Torray

Q3 2025 13F · by James Bailey, portfolio manager

As of: Sep 30, 2025
Filed: Oct 22, 2025
US stock: $737M · prev $689M
Positions: 99 · prev 99
Options notional: $0
Documents: 1· no amendments

Picture98.2% US stock

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

US stock listed on a US exchange 98.2%
Foreign stock not listed in the US 1.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves93 since the prior filing

+14.8 pp in · −14.4 pp out

New 10 +11.63 pp
Added 36 +3.12 pp
Trimmed 37 −8.03 pp
Exited 10 −6.40 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions18% of US stock

AVGO Broadcom Inc. trimmed−1.73 pp trimmed−1.734.2%
PSX Phillips 66 added+0.34 pp added+0.343.9%
RPRX Royalty Pharma plc Class A added−0.24 pp added−0.243.4%
HPE.PRC Hp Enterprise Co new+3.31 pp new+3.313.3%
ABBV Abbvie Inc. added+0.63 pp added+0.633.2%

Positions99 in this filing · 10 exited


AVGOBroadcom Inc.	4.22%	94,312	$31M	trimmed−37%	−1.73 pp	13 q
PSXPhillips 66	3.85%	208,850	$28M	added+3%	+0.34 pp	38 q
RPRXRoyalty Pharma plc Class A	3.36%	702,883	$25M	added+2%	−0.24 pp	16 q
HPE.PRCHp Enterprise Co	3.31%	359,360	$24M	new	+3.31 pp	new
ABBVAbbvie Inc.	3.19%	101,632	$24M	added+7%	+0.63 pp	38 q
HDHome Depot, Inc.	3.19%	58,013	$24M	added+3%	+0.20 pp	23 q
BXBlackstone Inc.	3.18%	137,060	$23M	added+3%	+0.28 pp	28 q
CNACNA Financial Corporation	3.17%	502,616	$23M	added+19%	+0.31 pp	5 q
TXNTexas Instruments Incorporated	2.85%	114,321	$21M	trimmed−13%	−1.12 pp	15 q
AMGNAmgen Inc	2.78%	72,530	$20M	added+4%	−0.05 pp	33 q
CVXChevron Corporation	2.76%	130,794	$20M	added+3%	+0.13 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.68%	57,106	$20M	added+16%	+0.45 pp	50 q
AXPAmerican Express Company	2.60%	57,650	$19M	held	—	50 q
PFEPfizer Inc.	2.60%	752,997	$19M	added+16%	+0.31 pp	3 q
MSFTMicrosoft Corp	2.50%	35,530	$18M	trimmed−3%	−0.15 pp	38 q
NEENextEra Energy, Inc.	2.44%	238,438	$18M	new	+2.44 pp	new
PEPPepsiCo, Inc.	2.34%	122,623	$17M	new	+2.34 pp	new
PLDPrologis, Inc.	2.33%	150,036	$17M	added+8%	+0.20 pp	3 q
EOGEOG Resources, Inc.	2.32%	152,761	$17M	added+6%	−0.19 pp	17 q
AMZNAmazon.Com Inc	2.23%	75,004	$16M	trimmed−4%	−0.25 pp	32 q
EQIXEquinix, Inc.	2.23%	21,019	$16M	new	+2.23 pp	new
LEN.BLennar Corporation Class B	2.20%	135,369	$16M	added+4%	+0.22 pp	12 q
MRSHMarsh	1.91%	70,015	$14M	held	—	50 q
AAPLApple Inc.	1.85%	53,411	$14M	trimmed−4%	+0.19 pp	50 q
BRK.BBERKSHIRE HATHAWAY Class B	1.68%	24,624	$12M	trimmed−34%	−0.95 pp	34 q
GOOGLAlphabet Inc. Class A	1.66%	50,265	$12M	trimmed−5%	+0.31 pp	41 q
JPMJPMorgan Chase & Co.	1.66%	38,859	$12M	trimmed−27%	−0.59 pp	26 q
