Torray Funds
Torray Funds
Torray Funds (Torray Funds) discloses a $682M portfolio across 88 US-listed positions in the latest 13F filing (2026Q1, filed May 1, 2026). The largest holding is RPRX at 4.5% of the book. The biggest move of the quarter: added 129% to the MSFT share count (position now $29M). Latticework's clone backtest puts this 13F book at -2.8%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Torray's $680M portfolio executed a clear energy-to-AI infrastructure rotation in 2026Q1, with CEG (Constellation Energy) exploding from a small position to 3.8% via a +383% add (~$25M), paired with MSFT more than doubling (+129%) to 4.2% — together signaling a strong thematic bet on power demand from data centers and nuclear renaissance. New position CMCSA (2.3%, ~$16M) is contrarian given ongoing cord-cutting concerns, while GE (0.4%) adds aerospace exposure. On the exit side, UNH (2.8% prior) and INTU (2.1%) were fully liquidated — the UNH exit aligns with sector-wide managed care concerns, while the INTU exit is more surprising given software quality. PSX was trimmed 31.7% and semiconductor equipment names KLAC and ENTG were cut, reducing energy and semi-cap exposure. The HPE 7.625 09/01/27 bond at 3.5% is an unusual fixed-income holding for an equity shop, worth noting. The portfolio now reads as quality growth (MSFT, NOW, AVGO, TXN) plus nuclear/power infrastructure as a distinct second pillar. Watch whether CEG and BE (Bloom Energy, +95%) continue to be built toward a combined 5%+ power-infrastructure sleeve.
AI-generated. Not investment advice.
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Holdings (88) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | RPRX | 4.5% | $31M | |||
| 2 | AVGO | 4.5% | $31M | |||
| 3 | MSFT | 4.2% | $29M | |||
| 4 | CVX | 4.1% | $28M | |||
| 5 | CEG | 3.8% | $26M | |||
| 6 | PSX | 3.8% | $26M | |||
| 7 | HPE 7.625 09/01/27 | 3.5% | $24M | |||
| 8 | TXN | 3.5% | $24M | |||
| 9 | PFE | 3.2% | $22M | |||
| 10 | CNA | 3.2% | $22M | |||
| 11 | OKE | 3.2% | $22M | |||
| 12 | PEP | 3.1% | $21M | |||
| 13 | ABBV | 3.0% | $20M | |||
| 14 | KKR 6.25 03/01/28 D | 2.8% | $19M | |||
| 15 | AMGN | 2.8% | $19M | |||
| 16 | BX | 2.8% | $19M | |||
| 17 | NEE | 2.7% | $19M | |||
| 18 | PLD | 2.6% | $18M | |||
| 19 | MRSH | 2.4% | $16M | |||
| 20 | CMCSA | 2.3% | $16M | |||
| 21 | AMZN | 2.2% | $15M | |||
| 22 | GOOGL | 2.0% | $13M | |||
| 23 | AAPL | 1.8% | $13M | |||
| 24 | CASY | 1.8% | $12M | |||
| 25 | JPM | 1.7% | $11M | |||
| 26 | TSM | 1.3% | $9M | |||
| 27 | TW | 1.3% | $9M | |||
| 28 | BE | 1.2% | $8M | |||
| 29 | APH | 1.2% | $8M | |||
| 30 | VRTX | 1.0% | $7M | |||
| 31 | KLAC | 1.0% | $6M | |||
