Torray

Q4 2020 13F · by James Bailey, portfolio manager

As of: Dec 31, 2020
Filed: Feb 2, 2021
US stock: $607M · prev $544M
Positions: 100 · prev 99
Options notional: $0
Documents: 1· no amendments

Picture98.8% US stock

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

US stock listed on a US exchange 98.8%
Foreign stock not listed in the US 1.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves101 since the prior filing

+6.4 pp in · −6.3 pp out

New 4 +1.73 pp
Added 37 +4.68 pp
Trimmed 57 −3.78 pp
Exited 3 −2.52 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions15% of US stock

AXP American Express Company added+0.25 pp added+0.253.3%
DD DuPont de Nemours, Inc. added+0.42 pp added+0.423.2%
BAC Bank of America Corporation added+0.34 pp added+0.343.0%
BRK.B BERKSHIRE HATHAWAY Class B added−0.07 pp added−0.073.0%
JPM JPMorgan Chase & Co. trimmed+0.44 pp trimmed+0.442.9%

Positions100 in this filing · 3 exited


AXPAmerican Express Company	3.29%	165,179	$20M	added0%	+0.25 pp	31 q
DDDuPont de Nemours, Inc.	3.19%	272,266	$19M	added0%	+0.42 pp	7 q
BACBank of America Corporation	2.96%	593,299	$18M	added0%	+0.34 pp	25 q
BRK.BBERKSHIRE HATHAWAY Class B	2.96%	77,396	$18M	added0%	−0.07 pp	15 q
JPMJPMorgan Chase & Co.	2.92%	139,312	$18M	trimmed−1%	+0.44 pp	7 q
JNJJohnson & Johnson	2.86%	110,407	$17M	added0%	−0.16 pp	31 q
DISThe Walt Disney Company	2.75%	92,032	$17M	added0%	+0.65 pp	3 q
LLoews Corporation	2.72%	366,801	$17M	added0%	+0.38 pp	31 q
MRSHMarsh	2.68%	138,842	$16M	trimmed−12%	−0.64 pp	31 q
KHCThe Kraft Heinz Company	2.61%	456,305	$16M	added0%	+0.10 pp	5 q
ORCLOracle Corp	2.55%	238,852	$15M	added0%	−0.06 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.51%	43,425	$15M	added0%	+0.02 pp	31 q
ETNEaton Corporation, plc	2.47%	124,793	$15M	trimmed−25%	−0.66 pp	31 q
IBMInternational Business Machines Corporation	2.39%	115,232	$15M	trimmed−3%	−0.25 pp	31 q
CBChubb Limited	2.38%	93,606	$14M	added0%	+0.38 pp	20 q
CMCSAComcast Corp	2.37%	274,626	$14M	added×7.2	+2.05 pp	2 q
HONHoneywell International, Inc.	2.36%	67,202	$14M	added0%	+0.33 pp	3 q
RDS.ARoyal Dutch Shell PLC	2.25%	387,990	$14M	trimmed−22%	−0.06 pp	14 q
INTCIntel Corp	2.09%	254,507	$13M	added0%	−0.33 pp	31 q
AMZNAmazon.Com Inc	2.08%	3,871	$13M	trimmed−4%	−0.25 pp	13 q
AAPLApple Inc.	1.99%	90,904	$12M	trimmed−5%	−0.04 pp	31 q
GDGeneral Dynamics Corporation	1.98%	80,624	$12M	added0%	−0.07 pp	31 q
SEICSEI Investments Co	1.84%	193,789	$11M	added0%	+0.04 pp	2 q
BDXBecton, Dickinson and Co.	1.68%	40,649	$10M	trimmed−0%	−0.06 pp	31 q
