25th Anniversary of Torray Concentrated Large Growth Strategy

For 25 Years, we have passionately believed a thoughtfully constructed, concentrated portfolio of businesses with attractive risk-adjusted growth characteristics can add value for clients over the long term.

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For a quarter of a century, we have expressed this belief through our Concentrated Large Growth (CLG) strategy. CLG’s focus on owning a select group of businesses with persistent, risk-adjusted growth has led to outperformance versus the index.¹‍

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Since inception¹, we have added value for clients by faithfully executing our unique investment process across different economic cycles, and in the face of numerous exogenous shocks to the market.

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Contact

Bryan Leibrand, CIMA®
301.493.4600 x255
bleibrand@torray.com

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Footnotes

¹CLG Composite Inception: 03.31.1998. Chart Source: Torray Investment Partners; all data as of 03.31.2023. Cumulative growth of $10,000 is calculated using actual monthly net of max fee returns for the CLG Composite and assumes reinvestment of all dividends, capital gains, and no distributions or contributions. The Russell 1000® Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index® companies with higher price to book ratios and higher forecasted growth values. This information is supplemental to the GIPS Report appearing at the conclusion of the presentation. Past performance is not indicative of future results.

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Disclosures‍

The Torray Concentrated Large Growth Composite includes all discretionary fee-paying portfolios over $100 thousand managed under the Torray Large Capitalization strategy. Prior to October 1, 2017, the account minimum was $250 thousand. For comparison purposes, the composite is measured against the Russell 1000® Growth and the S&P 500® indices. The S&P 500® Index is the Composite’s secondary benchmark. The strategy focuses on equity investments in primarily large cap companies which Torray believes have sustainable growth profiles.

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Torray Investment Partners LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Torray Investment Partners LLC has been independently verified for the periods October 1, 2005, through December 31, 2022.

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A firm that claims compliance with GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to the composite and pooled fund maintenance, as well as the calculation, presentation and distribution of performance have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis.

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The Torray Concentrated Large Growth Composite has been examined for the periods of July 1, 2010, through December 31, 2022. The verification and performance examination reports are available upon request. Torray Investment Partners LLC is an independent registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. The firm maintains a complete list and description of composites and broad distribution pooled funds, which is available upon request.

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Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented gross or net of foreign withholding taxes on dividends, interest income, and capital gains depending on the custodian. Withholding taxes may vary according to the investor’s domicile. Past performance is not indicative of future results. GIPS® is a registered trademark of the CFA Institute. The CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

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The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. The management fee schedule is as follows: 1.00% on assets up to $5 million, 0.75% on next $20 million, 0.50% on next $175 million; 0.375% on next $100 million, and 0.25% on balance. Actual investment advisory fees incurred by clients may vary. The annual composite dispersion presented is an asset-weighted standard deviation calculated by using gross returns for the accounts in the composite for the entire year. Gross returns are used to calculate the three-year annualized ex-post standard deviation of the composite. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

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Composite was created June 1, 1999, and has an inception date of April 1, 1998. Prior to January 1, 2022, the composite was known as the TorrayResolute Concentrated Large Growth Composite.

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On October 1, 2021, the portfolio manager responsible for managing the composite left the firm. The composite is now managed by two co-portfolio managers who have been members of the strategy’s investment committee and involved in all portfolio research and investment decisions since the composite’s creation. Effective January 1, 2023, Torray LLC changed its name to Torray Investment Partners LLC.

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PREPARED FOR INTENDED RECIPIENT AND INVESTMENT PROFESSIONAL USE ONLY. THIS PRESENTATION IS CONFIDENTIAL AND NOT FOR REDISTRIBUTION.