Torray Investment Partners LLC (“Torray”) was founded by Robert E. Torray in 1972. Torray
provides investment supervisory services to private accounts and an open-end registered
investment company (i.e., mutual fund), offering advice on equity securities based on a bottom-
up investment process designed to produce strong performance through long-term investment
in quality businesses. These services are described in more detail below. Torray is an
employee-owned investment advisory firm, with ownership shares held by our executive
management team and other select members of our staff. Employee ownership is currently
structured such that no single employee is considered to be a principal owner or control person
of the Firm.
Mutual Fund. Torray serves as investment adviser to The Torray Fund (the “Fund”), a series of
The RBB Fund Trust, a registered open-end investment company.
Torray provides investment supervisory services to The Fund subject to the supervision and
direction of the RBB Fund Trust Board of Trustees. The Torray Fund follows our large cap value
strategy. The strategy, however, is tailored, as necessary, to comply with the individual
investment policies and restrictions of the Fund. All of Torray’s investment strategies (large cap
growth, large cap value, small/mid cap growth and equity income) are described in Item 8 of
this Brochure.
Wrap Fee Programs. From time to time, Torray offers investment advice to participants in one
or more ‘wrap fee’ program. These programs are sponsored by brokerage firms as a means to
give their clients access to the discretionary management services of various non-affiliated
investment advisers, including Torray, for a single fee that covers the costs of portfolio
management, trade execution, custody, and portfolio reporting. At present, Torray does not
serve as a portfolio manager to a wrap fee program.
Through a wrap program, Torray can provide participants access to a Torray strategy, tailored
to a participant’s individual investment policies and restrictions. When Torray serves as
portfolio manager to a wrap fee program, there are no differences between how we manage
wrap fee assets and how we manage other separate account assets. If a participant selects
Torray to manage its assets pursuant to this strategy, we receive a portion of the overall wrap
fee charged to that participant by the sponsor.
NOTE: The wrap fee payable to the broker-dealer sponsor of a wrap program may exceed the
costs of the services provided under the program (i.e., investment management, trade
execution and custody) if such services were purchased by participating investors directly.
Model Portfolio Services. Access to Torray’s
large cap growth, equity income, and small/mid
cap growth strategies are also available through the model portfolio services provided to
several Unified Managed Account (“UMA”) programs managed by unaffiliated investment
advisory firms. Our model portfolio services include the provision of model investment
portfolios managed consistent with our strategies as well as proposed periodic updates to the
asset composition and asset allocation construction of the portfolio. As the investment adviser
to model portfolios, we are paid to share day-to-day portfolio strategy, while the program
sponsors retain final discretion to implement the model strategy. Program sponsors manage all
trading and administrative aspects of client account management. Fees and brokerage
arrangements for model portfolio services differ from more traditional asset management, as
described in Items 5 and 12 of this Brochure.
Private Accounts. Torray offers its large cap value, small/mid cap growth, equity income and
large cap growth strategies as separate accounts. Torray provides investment advisory services
directly to various types of clients (“you” or “your”) such as individuals, high net worth
individuals, pension and profit-sharing plans, charitable organizations, corporations, and other
businesses and we also sub-advise separate account client portfolios through agreements with
various wealth advisory or investment advisory firms (“Private Accounts”). Torray formulates
an investment program for the Private Accounts and complies with limitations and guidelines
established by each client, to the extent applicable.
Performance Differences. While the advised Mutual Fund, Private Accounts (direct and sub-
advised), and model portfolios utilizing the same investment strategy generally perform
similarly, performance differences are expected due to fee schedule differences (as outlined in
Item 5 of this Brochure), and in some cases, unique client restrictions. Furthermore, there will
be performance dispersion between the Mutual Fund and Private Accounts as compared to
model portfolios because Torray does not have trading discretion over model portfolios. For
more information on Torray’s trade management policies and procedures, please see Item 12 -
Brokerage Practices.
With the exception of model portfolio services, Torray provides investment supervisory services
to clients on a fully discretionary basis. As of 12/31/2023, Torray managed $648.9 million in
client assets on a discretionary basis and $8.3 million in non-discretionary client assets.
Additionally, as of 12/31/2023, Torray had approximately $203.2 million in assets under
advisement attributed to model portfolio services.