Concentrated Large Value Strategy

We believe
  Value is in the business,
not in the stock
  space Opportunity exists where short-term valuation discounts long-term opportunity
  space A consistent process is more valuable than relying on information advantage or intuition
We are
  Long-term investors
  space Focused on capital preservation
  space Total return oriented

Our strategy is to invest in a limited number of high quality companies, and hold them as long as their fundamentals remain intact. Capable management and sound finances are critical considerations in the investment process. 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. We recognize that economic value lies in businesses, not stocks. 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 20-30 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



Investment Team

Jeffrey D. Lent
Shawn M. Hendon, CFA

Inception 12/31/14
Objective To build investor wealth over extended periods.
Strategy To 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.
Min. Inv. $500,000

Torray LLC is an independent registered investment adviser. To receive a list of composite descriptions of Torray LLC and/or a compliant presentation, please contact Hugh Tawney at 855.753.8174 or email

Registration as an investment adviser does not imply a certain level of skill or training.

Torray LLC claims compliance with the Global Investment Performance Standards (GIPS®).