Torray

Q3 2023 13F · by James Bailey, portfolio manager

As of: Sep 30, 2023
Filed: Nov 6, 2023
US stock: $567M · prev $578M
Positions: 94 · prev 96
Options notional: $0
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 1.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves84 since the prior filing

+1.2 pp in · −1.8 pp out

New 1 +0.04 pp
Added 53 +1.17 pp
Trimmed 27 −1.35 pp
Exited 3 −0.42 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.0% a year, about 16.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

GOOGL Alphabet Inc. Class A trimmed+0.35 pp trimmed+0.354.2%
BRK.B BERKSHIRE HATHAWAY Class B held held4.0%
FISV Fiserv, Inc. trimmed−0.33 pp trimmed−0.333.0%
PSX Phillips 66 added+0.67 pp added+0.673.0%
MRSH Marsh held held2.9%

Positions94 in this filing · 3 exited


GOOGLAlphabet Inc. Class A	4.17%	180,608	$24M	trimmed−2%	+0.35 pp	33 q
BRK.BBERKSHIRE HATHAWAY Class B	3.96%	64,106	$22M	held	—	26 q
FISVFiserv, Inc.	3.03%	151,850	$17M	trimmed−1%	−0.33 pp	42 q
PSXPhillips 66	2.98%	140,751	$17M	added+1%	+0.67 pp	30 q
MRSHMarsh	2.92%	87,022	$17M	held	—	42 q
EOGEOG Resources, Inc.	2.64%	118,060	$15M	added+1%	+0.32 pp	9 q
HDHome Depot, Inc.	2.63%	49,394	$15M	added+2%	+0.03 pp	15 q
ETNEaton Corporation, plc	2.63%	69,976	$15M	held	—	42 q
JPMJPMorgan Chase & Co.	2.61%	102,159	$15M	trimmed−3%	−0.04 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.39%	26,823	$14M	trimmed−0%	+0.16 pp	42 q
TROWT Rowe Price Group Inc	2.35%	127,213	$13M	added+1%	−0.09 pp	8 q
MOAltria Group, Inc.	2.33%	314,805	$13M	added+1%	−0.10 pp	20 q
MSFTMicrosoft Corp	2.31%	41,406	$13M	trimmed−3%	−0.19 pp	30 q
GDGeneral Dynamics Corporation	2.18%	56,052	$12M	held	—	42 q
QCOMQualcomm Inc	2.18%	111,278	$12M	added+2%	−0.07 pp	30 q
JNJJohnson & Johnson	2.11%	76,890	$12M	added0%	−0.09 pp	42 q
SLBSLB Limited	2.05%	198,961	$12M	held	—	11 q
AAPLApple Inc.	1.98%	65,541	$11M	added+2%	−0.19 pp	42 q
LEN.BLennar Corporation Class B	1.98%	109,629	$11M	held	—	4 q
RPRXRoyalty Pharma plc Class A	1.98%	412,633	$11M	trimmed−0%	−0.22 pp	8 q
CBChubb Limited	1.96%	53,357	$11M	held	—	31 q
AXPAmerican Express Company	1.95%	74,201	$11M	added+1%	−0.27 pp	42 q
HONHoneywell International, Inc.	1.91%	58,518	$11M	added+1%	−0.18 pp	14 q
AMZNAmazon.Com Inc	1.88%	83,729	$11M	added+2%	+0.02 pp	24 q
AMATApplied Materials Inc	1.86%	76,014	$11M	held	—	4 q
TXNTexas Instruments Incorporated	1.86%	66,344	$11M	held	—	7 q
WRBW.R. Berkley Corporation	1.82%	162,245	$10M	held	—	2 q
