Torray

Q1 2025 13F · by James Bailey, portfolio manager

As of: Mar 31, 2025
Filed: May 8, 2025
US stock: $671M · prev $697M
Positions: 101 · prev 101
Options notional: $0
Documents: 1· no amendments

Picture97.8% US stock

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

US stock listed on a US exchange 97.8%
Foreign stock not listed in the US 2.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves86 since the prior filing

+5.3 pp in · −5.1 pp out

New 6 +1.45 pp
Added 20 +3.89 pp
Trimmed 54 −4.24 pp
Exited 6 −0.90 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions101 in this filing · 6 exited


RPRXRoyalty Pharma plc Class A	4.00%	862,018	$27M	added+26%	+1.50 pp	14 q
FISVFiserv, Inc.	3.92%	119,130	$26M	trimmed−5%	+0.22 pp	48 q
BRK.BBERKSHIRE HATHAWAY Class B	3.32%	41,845	$22M	trimmed−13%	+0.20 pp	32 q
GOOGLAlphabet Inc. Class A	3.22%	139,687	$22M	trimmed−18%	−1.38 pp	39 q
HDHome Depot, Inc.	3.11%	56,940	$21M	added+15%	+0.35 pp	21 q
EOGEOG Resources, Inc.	2.88%	150,702	$19M	added0%	+0.23 pp	15 q
JNJJohnson & Johnson	2.75%	111,114	$18M	held	—	48 q
TXNTexas Instruments Incorporated	2.71%	101,098	$18M	added+52%	+0.92 pp	13 q
AMGNAmgen Inc	2.66%	57,319	$18M	trimmed−5%	+0.41 pp	31 q
MRSHMarsh	2.57%	70,815	$17M	trimmed−9%	+0.20 pp	48 q
PSXPhillips 66	2.48%	134,853	$17M	added+1%	+0.29 pp	36 q
AXPAmerican Express Company	2.34%	58,287	$16M	held	—	48 q
WRBW.R. Berkley Corporation	2.33%	220,089	$16M	trimmed−10%	+0.28 pp	8 q
AMZNAmazon.Com Inc	2.31%	81,365	$15M	trimmed−2%	−0.31 pp	30 q
GDGeneral Dynamics Corporation	2.28%	56,037	$15M	held	—	48 q
JPMJPMorgan Chase & Co.	2.27%	62,097	$15M	trimmed−21%	−0.45 pp	24 q
MSFTMicrosoft Corp	2.15%	38,456	$14M	trimmed−1%	−0.21 pp	36 q
CBChubb Limited	2.15%	47,820	$14M	trimmed−11%	+0.03 pp	37 q
AAPLApple Inc.	1.96%	59,380	$13M	trimmed−4%	−0.25 pp	48 q
KEYSKeysight Technologies, Inc.	1.85%	82,945	$12M	held	—	5 q
AVGOBroadcom Inc.	1.78%	71,500	$12M	trimmed−11%	−0.89 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.70%	21,798	$11M	trimmed−0%	+0.12 pp	48 q
ETNEaton Corporation, plc	1.66%	41,092	$11M	held	—	48 q
SLBSLB Limited	1.58%	253,549	$11M	held	—	17 q
AMTAmerican Tower Corporation	1.57%	48,321	$11M	trimmed−1%	+0.28 pp	48 q
LEN.BLennar Corporation Class B	1.57%	96,859	$11M	held	—	10 q
ULTAUlta Beauty, Inc.	1.47%	26,952	$10M	held	—	4 q
CASYCasey's General Stores Inc	1.26%	19,439	$8M	trimmed−1%	+0.14 pp	4 q
CNSWFConstellation Sftwre Inc	1.21%	2,571	$8M	trimmed−1%	+0.05 pp	17 q