BMYBristol-Myers Squibb Co.	1.68%	164,640	$10M	added0%	−0.14 pp	4 q
GOOGLAlphabet Inc. Class A	1.58%	5,467	$10M	trimmed−1%	+0.10 pp	22 q
MSFTMicrosoft Corp	1.54%	41,878	$9M	trimmed−4%	−0.14 pp	19 q
ADBEAdobe Inc.	1.36%	16,493	$8M	trimmed−4%	−0.19 pp	31 q
CPRTCopart Inc	1.35%	64,416	$8M	trimmed−4%	+0.05 pp	17 q
GPCGenuine Parts Company	1.22%	73,509	$7M	new	+1.22 pp	new
VVISA Inc.	1.18%	32,641	$7M	trimmed−3%	−0.06 pp	31 q
LZAGYLonza Group AG UNSP/	1.16%	109,770	$7M	trimmed−9%	−0.22 pp	14 q
DHRDanaher Corporation	1.13%	30,804	$7M	trimmed−15%	−0.31 pp	31 q
VRSKVerisk Analytics, Inc.	1.09%	31,838	$7M	trimmed−4%	−0.04 pp	26 q
FISVFiserv, Inc.	1.06%	56,504	$6M	trimmed−5%	−0.06 pp	31 q
NKENike, Inc.	1.04%	44,735	$6M	trimmed−6%	−0.05 pp	31 q
IDXXIdexx Laboratories Inc	1.02%	12,402	$6M	trimmed−5%	+0.08 pp	12 q
GMABGenmab A/S	0.97%	145,198	$6M	trimmed−4%	−0.05 pp	17 q
AMTAmerican Tower Corporation	0.96%	25,962	$6M	trimmed−2%	−0.21 pp	31 q
BMRNBioMarin Pharmaceuticals Inc	0.96%	66,127	$6M	trimmed−3%	0.00 pp	28 q
unresolvedCooper Cos Inc/The	0.92%	15,396	$6M	trimmed−3%	−0.06 pp	26 q
ROPRoper Technologies, Inc.	0.90%	12,699	$5M	trimmed−17%	−0.20 pp	9 q
SHWThe Sherwin-Williams Company	0.87%	7,190	$5M	trimmed−9%	−0.14 pp	16 q
APHAmphenol Corporation	0.83%	38,395	$5M	trimmed−5%	+0.03 pp	31 q
ORLYO'Reilly Automotive, Inc.	0.83%	11,098	$5M	trimmed−4%	−0.15 pp	17 q
METAMeta Platforms, Inc. Class A	0.81%	18,030	$5M	trimmed−4%	−0.09 pp	21 q
ACNAccenture PLC	0.80%	18,617	$5M	trimmed−5%	−0.01 pp	31 q
MSIMotorola Solutions, Inc. New	0.71%	25,198	$4M	trimmed−5%	−0.05 pp	5 q
CNCCentene Corporation	0.57%	58,049	$3M	trimmed−29%	−0.30 pp	11 q
AZPNAspen Technology Inc	0.41%	18,950	$2M	added+1%	−0.03 pp	17 q
CTLTCatalent, Inc.	0.38%	21,947	$2M	trimmed−6%	+0.01 pp	8 q
QLYSQualys, Inc.	0.38%	19,099	$2M	trimmed−0%	+0.04 pp	17 q
LYBLyondellBasell Industries N.V. Class A	0.38%	24,909	$2M	trimmed−5%	+0.04 pp	19 q
ZBRAZebra Technologies Corporation	0.36%	5,620	$2M	added+1%	+0.10 pp	4 q
ABBVAbbvie Inc.	0.35%	19,611	$2M	trimmed−5%	+0.02 pp	19 q
POOLPool Corporation	0.35%	5,635	$2M	added+1%	+0.01 pp	14 q
CYBRCyberark Software LTD/ISRAEL	0.35%	12,964	$2M	trimmed−12%	+0.07 pp	8 q
BXBlackstone Inc.	0.34%	32,279	$2M	trimmed−5%	+0.01 pp	9 q
HDHome Depot, Inc.	0.34%	7,835	$2M	trimmed−6%	−0.08 pp	4 q
HALOHalozyme Therapeutics, Inc.	0.33%	47,226	$2M	added+1%	+0.10 pp	17 q
PRUPrudential Financial, Inc.	0.33%	25,927	$2M	trimmed−6%	+0.01 pp	18 q
QCOMQualcomm Inc	0.33%	12,970	$2M	trimmed−24%	−0.04 pp	19 q
AKXAnsys Inc	0.32%	5,258	$2M	added+1%	+0.01 pp	17 q