KHCThe Kraft Heinz Company	1.60%	269,215	$9M	held	—	16 q
GMGeneral Motors Company	1.52%	262,180	$9M	held	—	8 q
AVGOBroadcom Inc.	1.27%	8,678	$7M	added+21%	+0.19 pp	5 q
ADBEAdobe Inc.	1.22%	13,609	$7M	trimmed−4%	+0.02 pp	42 q
CPRTCopart Inc	1.16%	152,944	$7M	trimmed−4%	−0.10 pp	28 q
ORLYO'Reilly Automotive, Inc.	1.13%	7,023	$6M	trimmed−8%	−0.14 pp	28 q
NOWServicenow, Inc.	1.13%	11,479	$6M	trimmed−4%	−0.04 pp	6 q
VVISA Inc.	1.03%	25,405	$6M	trimmed−4%	−0.06 pp	42 q
VRSKVerisk Analytics, Inc.	0.99%	23,702	$6M	trimmed−6%	+0.01 pp	37 q
CNSWFConstellation Sftwre Inc	0.97%	2,667	$6M	trimmed−51%	0.00 pp	11 q
APHAmphenol Corporation	0.91%	61,117	$5M	trimmed−6%	−0.04 pp	42 q
DHRDanaher Corporation	0.85%	19,434	$5M	trimmed−2%	+0.02 pp	42 q
unresolvedCooper Cos Inc/The	0.84%	15,030	$5M	trimmed−2%	−0.18 pp	37 q
KLACKLA Corporation	0.84%	10,353	$5M	trimmed−5%	−0.07 pp	11 q
POOLPool Corporation	0.84%	13,451	$5M	added+4%	0.00 pp	25 q
AJGArthur J. Gallagher & Co.	0.83%	20,731	$5M	trimmed−2%	+0.02 pp	3 q
ACNAccenture PLC	0.77%	14,196	$4M	trimmed−4%	−0.02 pp	42 q
AMTAmerican Tower Corporation	0.75%	25,972	$4M	added+2%	−0.10 pp	42 q
SHWThe Sherwin-Williams Company	0.74%	16,561	$4M	trimmed−4%	−0.06 pp	27 q
IDXXIdexx Laboratories Inc	0.72%	9,392	$4M	trimmed−4%	−0.13 pp	23 q
VEEVVeeva Systems Inc.	0.69%	19,156	$4M	trimmed−4%	+0.01 pp	3 q
AMGNAmgen Inc	0.68%	14,380	$4M	added+4%	+0.15 pp	25 q
TYLTyler Technologies, Inc.	0.66%	9,674	$4M	trimmed−4%	−0.07 pp	11 q
GMABGenmab A/S	0.65%	104,516	$4M	trimmed−4%	−0.07 pp	28 q
CCICrown Castle Inc.	0.60%	37,144	$3M	added+45%	+0.10 pp	14 q
ABBVAbbvie Inc.	0.56%	21,190	$3M	added+13%	+0.12 pp	30 q
BXBlackstone Inc.	0.56%	29,516	$3M	added+3%	+0.10 pp	20 q
LYBLyondellBasell Industries N.V. Class A	0.55%	33,061	$3M	added+4%	+0.05 pp	30 q
LZAGYLonza Group AG UNSP/	0.54%	65,884	$3M	trimmed−1%	−0.15 pp	25 q
DLRDigital Realty Trust, Inc.	0.53%	25,007	$3M	added+3%	+0.05 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.47%	49,866	$3M	added+6%	+0.05 pp	42 q
GILDGilead Sciences Inc	0.47%	35,577	$3M	added+9%	+0.04 pp	15 q
ENBEnbridge, Inc	0.44%	74,775	$2M	added+9%	0.00 pp	42 q
UNPUnion Pacific Corp.	0.43%	11,877	$2M	added+9%	+0.05 pp	4 q
LMTLockheed Martin Corp.	0.42%	5,848	$2M	added+5%	−0.02 pp	30 q
PAYXPaychex Inc	0.42%	20,470	$2M	added+11%	+0.06 pp	11 q
MTNVail Resorts, Inc.	0.42%	10,748	$2M	added+9%	−0.01 pp	4 q
RYANRyan Specialty Holdings, Inc.	0.34%	40,073	$2M	added+3%	+0.04 pp	8 q
