Torray

Q2 2025 13F · by James Bailey, portfolio manager

As of: Jun 30, 2025
Filed: Aug 5, 2025
US stock: $689M · prev $671M
Positions: 99 · prev 101
Options notional: $0
Documents: 1· no amendments

Picture97.6% US stock

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

US stock listed on a US exchange 97.6%
Foreign stock not listed in the US 2.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves96 since the prior filing

+21.2 pp in · −21.2 pp out

New 7 +4.04 pp
Added 20 +17.18 pp
Trimmed 60 −12.77 pp
Exited 9 −8.43 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 85% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions99 in this filing · 9 exited


AVGOBroadcom Inc.	5.95%	148,683	$41M	added×2.1	+4.17 pp	12 q
TXNTexas Instruments Incorporated	3.97%	131,793	$27M	added+30%	+1.26 pp	14 q
RPRXRoyalty Pharma plc Class A	3.60%	688,776	$25M	trimmed−20%	−0.40 pp	15 q
PSXPhillips 66	3.51%	202,754	$24M	added+50%	+1.03 pp	37 q
HDHome Depot, Inc.	2.99%	56,203	$21M	trimmed−1%	−0.12 pp	22 q
BXBlackstone Inc.	2.90%	133,647	$20M	added×4.0	+2.20 pp	27 q
CNACNA Financial Corporation	2.86%	422,918	$20M	added×4.3	+2.12 pp	4 q
AMGNAmgen Inc	2.83%	69,858	$20M	added+22%	+0.17 pp	32 q
AXPAmerican Express Company	2.67%	57,650	$18M	trimmed−1%	+0.33 pp	49 q
MSFTMicrosoft Corp	2.65%	36,681	$18M	trimmed−5%	+0.50 pp	37 q
BRK.BBERKSHIRE HATHAWAY Class B	2.63%	37,274	$18M	trimmed−11%	−0.69 pp	33 q
CVXChevron Corporation	2.63%	126,445	$18M	new	+2.63 pp	new
ABBVAbbvie Inc.	2.56%	95,042	$18M	added×3.7	+1.75 pp	37 q
EOGEOG Resources, Inc.	2.51%	144,477	$17M	trimmed−4%	−0.37 pp	16 q
AMZNAmazon.Com Inc	2.48%	77,963	$17M	trimmed−4%	+0.17 pp	31 q
PFEPfizer Inc.	2.29%	650,890	$16M	added×4.9	+1.79 pp	2 q
JPMJPMorgan Chase & Co.	2.25%	53,404	$15M	trimmed−14%	−0.02 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.23%	49,337	$15M	added×2.3	+0.53 pp	49 q
MRSHMarsh	2.22%	70,015	$15M	trimmed−1%	−0.35 pp	49 q
PLDPrologis, Inc.	2.13%	139,500	$15M	added×3.2	+1.40 pp	2 q
ETNEaton Corporation, plc	2.11%	40,635	$15M	trimmed−1%	+0.45 pp	49 q
LEN.BLennar Corporation Class B	1.98%	129,742	$14M	added+34%	+0.41 pp	11 q
AAPLApple Inc.	1.66%	55,582	$11M	trimmed−6%	−0.30 pp	49 q
GDGeneral Dynamics Corporation	1.60%	37,672	$11M	trimmed−33%	−0.68 pp	49 q
APHAmphenol Corporation	1.38%	96,345	$10M	trimmed−7%	+0.37 pp	49 q
CASYCasey's General Stores Inc	1.37%	18,477	$9M	trimmed−5%	+0.11 pp	5 q
GOOGLAlphabet Inc. Class A	1.35%	52,690	$9M	trimmed−62%	−1.87 pp	40 q
CNSWFConstellation Sftwre Inc	1.28%	2,400	$9M	trimmed−7%	+0.07 pp	18 q
NOWServicenow, Inc.	1.28%	8,567	$9M	added+7%	+0.33 pp	13 q
SNPSSynopsys Inc	1.25%	16,833	$9M	trimmed−7%	+0.10 pp	4 q
FISVFiserv, Inc.	1.16%	46,443	$8M	trimmed−61%	−2.76 pp	49 q
