Torray Funds
Torray Funds
Torray Funds (Torray Funds) discloses a $741M portfolio across 91 US-listed positions in the latest 13F filing (2026Q2, filed Jul 30, 2026). The largest holding is AVGO at 5.2% of the book. The biggest move of the quarter: opened a new position in GOOGL 6.25 05/15/29 A ($24M). Mechanically cloning this 13F returned 11.3%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (91) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | AVGO | 5.2% | $38M | |||
| 2 | RPRX | 4.6% | $34M | |||
| 3 | CEG | 3.6% | $27M | |||
| 4 | CNA | 3.4% | $25M | |||
| 5 | GOOGL 6.25 05/15/29 A | 3.2% | $24M | |||
| 6 | KKR 6.25 03/01/28 D | 3.1% | $23M | |||
| 7 | CVX | 3.0% | $22M | |||
| 8 | BX | 3.0% | $22M | |||
| 9 | AMGN | 2.9% | $22M | |||
| 10 | CMCSA | 2.9% | $21M | |||
| 11 | HPE 7.625 09/01/27 | 2.9% | $21M | |||
| 12 | ACN | 2.8% | $21M | |||
| 13 | NEE | 2.8% | $21M | |||
| 14 | ABBV | 2.8% | $21M | |||
| 15 | OKE | 2.8% | $21M | |||
| 16 | PFE | 2.8% | $21M | |||
| 17 | PSX | 2.7% | $20M | |||
| 18 | PEP | 2.7% | $20M | |||
| 19 | TXN | 2.6% | $20M | |||
| 20 | PLD | 2.5% | $18M | |||
| 21 | AMZN | 2.2% | $16M | |||
| 22 | GOOGL | 2.2% | $16M | |||
| 23 | BE | 2.1% | $16M | |||
| 24 | MRSH | 2.1% | $15M | |||
| 25 | AAPL | 1.9% | $14M | |||
| 26 | MSFT | 1.8% | $13M | |||
| 27 | CASY | 1.8% | $13M | |||
| 28 | TSM | 1.7% | $13M | |||
| 29 | KLAC | 1.5% | $11M | |||
| 30 | APH | 1.4% | $10M | |||
| 31 | TW | 1.0% | $8M | |||
| 32 | VRTX | 1.0% | $8M | |||
| 33 | V | 1.0% | $8M | |||
| 34 | LZAGY | 0.8% | $6M | |||
| 35 | AJG | 0.8% | $6M | |||
| 36 | RBC | 0.8% | $6M | |||
| 37 | ORLY | 0.8% | $6M | |||
| 38 | MPWR | 0.7% | $5M | |||
| 39 | NOW | 0.7% | $5M | |||
| 40 | KRYS | 0.6% | $5M | |||
| 41 | BMRN | 0.6% | $4M | |||
| 42 | VEEV | 0.6% | $4M | |||
| 43 | VRSK | 0.6% | $4M | |||
| 44 | SHW | 0.6% | $4M | |||
| 45 | GE | 0.6% | $4M | |||
| 46 | AXSM | 0.5% | $4M | |||
| 47 | G3323L100 | 0.5% | $3M | |||
| 48 | ENTG | 0.4% | $3M | |||
| 49 | HALO | 0.4% | $3M | |||
| 50 | RYAN | 0.4% | $3M | |||
| 51 | SNDX | 0.4% | $3M | |||
| 52 | DT | 0.4% | $3M | |||
| 53 | NTRA | 0.4% | $3M | |||
| 54 | BWXT | 0.3% | $2M | |||
| 55 | EVLV | 0.3% | $2M | |||
| 56 | ZM | 0.3% | $2M | |||
| 57 | MTD | 0.3% | $2M | |||
| 58 | GOOG | 0.3% | $2M | |||
| 59 | FCN | 0.3% | $2M | |||
| 60 | VSTM | 0.2% | $2M | |||
| 61 | NOVT | 0.2% | $2M | |||
| 62 | JKHY | 0.2% | $2M | |||
| 63 | COO | 0.2% | $2M | |||
| 64 | BRK/B | 0.2% | $1M | |||
| 65 | JNJ | 0.1% | $1M | |||
| 66 | JPM | 0.1% | $969K | |||
| 67 | HD | 0.1% | $876K | |||
| 68 | URI | 0.1% | $748K | |||
| 69 | AXP | 0.1% | $665K | |||
| 70 | NVDA | 0.1% | $588K | |||
| 71 | COST | 0.1% | $587K | |||
| 72 | TSLA | 0.1% | $526K | |||
| 73 | MS | 0.1% | $497K | |||
| 74 | RYCEY | 0.1% | $481K | |||
| 75 | LLY | 0.1% | $477K | |||
| 76 | 773122106 | 0.1% | $457K | |||
| 77 | NOC | 0.1% | $452K | |||
