Torray

Q4 2025 13F · by James Bailey, portfolio manager

As of: Dec 31, 2025
Filed: Jan 28, 2026
US stock: $698M · prev $737M
Positions: 95 · prev 99
Options notional: $0
Documents: 1· no amendments

Picture98.3% US stock

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

US stock listed on a US exchange 98.3%
Foreign stock not listed in the US 1.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves87 since the prior filing

+14.8 pp in · −15.0 pp out

New 7 +8.46 pp
Added 29 +6.29 pp
Trimmed 40 −5.11 pp
Exited 11 −9.85 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

AVGO Broadcom Inc. trimmed+0.30 pp trimmed+0.304.5%
RPRX Royalty Pharma plc Class A added+0.76 pp added+0.764.1%
PSX Phillips 66 trimmed−0.03 pp trimmed−0.033.8%
HPE.PRC Hp Enterprise Co added+0.26 pp added+0.263.6%
TXN Texas Instruments Incorporated added+0.63 pp added+0.633.5%

Positions95 in this filing · 11 exited


AVGOBroadcom Inc.	4.52%	91,137	$32M	trimmed−3%	+0.30 pp	14 q
RPRXRoyalty Pharma plc Class A	4.12%	744,355	$29M	added+6%	+0.76 pp	17 q
PSXPhillips 66	3.82%	206,595	$27M	trimmed−1%	−0.03 pp	39 q
HPE.PRCHp Enterprise Co	3.57%	374,202	$25M	added+4%	+0.26 pp	2 q
TXNTexas Instruments Incorporated	3.48%	140,108	$24M	added+23%	+0.63 pp	16 q
CNACNA Financial Corporation	3.37%	493,402	$24M	trimmed−2%	+0.20 pp	6 q
CVXChevron Corporation	3.15%	144,448	$22M	added+10%	+0.39 pp	3 q
BXBlackstone Inc.	3.08%	139,547	$22M	added+2%	−0.10 pp	29 q
KKR.PRDKkr & Co Inc	3.08%	414,402	$21M	new	+3.08 pp	new
ABBVAbbvie Inc.	3.03%	92,687	$21M	trimmed−9%	−0.16 pp	39 q
AMGNAmgen Inc	3.03%	64,647	$21M	trimmed−11%	+0.25 pp	34 q
PFEPfizer Inc.	2.87%	803,571	$20M	added+7%	+0.27 pp	4 q
PLDPrologis, Inc.	2.87%	156,755	$20M	added+4%	+0.54 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.80%	59,153	$20M	added+4%	+0.12 pp	51 q
PEPPepsiCo, Inc.	2.79%	135,674	$19M	added+11%	+0.45 pp	2 q
OKEOneok, Inc.	2.74%	259,982	$19M	new	+2.74 pp	new
NEENextEra Energy, Inc.	2.70%	235,026	$19M	trimmed−1%	+0.26 pp	2 q
MRSHMarsh	2.59%	97,677	$18M	added+40%	+0.68 pp	51 q
AMZNAmazon.Com Inc	2.39%	72,420	$17M	trimmed−3%	+0.16 pp	33 q
MSFTMicrosoft Corp	2.35%	33,960	$16M	trimmed−4%	−0.15 pp	39 q
GOOGLAlphabet Inc. Class A	2.12%	47,278	$15M	trimmed−6%	+0.46 pp	42 q
INTUIntuit Inc	2.05%	21,635	$14M	new	+2.05 pp	new
AAPLApple Inc.	1.95%	50,061	$14M	trimmed−6%	+0.10 pp	51 q
JPMJPMorgan Chase & Co.	1.79%	38,859	$13M	held	—	27 q
CASYCasey's General Stores Inc	1.37%	17,310	$10M	trimmed−3%	0.00 pp	7 q
AXPAmerican Express Company	1.29%	24,275	$9M	trimmed−58%	−1.31 pp	51 q
APHAmphenol Corporation	1.24%	64,103	$9M	trimmed−22%	−0.13 pp	51 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.17%	26,974	$8M	trimmed−2%	+0.12 pp	3 q
