Torray

Q1 2026 13F · by James Bailey, portfolio manager

As of: Mar 31, 2026
Filed: May 1, 2026
US stock: $682M · prev $698M
Positions: 88 · prev 95
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
Foreign stock not listed in the US 0.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves83 since the prior filing

+9.2 pp in · −9.1 pp out

New 4 +3.46 pp
Added 30 +5.72 pp
Trimmed 38 −0.75 pp
Exited 11 −8.30 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions88 in this filing · 11 exited


RPRXRoyalty Pharma plc Class A	4.54%	645,425	$31M	trimmed−13%	+0.42 pp	18 q
AVGOBroadcom Inc.	4.52%	99,470	$31M	added+9%	0.00 pp	15 q
MSFTMicrosoft Corp	4.22%	77,732	$29M	added×2.3	+1.87 pp	40 q
CVXChevron Corporation	4.10%	135,085	$28M	trimmed−6%	+0.95 pp	4 q
CEGConstellation Energy Corporation	3.77%	92,026	$26M	added×4.8	+2.81 pp	6 q
PSXPhillips 66	3.77%	141,031	$26M	trimmed−32%	−0.05 pp	40 q
HPE.PRCHp Enterprise Co	3.55%	374,999	$24M	added0%	−0.02 pp	3 q
TXNTexas Instruments Incorporated	3.45%	121,157	$24M	trimmed−14%	−0.03 pp	17 q
PFEPfizer Inc.	3.20%	776,455	$22M	trimmed−3%	+0.33 pp	5 q
CNACNA Financial Corporation	3.17%	470,346	$22M	trimmed−5%	−0.20 pp	7 q
OKEOneok, Inc.	3.16%	238,682	$22M	trimmed−8%	+0.42 pp	2 q
PEPPepsiCo, Inc.	3.10%	135,967	$21M	added0%	+0.31 pp	3 q
ABBVAbbvie Inc.	2.99%	93,588	$20M	added+1%	−0.04 pp	40 q
KKR.PRDKkr & Co Inc	2.84%	481,176	$19M	added+16%	−0.24 pp	2 q
AMGNAmgen Inc	2.79%	54,012	$19M	trimmed−16%	−0.24 pp	35 q
BXBlackstone Inc.	2.79%	165,160	$19M	added+18%	−0.29 pp	30 q
NEENextEra Energy, Inc.	2.72%	199,478	$19M	trimmed−15%	+0.02 pp	3 q
PLDPrologis, Inc.	2.59%	133,389	$18M	trimmed−15%	−0.28 pp	5 q
MRSHMarsh	2.40%	94,329	$16M	trimmed−3%	−0.19 pp	52 q
CMCSAComcast Corp	2.34%	555,067	$16M	new	+2.34 pp	new
AMZNAmazon.Com Inc	2.19%	71,778	$15M	trimmed−1%	−0.20 pp	34 q
GOOGLAlphabet Inc. Class A	1.96%	46,370	$13M	trimmed−2%	−0.16 pp	43 q
AAPLApple Inc.	1.85%	49,566	$13M	trimmed−1%	−0.10 pp	52 q
CASYCasey's General Stores Inc	1.83%	17,121	$12M	trimmed−1%	+0.46 pp	8 q
JPMJPMorgan Chase & Co.	1.68%	38,859	$11M	held	—	28 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.34%	27,110	$9M	added+1%	+0.17 pp	4 q
TWTradeweb Markets Inc. Class A	1.31%	76,049	$9M	added+6%	+0.20 pp	15 q
BEBloom Energy Corporation	1.19%	60,031	$8M	added+95%	+0.81 pp	5 q
APHAmphenol Corporation	1.17%	63,135	$8M	trimmed−2%	−0.07 pp	52 q
VRTXVertex Pharmaceuticals Inc	1.01%	15,386	$7M	trimmed−1%	+0.01 pp	10 q
KLACKLA Corporation	0.95%	4,405	$6M	trimmed−33%	−0.20 pp	21 q
AJGArthur J. Gallagher & Co.	0.92%	29,035	$6M	added+25%	+0.06 pp	13 q
VVISA Inc.	0.88%	19,800	$6M	added+1%	−0.11 pp	52 q
LZAGYLonza Group AG UNSP/	0.87%	92,468	$6M	trimmed−0%	−0.02 pp	35 q
ORLYO'Reilly Automotive, Inc.	0.84%	62,372	$6M	trimmed−1%	+0.02 pp	38 q
NOWServicenow, Inc.	0.84%	54,854	$6M	added+35%	−0.05 pp	16 q
MSMorgan Stanley	0.74%	30,832	$5M	trimmed−1%	−0.05 pp	9 q
RBCRBC Bearings Incorporated	0.72%	9,080	$5M	trimmed−1%	+0.13 pp	22 q
VRSKVerisk Analytics, Inc.	0.68%	24,387	$5M	added+40%	+0.12 pp	47 q
BMRNBioMarin Pharmaceuticals Inc	0.65%	78,170	$4M	new	+0.65 pp	new
VEEVVeeva Systems Inc.	0.61%	23,758	$4M	added+12%	−0.07 pp	13 q
MPWRMonolithic Power Systems, Inc.	0.59%	3,707	$4M	trimmed−13%	+0.04 pp	30 q
SHWThe Sherwin-Williams Company	0.55%	11,613	$4M	trimmed−0%	+0.01 pp	37 q
FNFabrinet	0.54%	7,071	$4M	added+4%	+0.10 pp	3 q
