Robert Torray - Torray Fund Investment Strategy (Sep 30, 2025)


As of Sep 30, 2025, the Torray Fund portfolio managed by Robert Torray demonstrates a sophisticated investment approach with 127 positions and an average holding period of 822 quarters. The strategy focuses on Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services, Healthcare, Industrials, Real Estate, Technology, Utilities sectors with a typical position size of 1.2% of the portfolio.


The portfolio's risk management approach includes a maximum position size of 1.18% and sector diversification of 11%, exemplified by the case study of Broadcom Limited (AVGO). This strategic framework provides insights into Robert Torray's investment philosophy, risk management practices, and long-term value creation approach.

Investment Strategy Metrics

Key metrics revealing investment style, risk management, and performance characteristics

MetricValueCategoryDescription
Holding Period2.3 yearsStyleAverage duration positions are maintained
Position Count127StyleNumber of active positions in portfolio
Position Size1.2%RiskTypical allocation per position
Win Rate60.8%PerformancePercentage of profitable positions
Average Return7.8%PerformanceMean return across positions
Sharpe Ratio0.23PerformanceReturn per unit of risk taken

Investment Case Study: Broadcom Limited (AVGO)

9/30/2022 - 11/9/2025

Performance Metrics

Total Return: 274,136.12%

Holding Period: 1136 days

Max Position Size: $40,984,469.00

Position Weight: 1.93%

Key Events

9/30/2022: ENTRY(2,347.00 shares) @ $0.44
12/31/2022: INCREASE(2,756.00 shares) @ $559.13
3/31/2023: DECREASE(-159.00 shares) @ $641.54
6/30/2023: INCREASE(2,222.00 shares) @ $867.43
9/30/2023: INCREASE(1,512.00 shares) @ $830.58
12/31/2023: DECREASE(-80.00 shares) @ $1,116.25
3/31/2024: INCREASE(44,759.00 shares) @ $191.40
6/30/2024: DECREASE(-45,669.00 shares) @ $1,605.53
9/30/2024: INCREASE(72,784.00 shares) @ $172.50
12/31/2024: DECREASE(-141.00 shares) @ $231.84
3/31/2025: DECREASE(-8,831.00 shares) @ $167.43
6/30/2025: INCREASE(77,183.00 shares) @ $275.65
9/30/2025: DECREASE(-54,371.00 shares) @ $329.91

Investment Thesis

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors:
  • Market volatility
  • Sector-specific risks

Key Learnings

  • Position sizing is critical for portfolio management
  • Important to monitor sector exposure

Sector Allocations