Ruane, Cunniff & Goldfarb

Q3 2013 13F

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $16.8B · prev $15.5B
Positions: 147 · prev 148
Options notional: $0
Documents: 1· no amendments

Picture99.4% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.4%
Foreign stock not listed in the US 0.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves117 since the prior filing

+1.3 pp in · −1.4 pp out

New 12 +0.50 pp
Added 38 +0.85 pp
Trimmed 54 −0.87 pp
Exited 13 −0.57 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.9% a year, about 12.7 years per position

Low
Moderate
High

Top 5 positions53% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+2.21 pp trimmed+2.2121.5%
BRK.A Berkshire Hathaway Inc. trimmed−0.81 pp trimmed−0.8110.8%
TJX TJX Companies, Inc. (The) trimmed+0.37 pp trimmed+0.3710.7%
FAST Fastenal Co trimmed+0.07 pp trimmed+0.076.2%
unresolved Precision Castparts Corp added−0.33 pp added−0.334.3%

Positions147 in this filing · 13 exited


unresolvedValeant Pharmaceuticals Intl	21.46%	34,647,147	$3.6B	trimmed−0%	+2.21 pp	2 q
BRK.ABerkshire Hathaway Inc.	10.83%	10,710	$1.8B	trimmed−0%	−0.81 pp	2 q
TJXTJX Companies, Inc. (The)	10.65%	31,806,794	$1.8B	trimmed−0%	+0.37 pp	2 q
FASTFastenal Co	6.18%	20,726,836	$1.0B	trimmed−0%	+0.07 pp	2 q
unresolvedPrecision Castparts Corp	4.25%	3,150,357	$716M	added0%	−0.33 pp	2 q
unresolvedGoogle Inc.	3.45%	663,811	$581M	trimmed−2%	−0.38 pp	2 q
IDXXIdexx Laboratories Inc	3.16%	5,344,172	$533M	trimmed−0%	+0.07 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	3.15%	4,682,107	$531M	added0%	−0.21 pp	2 q
AAPAdvance Auto Parts Inc	3.04%	6,188,254	$512M	trimmed−1%	−0.23 pp	2 q
ORLYO'Reilly Automotive, Inc.	2.78%	3,674,572	$469M	added0%	+0.12 pp	2 q
MHKMohawk Industries, Inc.	2.26%	2,926,547	$381M	trimmed−23%	−0.50 pp	2 q
MAMastercard Incorporated	2.19%	547,585	$368M	trimmed−1%	+0.15 pp	2 q
IBMInternational Business Machines Corporation	1.65%	1,503,173	$278M	trimmed−0%	−0.20 pp	2 q
WKCWorld Kinect Corporation	1.46%	6,601,729	$246M	trimmed−2%	−0.27 pp	2 q
PXGBXPraxair Inc	1.38%	1,927,796	$232M	added0%	−0.05 pp	2 q
WATWaters Corp	1.33%	2,116,927	$225M	trimmed−0%	−0.03 pp	2 q
unresolvedPerrigo Co	1.30%	1,781,038	$220M	added+2%	−0.05 pp	2 q
RRCRange Resources Corp	1.30%	2,881,450	$219M	trimmed−4%	−0.20 pp	2 q
VVISA Inc.	1.30%	1,147,628	$219M	trimmed−0%	−0.05 pp	2 q
GSGoldman Sachs Group Inc.	1.29%	1,377,488	$218M	trimmed−2%	−0.07 pp	2 q
unresolvedSirona Dental Systems Inc	1.17%	2,954,817	$198M	trimmed−0%	−0.08 pp	2 q
OMCOmnicom Group Inc.	1.11%	2,955,727	$188M	trimmed−0%	−0.09 pp	2 q
WMTWalmart Inc.	1.01%	2,310,542	$171M	trimmed−1%	−0.11 pp	2 q
TIFTiffany & Co.	0.99%	2,171,601	$166M	trimmed−0%	−0.03 pp	2 q
PRIPrimerica, Inc.	0.89%	3,720,625	$150M	held	—	2 q
JECJacobs Engineering Group	0.68%	1,970,658	$115M	trimmed−0%	−0.02 pp	2 q
AXPAmerican Express Company	0.63%	1,407,450	$106M	added+3%	−0.03 pp	2 q
DHRDanaher Corporation	0.61%	1,489,687	$103M	added0%	0.00 pp	2 q