ETNEaton Corporation, plc	1.48%	29,150	$11M	trimmed−28%	−0.63 pp	50 q
APHAmphenol Corporation	1.37%	81,701	$10M	trimmed−15%	−0.01 pp	50 q
CASYCasey's General Stores Inc	1.37%	17,864	$10M	trimmed−3%	0.00 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.05%	27,661	$8M	trimmed−4%	+0.10 pp	2 q
KLACKLA Corporation	1.03%	7,059	$8M	trimmed−4%	+0.07 pp	19 q
NOWServicenow, Inc.	1.03%	8,284	$8M	trimmed−3%	−0.25 pp	14 q
AJGArthur J. Gallagher & Co.	1.02%	24,387	$8M	added+28%	+0.13 pp	11 q
ORLYO'Reilly Automotive, Inc.	0.97%	66,258	$7M	trimmed−5%	+0.06 pp	36 q
VVISA Inc.	0.93%	20,120	$7M	trimmed−3%	−0.14 pp	50 q
LZAGYLonza Group AG UNSP/	0.88%	97,095	$6M	trimmed−3%	−0.16 pp	33 q
VEEVVeeva Systems Inc.	0.88%	21,883	$7M	trimmed−19%	−0.24 pp	11 q
CPRTCopart Inc	0.87%	142,329	$6M	trimmed−0%	−0.15 pp	36 q
CEGConstellation Energy Corporation	0.86%	19,340	$6M	trimmed−4%	−0.08 pp	4 q
MSMorgan Stanley	0.86%	39,732	$6M	trimmed−10%	−0.04 pp	7 q
VRTXVertex Pharmaceuticals Inc	0.86%	16,255	$6M	trimmed−4%	−0.23 pp	8 q
CNSWFConstellation Sftwre Inc	0.84%	2,287	$6M	trimmed−5%	−0.44 pp	19 q
FISVFiserv, Inc.	0.80%	45,561	$6M	trimmed−2%	−0.36 pp	50 q
ADBEAdobe Inc.	0.78%	16,374	$6M	trimmed−2%	−0.16 pp	50 q
TYLTyler Technologies, Inc.	0.69%	9,693	$5M	trimmed−3%	−0.17 pp	19 q
VRSKVerisk Analytics, Inc.	0.60%	17,579	$4M	trimmed−3%	−0.22 pp	45 q
SHWThe Sherwin-Williams Company	0.57%	12,054	$4M	trimmed−1%	−0.04 pp	35 q
VUGVanguard Morningstar Growth ETF	0.56%	8,658	$4M	new	+0.56 pp	new
MPWRMonolithic Power Systems, Inc.	0.49%	3,957	$4M	added+30%	+0.17 pp	28 q
RBCRBC Bearings Incorporated	0.46%	8,661	$3M	added+3%	−0.01 pp	20 q
BEBloom Energy Corporation	0.42%	36,631	$3M	trimmed−47%	+0.18 pp	3 q
BWXTBWX Technologies, Inc.	0.39%	15,653	$3M	added+4%	+0.07 pp	8 q
HALOHalozyme Therapeutics, Inc.	0.38%	38,121	$3M	trimmed−5%	+0.08 pp	36 q
DTDynatrace, Inc.	0.37%	56,636	$3M	added+20%	−0.01 pp	18 q
RYANRyan Specialty Holdings, Inc.	0.35%	46,228	$3M	added+18%	−0.04 pp	16 q
SPNNSapiens International Corp	0.34%	58,442	$3M	added+15%	+0.13 pp	20 q
FNFabrinet	0.33%	6,740	$2M	new	+0.33 pp	new
AXSMAxsome Therapeutics, Inc	0.29%	17,419	$2M	added+2%	+0.03 pp	7 q
KRYSKrystal Biotech, Inc.	0.29%	11,901	$2M	added+3%	+0.06 pp	2 q
ENTGEntegris Inc	0.28%	22,147	$2M	added+6%	+0.03 pp	12 q
MTDMettler-Toledo International	0.28%	1,671	$2M	added+24%	+0.05 pp	36 q
JKHYHenry (Jack) & Associates	0.26%	12,690	$2M	added+22%	−0.01 pp	36 q
NTRANatera, Inc.	0.26%	11,900	$2M	added+5%	−0.02 pp	13 q
TWTradeweb Markets Inc. Class A	0.24%	15,615	$2M	added+4%	−0.08 pp	13 q
POOLPool Corporation	0.22%	5,294	$2M	added+6%	+0.01 pp	33 q