| 32 | AJG | 0.9% | $6M | |||
| 33 | V | 0.9% | $6M | |||
| 34 | LZAGY | 0.9% | $6M | |||
| 35 | ORLY | 0.8% | $6M | |||
| 36 | NOW | 0.8% | $6M | |||
| 37 | MS | 0.7% | $5M | |||
| 38 | RBC | 0.7% | $5M | |||
| 39 | VRSK | 0.7% | $5M | |||
| 40 | BMRN | 0.6% | $4M | |||
| 41 | VEEV | 0.6% | $4M | |||
| 42 | MPWR | 0.6% | $4M | |||
| 43 | SHW | 0.5% | $4M | |||
| 44 | G3323L100 | 0.5% | $4M | |||
| 45 | KRYS | 0.5% | $3M | |||
| 46 | GE | 0.4% | $3M | |||
| 47 | DT | 0.4% | $3M | |||
| 48 | BWXT | 0.4% | $3M | |||
| 49 | AXSM | 0.4% | $2M | |||
| 50 | HALO | 0.4% | $2M | |||
| 51 | SNDX | 0.4% | $2M | |||
| 52 | JKHY | 0.3% | $2M | |||
| 53 | RYAN | 0.3% | $2M | |||
| 54 | FCN | 0.3% | $2M | |||
| 55 | EVLV | 0.3% | $2M | |||
| 56 | MTD | 0.3% | $2M | |||
| 57 | ENTG | 0.3% | $2M | |||
| 58 | HURN | 0.3% | $2M | |||
| 59 | NTRA | 0.3% | $2M | |||
| 60 | COO | 0.3% | $2M | |||
| 61 | GOOG | 0.3% | $2M | |||
| 62 | QLYS | 0.2% | $2M | |||
| 63 | VSTM | 0.2% | $2M | |||
| 64 | BRK/B | 0.2% | $1M | |||
| 65 | HD | 0.2% | $1M | |||
| 66 | JNJ | 0.1% | $1M | |||
| 67 | VUG | 0.1% | $802K | |||
| 68 | COST | 0.1% | $626K | |||
| 69 | NOC | 0.1% | $605K | |||
| 70 | AXP | 0.1% | $594K | |||
| 71 | IWF | 0.1% | $591K | |||
| 72 | 773122106 | 0.1% | $578K | |||
| 73 | NVDA | 0.1% | $533K | |||
| 74 | URI | 0.1% | $481K | |||
| 75 | TSLA | 0.1% | $465K | |||
| 76 | ENB | 0.1% | $450K | |||
| 77 | RYCEY | 0.1% | $386K | |||
| 78 | LLY | 0.1% | $366K | |||
| 79 | DHR | 0.1% | $355K | |||
| 80 | RTX | <0.1% | $326K | |||
| 81 | SLB | <0.1% | $292K | |||
| 82 | MMM | <0.1% | $290K | |||
| 83 | HON | <0.1% | $280K | |||
| 84 | MSI | <0.1% | $246K | |||
| 85 | EW | <0.1% | $240K | |||
| 86 | WFC | <0.1% | $239K | |||
| 87 | VTI | <0.1% | $239K | |||
| 88 | UNP | <0.1% | $206K |
- 1RPRXport4.5%val$31MRoyalty Pharma Plcthis Q hold·18q
- 2AVGOport4.5%val$31MBroadcom Incthis Q hold·15q
- 3MSFTport4.2%val$29MMicrosoft Corpthis Q +129%·40q
- 4CVXport4.1%val$28MChevron Corpthis Q hold·4q
- 5CEGport3.8%val$26MConstellation Energythis Q +383%·6q
- 6PSXport3.8%val$26MPhillips 66this Q -32%·40q
- port3.5%val$24MHP Enterprise COthis Q hold·3q
- 8TXNport3.5%val$24MTexas Instruments Incthis Q hold·17q
- 9PFEport3.2%val$22MPfizer Incthis Q hold·5q
- 10CNAport3.2%val$22MCna Financial Corpthis Q hold·7q
- 11OKEport3.2%val$22MOneok Incthis Q hold·2q
- 12PEPport3.1%val$21MPepsico Incthis Q hold·3q
- 13ABBVport3.0%val$20MAbbvie Incthis Q hold·40q
- port2.8%val$19MKkr & CO Incthis Q hold·2q
- 15AMGNport2.8%val$19MAmgen Incthis Q hold·35q
- 16BXport2.8%val$19MBlackstone Incthis Q hold·28q
- 17NEEport2.7%val$19MNextera Energy Incthis Q hold·3q
