Torray

Q2 2026 13F · by James Bailey, portfolio manager

As of: Jun 30, 2026
Filed: Jul 30, 2026
US stock: $741M · prev $682M
Positions: 91 · prev 88
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%

Moves75 since the prior filing

+7.1 pp in · −7.2 pp out

New 6 +6.63 pp
Added 31 +0.47 pp
Trimmed 35 −6.59 pp
Exited 3 −0.56 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 45% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

AVGO Broadcom Inc. added+0.65 pp added+0.655.2%
RPRX Royalty Pharma plc Class A trimmed+0.01 pp trimmed+0.014.5%
CEG Constellation Energy Corporation added−0.16 pp added−0.163.6%
CNA CNA Financial Corporation added+0.25 pp added+0.253.4%
GOOGM Alphabet Inc. new+3.22 pp new+3.223.2%

Positions91 in this filing · 3 exited


AVGOBroadcom Inc.	5.17%	101,468	$38M	added+2%	+0.65 pp	16 q
RPRXRoyalty Pharma plc Class A	4.55%	602,028	$34M	trimmed−7%	+0.01 pp	19 q
CEGConstellation Energy Corporation	3.61%	107,742	$27M	added+17%	−0.16 pp	7 q
CNACNA Financial Corporation	3.42%	522,241	$25M	added+11%	+0.25 pp	8 q
GOOGMAlphabet Inc.	3.22%	469,529	$24M	new	+3.22 pp	new
KKR.PRDKkr & Co Inc	3.08%	573,623	$23M	added+19%	+0.24 pp	3 q
CVXChevron Corporation	3.03%	135,300	$22M	added0%	−1.07 pp	5 q
BXBlackstone Inc.	3.00%	188,812	$22M	added+14%	+0.21 pp	31 q
AMGNAmgen Inc	2.92%	59,771	$22M	added+11%	+0.13 pp	36 q
CMCSAComcast Corp	2.86%	863,372	$21M	added+56%	+0.52 pp	2 q
HPE.PRCHp Enterprise Co	2.86%	183,153	$21M	trimmed−51%	−0.69 pp	4 q
NEENextEra Energy, Inc.	2.81%	237,562	$21M	added+19%	+0.09 pp	4 q
ACNAccenture PLC	2.81%	167,690	$21M	new	+2.81 pp	new
ABBVAbbvie Inc.	2.80%	82,602	$21M	trimmed−12%	−0.19 pp	41 q
OKEOneok, Inc.	2.80%	238,831	$21M	added0%	−0.36 pp	3 q
PFEPfizer Inc.	2.79%	859,418	$21M	added+11%	−0.41 pp	6 q
PSXPhillips 66	2.69%	117,795	$20M	trimmed−16%	−1.08 pp	41 q
PEPPepsiCo, Inc.	2.67%	146,268	$20M	added+8%	−0.43 pp	4 q
TXNTexas Instruments Incorporated	2.65%	65,895	$20M	trimmed−46%	−0.80 pp	18 q
PLDPrologis, Inc.	2.45%	134,084	$18M	added+1%	−0.14 pp	6 q
AMZNAmazon.Com Inc	2.19%	68,062	$16M	trimmed−5%	0.00 pp	35 q
GOOGLAlphabet Inc. Class A	2.17%	45,093	$16M	trimmed−3%	+0.21 pp	44 q
BEBloom Energy Corporation	2.15%	52,565	$16M	trimmed−12%	+0.96 pp	6 q
MRSHMarsh	2.08%	92,694	$15M	trimmed−2%	−0.32 pp	53+ q
AAPLApple Inc.	1.89%	48,366	$14M	trimmed−2%	+0.04 pp	53+ q
MSFTMicrosoft Corp	1.82%	36,160	$13M	trimmed−53%	−2.40 pp	41 q
CASYCasey's General Stores Inc	1.80%	16,784	$13M	trimmed−2%	−0.03 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.69%	26,309	$13M	trimmed−3%	+0.35 pp	5 q
KLACKLA Corporation	1.50%	36,890	$11M	trimmed−16%	+0.55 pp	22 q
APHAmphenol Corporation	1.41%	59,235	$10M	trimmed−6%	+0.24 pp	53+ q
TWTradeweb Markets Inc. Class A	1.02%	75,987	$8M	trimmed−0%	−0.29 pp	16 q
VRTXVertex Pharmaceuticals Inc	1.02%	15,215	$8M	trimmed−1%	+0.01 pp	11 q
VVISA Inc.	1.02%	22,017	$8M	added+11%	+0.14 pp	53+ q
LZAGYLonza Group AG UNSP/	0.83%	91,339	$6M	trimmed−1%	−0.04 pp	36 q
AJGArthur J. Gallagher & Co.	0.81%	26,276	$6M	trimmed−10%	−0.11 pp	14 q
RBCRBC Bearings Incorporated	0.79%	9,112	$6M	added0%	+0.07 pp	23 q
ORLYO'Reilly Automotive, Inc.	0.76%	60,821	$6M	trimmed−2%	−0.08 pp	39 q
MPWRMonolithic Power Systems, Inc.	0.69%	3,715	$5M	added0%	+0.10 pp	31 q
NOWServicenow, Inc.	0.69%	51,543	$5M	trimmed−6%	−0.15 pp	17 q
KRYSKrystal Biotech, Inc.	0.61%	12,156	$5M	added+1%	+0.15 pp	5 q
BMRNBioMarin Pharmaceuticals Inc	0.60%	77,705	$4M	trimmed−1%	−0.05 pp	2 q
VEEVVeeva Systems Inc.	0.59%	24,625	$4M	added+4%	−0.02 pp	14 q
VRSKVerisk Analytics, Inc.	0.59%	24,309	$4M	trimmed−0%	−0.09 pp	48 q
SHWThe Sherwin-Williams Company	0.57%	12,175	$4M	added+5%	+0.02 pp	38 q