TRMBTrimble Inc.	0.61%	3,468,870	$103M	added0%	+0.03 pp	2 q
RBARB Global, Inc.	0.54%	4,546,967	$92M	trimmed−4%	−0.05 pp	2 q
BROBrown & Brown, Inc.	0.53%	2,793,771	$90M	trimmed−0%	−0.05 pp	2 q
COSTCostco Wholesale Corp	0.51%	742,898	$86M	trimmed−0%	−0.02 pp	2 q
ORCLOracle Corp	0.44%	2,246,918	$75M	added×2.9	+0.29 pp	2 q
SW5Southwestern Energy Co	0.43%	2,003,475	$73M	added+100%	+0.19 pp	2 q
CHKChesapeake Energy Corp	0.40%	2,605,605	$67M	held	—	2 q
EMEEMCOR Group, Inc.	0.39%	1,679,488	$66M	trimmed−2%	−0.06 pp	2 q
unresolvedIAC Interactivecorp	0.39%	1,200,010	$66M	added×3.0	+0.27 pp	2 q
KOCoca-Cola Company	0.28%	1,238,600	$47M	added+47%	+0.06 pp	2 q
PXDPioneer Natural Resource Co.	0.26%	232,360	$44M	trimmed−23%	−0.02 pp	2 q
WSTWest Pharmaceutical Services, Inc.	0.26%	1,080,813	$44M	trimmed−4%	+0.01 pp	2 q
WPXWPX Energy, Inc.	0.23%	2,000,000	$39M	new	+0.23 pp	new
unresolvedMcGraw Hill	0.20%	506,840	$33M	added×132.0	+0.20 pp	2 q
1885807DAthenahealth Inc	0.19%	300,000	$33M	held	—	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.19%	1,736,264	$33M	added×3.4	+0.14 pp	2 q
unresolvedAon PLC	0.19%	426,650	$32M	held	—	2 q
unresolvedColfax Corp	0.17%	503,400	$28M	held	—	2 q
CNQCanadian Natural Resources Limited	0.16%	832,019	$26M	added0%	+0.01 pp	2 q
unresolvedMondelez International	0.16%	843,343	$26M	trimmed−21%	−0.04 pp	2 q
QCOMQualcomm Inc	0.12%	301,282	$20M	added0%	0.00 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.09%	329,487	$15M	added+3%	+0.01 pp	2 q
PEPPepsiCo, Inc.	0.09%	189,135	$15M	added×3.2	+0.06 pp	2 q
MCDMcDonald's Corporation	0.08%	137,256	$13M	added+90%	+0.03 pp	2 q
PGProcter & Gamble Company	0.08%	184,489	$14M	added+44%	+0.02 pp	2 q
CTSHCognizant Technology Solutions	0.07%	150,950	$12M	trimmed−3%	+0.01 pp	2 q
GLREGreenlight Captial RE, LTD. Class A	0.07%	441,764	$13M	held	—	2 q
GISGeneral Mills, Inc.	0.06%	200,447	$10M	new	+0.06 pp	new
UPLUltra Petroleum Corp	0.06%	501,940	$10M	held	—	2 q
EXMOCExxon Mobil Corp	0.05%	91,401	$8M	trimmed−0%	0.00 pp	2 q
unresolvedGreenway Medical Technologies	0.05%	396,690	$8M	new	+0.05 pp	new
KELKellanova	0.05%	138,500	$8M	new	+0.05 pp	new
unresolvedLinear Technology Group	0.05%	212,805	$8M	trimmed−0%	0.00 pp	2 q
MANManpowerGroup	0.05%	109,023	$8M	trimmed−82%	−0.16 pp	2 q
PMPhilip Morris International Inc.	0.05%	101,425	$9M	held	—	2 q
JNJJohnson & Johnson	0.04%	74,495	$6M	added×5.2	+0.03 pp	2 q
KMBKimberly-Clark Corp.	0.04%	70,300	$7M	new	+0.04 pp	new
NVONovo-Nordisk A/S	0.04%	39,186	$7M	added+13%	+0.01 pp	2 q
CATCaterpillar Inc.	0.03%	70,511	$6M	trimmed−0%	−0.01 pp	2 q
COPConocoPhillips	0.03%	79,834	$6M	new	+0.03 pp	new
CRESYCresud SA	0.03%	605,247	$5M	held	—	2 q
unresolvedDice Holdings Inc	0.03%	500,000	$4M	held	—	2 q
unresolvedEnstar Group Inc GA	0.03%	40,000	$5M	trimmed−20%	−0.01 pp	2 q
unresolvedGeneral Electric Co	0.03%	243,191	$6M	added0%	−0.01 pp	2 q
unresolvedPactera Technology Intl Ltd Sp	0.03%	914,500	$5M	trimmed−9%	−0.01 pp	2 q