- 18PLDport2.6%val$18MPrologis Incthis Q hold·5q
- 19MRSHport2.4%val$16MMarsh & Mclennan Costhis Q hold·40q
- 20CMCSAport2.3%val$16MComcast Corp-class Athis Q New·8q
- 21AMZNport2.2%val$15MAmazon.com Incthis Q hold·34q
- 22GOOGLport2.0%val$13MAlphabet Inc-cl Athis Q hold·40q
- 23AAPLport1.8%val$13MApple Incthis Q hold·40q
- 24CASYport1.8%val$12MCasey's General Stores Incthis Q hold·8q
- 25JPMport1.7%val$11MJpmorgan Chase & COthis Q hold·35q
- 26TSMport1.3%val$9MTaiwan Semiconductor-sp Adrthis Q hold·4q
- 27TWport1.3%val$9MTradeweb Markets Inc-class Athis Q hold·15q
- 28BEport1.2%val$8MBloom Energy Corp- Athis Q +95%·5q
- 29APHport1.2%val$8MAmphenol Corp-cl Athis Q hold·40q
- 30VRTXport1.0%val$7MVertex Pharmaceuticals Incthis Q hold·10q
- 31KLACport1.0%val$6MKla Corpthis Q -33%·21q
- 32AJGport0.9%val$6MArthur J Gallagher & COthis Q +25%·13q
- 33Vport0.9%val$6MVisa Inc-class A Sharesthis Q hold·40q
- 34LZAGYport0.9%val$6MLonza Group Ag-unspon Adrthis Q hold·35q
- 35ORLYport0.8%val$6MO'reilly Automotive Incthis Q hold·38q
- 36NOWport0.8%val$6MServicenow Incthis Q +35%·16q
- 37MSport0.7%val$5MMorgan Stanleythis Q hold·9q
- 38RBCport0.7%val$5MRbc Bearings Incthis Q hold·22q
- 39VRSKport0.7%val$5MVerisk Analytics Incthis Q +40%·40q
- 40BMRNport0.6%val$4MBiomarin Pharmaceutical Incthis Q New·34q
- 41VEEVport0.6%val$4MVeeva Systems Inc-class Athis Q hold·13q
- 42MPWRport0.6%val$4MMonolithic Power Systems Incthis Q hold·30q
- 43SHWport0.5%val$4MSherwin-williams Co/thethis Q hold·37q
- 44G3323L100port0.5%val$4MFabrinetthis Q hold·3q
- 45KRYSport0.5%val$3MKrystal Biotech Incthis Q hold·4q
- 46GEport0.4%val$3MGeneral Electricthis Q New·—1q
- 47DTport0.4%val$3MDynatrace Incthis Q hold·20q
- 48BWXTport0.4%val$3MBwx Technologies Incthis Q hold·10q
- 49AXSMport0.4%val$2MAxsome Therapeutics Incthis Q hold·9q
- 50HALOport0.4%val$2MHalozyme Therapeutics Incthis Q hold·38q
- 51SNDXport0.4%val$2MSyndax Pharmaceuticals Incthis Q hold·2q
- 52JKHYport0.3%val$2MJack Henry & Associates Incthis Q hold·38q
- 53RYANport0.3%val$2MRyan Specialty Holdings Incthis Q hold·18q
- 54FCNport0.3%val$2MFti Consulting Incthis Q hold·6q
- 55EVLVport0.3%val$2MEvolv Technologies Holdingsthis Q +171%·3q
- 56MTDport0.3%val$2MMettler-toledo Internationalthis Q hold·38q
- 57ENTGport0.3%val$2MEntegris Incthis Q -21%·17q
- 58HURNport0.3%val$2MHuron Consulting Group Incthis Q hold·3q
- 59NTRAport0.3%val$2MNatera Incthis Q -21%·15q
- 60COOport0.3%val$2MCooper Cos Inc/thethis Q hold·9q
- 61GOOGport0.3%val$2MAlphabet Inc-cl Cthis Q hold·34q
- 62QLYSport0.2%val$2MQualys Incthis Q +29%·38q
- 63VSTMport0.2%val$2MVerastem Incthis Q +38%·2q
- 64BRK/Bport0.2%val$1MBerkshire Hathaway Inc-cl Bthis Q hold·36q
