Fund Evaluator:
Torray Equity Income Fund (TORYX)
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Fund Details
Torray Equity Income Fund Overview
Torray Equity Income Fund (TORYX) is an actively managed U.S. Equity Large Value fund. Torray Investment Partners LLC launched the fund in 1990.
The investment seeks to build investor wealth over time, with a particular focus on the level and growth of current income. The fund invests principally in common stock of large capitalization domestic companies characterized by operating profitability, conservative financial structures, sustainable dividend policies and shareholder-oriented management. Investments are held as long as the issuers’ fundamentals remain intact, and the fund believes issuers’ shares are reasonably valued.
About Torray Equity Income Fund (TORYX)
There are 3 members of the management team with an average tenure of 5.47 years: Shawn Hendon (2017), Jeffrey Lent (2020), Brian Zaczynksi (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar US LM Brd Value TR USD index with a weighting of 100%. Torray Equity Income Fund has 23 securities in its portfolio. The top 10 holdings constitute 49.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Torray Equity Income Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Torray Equity Income Fund has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.0%. There is 0.0% allocated to foreign stock, and 18.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Torray Equity Income Fund has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $365 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TORYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Torray Equity Income Fund expense ratio is high compared to funds in the Large Value category. Torray Equity Income Fund has an expense ratio of 0.95%, which is 3% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Torray Equity Income Fund has a portfolio turnover rate of 57%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Torray Equity Income Fund returned 6.9%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Torray Equity Income Fund has a trailing yield of 2.59%, which is above the 1.20% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Torray Equity Income Fund Grades
Year to date, the fund has returned 16.9%, 2.6 percentage points better than the category, which translates into a grade of B. The fund has returned 24.5% over the past year (grade of C), 16.5% over the past three years (grade of B) and 11.9% per year over the past five years (grade of B) and 9.7% per year over the past 10 years (grade of F).
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TORYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TORYX Return (NAV) | 6.9% | 5.6% | 24.5% | 16.5% | 11.9% | 9.7% |
| TORYX Grade | A | C | C | B | B | F |
| +/- Category | 4.0% | -0.6% | 0.6% | 0.8% | 1.0% | -1.6% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| TORYX Tax Cost Ratio | na | na | 6.8% | 3.5% | 3.2% | 2.3% |
TORYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TORYX Return (NAV) | 16.9% | 14.5% | 13.7% | 12.6% | -1.0% | 21.4% | -2.5% | 19.9% | -10.6% | 12.1% | 14.3% |
| TORYX Grade | B | D | C | C | A | F | F | F | D | F | C |
| +/- Category | 2.6% | -0.7% | -0.4% | 0.7% | 5.1% | -4.4% | -6.3% | -5.7% | -2.1% | -4.3% | -0.3% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.0% |
| Total Risk Index: | 0.98 - Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (51% Rank) |
| Beta: | 0.69 |
| R-Squared: | 56% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $365 Mil |
| Fund Total Assets: | $ 366 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 57% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Hendon Shawn (2017), Lent Jeffrey (2020), Zaczynksi Brian (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 23 |
| % in Top 10 Holdings: | 49.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 81.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 18.5% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Torray Investment Partners LLC |
| Phone Number: | 800-626-9769 |
| Website: |
| Status: | Open |
| Inception Date: | December 18, 1990 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Torray Equity Income Fund |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