| 78 | ENB | 0.1% | $450K | |||
| 79 | VUG | 0.1% | $398K | |||
| 80 | DHR | <0.1% | $356K | |||
| 81 | MMM | <0.1% | $324K | |||
| 82 | RTX | <0.1% | $320K | |||
| 83 | UNH | <0.1% | $284K | |||
| 84 | VTI | <0.1% | $276K | |||
| 85 | EW | <0.1% | $271K | |||
| 86 | SLB | <0.1% | $264K | |||
| 87 | WFC | <0.1% | $248K | |||
| 88 | IWF | <0.1% | $245K | |||
| 89 | MSI | <0.1% | $235K | |||
| 90 | UNP | <0.1% | $231K | |||
| 91 | BK | <0.1% | $229K |
- 1AVGOport5.2%val$38MBroadcom Incthis Q hold·16q
- 2RPRXport4.6%val$34MRoyalty Pharma Plcthis Q hold·19q
- 3CEGport3.6%val$27MConstellation Energythis Q hold·7q
- 4CNAport3.4%val$25MCna Financial Corpthis Q hold·8q
- port3.2%val$24MAlphabet Incthis Q New·—1q
- port3.1%val$23MKkr & CO Incthis Q hold·3q
- 7CVXport3.0%val$22MChevron Corpthis Q hold·5q
- 8BXport3.0%val$22MBlackstone Incthis Q hold·29q
- 9AMGNport2.9%val$22MAmgen Incthis Q hold·36q
- 10CMCSAport2.9%val$21MComcast Corp-class Athis Q +56%·9q
- port2.9%val$21MHP Enterprise COthis Q -51%·4q
- 12ACNport2.8%val$21MAccenturethis Q New·31q
- 13NEEport2.8%val$21MNextera Energy Incthis Q hold·4q
- 14ABBVport2.8%val$21MAbbvie Incthis Q hold·40q
- 15OKEport2.8%val$21MOneok Incthis Q hold·3q
- 16PFEport2.8%val$21MPfizer Incthis Q hold·6q
- 17PSXport2.7%val$20MPhillips 66this Q hold·40q
- 18PEPport2.7%val$20MPepsico Incthis Q hold·4q
- 19TXNport2.6%val$20MTexas Instruments Incthis Q -46%·18q
- 20PLDport2.5%val$18MPrologis Incthis Q hold·6q
- 21AMZNport2.2%val$16MAmazon.com Incthis Q hold·35q
- 22GOOGLport2.2%val$16MAlphabet Inc-cl Athis Q hold·40q
- 23BEport2.1%val$16MBloom Energy Corp- Athis Q hold·6q
- 24MRSHport2.1%val$15MMarsh & Mclennan Costhis Q hold·40q
- 25AAPLport1.9%val$14MApple Incthis Q hold·40q
- 26MSFTport1.8%val$13MMicrosoft Corpthis Q -53%·40q
- 27CASYport1.8%val$13MCasey's General Stores Incthis Q hold·9q
- 28TSMport1.7%val$13MTaiwan Semiconductor-sp Adrthis Q hold·5q
- 29KLACport1.5%val$11MKla Corpthis Q hold·22q
- 30APHport1.4%val$10MAmphenol Corp-cl Athis Q hold·40q
- 31TWport1.0%val$8MTradeweb Markets Inc-class Athis Q hold·16q
- 32VRTXport1.0%val$8MVertex Pharmaceuticals Incthis Q hold·11q
- 33Vport1.0%val$8MVisa Inc-class A Sharesthis Q hold·40q
- 34LZAGYport0.8%val$6MLonza Group Ag-unspon Adrthis Q hold·36q
- 35AJGport0.8%val$6MArthur J Gallagher & COthis Q hold·14q
- 36RBCport0.8%val$6MRbc Bearings Incthis Q hold·23q
- 37ORLYport0.8%val$6MO'reilly Automotive Incthis Q hold·39q
- 38MPWRport0.7%val$5MMonolithic Power Systems Incthis Q hold·31q
- 39NOWport0.7%val$5MServicenow Incthis Q hold·17q
- 40KRYSport0.6%val$5MKrystal Biotech Incthis Q hold·5q
- 41BMRNport0.6%val$4MBiomarin Pharmaceutical Incthis Q hold·34q
- 42VEEVport0.6%val$4MVeeva Systems Inc-class Athis Q hold·14q
- 43VRSKport0.6%val$4MVerisk Analytics Incthis Q hold·40q
- 44SHWport0.6%val$4MSherwin-williams Co/thethis Q hold·38q
