Torray

Q3 2020 13F · by James Bailey, portfolio manager

As of: Sep 30, 2020
Filed: Nov 2, 2020
US stock: $544M · prev $531M
Positions: 99 · prev 99
Options notional: $0
Documents: 1· no amendments

Picture98.6% US stock

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

US stock listed on a US exchange 98.6%
Foreign stock not listed in the US 1.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves98 since the prior filing

+6.9 pp in · −6.9 pp out

New 3 +4.73 pp
Added 44 +2.16 pp
Trimmed 48 −2.13 pp
Exited 3 −4.82 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MRSH Marsh trimmed+0.06 pp trimmed+0.063.3%
ETN Eaton Corporation, plc trimmed+0.31 pp trimmed+0.313.1%
AXP American Express Company trimmed+0.03 pp trimmed+0.033.0%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.37 pp trimmed+0.373.0%
JNJ Johnson & Johnson trimmed+0.04 pp trimmed+0.043.0%

Positions99 in this filing · 3 exited


MRSHMarsh	3.32%	157,633	$18M	trimmed−2%	+0.06 pp	30 q
ETNEaton Corporation, plc	3.13%	167,270	$17M	trimmed−2%	+0.31 pp	30 q
AXPAmerican Express Company	3.04%	165,115	$17M	trimmed−2%	+0.03 pp	30 q
BRK.BBERKSHIRE HATHAWAY Class B	3.03%	77,366	$16M	trimmed−2%	+0.37 pp	14 q
JNJJohnson & Johnson	3.02%	110,364	$16M	trimmed−2%	+0.04 pp	30 q
DDDuPont de Nemours, Inc.	2.77%	272,138	$15M	trimmed−2%	−0.01 pp	6 q
IBMInternational Business Machines Corporation	2.64%	118,321	$14M	trimmed−2%	−0.10 pp	30 q
BACBank of America Corporation	2.62%	593,070	$14M	trimmed−2%	−0.08 pp	24 q
ORCLOracle Corp	2.61%	238,400	$14M	new	+2.61 pp	new
KHCThe Kraft Heinz Company	2.51%	456,130	$14M	trimmed−2%	−0.28 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.49%	43,408	$14M	trimmed−3%	0.00 pp	30 q
JPMJPMorgan Chase & Co.	2.48%	140,440	$14M	trimmed−1%	−0.04 pp	6 q
INTCIntel Corp	2.42%	254,410	$13M	trimmed−2%	−0.50 pp	30 q
LLoews Corporation	2.34%	366,660	$13M	trimmed−2%	−0.07 pp	30 q
AMZNAmazon.Com Inc	2.33%	4,022	$13M	trimmed−3%	+0.18 pp	12 q
RDS.ARoyal Dutch Shell PLC	2.31%	500,170	$13M	added+80%	+0.60 pp	13 q
SYYSysco Corporation	2.18%	190,935	$12M	trimmed−2%	+0.18 pp	3 q
DISThe Walt Disney Company	2.10%	91,997	$11M	added+17%	+0.45 pp	2 q
GDGeneral Dynamics Corporation	2.05%	80,593	$11M	added+22%	+0.20 pp	30 q
AAPLApple Inc.	2.03%	95,466	$11M	trimmed−4%	+0.32 pp	30 q
HONHoneywell International, Inc.	2.03%	67,177	$11M	trimmed−1%	+0.17 pp	2 q
CBChubb Limited	2.00%	93,570	$11M	trimmed−2%	−0.27 pp	19 q
BMYBristol-Myers Squibb Co.	1.82%	164,577	$10M	trimmed−2%	−0.04 pp	3 q