- 65HDport0.2%val$1MHome Depot Incthis Q -23%·25q
- 66JNJport0.1%val$1MJohnson & Johnsonthis Q hold·40q
- 67VUGport0.1%val$802KVanguard Growth Etfthis Q -71%·3q
- 68COSTport0.1%val$626KCostco Wholesale Corpthis Q hold·15q
- 69NOCport0.1%val$605KNorthrop Grumman Corpthis Q hold·7q
- 70AXPport0.1%val$594KAmerican Express COthis Q -92%·40q
- 71IWFport0.1%val$591KIshares Russell 1000 Growththis Q -30%·30q
- 72773122106port0.1%val$578KRocket Labthis Q hold·5q
- 73NVDAport0.1%val$533KNvidia Corpthis Q hold·7q
- 74URIport0.1%val$481KUnited Rentals Incthis Q hold·14q
- 75TSLAport0.1%val$465KTesla Incthis Q -32%·3q
- 76ENBport0.1%val$450KEnbridge Incthis Q -25%·40q
- 77RYCEYport0.1%val$386KRolls-royce Holdings-sp Adrthis Q hold·5q
- 78LLYport0.1%val$366KEli Lilly & COthis Q hold·7q
- 79DHRport0.1%val$355KDanaher Corpthis Q hold·40q
- 80RTXport<0.1%val$326KRtx Corpthis Q hold·6q
- 81SLBport<0.1%val$292KSlb Ltdthis Q hold·23q
- 82MMMport<0.1%val$290K3M COthis Q hold·14q
- 83HONport<0.1%val$280KHoneywell International Incthis Q hold·33q
- 84MSIport<0.1%val$246KMotorola Solutions Incthis Q hold·13q
- 85EWport<0.1%val$240KEdwards Lifesciences Corpthis Q hold·7q
- 86WFCport<0.1%val$239KWells Fargo & COthis Q hold·22q
- 87VTIport<0.1%val$239KVanguard Total Stock Mkt Etfthis Q hold·4q
- 88UNPport<0.1%val$206KUnion Pacific Corpthis Q New·13q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MSFT | Microsoft Corp | ADD | 4.2% | +129% | $29M |
| PSX | Phillips 66 | TRIM | 3.8% | -32% | $26M |
| CEG | Constellation Energy | ADD | 3.8% | +383% | $26M |
| UNH | Unitedhealth Group Inc | EXIT | 2.8% | -100% | $0 |
| CMCSA | Comcast Corp-class A | NEW | 2.3% | +100% | $16M |
| INTU | Intuit Inc | EXIT | 2.1% | -100% | $0 |
| AXP | American Express CO | TRIM | 0.1% | -92% | $594K |
| BE | Bloom Energy Corp- A | ADD | 1.2% | +95% | $8M |
| KLAC | Kla Corp | TRIM | 1.0% | -33% | $6M |
| AJG | Arthur J Gallagher & CO | ADD | 0.9% | +25% | $6M |
| CPRT | Copart Inc | EXIT | 0.9% | -100% | $0 |
| NOW | Servicenow Inc | ADD | 0.8% | +35% | $6M |
| ADBE | Adobe Inc | EXIT | 0.7% | -100% | $0 |
| CNSWF | Constellation Software Inc | EXIT | 0.7% | -100% | $0 |
| VRSK | Verisk Analytics Inc | ADD | 0.7% | +40% | $5M |
| BMRN | Biomarin Pharmaceutical Inc | NEW | 0.6% | +100% | $4M |
| TYL | Tyler Technologies Inc | EXIT | 0.6% | -100% | $0 |
| VUG | Vanguard Growth Etf | TRIM | 0.1% | -71% | $802K |
| GE | General Electric | NEW | 0.4% | +100% | $3M |
| NTRA | Natera Inc | TRIM | 0.3% | -21% | $2M |
| EVLV | Evolv Technologies Holdings | ADD | 0.3% | +171% | $2M |
| ENTG | Entegris Inc | TRIM | 0.3% | -21% | $2M |
| QLYS | Qualys Inc | ADD | 0.2% | +29% | $2M |