- 45GEport0.6%val$4MGeneral Electricthis Q hold·2q
- 46AXSMport0.5%val$4MAxsome Therapeutics Incthis Q hold·10q
- 47G3323L100port0.5%val$3MFabrinetthis Q hold·4q
- 48ENTGport0.4%val$3MEntegris Incthis Q hold·18q
- 49HALOport0.4%val$3MHalozyme Therapeutics Incthis Q hold·39q
- 50RYANport0.4%val$3MRyan Specialty Holdings Incthis Q hold·19q
- 51SNDXport0.4%val$3MSyndax Pharmaceuticals Incthis Q +28%·3q
- 52DTport0.4%val$3MDynatrace Incthis Q hold·21q
- 53NTRAport0.4%val$3MNatera Incthis Q hold·16q
- 54BWXTport0.3%val$2MBwx Technologies Incthis Q hold·11q
- 55EVLVport0.3%val$2MEvolv Technologies Holdingsthis Q hold·4q
- 56ZMport0.3%val$2MZoom Communications Incthis Q New·—1q
- 57MTDport0.3%val$2MMettler-toledo Internationalthis Q hold·39q
- 58GOOGport0.3%val$2MAlphabet Inc-cl Cthis Q hold·35q
- 59FCNport0.3%val$2MFti Consulting Incthis Q hold·7q
- 60VSTMport0.2%val$2MVerastem Incthis Q +60%·3q
- 61NOVTport0.2%val$2MNovanta Incthis Q New·—1q
- 62JKHYport0.2%val$2MJack Henry & Associates Incthis Q hold·39q
- 63COOport0.2%val$2MCooper Cos Inc/thethis Q hold·10q
- 64BRK/Bport0.2%val$1MBerkshire Hathaway Inc-cl Bthis Q hold·37q
- 65JNJport0.1%val$1MJohnson & Johnsonthis Q hold·40q
- 66JPMport0.1%val$969KJpmorgan Chase & COthis Q -92%·36q
- 67HDport0.1%val$876KHome Depot Incthis Q -22%·26q
- 68URIport0.1%val$748KUnited Rentals Incthis Q hold·15q
- 69AXPport0.1%val$665KAmerican Express COthis Q hold·40q
- 70NVDAport0.1%val$588KNvidia Corpthis Q hold·8q
- 71COSTport0.1%val$587KCostco Wholesale Corpthis Q hold·16q
- 72TSLAport0.1%val$526KTesla Incthis Q hold·4q
- 73MSport0.1%val$497KMorgan Stanleythis Q -92%·10q
- 74RYCEYport0.1%val$481KRolls-royce Holdings-sp Adrthis Q hold·6q
- 75LLYport0.1%val$477KEli Lilly & COthis Q hold·8q
- 76773122106port0.1%val$457KRocket Labthis Q -50%·6q
- 77NOCport0.1%val$452KNorthrop Grumman Corpthis Q hold·8q
- 78ENBport0.1%val$450KEnbridge Incthis Q hold·40q
- 79VUGport0.1%val$398KVanguard Growth Etfthis Q -58%·4q
- 80DHRport<0.1%val$356KDanaher Corpthis Q hold·40q
- 81MMMport<0.1%val$324K3M COthis Q hold·15q
- 82RTXport<0.1%val$320KRtx Corpthis Q hold·7q
- 83UNHport<0.1%val$284KUnitedhealth Group Incthis Q New·39q
- 84VTIport<0.1%val$276KVanguard Total Stock Mkt Etfthis Q hold·5q
- 85EWport<0.1%val$271KEdwards Lifesciences Corpthis Q hold·8q
- 86SLBport<0.1%val$264KSlb Ltdthis Q hold·23q
- 87WFCport<0.1%val$248KWells Fargo & COthis Q hold·22q
- 88IWFport<0.1%val$245KIshares Russell 1000 Growththis Q -64%·31q
- 89MSIport<0.1%val$235KMotorola Solutions Incthis Q hold·14q
- 90UNPport<0.1%val$231KUnion Pacific Corpthis Q hold·14q
- 91BKport<0.1%val$229KBank OF New York Mellon Corpthis Q New·—1q
Beyond the 13F
as of 2026-05-31Across Torray Funds’s registered funds — $355M disclosed in SEC Form N-PORT — just 94.1% sits in US-listed equity, the only slice a 13F reports. The other $21M is foreign listings and cash — none of which a 13F can show.
