High Concentration in Tech and Energy: Robert Torray's March 2026 Portfolio Analysis

Portfolio Overview

The Torray Fund, managed by Robert Torray, exhibits a concentrated portfolio as of March 31, 2026. The top ten holdings account for a substantial portion of the total portfolio value, highlighting a focused investment approach. Key holdings include significant allocations to Technology and Energy sectors.

Top Holdings by Value

The largest positions by total stock value in the portfolio are:

• Royalty Pharma Plc (RPRX): $30.96 million (4.54%)
• Broadcom (AVGO): $30.79 million (4.52%)
• Microsoft (MSFT): $28.77 million (4.22%)
• Chevron Corp (CVX): $27.95 million (4.10%)
• Constellation Energy (CEG): $25.70 million (3.77%)
• Phillips 66 (PSX): $25.69 million (3.77%)
• Texas Instruments (TXN): $23.52 million (3.45%)
• Pfizer (PFE): $21.80 million (3.20%)
• CNA Financial (CNA): $21.60 million (3.17%)
• ONEOK (OKE): $21.57 million (3.16%)

Sector Concentration

The portfolio demonstrates a clear tilt towards Technology and Energy sectors:

• Technology: Home to Broadcom (AVGO), Microsoft (MSFT), and Texas Instruments (TXN), collectively representing a significant portion of the portfolio's allocation.
• Energy: Chevron Corp (CVX), Phillips 66 (PSX), and ONEOK (OKE) form another major concentration within the portfolio.

Recent Holding Changes

Several holdings show significant changes from the previous period:

• Constellation Energy (CEG): Experienced a massive increase in both shares (+375.83%) and value, indicating strong conviction in this holding.
• Microsoft (MSFT): Shares increased significantly (+118.78%), reflecting continued confidence in this major Technology player.
• Phillips 66 (PSX): Suffered a substantial decrease in shares (-32.47%), suggesting a strategic shift away from this Energy company.
• ONEOK (OKE): Showed a dramatic increase in shares (+100.0%), indicating a recent addition or significant weight increase.

Investment Strategy Analysis

The portfolio's structure points towards a strategy focused on large-cap companies within specific sectors. The heavy weighting in Technology and Energy suggests a belief in the long-term growth potential of these industries. The fund appears to favor established players with strong market positions, as evidenced by the large allocations to companies like Microsoft, Chevron, and Phillips 66. The significant change in Phillips 66's allocation suggests a dynamic approach to sector rotation within these concentrated areas.