VEEVVeeva Systems Inc.	1.12%	26,889	$8M	trimmed−6%	+0.14 pp	10 q
VRTXVertex Pharmaceuticals Inc	1.09%	16,879	$8M	added+7%	−0.05 pp	7 q
VVISA Inc.	1.07%	20,779	$7M	trimmed−6%	−0.09 pp	49 q
LZAGYLonza Group AG UNSP/	1.04%	100,532	$7M	trimmed−6%	+0.06 pp	32 q
CPRTCopart Inc	1.02%	142,756	$7M	added+1%	−0.17 pp	35 q
KLACKLA Corporation	0.96%	7,386	$7M	trimmed−6%	+0.17 pp	18 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.95%	28,812	$7M	new	+0.95 pp	new
ADBEAdobe Inc.	0.94%	16,670	$6M	trimmed−5%	−0.06 pp	49 q
WRBW.R. Berkley Corporation	0.94%	87,810	$6M	trimmed−60%	−1.39 pp	9 q
CEGConstellation Energy Corporation	0.94%	20,138	$6M	trimmed−25%	+0.14 pp	3 q
ORLYO'Reilly Automotive, Inc.	0.91%	69,806	$6M	trimmed−6%	−0.15 pp	35 q
MSMorgan Stanley	0.90%	44,071	$6M	trimmed−3%	+0.11 pp	6 q
AJGArthur J. Gallagher & Co.	0.89%	19,062	$6M	trimmed−7%	−0.16 pp	10 q
TYLTyler Technologies, Inc.	0.86%	10,012	$6M	trimmed−6%	−0.06 pp	18 q
AMATApplied Materials Inc	0.84%	31,620	$6M	trimmed−40%	−0.29 pp	11 q
VRSKVerisk Analytics, Inc.	0.82%	18,058	$6M	trimmed−21%	−0.19 pp	44 q
DLRDigital Realty Trust, Inc.	0.61%	24,082	$4M	trimmed−3%	+0.08 pp	12 q
SHWThe Sherwin-Williams Company	0.61%	12,221	$4M	trimmed−4%	−0.05 pp	34 q
MOAltria Group, Inc.	0.58%	67,865	$4M	trimmed−3%	−0.04 pp	27 q
LMTLockheed Martin Corp.	0.47%	6,996	$3M	trimmed−25%	−0.15 pp	37 q
RBCRBC Bearings Incorporated	0.47%	8,420	$3M	trimmed−0%	+0.07 pp	19 q
RYANRyan Specialty Holdings, Inc.	0.39%	39,117	$3M	trimmed−0%	−0.04 pp	15 q
DTDynatrace, Inc.	0.38%	47,211	$3M	trimmed−0%	+0.05 pp	17 q
AKXAnsys Inc	0.37%	7,222	$3M	trimmed−0%	+0.03 pp	35 q
BWXTBWX Technologies, Inc.	0.32%	15,106	$2M	trimmed−0%	+0.10 pp	7 q
MPWRMonolithic Power Systems, Inc.	0.32%	3,054	$2M	added0%	+0.06 pp	27 q
TWTradeweb Markets Inc. Class A	0.32%	14,956	$2M	trimmed−19%	−0.09 pp	12 q
BPMCBlueprint Medicines Corporation	0.31%	16,615	$2M	trimmed−0%	+0.09 pp	18 q
HALOHalozyme Therapeutics, Inc.	0.30%	40,048	$2M	trimmed−28%	−0.23 pp	35 q
NTRANatera, Inc.	0.28%	11,377	$2M	trimmed−0%	+0.04 pp	12 q
JKHYHenry (Jack) & Associates	0.27%	10,399	$2M	trimmed−0%	−0.01 pp	35 q
AXSMAxsome Therapeutics, Inc	0.26%	17,065	$2M	trimmed−0%	−0.04 pp	6 q
ENTGEntegris Inc	0.25%	20,992	$2M	added+35%	+0.05 pp	11 q
SBACSBA Communications Corp	0.25%	7,235	$2M	trimmed−26%	−0.07 pp	34 q
BEBloom Energy Corporation	0.24%	69,320	$2M	added+51%	+0.11 pp	2 q
KRYSKrystal Biotech, Inc.	0.23%	11,574	$2M	new	+0.23 pp	new
LNTHLantheus Holdings, Inc	0.23%	19,061	$2M	trimmed−0%	−0.05 pp	11 q
MTDMettler-Toledo International	0.23%	1,352	$2M	held	—	35 q
QLYSQualys, Inc.	0.23%	11,172	$2M	trimmed−1%	+0.02 pp	35 q
POOLPool Corporation	0.21%	5,012	$1M	trimmed−2%	−0.03 pp	32 q