Where the hidden money is
| United States | 4.7% |
Largest positions no 13F shows
| Royalty Pharma PLC · United States · USD | $17M |
| Fidelity Government Portfolio · United States · USD | $4M |
From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $741M for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.
2026Q2 moves, by size (21)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MSFT | Microsoft Corp | TRIM | 1.8% | -53% | $13M |
| HPE 7.625 09/01/27 | HP Enterprise CO | TRIM | 2.9% | -51% | $21M |
| TXN | Texas Instruments Inc | TRIM | 2.6% | -46% | $20M |
| GOOGL 6.25 05/15/29 A | Alphabet Inc | NEW | 3.2% | +100% | $24M |
| CMCSA | Comcast Corp-class A | ADD | 2.9% | +56% | $21M |
| ACN | Accenture | NEW | 2.8% | +100% | $21M |
| JPM | Jpmorgan Chase & CO | TRIM | 0.1% | -92% | $969K |
| MS | Morgan Stanley | TRIM | 0.1% | -92% | $497K |
| SNDX | Syndax Pharmaceuticals Inc | ADD | 0.4% | +28% | $3M |
| HURN | Huron Consulting Group Inc | EXIT | 0.3% | -100% | $0 |
| ZM | Zoom Communications Inc | NEW | 0.3% | +100% | $2M |
| VSTM | Verastem Inc | ADD | 0.2% | +60% | $2M |
| NOVT | Novanta Inc | NEW | 0.2% | +100% | $2M |
| QLYS | Qualys Inc | EXIT | 0.2% | -100% | $0 |
| HD | Home Depot Inc | TRIM | 0.1% | -22% | $876K |
| VUG | Vanguard Growth Etf | TRIM | 0.1% | -58% | $398K |
| IWF | Ishares Russell 1000 Growth | TRIM | <0.1% | -64% | $245K |
| 773122106 | Rocket Lab | TRIM | 0.1% | -50% | $457K |
| HON | Honeywell International Inc | EXIT | <0.1% | -100% | $0 |
| UNH | Unitedhealth Group Inc | NEW | <0.1% | +100% | $284K |
| BK | Bank OF New York Mellon Corp | NEW | <0.1% | +100% | $229K |
- TRIMMSFT1.8%Microsoft CorpΔ -53%·$13M
- TRIMHPE 7.625 09/01/272.9%HP Enterprise COΔ -51%·$21M
- TRIMTXN2.6%Texas Instruments IncΔ -46%·$20M
- NEWGOOGL 6.25 05/15/29 A3.2%Alphabet IncΔ +100%·$24M
- ADDCMCSA2.9%Comcast Corp-class AΔ +56%·$21M
- NEWACN2.8%AccentureΔ +100%·$21M
- TRIMJPM0.1%Jpmorgan Chase & COΔ -92%·$969K
- TRIMMS0.1%Morgan StanleyΔ -92%·$497K
- ADDSNDX0.4%Syndax Pharmaceuticals IncΔ +28%·$3M
- EXITHURN0.3%Huron Consulting Group IncΔ -100%·$0
- NEWZM0.3%Zoom Communications IncΔ +100%·$2M
- ADDVSTM0.2%Verastem IncΔ +60%·$2M
- NEWNOVT0.2%Novanta IncΔ +100%·$2M
- EXITQLYS0.2%Qualys IncΔ -100%·$0
- TRIMHD0.1%Home Depot IncΔ -22%·$876K
- TRIMVUG0.1%Vanguard Growth EtfΔ -58%·$398K
- TRIMIWF<0.1%Ishares Russell 1000 GrowthΔ -64%·$245K
- TRIM7731221060.1%Rocket LabΔ -50%·$457K
- EXITHON<0.1%Honeywell International IncΔ -100%·$0
- NEWUNH<0.1%Unitedhealth Group IncΔ +100%·$284K
- NEWBK<0.1%Bank OF New York Mellon CorpΔ +100%·$229K
About Torray Funds
Torray Funds is a Bethesda, Maryland-based investment firm with roots going back to Robert Torray's founding in 1972, built around a long-only, buy-and-hold equity discipline that prizes low turnover and patience over tactical repositioning. The portfolio — 88 positions totaling roughly $682M in 13F-reportable securities — is modestly diversified by concentrated-value standards, with the top five holdings (including Royalty Pharma, Broadcom, Microsoft, Chevron, and Constellation Energy) accounting for about 21% of assets; that shape reflects a quality-growth tilt rather than deep-value compression. Because the strategy is straightforward long equity with minimal use of derivatives or short positions, the 13F is a reasonably faithful representation of the book, subject only to the standard 45-day disclosure lag. Readers should note that a clone backtest over twelve years shows roughly 2.8 percentage points of annual drag versus SPY, a figure consistent with a strategy that has historically emphasized downside discipline and capital preservation over benchmark-beating return generation.