SEICSEI Investments Co	1.80%	193,720	$10M	new	+1.80 pp	new
BDXBecton, Dickinson and Co.	1.74%	40,677	$9M	trimmed−2%	−0.12 pp	30 q
MSFTMicrosoft Corp	1.68%	43,505	$9M	trimmed−1%	−0.01 pp	18 q
ADBEAdobe Inc.	1.55%	17,244	$8M	trimmed−0%	+0.13 pp	30 q
GOOGLAlphabet Inc. Class A	1.48%	5,504	$8M	added+1%	+0.02 pp	21 q
DHRDanaher Corporation	1.44%	36,315	$8M	trimmed−2%	+0.21 pp	30 q
LZAGYLonza Group AG UNSP/	1.38%	121,234	$7M	trimmed−6%	+0.09 pp	13 q
CPRTCopart Inc	1.30%	67,424	$7M	added+20%	+0.42 pp	16 q
VVISA Inc.	1.24%	33,782	$7M	added+1%	+0.03 pp	30 q
AMTAmerican Tower Corporation	1.17%	26,461	$6M	added+1%	−0.11 pp	30 q
VRSKVerisk Analytics, Inc.	1.13%	33,336	$6M	added0%	+0.06 pp	25 q
FISVFiserv, Inc.	1.12%	59,164	$6M	added+1%	+0.05 pp	30 q
ROPRoper Technologies, Inc.	1.10%	15,218	$6M	trimmed−0%	−0.01 pp	8 q
NKENike, Inc.	1.09%	47,374	$6M	added0%	+0.22 pp	30 q
GMABGenmab A/S	1.02%	151,464	$6M	trimmed−3%	+0.02 pp	16 q
SHWThe Sherwin-Williams Company	1.01%	7,886	$5M	trimmed−2%	+0.13 pp	15 q
unresolvedCooper Cos Inc/The	0.98%	15,900	$5M	added0%	+0.13 pp	25 q
ORLYO'Reilly Automotive, Inc.	0.98%	11,586	$5M	trimmed−0%	+0.06 pp	16 q
BMRNBioMarin Pharmaceuticals Inc	0.96%	68,390	$5M	added+26%	−0.30 pp	27 q
IDXXIdexx Laboratories Inc	0.94%	12,997	$5M	trimmed−0%	+0.13 pp	11 q
METAMeta Platforms, Inc. Class A	0.90%	18,734	$5M	added+1%	+0.10 pp	20 q
CNCCentene Corporation	0.87%	81,332	$5M	added+1%	−0.10 pp	10 q
ACNAccenture PLC	0.81%	19,523	$4M	trimmed−0%	+0.02 pp	30 q
APHAmphenol Corporation	0.80%	40,474	$4M	added+1%	+0.08 pp	30 q
MSIMotorola Solutions, Inc. New	0.76%	26,451	$4M	added+1%	+0.07 pp	4 q
AZPNAspen Technology Inc	0.44%	18,737	$2M	added+18%	+0.13 pp	16 q
HDHome Depot, Inc.	0.42%	8,324	$2M	trimmed−3%	+0.02 pp	3 q
TDOCTeladoc Health, Inc.	0.38%	9,481	$2M	trimmed−1%	+0.04 pp	5 q
CTLTCatalent, Inc.	0.37%	23,297	$2M	trimmed−1%	+0.05 pp	7 q
MCDMcDonald's Corporation	0.37%	9,167	$2M	added+1%	+0.05 pp	3 q
QCOMQualcomm Inc	0.37%	17,156	$2M	trimmed−23%	−0.01 pp	18 q
POOLPool Corporation	0.34%	5,575	$2M	trimmed−14%	+0.01 pp	13 q
QLYSQualys, Inc.	0.34%	19,135	$2M	added+1%	−0.03 pp	16 q
SBACSBA Communications Corp	0.34%	5,811	$2M	added0%	+0.01 pp	15 q
LYBLyondellBasell Industries N.V. Class A	0.34%	26,341	$2M	added+2%	+0.02 pp	18 q
ABBVAbbvie Inc.	0.33%	20,597	$2M	added+1%	−0.05 pp	18 q
AMGNAmgen Inc	0.33%	7,034	$2M	added+1%	+0.02 pp	13 q
BXBlackstone Inc.	0.33%	33,998	$2M	added+5%	−0.01 pp	8 q
CMICummins Inc.	0.33%	8,537	$2M	trimmed−21%	−0.02 pp	9 q
CMCSAComcast Corp	0.32%	37,880	$2M	new	+0.32 pp	new