SPSCSPS Commerce, Inc.	0.21%	10,764	$1M	trimmed−0%	0.00 pp	4 q
SPNNSapiens International Corp	0.21%	50,609	$1M	added0%	+0.01 pp	19 q
CCCCCC Intelligent Solutions Holdings Inc.	0.19%	141,836	$1M	added+10%	+0.02 pp	5 q
GOOGAlphabet Inc. Class C	0.16%	6,149	$1M	trimmed−0%	+0.02 pp	31 q
COOThe Cooper Companies, Inc.	0.16%	15,665	$1M	trimmed−3%	−0.04 pp	6 q
FCNFTI Consulting, Inc.	0.14%	5,944	$959,956	added0%	−0.01 pp	3 q
RYCEYRolls Royce Hldgs S/	0.10%	50,000	$669,000	new	+0.10 pp	new
AMTAmerican Tower Corporation	0.09%	2,905	$642,063	trimmed−94%	−1.48 pp	49 q
COSTCostco Wholesale Corp	0.09%	636	$629,602	trimmed−1%	0.00 pp	12 q
ENBEnbridge, Inc	0.09%	13,292	$602,393	trimmed−86%	−0.53 pp	49 q
JNJJohnson & Johnson	0.09%	4,221	$644,758	trimmed−96%	−2.66 pp	49 q
IWFiShares Russell 1000 Growth ETF	0.07%	1,138	$483,172	held	—	27 q
URIUnited Rentals, Inc.	0.07%	660	$497,244	held	—	11 q
NOCNorthrop Grumman Corp.	0.06%	887	$443,482	held	—	4 q
DHRDanaher Corporation	0.05%	1,871	$369,597	held	—	49 q
LLYEli Lilly & Co.	0.05%	398	$310,253	held	—	4 q
NVDANvidia Corp	0.05%	2,375	$375,226	new	+0.05 pp	new
RKLBRocket Lab Corporation	0.05%	9,000	$321,930	new	+0.05 pp	new
ABTAbbott Laboratories	0.04%	1,800	$244,818	held	—	4 q
HONHoneywell International, Inc.	0.04%	1,245	$289,936	trimmed−9%	0.00 pp	21 q
RTXRTX Corporation	0.04%	1,689	$246,628	held	—	2 q
MMM3M Company	0.04%	2,000	$304,480	held	—	4 q
UNPUnion Pacific Corp.	0.04%	1,190	$273,795	trimmed−93%	−0.52 pp	11 q
CYBRCyberark Software LTD/ISRAEL	0.04%	600	$244,128	held	—	2 q
EWEdwards Lifesciences Corp	0.03%	2,994	$234,161	trimmed−10%	−0.01 pp	4 q
MSIMotorola Solutions, Inc. New	0.03%	566	$237,980	held	—	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.03%	737	$223,951	new	+0.03 pp	new
WFCWells Fargo & Co.	0.03%	3,000	$240,360	held	—	3 q
CBChubb Limited	—	−47,820	—	exited	−2.15 pp	—
KEYSKeysight Technologies, Inc.	—	−82,945	—	exited	−1.85 pp	—
SLBSLB Limited	—	−253,549	—	exited	−1.58 pp	—
ULTAUlta Beauty, Inc.	—	−26,952	—	exited	−1.47 pp	—
HPEHewlett Packard Enterprise Company	—	−503,437	—	exited	−1.16 pp	—
RCKTRocket Pharmaceuticals, Inc.	—	−117,301	—	exited	−0.12 pp	—
QCOMQualcomm Inc	—	−1,684	—	exited	−0.04 pp	—
MAMastercard Incorporated	—	−367	—	exited	−0.03 pp	—
TMOThermo Fisher Scientific, Inc.	—	−403	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 0 unresolved
Accession: 0000950123-25-006998
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 2025-06-30
A security outside the official 13F list — CUSIP 54338V101 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP 775781206 not on the Official 13(f) List for 2025-06-30

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