KLACKLA Corporation	1.15%	6,596	$8M	trimmed−7%	+0.12 pp	20 q
TWTradeweb Markets Inc. Class A	1.11%	72,041	$8M	added×4.6	+0.87 pp	14 q
VRTXVertex Pharmaceuticals Inc	1.00%	15,466	$7M	trimmed−5%	+0.14 pp	9 q
VVISA Inc.	0.99%	19,633	$7M	trimmed−2%	+0.06 pp	51 q
CEGConstellation Energy Corporation	0.96%	19,049	$7M	trimmed−2%	+0.10 pp	5 q
CPRTCopart Inc	0.90%	159,824	$6M	added+12%	+0.03 pp	37 q
LZAGYLonza Group AG UNSP/	0.89%	92,924	$6M	trimmed−4%	+0.01 pp	34 q
NOWServicenow, Inc.	0.89%	40,629	$6M	trimmed−2%	−0.14 pp	15 q
AJGArthur J. Gallagher & Co.	0.86%	23,180	$6M	trimmed−5%	−0.16 pp	12 q
ORLYO'Reilly Automotive, Inc.	0.82%	62,868	$6M	trimmed−5%	−0.15 pp	37 q
MSMorgan Stanley	0.79%	31,138	$6M	trimmed−22%	−0.07 pp	8 q
ADBEAdobe Inc.	0.75%	14,892	$5M	trimmed−9%	−0.03 pp	51 q
CNSWFConstellation Sftwre Inc	0.74%	2,136	$5M	trimmed−7%	−0.10 pp	20 q
VEEVVeeva Systems Inc.	0.68%	21,132	$5M	trimmed−3%	−0.20 pp	12 q
TYLTyler Technologies, Inc.	0.61%	9,399	$4M	trimmed−3%	−0.08 pp	20 q
RBCRBC Bearings Incorporated	0.59%	9,139	$4M	added+6%	+0.13 pp	21 q
VRSKVerisk Analytics, Inc.	0.56%	17,364	$4M	trimmed−1%	−0.04 pp	46 q
MPWRMonolithic Power Systems, Inc.	0.55%	4,249	$4M	added+7%	+0.06 pp	29 q
SHWThe Sherwin-Williams Company	0.54%	11,635	$4M	trimmed−3%	−0.03 pp	36 q
RYANRyan Specialty Holdings, Inc.	0.45%	60,384	$3M	added+31%	+0.10 pp	17 q
VUGVanguard Morningstar Growth ETF	0.45%	6,436	$3M	trimmed−26%	−0.11 pp	2 q
FNFabrinet	0.44%	6,823	$3M	added+1%	+0.11 pp	2 q
KRYSKrystal Biotech, Inc.	0.42%	11,985	$3M	added+1%	+0.13 pp	3 q
NTRANatera, Inc.	0.40%	12,100	$3M	added+2%	+0.14 pp	14 q
AXSMAxsome Therapeutics, Inc	0.39%	14,794	$3M	trimmed−15%	+0.10 pp	8 q
JKHYHenry (Jack) & Associates	0.39%	14,991	$3M	added+18%	+0.13 pp	37 q
BEBloom Energy Corporation	0.38%	30,786	$3M	trimmed−16%	−0.04 pp	4 q
DTDynatrace, Inc.	0.37%	59,471	$3M	added+5%	0.00 pp	19 q
HALOHalozyme Therapeutics, Inc.	0.37%	38,135	$3M	added0%	−0.01 pp	37 q
MTDMettler-Toledo International	0.33%	1,669	$2M	trimmed−0%	+0.05 pp	37 q
HURNHuron Consulting Group Inc.	0.32%	13,016	$2M	added×2.4	+0.21 pp	2 q
BWXTBWX Technologies, Inc.	0.31%	12,659	$2M	trimmed−19%	−0.08 pp	9 q
FCNFTI Consulting, Inc.	0.30%	12,451	$2M	added+33%	+0.09 pp	5 q
COOThe Cooper Companies, Inc.	0.29%	24,822	$2M	added+52%	+0.14 pp	8 q
SNDXSyndax Pharmaceuticals, Inc.	0.29%	97,802	$2M	new	+0.29 pp	new
GOOGAlphabet Inc. Class C	0.27%	6,114	$2M	trimmed−0%	+0.07 pp	33 q
ENTGEntegris Inc	0.27%	22,784	$2M	added+3%	−0.01 pp	13 q
QLYSQualys, Inc.	0.27%	14,072	$2M	added+23%	+0.06 pp	37 q
CCCCCC Intelligent Solutions Holdings Inc.	0.24%	210,857	$2M	added+26%	+0.03 pp	7 q
