed−18%	−0.07 pp	12 q
AZPNAspen Technology Inc	0.31%	15,893	$2M	added+2%	−0.02 pp	15 q
CORCoresite Realty Corp	0.31%	13,674	$2M	trimmed−19%	−0.12 pp	2 q
PRUPrudential Financial, Inc.	0.31%	27,323	$2M	added+26%	+0.06 pp	16 q
MMM3M Company	0.31%	10,667	$2M	trimmed−7%	−0.04 pp	2 q
CYBRCyberark Software LTD/ISRAEL	0.31%	16,396	$2M	added+1%	0.00 pp	6 q
MOAltria Group, Inc.	0.30%	40,411	$2M	added+4%	−0.03 pp	7 q
CVSCvs Health Corporation	0.30%	24,727	$2M	trimmed−7%	−0.05 pp	2 q
AKXAnsys Inc	0.29%	5,218	$2M	added+1%	+0.02 pp	15 q
MPWRMonolithic Power Systems, Inc.	0.29%	6,589	$2M	trimmed−14%	+0.01 pp	7 q
ENBEnbridge, Inc	0.27%	47,113	$1M	added×4.1	+0.20 pp	29 q
JKHYHenry (Jack) & Associates	0.27%	7,736	$1M	added0%	+0.01 pp	15 q
LMTLockheed Martin Corp.	0.26%	3,856	$1M	trimmed−6%	−0.05 pp	17 q
PRAAPRA Group, Inc.	0.26%	35,623	$1M	added+12%	+0.07 pp	12 q
ZBRAZebra Technologies Corporation	0.26%	5,492	$1M	added+40%	+0.10 pp	2 q
GILDGilead Sciences Inc	0.25%	17,319	$1M	added+3%	−0.03 pp	2 q
MTDMettler-Toledo International	0.25%	1,629	$1M	added+3%	+0.01 pp	15 q
DNKNDunkin' Brands Group, Inc.	0.24%	19,687	$1M	added0%	+0.01 pp	15 q
HALOHalozyme Therapeutics, Inc.	0.24%	47,074	$1M	trimmed−10%	+0.03 pp	15 q
HXLHexcel Corporation	0.22%	25,514	$1M	added+33%	+0.06 pp	15 q
MRKMerck & Co., Inc.	0.22%	15,154	$1M	trimmed−9%	−0.06 pp	17 q
MKSIMKS Inc.	0.21%	9,847	$1M	added+1%	+0.03 pp	9 q
MYOVMyovant Sciences Ltd	0.20%	52,044	$1M	new	+0.20 pp	new
CHDChurch & Dwight Co., Inc.	0.19%	12,995	$1M	added+1%	+0.01 pp	15 q
IPGPIPG Photonics Corporation	0.19%	6,202	$995,000	added0%	+0.04 pp	15 q
RCKTRocket Pharmaceuticals, Inc.	0.19%	48,577	$1M	trimmed−14%	+0.02 pp	3 q
ICFIICF International, Inc.	0.18%	15,010	$973,000	added+2%	−0.04 pp	15 q
OMCLOmnicell Inc	0.17%	13,042	$921,000	added+2%	−0.02 pp	15 q
VRRMVerra Mobility Corporation Class A	0.16%	81,262	$835,000	trimmed−10%	+0.02 pp	4 q
AMNAMN Healthcare Services	0.15%	17,239	$780,000	added+23%	−0.03 pp	11 q
GOOGAlphabet Inc. Class C	0.10%	367	$519,000	added0%	+0.01 pp	11 q
IWFiShares Russell 1000 Growth ETF	0.09%	2,461	$472,000	trimmed−1%	+0.01 pp	7 q
ECLEcolab, Inc.	0.06%	1,623	$323,000	trimmed−3%	0.00 pp	11 q
SBUXStarbucks Corp	0.06%	4,000	$294,000	held	—	8 q
MAMastercard Incorporated	0.04%	687	$203,000	new	+0.04 pp	new
unresolvedGeneral Electric Co	—	−1,016,101	—	exited	−1.78 pp	—
WFCWells Fargo & Co.	—	−255,030	—	exited	−1.62 pp	—
LVSLas Vegas Sands Corp.	—	−28,904	—	exited	−0.27 pp	—