TWTradeweb Markets Inc. Class A	0.33%	23,416	$2M	added+2%	+0.06 pp	5 q
AKXAnsys Inc	0.30%	5,641	$2M	added+3%	−0.01 pp	28 q
RBCRBC Bearings Incorporated	0.30%	7,377	$2M	added+3%	+0.03 pp	12 q
DTDynatrace, Inc.	0.29%	34,774	$2M	added+3%	−0.01 pp	10 q
LNTHLantheus Holdings, Inc	0.29%	23,920	$2M	added+3%	−0.05 pp	4 q
ICFIICF International, Inc.	0.27%	12,869	$2M	added+3%	0.00 pp	28 q
MPWRMonolithic Power Systems, Inc.	0.27%	3,312	$2M	added+2%	−0.03 pp	20 q
AZPNAspen Technology Inc	0.23%	6,359	$1M	added+3%	+0.05 pp	6 q
JKHYHenry (Jack) & Associates	0.23%	8,735	$1M	added+11%	0.00 pp	28 q
MTDMettler-Toledo International	0.23%	1,160	$1M	added+22%	+0.01 pp	28 q
QLYSQualys, Inc.	0.23%	8,689	$1M	added+3%	+0.04 pp	28 q
SBACSBA Communications Corp	0.23%	6,439	$1M	added+18%	+0.01 pp	27 q
BMRNBioMarin Pharmaceuticals Inc	0.22%	14,222	$1M	added+30%	+0.06 pp	39 q
BPMCBlueprint Medicines Corporation	0.22%	24,791	$1M	added+4%	−0.04 pp	11 q
ENTGEntegris Inc	0.22%	13,377	$1M	added+1%	−0.03 pp	4 q
RCKTRocket Pharmaceuticals, Inc.	0.22%	60,177	$1M	added+10%	+0.03 pp	16 q
VICRVicor Corp	0.22%	20,764	$1M	added+26%	+0.07 pp	8 q
SPNNSapiens International Corp	0.22%	43,173	$1M	added+4%	+0.03 pp	12 q
CHDChurch & Dwight Co., Inc.	0.19%	11,783	$1M	added+4%	−0.01 pp	28 q
BNDVanguard Total Bond Market	0.19%	15,115	$1M	trimmed−10%	−0.02 pp	8 q
HALOHalozyme Therapeutics, Inc.	0.18%	26,005	$993,391	added+4%	+0.02 pp	28 q
GOOGAlphabet Inc. Class C	0.17%	7,238	$954,330	added+2%	+0.02 pp	24 q
NTRANatera, Inc.	0.16%	20,775	$919,294	added+4%	−0.01 pp	5 q
ZBRAZebra Technologies Corporation	0.14%	3,333	$788,354	added+5%	−0.02 pp	15 q
COSTCostco Wholesale Corp	0.09%	862	$486,996	added+30%	+0.03 pp	5 q
IWFiShares Russell 1000 Growth ETF	0.06%	1,298	$345,255	trimmed−10%	−0.01 pp	20 q
URIUnited Rentals, Inc.	0.05%	660	$293,416	held	—	4 q
ABTAbbott Laboratories	0.04%	2,250	$217,913	added+11%	0.00 pp	4 q
MRKMerck & Co., Inc.	0.04%	2,041	$210,121	new	+0.04 pp	new
VRRMVerra Mobility Corporation Class A	—	−88,322	—	exited	−0.30 pp	—
SBUXStarbucks Corp	—	−4,710	—	exited	−0.08 pp	—
MAMastercard Incorporated	—	−613	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 1 unresolved
Accession: 0000950123-23-009574
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 21037X100 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 54338V101 not on the Official 13(f) List for 2023-09-30

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