unresolvedResource America Inc Cl A	0.03%	603,180	$5M	trimmed−24%	−0.01 pp	2 q
SRMLFStorm Resources Ltd	0.03%	1,325,600	$5M	held	—	2 q
UNPUnion Pacific Corp.	0.03%	32,713	$5M	trimmed−0%	0.00 pp	2 q
ZTSZoetis Inc.	0.03%	173,973	$5M	added×8.7	+0.03 pp	2 q
MOAltria Group, Inc.	0.02%	85,624	$3M	held	—	2 q
DISThe Walt Disney Company	0.02%	49,422	$3M	added+1%	0.00 pp	2 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,955	$3M	added×13.5	+0.02 pp	2 q
PAMPampa Energia S.a.	0.02%	605,980	$3M	held	—	2 q
PGRProgressive Corporation	0.02%	139,013	$4M	added0%	0.00 pp	2 q
RYRoyal Bank of Canada	0.02%	50,400	$3M	new	+0.02 pp	new
VRSKVerisk Analytics, Inc.	0.02%	63,583	$4M	trimmed−8%	−0.01 pp	2 q
WFCWells Fargo & Co.	0.02%	89,725	$4M	trimmed−0%	0.00 pp	2 q
AAPLApple Inc.	0.01%	1,785	$851,000	added+8%	+0.01 pp	2 q
2663134DBitauto Holdings Ltd-adr	0.01%	100,000	$2M	trimmed−93%	−0.09 pp	2 q
CVSCvs Health Corporation	0.01%	25,929	$1M	added+7%	0.00 pp	2 q
unresolvedConcur Technologies Inc	0.01%	8,974	$992,000	trimmed−97%	−0.15 pp	2 q
unresolvedCorinthian Colleges Inc	0.01%	1,000,000	$2M	held	—	2 q
unresolvedDirectv	0.01%	34,324	$2M	added0%	0.00 pp	2 q
EIXEdison International	0.01%	42,900	$2M	trimmed−7%	0.00 pp	2 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	2 q
HTLDHeartland Express Inc	0.01%	101,057	$1M	held	—	2 q
HDHome Depot, Inc.	0.01%	26,953	$2M	added+2%	0.00 pp	2 q
ICEIntercontinental Exchange Inc.	0.01%	13,430	$2M	new	+0.01 pp	new
JPMJPMorgan Chase & Co.	0.01%	17,784	$919,000	trimmed−1%	0.00 pp	2 q
unresolvedKraft Foods Group Inc	0.01%	18,038	$947,000	trimmed−6%	0.00 pp	2 q
LIILennox International Inc.	0.01%	20,209	$2M	trimmed−4%	0.00 pp	2 q
MSFTMicrosoft Corp	0.01%	64,389	$2M	trimmed−0%	0.00 pp	2 q
PSXPhillips 66	0.01%	40,355	$2M	new	+0.01 pp	new
unresolvedQuicksilver Resources Inc	0.01%	1,178,000	$2M	held	—	2 q
RDS.ARoyal Dutch Shell PLC	0.01%	27,104	$2M	trimmed−3%	0.00 pp	2 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$967,000	held	—	2 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	2 q
USBU.S. Bancorp	0.01%	26,264	$961,000	held	—	2 q
unresolvedWashington Post Co	0.01%	3,248	$2M	trimmed−25%	0.00 pp	2 q
TAT&T Inc.	0.00%	9,052	$306,000	added+60%	0.00 pp	2 q
AEPAmerican Electric Power Company, Inc.	0.00%	15,300	$663,000	held	—	2 q
AMATApplied Materials Inc	0.00%	13,692	$240,000	held	—	2 q
ADPAutomatic Data Processing	0.00%	6,011	$435,000	held	—	2 q
BPBP p.l.c.	0.00%	5,548	$233,000	trimmed−4%	0.00 pp	2 q
BACBank of America Corporation	0.00%	17,432	$241,000	trimmed−1%	0.00 pp	2 q
BDXBecton, Dickinson and Co.	0.00%	2,272	$227,000	held	—	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,030	$466,000	held	—	2 q
unresolvedVerizon Communications	0.00%	6,135	$286,000	added+23%	0.00 pp	2 q
CVXChevron Corporation	0.00%	5,718	$695,000	added+1%	0.00 pp	2 q
CCitigroup Inc.	0.00%	6,046	$293,000	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	3,548	$210,000	trimmed−2%	0.00 pp	2 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$324,000	held	—	2 q