OMCLOmnicell Inc	0.32%	16,171	$2M	trimmed−6%	+0.08 pp	17 q
SBACSBA Communications Corp	0.32%	6,832	$2M	added+18%	−0.02 pp	16 q
TDOCTeladoc Health, Inc.	0.32%	9,645	$2M	added+2%	−0.06 pp	6 q
AMGNAmgen Inc	0.31%	8,060	$2M	added+15%	−0.02 pp	14 q
MCDMcDonald's Corporation	0.31%	8,631	$2M	trimmed−6%	−0.06 pp	4 q
RCKTRocket Pharmaceuticals, Inc.	0.31%	34,464	$2M	trimmed−29%	+0.11 pp	5 q
CMICummins Inc.	0.30%	7,889	$2M	trimmed−8%	−0.03 pp	10 q
ENBEnbridge, Inc	0.30%	57,226	$2M	added+1%	0.00 pp	31 q
PSXPhillips 66	0.30%	26,180	$2M	added+11%	+0.08 pp	19 q
MMM3M Company	0.30%	10,300	$2M	trimmed−6%	−0.02 pp	4 q
SPNNSapiens International Corp	0.29%	57,067	$2M	new	+0.29 pp	new
CORCoresite Realty Corp	0.28%	13,644	$2M	trimmed−5%	−0.03 pp	4 q
JKHYHenry (Jack) & Associates	0.28%	10,446	$2M	added+35%	+0.05 pp	17 q
MTDMettler-Toledo International	0.28%	1,480	$2M	trimmed−9%	−0.01 pp	17 q
MYOVMyovant Sciences Ltd	0.28%	61,885	$2M	added+1%	+0.12 pp	3 q
MPWRMonolithic Power Systems, Inc.	0.27%	4,533	$2M	trimmed−13%	0.00 pp	9 q
MOAltria Group, Inc.	0.26%	37,948	$2M	trimmed−8%	−0.03 pp	9 q
PRAAPRA Group, Inc.	0.26%	39,434	$2M	added+24%	+0.03 pp	14 q
CCICrown Castle Inc.	0.25%	9,677	$2M	trimmed−6%	−0.06 pp	3 q
MKSIMKS Inc.	0.25%	10,007	$2M	added+1%	+0.05 pp	11 q
IPGPIPG Photonics Corporation	0.24%	6,404	$1M	added+4%	+0.05 pp	17 q
VRRMVerra Mobility Corporation Class A	0.24%	107,338	$1M	added+1%	+0.05 pp	6 q
CVSCvs Health Corporation	0.23%	20,083	$1M	trimmed−26%	−0.06 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.22%	29,328	$1M	trimmed−4%	0.00 pp	31 q
LMTLockheed Martin Corp.	0.22%	3,793	$1M	trimmed−5%	−0.06 pp	19 q
HXLHexcel Corporation	0.21%	25,663	$1M	trimmed−1%	+0.05 pp	17 q
ICFIICF International, Inc.	0.21%	16,732	$1M	added+11%	+0.04 pp	17 q
AMNAMN Healthcare Services	0.20%	17,466	$1M	added+1%	+0.01 pp	13 q
CHDChurch & Dwight Co., Inc.	0.20%	13,584	$1M	added+5%	−0.02 pp	17 q
GILDGilead Sciences Inc	0.19%	20,090	$1M	trimmed−24%	−0.12 pp	4 q
MRKMerck & Co., Inc.	0.19%	14,198	$1M	trimmed−7%	−0.04 pp	19 q
RBCRBC Bearings Incorporated	0.19%	6,473	$1M	new	+0.19 pp	new
GOOGAlphabet Inc. Class C	0.11%	365	$639,000	trimmed−1%	+0.01 pp	13 q
IWFiShares Russell 1000 Growth ETF	0.10%	2,461	$593,000	held	—	9 q
SBUXStarbucks Corp	0.07%	4,000	$428,000	held	—	10 q
ECLEcolab, Inc.	0.06%	1,654	$358,000	added+2%	0.00 pp	13 q
NFLXNetFlix Inc	0.03%	386	$209,000	new	+0.03 pp	new
SYYSysco Corporation	—	−190,935	—	exited	−2.18 pp	—
DNKNDunkin' Brands Group, Inc.	—	−19,622	—	exited	−0.30 pp	—
MAMastercard Incorporated	—	−659	—	exited	−0.04 pp	—