CPRTCopart Inc	1.19%	141,183	$8M	trimmed−2%	+0.01 pp	34 q
HPEHewlett Packard Enterprise Company	1.16%	503,437	$8M	trimmed−29%	−1.02 pp	3 q
VVISA Inc.	1.16%	22,155	$8M	trimmed−3%	+0.13 pp	48 q
SNPSSynopsys Inc	1.15%	18,054	$8M	added+11%	+0.01 pp	3 q
VRTXVertex Pharmaceuticals Inc	1.14%	15,721	$8M	trimmed−2%	+0.22 pp	6 q
AMATApplied Materials Inc	1.13%	52,284	$8M	held	—	10 q
ORLYO'Reilly Automotive, Inc.	1.06%	4,967	$7M	trimmed−3%	+0.19 pp	34 q
AJGArthur J. Gallagher & Co.	1.05%	20,411	$7M	trimmed−3%	+0.19 pp	9 q
APHAmphenol Corporation	1.01%	103,562	$7M	trimmed−2%	−0.04 pp	48 q
VRSKVerisk Analytics, Inc.	1.01%	22,844	$7M	trimmed−3%	+0.08 pp	43 q
ADBEAdobe Inc.	1.00%	17,507	$7M	added+29%	+0.13 pp	48 q
LZAGYLonza Group AG UNSP/	0.98%	106,518	$7M	trimmed−3%	+0.06 pp	31 q
VEEVVeeva Systems Inc.	0.98%	28,512	$7M	trimmed−13%	−0.01 pp	9 q
NOWServicenow, Inc.	0.95%	8,032	$6M	trimmed−2%	−0.29 pp	12 q
TYLTyler Technologies, Inc.	0.92%	10,640	$6M	trimmed−2%	+0.02 pp	17 q
ABBVAbbvie Inc.	0.81%	25,847	$5M	trimmed−16%	+0.03 pp	36 q
CEGConstellation Energy Corporation	0.80%	26,781	$5M	added+11%	+0.03 pp	2 q
KLACKLA Corporation	0.79%	7,839	$5M	trimmed−1%	+0.07 pp	17 q
MSMorgan Stanley	0.79%	45,313	$5M	added+19%	+0.10 pp	5 q
CNACNA Financial Corporation	0.74%	97,223	$5M	added+6%	+0.10 pp	3 q
PLDPrologis, Inc.	0.73%	43,740	$5M	new	+0.73 pp	new
BXBlackstone Inc.	0.70%	33,697	$5M	added+44%	+0.12 pp	26 q
SHWThe Sherwin-Williams Company	0.66%	12,710	$4M	trimmed−1%	+0.03 pp	33 q
MOAltria Group, Inc.	0.62%	69,779	$4M	added+1%	+0.10 pp	26 q
ENBEnbridge, Inc	0.62%	94,392	$4M	trimmed−25%	−0.14 pp	48 q
LMTLockheed Martin Corp.	0.62%	9,299	$4M	added+16%	+0.06 pp	36 q
UNPUnion Pacific Corp.	0.56%	15,925	$4M	trimmed−22%	−0.11 pp	10 q
DLRDigital Realty Trust, Inc.	0.53%	24,731	$4M	added+19%	0.00 pp	11 q
HALOHalozyme Therapeutics, Inc.	0.53%	55,384	$4M	trimmed−0%	+0.15 pp	34 q
PFEPfizer Inc.	0.50%	133,144	$3M	new	+0.50 pp	new
RYANRyan Specialty Holdings, Inc.	0.43%	39,216	$3M	trimmed−0%	+0.07 pp	14 q
TWTradeweb Markets Inc. Class A	0.41%	18,555	$3M	trimmed−0%	+0.06 pp	11 q
RBCRBC Bearings Incorporated	0.40%	8,443	$3M	trimmed−0%	+0.04 pp	18 q
AKXAnsys Inc	0.34%	7,242	$2M	trimmed−0%	−0.01 pp	34 q
DTDynatrace, Inc.	0.33%	47,266	$2M	added+1%	−0.04 pp	16 q
SBACSBA Communications Corp	0.32%	9,757	$2M	trimmed−0%	+0.03 pp	33 q
AXSMAxsome Therapeutics, Inc	0.30%	17,116	$2M	trimmed−0%	+0.09 pp	5 q
JKHYHenry (Jack) & Associates	0.28%	10,421	$2M	trimmed−0%	+0.02 pp	34 q