DVNDevon Energy Corporation	0.00%	4,745	$274,000	held	—	2 q
EMREmerson Electric Co.	0.00%	4,370	$283,000	added+4%	0.00 pp	2 q
unresolvedEnergizer Hldgs Inc	0.00%	2,782	$254,000	held	—	2 q
unresolvedExpress Scripts Hldg Co	0.00%	5,957	$368,000	added+3%	0.00 pp	2 q
HDBHDFC Bank Limited	0.00%	18,291	$563,000	trimmed−0%	0.00 pp	2 q
IEXIDEX Corporation	0.00%	7,985	$521,000	held	—	2 q
INTCIntel Corp	0.00%	13,732	$315,000	trimmed−1%	0.00 pp	2 q
unresolvedLeucadia National	0.00%	16,471	$449,000	held	—	2 q
LMTLockheed Martin Corp.	0.00%	2,550	$325,000	held	—	2 q
LOWLowe's Companies Inc.	0.00%	10,364	$493,000	added+12%	0.00 pp	2 q
unresolvedMedia Gen Inc	0.00%	10,000	$143,000	held	—	2 q
PFEPfizer Inc.	0.00%	10,422	$299,000	held	—	2 q
TROWT Rowe Price Group Inc	0.00%	4,045	$291,000	trimmed−2%	0.00 pp	2 q
RSGRepublic Services Inc.	0.00%	12,775	$426,000	held	—	2 q
RHIRobert Half Inc.	0.00%	7,000	$273,000	held	—	2 q
ROPRoper Technologies, Inc.	0.00%	4,465	$593,000	held	—	2 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,821	$439,000	trimmed−0%	0.00 pp	2 q
SEICSEI Investments Co	0.00%	10,000	$309,000	held	—	2 q
SLBSLB Limited	0.00%	2,849	$252,000	new	0.00 pp	new
SRCLStericycle Inc	0.00%	3,000	$346,000	held	—	2 q
TGTTarget Corporation	0.00%	13,054	$835,000	added+24%	0.00 pp	2 q
unresolvedTechne Corp	0.00%	2,540	$203,000	new	0.00 pp	new
MMM3M Company	0.00%	1,958	$234,000	held	—	2 q
WPPWpp PLC	0.00%	3,408	$351,000	held	—	2 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	2 q
ACGLArch Capital Group Ltd	0.00%	11,988	$649,000	held	—	2 q
unresolvedBlue Earth Refineries	0.00%	15,000	$0	held	—	2 q
TKRThe Timken Company	—	−914,255	—	exited	−0.33 pp	—
9990302DApache Corp	—	−301,971	—	exited	−0.16 pp	—
unresolvedSolta Med Inc.	—	−2,386,937	—	exited	−0.04 pp	—
unresolvedIntercontinental Exchange Ange	—	−13,430	—	exited	−0.02 pp	—
unresolvedMove Inc.	—	−249,111	—	exited	−0.02 pp	—
APEIAmerican Public Education, Inc.	—	−20,745	—	exited	0.00 pp	—
unresolvedCitigroup Inc	—	−6,146	—	exited	0.00 pp	—
unresolvedCousins Properties Inc.	—	−12,826	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−2,964	—	exited	0.00 pp	—
HIWHighwoods Properties Inc.	—	−13,050	—	exited	0.00 pp	—
unresolvedKinder Morgan Energy Partners	—	−2,400	—	exited	0.00 pp	—
Nuveen Ohio Quality Incconvertible	—	−10,000	—	exited	0.00 pp	—
JARLFJardine Matheson Hldg Ord	—	−3,600	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 10 defects · 35 unresolved
Accession: 0000728014-13-000016
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 30231G103
A security outside the official 13F list — CUSIP 077853109 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 29358R107 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 45866F104 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 86221R102 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP G11999102 not on the Official 13(f) List for 2013-09-30

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