GEGE Aerospace	0.55%	10,999	$4M	added+4%	+0.11 pp	2 q
AXSMAxsome Therapeutics, Inc	0.49%	14,928	$4M	added+1%	+0.12 pp	10 q
FNFabrinet	0.45%	5,994	$3M	trimmed−15%	−0.09 pp	4 q
ENTGEntegris Inc	0.44%	18,001	$3M	added0%	+0.13 pp	15 q
HALOHalozyme Therapeutics, Inc.	0.41%	38,703	$3M	added+1%	+0.05 pp	39 q
RYANRyan Specialty Holdings, Inc.	0.40%	77,911	$3M	added+15%	+0.06 pp	19 q
DTDynatrace, Inc.	0.39%	66,492	$3M	trimmed−5%	+0.01 pp	21 q
SNDXSyndax Pharmaceuticals, Inc.	0.39%	133,835	$3M	added+28%	+0.03 pp	3 q
NTRANatera, Inc.	0.36%	9,730	$3M	added+2%	+0.08 pp	16 q
BWXTBWX Technologies, Inc.	0.33%	12,633	$2M	added+1%	−0.05 pp	11 q
EVLVEvolv Technologies Holdings, Inc. Class A	0.31%	392,714	$2M	added+11%	0.00 pp	4 q
GOOGAlphabet Inc. Class C	0.29%	6,019	$2M	held	—	35 q
MTDMettler-Toledo International	0.29%	1,671	$2M	trimmed−0%	−0.02 pp	39 q
ZMZoom Communications, Inc. Class A	0.29%	24,796	$2M	new	+0.29 pp	new
FCNFTI Consulting, Inc.	0.27%	13,500	$2M	added+4%	−0.07 pp	7 q
VSTMVerastem, Inc.	0.25%	477,455	$2M	added+60%	+0.02 pp	3 q
JKHYHenry (Jack) & Associates	0.24%	12,856	$2M	trimmed−12%	−0.10 pp	39 q
NOVTNovanta Inc.	0.24%	11,141	$2M	new	+0.24 pp	new
COOThe Cooper Companies, Inc.	0.23%	23,286	$2M	trimmed−8%	−0.04 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	0.19%	2,884	$1M	held	—	37 q
JNJJohnson & Johnson	0.14%	4,141	$1M	held	—	53+ q
JPMJPMorgan Chase & Co.	0.13%	2,959	$968,569	trimmed−92%	−1.55 pp	29 q
HDHome Depot, Inc.	0.12%	2,485	$876,410	trimmed−22%	−0.03 pp	26 q
URIUnited Rentals, Inc.	0.10%	660	$747,707	held	—	15 q
AXPAmerican Express Company	0.09%	1,965	$664,661	held	—	53+ q
COSTCostco Wholesale Corp	0.08%	628	$587,475	held	—	16 q
NVDANvidia Corp	0.08%	2,938	$587,864	trimmed−4%	0.00 pp	5 q
MSMorgan Stanley	0.07%	2,377	$496,888	trimmed−92%	−0.67 pp	10 q
TSLATesla, Inc.	0.07%	1,250	$525,750	held	—	4 q
ENBEnbridge, Inc	0.06%	8,310	$450,485	held	—	53+ q
LLYEli Lilly & Co.	0.06%	398	$477,373	held	—	8 q
NOCNorthrop Grumman Corp.	0.06%	887	$451,758	held	—	8 q
RKLBRocket Lab Corporation	0.06%	4,500	$457,425	trimmed−50%	−0.02 pp	5 q
RYCEYRolls Royce Hldgs S/	0.06%	25,000	$481,250	held	—	5 q
DHRDanaher Corporation	0.05%	1,871	$356,388	held	—	53+ q
VUGVanguard Morningstar Growth ETF	0.05%	4,616	$397,622	trimmed−58%	−0.07 pp	4 q
EWEdwards Lifesciences Corp	0.04%	2,994	$270,837	held	—	8 q
RTXRTX Corporation	0.04%	1,689	$320,454	held	—	6 q
SLBSLB Limited	0.04%	5,681	$264,110	held	—	3 q
MMM3M Company	0.04%	2,000	$323,820	held	—	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.04%	683	$283,875	new	+0.04 pp	new
VTIVanguard Morningstar Total Stock Market ETF	0.04%	745	$275,733	added0%	+0.01 pp	5 q
BNYBank of New York Mellon Corporation	0.03%	1,584	$229,062	new	+0.03 pp	new
IWFiShares Russell 1000 Growth ETF	0.03%	1,972	$244,863	trimmed−64%	−0.06 pp	31 q
MSIMotorola Solutions, Inc. New	0.03%	566	$235,054	held	—	8 q
UNPUnion Pacific Corp.	0.03%	850	$231,200	held	—	2 q
WFCWells Fargo & Co.	0.03%	3,000	$247,920	held	—	7 q
HURNHuron Consulting Group Inc.	—	−15,578	—	exited	−0.29 pp	—
QLYSQualys, Inc.	—	−18,178	—	exited	−0.23 pp	—
HONHoneywell International, Inc.	—	−1,240	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 0 unresolved
Accession: 0001193125-26-326274
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 54338V101 not on the Official 13(f) List for 2026-06-30
A security outside the official 13F list — CUSIP 773122106 not on the Official 13(f) List for 2026-06-30
A security outside the official 13F list — CUSIP 775781206 not on the Official 13(f) List for 2026-06-30

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