LNTHLantheus Holdings, Inc	0.28%	19,099	$2M	trimmed−0%	+0.03 pp	10 q
MPWRMonolithic Power Systems, Inc.	0.26%	3,052	$2M	trimmed−2%	−0.01 pp	26 q
MTDMettler-Toledo International	0.24%	1,352	$2M	trimmed−0%	0.00 pp	34 q
NTRANatera, Inc.	0.24%	11,405	$2M	trimmed−0%	−0.02 pp	11 q
POOLPool Corporation	0.24%	5,103	$2M	trimmed−65%	−0.47 pp	31 q
BWXTBWX Technologies, Inc.	0.22%	15,153	$1M	trimmed−0%	−0.02 pp	6 q
BPMCBlueprint Medicines Corporation	0.22%	16,679	$1M	added+1%	+0.01 pp	17 q
QLYSQualys, Inc.	0.21%	11,261	$1M	trimmed−0%	−0.02 pp	34 q
SPSCSPS Commerce, Inc.	0.21%	10,783	$1M	added+59%	+0.03 pp	3 q
COOThe Cooper Companies, Inc.	0.20%	16,190	$1M	held	—	5 q
ENTGEntegris Inc	0.20%	15,499	$1M	added+2%	−0.02 pp	10 q
SPNNSapiens International Corp	0.20%	50,581	$1M	trimmed−0%	0.00 pp	18 q
CCCCCC Intelligent Solutions Holdings Inc.	0.17%	129,458	$1M	added+17%	−0.02 pp	4 q
FCNFTI Consulting, Inc.	0.15%	5,933	$973,487	added+1%	−0.01 pp	2 q
GOOGAlphabet Inc. Class C	0.14%	6,153	$961,283	trimmed−9%	−0.04 pp	30 q
BEBloom Energy Corporation	0.13%	45,969	$903,751	new	+0.13 pp	new
RCKTRocket Pharmaceuticals, Inc.	0.12%	117,301	$782,398	trimmed−4%	−0.10 pp	22 q
COSTCostco Wholesale Corp	0.09%	643	$608,137	held	—	11 q
NOCNorthrop Grumman Corp.	0.07%	887	$454,153	held	—	3 q
DHRDanaher Corporation	0.06%	1,871	$383,555	trimmed−90%	−0.55 pp	48 q
IWFiShares Russell 1000 Growth ETF	0.06%	1,138	$410,920	held	—	26 q
URIUnited Rentals, Inc.	0.06%	660	$413,622	held	—	10 q
LLYEli Lilly & Co.	0.05%	398	$328,712	held	—	3 q
ABTAbbott Laboratories	0.04%	1,800	$238,770	held	—	3 q
EWEdwards Lifesciences Corp	0.04%	3,324	$240,924	held	—	3 q
HONHoneywell International, Inc.	0.04%	1,370	$290,098	trimmed−12%	−0.01 pp	20 q
MSIMotorola Solutions, Inc. New	0.04%	566	$247,800	held	—	3 q
QCOMQualcomm Inc	0.04%	1,684	$258,679	trimmed−97%	−1.34 pp	36 q
MMM3M Company	0.04%	2,000	$293,720	held	—	3 q
MAMastercard Incorporated	0.03%	367	$201,160	new	+0.03 pp	new
RTXRTX Corporation	0.03%	1,689	$223,725	new	+0.03 pp	new
TMOThermo Fisher Scientific, Inc.	0.03%	403	$200,533	held	—	3 q
WFCWells Fargo & Co.	0.03%	3,000	$215,370	held	—	2 q
CYBRCyberark Software LTD/ISRAEL	0.03%	600	$202,800	new	+0.03 pp	new
UPSUnited Parcel Service, Inc. Class B	—	−22,505	—	exited	−0.41 pp	—
ICFIICF International, Inc.	—	−13,100	—	exited	−0.22 pp	—
BNDVanguard Total Bond Market	—	−16,325	—	exited	−0.17 pp	—
NVDANvidia Corp	—	−2,000	—	exited	−0.04 pp	—
PTCPtc, Inc	—	−1,136	—	exited	−0.03 pp	—
RKLBRocket Lab Corporation	—	−9,000	—	exited	−0.03 pp	—