| CCC | Ccc Intelligent Solutions HO | EXIT | 0.2% | -100% | $0 |
| VSTM | Verastem Inc | ADD | 0.2% | +38% | $2M |
| HD | Home Depot Inc | TRIM | 0.2% | -23% | $1M |
| IWF | Ishares Russell 1000 Growth | TRIM | 0.1% | -30% | $591K |
| TSLA | Tesla Inc | TRIM | 0.1% | -32% | $465K |
| POOL | Pool Corp | EXIT | 0.1% | -100% | $0 |
| ENB | Enbridge Inc | TRIM | 0.1% | -25% | $450K |
| AMAT | Applied Materials Inc | EXIT | <0.1% | -100% | $0 |
| ABT | Abbott Laboratories | EXIT | <0.1% | -100% | $0 |
| UNP | Union Pacific Corp | NEW | <0.1% | +100% | $206K |
| EXPE | Expedia Group Inc | EXIT | <0.1% | -100% | $0 |
- ADDMSFT4.2%Microsoft CorpΔ +129%·$29M
- TRIMPSX3.8%Phillips 66Δ -32%·$26M
- ADDCEG3.8%Constellation EnergyΔ +383%·$26M
- EXITUNH2.8%Unitedhealth Group IncΔ -100%·$0
- NEWCMCSA2.3%Comcast Corp-class AΔ +100%·$16M
- EXITINTU2.1%Intuit IncΔ -100%·$0
- TRIMAXP0.1%American Express COΔ -92%·$594K
- ADDBE1.2%Bloom Energy Corp- AΔ +95%·$8M
- TRIMKLAC1.0%Kla CorpΔ -33%·$6M
- ADDAJG0.9%Arthur J Gallagher & COΔ +25%·$6M
- EXITCPRT0.9%Copart IncΔ -100%·$0
- ADDNOW0.8%Servicenow IncΔ +35%·$6M
- EXITADBE0.7%Adobe IncΔ -100%·$0
- EXITCNSWF0.7%Constellation Software IncΔ -100%·$0
- ADDVRSK0.7%Verisk Analytics IncΔ +40%·$5M
- NEWBMRN0.6%Biomarin Pharmaceutical IncΔ +100%·$4M
- EXITTYL0.6%Tyler Technologies IncΔ -100%·$0
- TRIMVUG0.1%Vanguard Growth EtfΔ -71%·$802K
- NEWGE0.4%General ElectricΔ +100%·$3M
- TRIMNTRA0.3%Natera IncΔ -21%·$2M
- ADDEVLV0.3%Evolv Technologies HoldingsΔ +171%·$2M
- TRIMENTG0.3%Entegris IncΔ -21%·$2M
- ADDQLYS0.2%Qualys IncΔ +29%·$2M
- EXITCCC0.2%Ccc Intelligent Solutions HOΔ -100%·$0
- ADDVSTM0.2%Verastem IncΔ +38%·$2M
- TRIMHD0.2%Home Depot IncΔ -23%·$1M
- TRIMIWF0.1%Ishares Russell 1000 GrowthΔ -30%·$591K
- TRIMTSLA0.1%Tesla IncΔ -32%·$465K
- EXITPOOL0.1%Pool CorpΔ -100%·$0
- TRIMENB0.1%Enbridge IncΔ -25%·$450K
- EXITAMAT<0.1%Applied Materials IncΔ -100%·$0
- EXITABT<0.1%Abbott LaboratoriesΔ -100%·$0
- NEWUNP<0.1%Union Pacific CorpΔ +100%·$206K
- EXITEXPE<0.1%Expedia Group IncΔ -100%·$0
Frequently asked questions
- What stocks does Torray Funds own?
- As of 2026Q1, Torray Funds's 13F discloses 88 positions worth $682M. The top five holdings: RPRX (4.5%), AVGO (4.5%), MSFT (4.2%), CVX (4.1%), CEG (3.8%). 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 2026Q1, the filing shows 4 new positions and 9 additions to existing holdings. The largest positions touched by buying: MSFT, CEG, CMCSA, BE, AJG.
- How big is Torray Funds's portfolio?
- $682M across 88 positions per the latest 13F (filed May 1, 2026). The top five holdings account for 21% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000098758). Not investment advice.