These are Torray Equity Income Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. Built on a rising dividend stream rather than a fat starting yield, this large-cap fund is the income arm of Torray Investment Partners, the private value shop founded in Bethesda, Maryland in 1972. It opened in December 1990, initially under the name Torray Fund, to carry the firm's institutional discipline to a broader range of retail investors, and was later renamed the Torray Equity Income Fund once its strategy had drifted decisively toward payouts. Its managers describe it as a "future income portfolio": instead of chasing the companies paying the highest current yield, they seek large-cap domestic businesses with durable operating profitability, conservative balance sheets, and dividends that grow year after year, favoring shareholder-friendly management that returns more cash over time. The screening runs like a growth shop's, rewarding recurring, non-cyclical revenue and steering clear of cyclical and turnaround businesses. That is what sets this fund apart from its two siblings at the same house, the Concentrated Large Growth and Small/Mid-Cap Growth strategies. Where those hunt appreciation, this one is built to pay out while quietly collecting rising dividends, and it may also hold preferred and convertible preferred shares to lift income. Today it is run by co-portfolio managers Shawn Hendon, who rejoined the firm in 2017, and Jeffrey Lent, who joined in 2010 through the firm's purchase of Resolute Capital Management, carrying forward the house's long-horizon habit of buying good businesses and holding on to them.
$275.82M