Torray Fund TORYX

 

Objective
To build investor wealth over extended periods and to minimize shareholder capital gains tax liability by limiting the realization of long and short-term gains.

We believe
  Value is in the business,
not in the stock
  space Free cash flow is a crucial
driver of value
  space Volatility creates opportunity
 
We are
  Owners of businesses
  space Total return investors
  space Committed to our process
  space Risk-averse
  space Focused on capital preservation

Strategy
We invest in a limited number of high quality companies that have a record of increasing sales and earnings, and hold them as long as their fundamentals remain intact. Capable management and sound finances are critical considerations. Investments are made when it is believed a company's long-term outlook is sound and the shares are fairly priced.

The primary focus is on business analysis, and no attempt is made to forecast market trends. Quality companies with successful track records that have fallen from investor favor may be of interest if we determine the cause of investor disaffection is temporary, and that share prices fail to reflect our assessment of intrinsic value. However, companies with poor records, or those that suffer reversals deemed likely to be permanent are avoided regardless of how "cheap" their shares may appear.

Business Characteristics We Favor
  Free cash flow generation
  bullet space Sustainable competitive advantage
  bullet space High returns on capital
  bullet space Capital allocation discipline

Our Portfolios
Our portfolios are prudently diversified, usually holding 25-40 stocks. Limits on the weight of individual investment positions and economic sector exposure are used to avoid excessive concentration.

Sell Discipline
Positions are reduced or sold if:
  bullet space A superior investment opportunity is identified
  bullet space The original investment thesis changes
  bullet space The investment has become significantly overvalued

 

Click here for Torray Fund After-Tax Returns

Inception: 12/31/1990
Expense ratio: 1.15%

Performance data is based upon past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please call 800.626.9769 to obtain performance data as of the most recent month-end.

1Not annualized

The S&P 500 Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund's portfolio. The Index returns do not reflect the deduction of expenses, which have been deducted from the Fund's returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees.

 
Fund Facts

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Ticker TORYX
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Cusip 891402109
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Inception 12/31/1990
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Fund Assets $401 Million
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Sales Charge None
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Min. Initial Inv. $2,000
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Benchmark S&P 500
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Redemption Fee None
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Managers Robert E. Torray
Fred M. Fialco
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Investment Team

Robert E. Torray
Portfolio Management and Research


 
Fred M. Fialco
Portfolio Management and Research


 
John Petrofsky, CAIA
Research


 
 
Reports & Prospectuses

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Applications & Forms

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ABOUT US
 
The Firm
Philosophy & Process
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Team

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Torray
Large Value Strategy

 
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Large Growth Strategy

 
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Small/Mid Growth Strategy

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