CCCCCC Intelligent Solutions Holdings Inc.	0.21%	167,850	$2M	added+18%	+0.02 pp	6 q
FCNFTI Consulting, Inc.	0.21%	9,361	$2M	added+57%	+0.07 pp	4 q
QLYSQualys, Inc.	0.21%	11,477	$2M	added+3%	−0.02 pp	36 q
GOOGAlphabet Inc. Class C	0.20%	6,125	$1M	trimmed−0%	+0.04 pp	32 q
SBACSBA Communications Corp	0.20%	7,594	$1M	added+5%	−0.05 pp	35 q
SPSCSPS Commerce, Inc.	0.19%	13,156	$1M	added+22%	−0.02 pp	5 q
EVLVEvolv Technologies Holdings, Inc. Class A	0.17%	164,807	$1M	new	+0.17 pp	new
COOThe Cooper Companies, Inc.	0.15%	16,316	$1M	added+4%	−0.01 pp	7 q
HURNHuron Consulting Group Inc.	0.11%	5,400	$792,558	new	+0.11 pp	new
JNJJohnson & Johnson	0.11%	4,221	$782,658	held	—	50 q
TSLATesla, Inc.	0.11%	1,850	$822,732	new	+0.11 pp	new
URIUnited Rentals, Inc.	0.09%	660	$630,076	held	—	12 q
COSTCostco Wholesale Corp	0.08%	628	$581,296	trimmed−1%	−0.01 pp	13 q
ENBEnbridge, Inc	0.08%	11,845	$597,699	trimmed−11%	−0.01 pp	50 q
NVDANvidia Corp	0.08%	3,055	$570,002	added+29%	+0.03 pp	2 q
IWFiShares Russell 1000 Growth ETF	0.07%	1,138	$533,051	held	—	28 q
NOCNorthrop Grumman Corp.	0.07%	887	$540,467	held	—	5 q
RKLBRocket Lab Corporation	0.06%	9,000	$431,190	held	—	2 q
DHRDanaher Corporation	0.05%	1,871	$370,944	held	—	50 q
RYCEYRolls Royce Hldgs S/	0.05%	25,000	$405,000	trimmed−50%	−0.05 pp	2 q
HONHoneywell International, Inc.	0.04%	1,245	$262,073	held	—	22 q
LLYEli Lilly & Co.	0.04%	398	$303,674	held	—	5 q
MSIMotorola Solutions, Inc. New	0.04%	566	$258,826	held	—	5 q
RTXRTX Corporation	0.04%	1,689	$282,620	held	—	3 q
MMM3M Company	0.04%	2,000	$310,360	held	—	5 q
ABTAbbott Laboratories	0.03%	1,800	$241,092	held	—	5 q
AMTAmerican Tower Corporation	0.03%	1,221	$234,823	trimmed−58%	−0.06 pp	50 q
AMATApplied Materials Inc	0.03%	1,200	$245,688	trimmed−96%	−0.81 pp	12 q
EWEdwards Lifesciences Corp	0.03%	2,994	$232,843	held	—	5 q
PTCPtc, Inc	0.03%	1,136	$230,631	new	+0.03 pp	new
UNPUnion Pacific Corp.	0.03%	850	$200,915	trimmed−29%	−0.01 pp	12 q
VTIVanguard Morningstar Total Stock Market ETF	0.03%	739	$242,372	added0%	0.00 pp	2 q
WFCWells Fargo & Co.	0.03%	3,000	$251,460	held	—	4 q
GDGeneral Dynamics Corporation	—	−37,672	—	exited	−1.60 pp	—
SNPSSynopsys Inc	—	−16,833	—	exited	−1.25 pp	—
WRBW.R. Berkley Corporation	—	−87,810	—	exited	−0.94 pp	—
DLRDigital Realty Trust, Inc.	—	−24,082	—	exited	−0.61 pp	—
MOAltria Group, Inc.	—	−67,865	—	exited	−0.58 pp	—
LMTLockheed Martin Corp.	—	−6,996	—	exited	−0.47 pp	—
AKXAnsys Inc	—	−7,222	—	exited	−0.37 pp	—
BPMCBlueprint Medicines Corporation	—	−16,615	—	exited	−0.31 pp	—
LNTHLantheus Holdings, Inc	—	−19,061	—	exited	−0.23 pp	—
CYBRCyberark Software LTD/ISRAEL	—	−600	—	exited	−0.04 pp	—