PRUPrudential Financial, Inc.	0.32%	27,463	$2M	added+1%	+0.01 pp	17 q
MMM3M Company	0.32%	10,908	$2M	added+2%	+0.01 pp	3 q
AKXAnsys Inc	0.31%	5,208	$2M	trimmed−0%	+0.02 pp	16 q
CORCoresite Realty Corp	0.31%	14,349	$2M	added+5%	0.00 pp	3 q
CCICrown Castle Inc.	0.31%	10,278	$2M	added+2%	−0.01 pp	2 q
GILDGilead Sciences Inc	0.31%	26,422	$2M	added+53%	+0.06 pp	3 q
DNKNDunkin' Brands Group, Inc.	0.30%	19,622	$2M	trimmed−0%	+0.06 pp	16 q
ENBEnbridge, Inc	0.30%	56,484	$2M	added+20%	+0.03 pp	30 q
MOAltria Group, Inc.	0.29%	41,024	$2M	added+2%	−0.01 pp	8 q
CVSCvs Health Corporation	0.29%	27,234	$2M	added+10%	−0.01 pp	3 q
MTDMettler-Toledo International	0.29%	1,624	$2M	trimmed−0%	+0.04 pp	16 q
LMTLockheed Martin Corp.	0.28%	3,997	$2M	added+4%	+0.02 pp	18 q
CYBRCyberark Software LTD/ISRAEL	0.28%	14,755	$2M	trimmed−10%	−0.03 pp	7 q
MPWRMonolithic Power Systems, Inc.	0.27%	5,181	$1M	trimmed−21%	−0.02 pp	8 q
ZBRAZebra Technologies Corporation	0.26%	5,581	$1M	added+2%	0.00 pp	3 q
OMCLOmnicell Inc	0.24%	17,219	$1M	added+32%	+0.07 pp	16 q
HALOHalozyme Therapeutics, Inc.	0.23%	46,750	$1M	trimmed−1%	−0.01 pp	16 q
JKHYHenry (Jack) & Associates	0.23%	7,741	$1M	added0%	−0.04 pp	16 q
MRKMerck & Co., Inc.	0.23%	15,199	$1M	added0%	+0.01 pp	18 q
PRAAPRA Group, Inc.	0.23%	31,883	$1M	trimmed−11%	−0.03 pp	13 q
CHDChurch & Dwight Co., Inc.	0.22%	12,989	$1M	trimmed−0%	+0.03 pp	16 q
CSCOCisco Systems, Inc. (DE)	0.22%	30,408	$1M	trimmed−92%	−3.08 pp	30 q
PSXPhillips 66	0.22%	23,578	$1M	trimmed−6%	−0.12 pp	18 q
MKSIMKS Inc.	0.20%	9,881	$1M	added0%	−0.01 pp	10 q
RCKTRocket Pharmaceuticals, Inc.	0.20%	48,795	$1M	added0%	+0.01 pp	4 q
AMNAMN Healthcare Services	0.19%	17,245	$1M	added0%	+0.04 pp	12 q
IPGPIPG Photonics Corporation	0.19%	6,187	$1M	trimmed−0%	0.00 pp	16 q
VRRMVerra Mobility Corporation Class A	0.19%	105,955	$1M	added+30%	+0.03 pp	5 q
ICFIICF International, Inc.	0.17%	15,069	$927,000	added0%	−0.01 pp	16 q
HXLHexcel Corporation	0.16%	25,883	$868,000	added+1%	−0.06 pp	16 q
MYOVMyovant Sciences Ltd	0.16%	61,262	$861,000	added+18%	−0.04 pp	2 q
GOOGAlphabet Inc. Class C	0.10%	367	$539,000	held	—	12 q
IWFiShares Russell 1000 Growth ETF	0.10%	2,461	$534,000	held	—	8 q
ECLEcolab, Inc.	0.06%	1,623	$324,000	held	—	12 q
SBUXStarbucks Corp	0.06%	4,000	$344,000	held	—	9 q
MAMastercard Incorporated	0.04%	659	$223,000	trimmed−4%	0.00 pp	2 q
BPBP p.l.c.	—	−429,779	—	exited	−1.89 pp	—
AIGAmerican International Group, Inc.	—	−318,312	—	exited	−1.87 pp	—
DOWDow Inc.	—	−138,127	—	exited	−1.06 pp	—