VSTMVerastem, Inc.	0.24%	216,387	$2M	new	+0.24 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.21%	2,884	$1M	trimmed−88%	−1.47 pp	35 q
HDHome Depot, Inc.	0.21%	4,162	$1M	trimmed−93%	−2.98 pp	24 q
IWFiShares Russell 1000 Growth ETF	0.14%	1,993	$943,287	added+75%	+0.07 pp	29 q
EVLVEvolv Technologies Holdings, Inc. Class A	0.13%	130,325	$933,127	trimmed−21%	−0.04 pp	2 q
JNJJohnson & Johnson	0.13%	4,221	$873,536	held	—	51 q
TSLATesla, Inc.	0.12%	1,850	$831,982	held	—	2 q
POOLPool Corporation	0.11%	3,422	$782,782	trimmed−35%	−0.11 pp	34 q
RKLBRocket Lab Corporation	0.09%	9,000	$627,840	held	—	3 q
COSTCostco Wholesale Corp	0.08%	628	$541,550	held	—	14 q
ENBEnbridge, Inc	0.08%	11,045	$528,282	trimmed−7%	0.00 pp	51 q
NVDANvidia Corp	0.08%	3,055	$569,757	held	—	3 q
URIUnited Rentals, Inc.	0.08%	660	$534,151	held	—	13 q
NOCNorthrop Grumman Corp.	0.07%	887	$505,776	held	—	6 q
DHRDanaher Corporation	0.06%	1,871	$428,309	held	—	51 q
LLYEli Lilly & Co.	0.06%	398	$427,723	held	—	6 q
RYCEYRolls Royce Hldgs S/	0.06%	25,000	$393,000	held	—	3 q
MMM3M Company	0.05%	2,000	$320,200	held	—	6 q
AMATApplied Materials Inc	0.04%	1,200	$308,388	held	—	13 q
EWEdwards Lifesciences Corp	0.04%	2,994	$255,238	held	—	6 q
RTXRTX Corporation	0.04%	1,689	$309,763	held	—	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.04%	742	$248,682	added0%	+0.01 pp	3 q
WFCWells Fargo & Co.	0.04%	3,000	$279,600	held	—	5 q
ABTAbbott Laboratories	0.03%	1,800	$225,522	held	—	6 q
EXPEExpedia Group, Inc.	0.03%	724	$205,116	new	+0.03 pp	new
HONHoneywell International, Inc.	0.03%	1,245	$242,887	held	—	23 q
MSIMotorola Solutions, Inc. New	0.03%	566	$216,959	held	—	6 q
SLBSLB Limited	0.03%	5,681	$218,037	new	+0.03 pp	new
EOGEOG Resources, Inc.	—	−152,761	—	exited	−2.32 pp	—
EQIXEquinix, Inc.	—	−21,019	—	exited	−2.23 pp	—
LEN.BLennar Corporation Class B	—	−135,369	—	exited	−2.20 pp	—
ETNEaton Corporation, plc	—	−29,150	—	exited	−1.48 pp	—
FISVFiserv, Inc.	—	−45,561	—	exited	−0.80 pp	—
SPNNSapiens International Corp	—	−58,442	—	exited	−0.34 pp	—
SBACSBA Communications Corp	—	−7,594	—	exited	−0.20 pp	—
SPSCSPS Commerce, Inc.	—	−13,156	—	exited	−0.19 pp	—
AMTAmerican Tower Corporation	—	−1,221	—	exited	−0.03 pp	—
PTCPtc, Inc	—	−1,136	—	exited	−0.03 pp	—
UNPUnion Pacific Corp.	—	−850	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 4 defects · 0 unresolved
Accession: 0001193125-26-027064
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 2025-12-31
A security outside the official 13F list — CUSIP 54338V101 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 773122106 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 775781206 not on the Official 13(f) List for 2025-12-31

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