Torray

Fees on the firm's open-end and exchange-traded funds are a weakness, contributing negatively to the rating and creating a larger performance hurdle on funds. On average, Torray charges fees on its funds that are in the second most-expensive quintile of similarly distributed funds. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal. A sign of strength at Torray is its longest-tenured management, which boasts an average asset-weighted tenure of 14 years at the firm. This accumulation of experience builds confidence that the group can navigate a variety of market environments adeptly.