KRYSKrystal Biotech, Inc.	0.46%	12,032	$3M	added0%	+0.04 pp	4 q
GEGE Aerospace	0.44%	10,532	$3M	new	+0.44 pp	new
BWXTBWX Technologies, Inc.	0.38%	12,560	$3M	trimmed−1%	+0.07 pp	10 q
DTDynatrace, Inc.	0.38%	69,971	$3M	added+18%	+0.01 pp	20 q
AXSMAxsome Therapeutics, Inc	0.37%	14,774	$2M	trimmed−0%	−0.02 pp	9 q
HALOHalozyme Therapeutics, Inc.	0.36%	38,179	$2M	added0%	−0.01 pp	38 q
SNDXSyndax Pharmaceuticals, Inc.	0.36%	104,868	$2M	added+7%	+0.07 pp	2 q
FCNFTI Consulting, Inc.	0.34%	12,934	$2M	added+4%	+0.04 pp	6 q
JKHYHenry (Jack) & Associates	0.34%	14,598	$2M	trimmed−3%	−0.05 pp	38 q
RYANRyan Specialty Holdings, Inc.	0.34%	68,046	$2M	added+13%	−0.11 pp	18 q
ENTGEntegris Inc	0.31%	17,941	$2M	trimmed−21%	+0.04 pp	14 q
EVLVEvolv Technologies Holdings, Inc. Class A	0.31%	353,367	$2M	added×2.7	+0.18 pp	3 q
MTDMettler-Toledo International	0.31%	1,677	$2M	added0%	−0.02 pp	38 q
HURNHuron Consulting Group Inc.	0.29%	15,578	$2M	added+20%	−0.03 pp	3 q
NTRANatera, Inc.	0.28%	9,569	$2M	trimmed−21%	−0.12 pp	15 q
COOThe Cooper Companies, Inc.	0.27%	25,435	$2M	added+2%	−0.02 pp	9 q
GOOGAlphabet Inc. Class C	0.25%	6,019	$2M	trimmed−2%	−0.02 pp	34 q
QLYSQualys, Inc.	0.23%	18,178	$2M	added+29%	−0.04 pp	38 q
VSTMVerastem, Inc.	0.23%	298,958	$2M	added+38%	−0.01 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.20%	2,884	$1M	held	—	36 q
HDHome Depot, Inc.	0.15%	3,202	$1M	trimmed−23%	−0.06 pp	25 q
JNJJohnson & Johnson	0.15%	4,141	$1M	trimmed−2%	+0.02 pp	52 q
VUGVanguard Morningstar Growth ETF	0.12%	1,836	$801,946	trimmed−71%	−0.33 pp	3 q
AXPAmerican Express Company	0.09%	1,965	$594,373	trimmed−92%	−1.20 pp	52 q
COSTCostco Wholesale Corp	0.09%	628	$625,758	held	—	15 q
IWFiShares Russell 1000 Growth ETF	0.09%	1,386	$590,990	trimmed−30%	−0.05 pp	30 q
NOCNorthrop Grumman Corp.	0.09%	887	$605,147	held	—	7 q
NVDANvidia Corp	0.08%	3,055	$532,792	held	—	4 q
RKLBRocket Lab Corporation	0.08%	9,000	$577,980	held	—	4 q
ENBEnbridge, Inc	0.07%	8,310	$449,903	trimmed−25%	−0.01 pp	52 q
TSLATesla, Inc.	0.07%	1,250	$464,687	trimmed−32%	−0.05 pp	3 q
URIUnited Rentals, Inc.	0.07%	660	$480,850	held	—	14 q
RYCEYRolls Royce Hldgs S/	0.06%	25,000	$385,500	held	—	4 q
DHRDanaher Corporation	0.05%	1,871	$354,742	held	—	52 q
LLYEli Lilly & Co.	0.05%	398	$366,068	held	—	7 q
RTXRTX Corporation	0.05%	1,689	$325,808	held	—	5 q
EWEdwards Lifesciences Corp	0.04%	2,994	$239,760	held	—	7 q
HONHoneywell International, Inc.	0.04%	1,240	$280,277	trimmed−0%	+0.01 pp	24 q
MSIMotorola Solutions, Inc. New	0.04%	566	$245,627	held	—	7 q
SLBSLB Limited	0.04%	5,681	$291,947	held	—	2 q
MMM3M Company	0.04%	2,000	$290,460	held	—	7 q
WFCWells Fargo & Co.	0.04%	3,000	$238,830	held	—	6 q
UNPUnion Pacific Corp.	0.03%	850	$206,227	new	+0.03 pp	new
VTIVanguard Morningstar Total Stock Market ETF	0.03%	744	$238,530	added0%	−0.01 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−59,153	—	exited	−2.80 pp	—
INTUIntuit Inc	—	−21,635	—	exited	−2.05 pp	—
CPRTCopart Inc	—	−159,824	—	exited	−0.90 pp	—
ADBEAdobe Inc.	—	−14,892	—	exited	−0.75 pp	—
CNSWFConstellation Sftwre Inc	—	−2,136	—	exited	−0.74 pp	—
TYLTyler Technologies, Inc.	—	−9,399	—	exited	−0.61 pp	—
CCCCCC Intelligent Solutions Holdings Inc.	—	−210,857	—	exited	−0.24 pp	—
POOLPool Corporation	—	−3,422	—	exited	−0.11 pp	—
AMATApplied Materials Inc	—	−1,200	—	exited	−0.04 pp	—
ABTAbbott Laboratories	—	−1,800	—	exited	−0.03 pp	—
EXPEExpedia Group, Inc.	—	−724	—	exited	−0.03 pp	—