2026Q2 brief
Torray Funds' $740M portfolio showed meaningful repositioning in Q2 2026, with the firm's most notable move being the initiation of a Alphabet Convertible position at 3.2% of the portfolio — a structured, downside-conscious way to gain Alphabet exposure consistent with Torray's blend of equity and credit instruments (the KKR 6.25 03/01/28 bond already sits at 3.1%). New equity initiations in ACN (2.8%) suggest a bet on enterprise IT services resilience. Meanwhile, the aggressive trimming of MSFT (−53%, now 1.8%), TXN (−46%, now 2.7%), and near-wholesale exits from JPM (−92%) and MS (−92%) signals a deliberate rotation away from large-cap tech and money-center banks — perhaps a valuation call after extended runs. Offsetting this, CMCSA was added aggressively (+56%, now 2.9%), hinting at a contrarian media/broadband value stance, while top holding AVGO (5.2%) remained intact. The 91-position book stays diversified, but the convertible/credit sleeve is growing. Watch whether the Alphabet Convertible position is expanded or converted to common equity in Q3, which would clarify Torray's conviction on the name.
AI-generated. Not investment advice.
Filing history
Torray Funds's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 91 | $741M |
| Q1 2026 — what changed → | 88 | $682M |
| Q4 2025 — what changed → | 95 | $698M |
| Q3 2025 — what changed → | 99 | $737M |
| Q2 2025 — what changed → | 99 | $689M |
| Q1 2025 — what changed → | 101 | $671M |
| Q4 2024 holdings | 101 | $697M |
| Q3 2024 holdings | 102 | $715M |
| Q2 2024 holdings | 93 | $669M |
| Q1 2024 holdings | 92 | $668M |
| Q4 2023 holdings | 94 | $618M |
| Q3 2023 holdings | 94 | $567M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Torray Funds held
Stocks up 5x or more since Torray Funds first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- AMAT30.6xAPPLIED MATERIALS INC13q straight · peak 2%
- TSM27.7xTAIWAN SEMICONDUCTOR-SP ADR4q straight · peak 1.34% · still holds
- AAPL19.9xAPPLE INC49q straight · peak 4.78% · still holds
- AVGO19.5xBROADCOM INC15q straight · peak 5.95% · still holds
- APH14.9xAMPHENOL CORP-CL A49q straight · peak 3.31% · still holds
- CASY14.0xCASEY'S GENERAL STORES INC8q straight · peak 1.83% · still holds
Six biggest of 32. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Torray Funds's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Torray Funds own?
- As of 2026Q2, Torray Funds's 13F discloses 91 positions worth $741M. The top five holdings: AVGO (5.2%), RPRX (4.6%), CEG (3.6%), CNA (3.4%), GOOGL 6.25 05/15/29 A (3.2%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Torray Funds buy this quarter?
- In 2026Q2, the filing shows 6 new positions and 3 additions to existing holdings. The largest positions touched by buying: GOOGL 6.25 05/15/29 A, CMCSA, ACN, SNDX, ZM.
- How big is Torray Funds's portfolio?
- $741M across 91 positions per the latest 13F (filed Jul 30, 2026). The top five holdings account for 20% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000098758). Not investment advice.