Ruane, Cunniff & Goldfarb

Q4 2013 13F

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $18.0B · prev $16.8B
Positions: 143 · prev 147
Options notional: $0
Documents: 1· no amendments

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
Foreign stock not listed in the US 0.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves89 since the prior filing

+2.7 pp in · −2.9 pp out

New 8 +1.75 pp
Added 14 +0.93 pp
Trimmed 55 −0.72 pp
Exited 12 −2.14 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.3 years per position

Low
Moderate
High

Top 5 positions54% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+0.94 pp trimmed+0.9422.4%
TJX TJX Companies, Inc. (The) trimmed+0.52 pp trimmed+0.5211.2%
BRK.A Berkshire Hathaway Inc. trimmed−0.33 pp trimmed−0.3310.5%
FAST Fastenal Co trimmed−0.76 pp trimmed−0.765.4%
unresolved Precision Castparts Corp trimmed+0.41 pp trimmed+0.414.7%

Positions143 in this filing · 12 exited


unresolvedValeant Pharmaceuticals Intl	22.40%	34,305,656	$4.0B	trimmed−1%	+0.94 pp	3 q
TJXTJX Companies, Inc. (The)	11.17%	31,508,583	$2.0B	trimmed−1%	+0.52 pp	3 q
BRK.ABerkshire Hathaway Inc.	10.50%	10,610	$1.9B	trimmed−1%	−0.33 pp	3 q
FASTFastenal Co	5.42%	20,508,329	$974M	trimmed−1%	−0.76 pp	3 q
unresolvedPrecision Castparts Corp	4.66%	3,113,652	$839M	trimmed−1%	+0.41 pp	3 q
unresolvedGoogle Inc.	3.81%	611,648	$685M	trimmed−8%	+0.36 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	3.15%	4,773,987	$566M	added+2%	0.00 pp	3 q
IDXXIdexx Laboratories Inc	3.12%	5,271,088	$561M	trimmed−1%	−0.04 pp	3 q
ORLYO'Reilly Automotive, Inc.	2.61%	3,648,850	$470M	trimmed−1%	−0.17 pp	3 q
MAMastercard Incorporated	2.53%	545,257	$456M	trimmed−0%	+0.34 pp	3 q
MHKMohawk Industries, Inc.	2.36%	2,849,265	$424M	trimmed−3%	+0.10 pp	3 q
RRCRange Resources Corp	1.69%	3,606,450	$304M	added+25%	+0.39 pp	3 q
WKCWorld Kinect Corporation	1.56%	6,516,789	$281M	trimmed−1%	+0.10 pp	3 q
IBMInternational Business Machines Corporation	1.55%	1,481,575	$278M	trimmed−1%	−0.10 pp	3 q
PRGOPerrigo Company PLC	1.51%	1,763,823	$271M	new	+1.51 pp	new
VVISA Inc.	1.40%	1,128,371	$251M	trimmed−2%	+0.10 pp	3 q
PXGBXPraxair Inc	1.38%	1,904,750	$248M	trimmed−1%	0.00 pp	3 q
GSGoldman Sachs Group Inc.	1.33%	1,349,236	$239M	trimmed−2%	+0.04 pp	3 q
OMCOmnicom Group Inc.	1.20%	2,890,516	$215M	trimmed−2%	+0.09 pp	3 q
WATWaters Corp	1.16%	2,084,496	$208M	trimmed−2%	−0.17 pp	3 q
unresolvedSirona Dental Systems Inc	1.14%	2,931,923	$206M	trimmed−1%	−0.03 pp	3 q
TIFTiffany & Co.	1.11%	2,151,207	$200M	trimmed−1%	+0.12 pp	3 q
AAPAdvance Auto Parts Inc	1.04%	1,682,394	$186M	trimmed−73%	−2.00 pp	3 q
WMTWalmart Inc.	0.98%	2,241,354	$176M	trimmed−3%	−0.03 pp	3 q
PRIPrimerica, Inc.	0.89%	3,720,625	$160M	held	—	3 q
SW5Southwestern Energy Co	0.72%	3,311,945	$130M	added+65%	+0.29 pp	3 q
AXPAmerican Express Company	0.71%	1,406,404	$128M	trimmed−0%	+0.08 pp	3 q
ORCLOracle Corp	0.69%	3,263,953	$125M	added+45%	+0.25 pp	3 q
JECJacobs Engineering Group	0.68%	1,953,113	$123M	trimmed−1%	0.00 pp	3 q
TRMBTrimble Inc.	0.66%	3,435,095	$119M	trimmed−1%	+0.05 pp	3 q
DHRDanaher Corporation	0.63%	1,471,269	$114M	trimmed−1%	+0.02 pp	3 q
RBARB Global, Inc.	0.57%	4,471,936	$103M	trimmed−2%	+0.03 pp	3 q
COSTCostco Wholesale Corp	0.49%	743,147	$88M	added0%	−0.02 pp	3 q
BROBrown & Brown, Inc.	0.47%	2,700,118	$85M	trimmed−3%	−0.06 pp	3 q
unresolvedIAC Interactivecorp	0.46%	1,200,010	$82M	held	—	3 q
EMEEMCOR Group, Inc.	0.40%	1,679,411	$71M	trimmed0%	+0.01 pp	3 q
WSTWest Pharmaceutical Services, Inc.	0.29%	1,068,129	$52M	trimmed−1%	+0.03 pp	3 q
KOCoca-Cola Company	0.27%	1,181,816	$49M	trimmed−5%	−0.01 pp	3 q
IBKRInteractive Brokers Group, Inc. Class A	0.24%	1,736,264	$42M	held	—	3 q
unresolvedMcGraw Hill	0.22%	506,840	$40M	held	—	3 q
unresolvedColfax Corp	0.18%	503,400	$32M	held	—	3 q
PXDPioneer Natural Resource Co.	0.18%	172,360	$32M	trimmed−26%	−0.08 pp	3 q
unresolvedMondelez International	0.17%	843,343	$30M	held	—	3 q
CNQCanadian Natural Resources Limited	0.15%	778,559	$26M	trimmed−6%	−0.01 pp	3 q
unresolvedQihoo 360 Technology Co. ADR	0.14%	300,000	$25M	new	+0.14 pp	new
QCOMQualcomm Inc	0.12%	301,282	$22M	held	—	3 q
1885807DAthenahealth Inc	0.11%	150,000	$20M	trimmed−50%	−0.08 pp	3 q
PEPPepsiCo, Inc.	0.09%	189,160	$16M	added0%	0.00 pp	3 q
CTSHCognizant Technology Solutions	0.08%	150,950	$15M	held	—	3 q
PGProcter & Gamble Company	0.08%	184,489	$15M	held	—	3 q
GLREGreenlight Captial RE, LTD. Class A	0.08%	441,764	$15M	held	—	3 q
EXPDExpeditors International of Washington, Inc.	0.07%	289,805	$13M	trimmed−12%	−0.02 pp	3 q
MCDMcDonald's Corporation	0.07%	137,256	$13M	held	—	3 q
GISGeneral Mills, Inc.	0.06%	200,447	$10M	held	—	2 q
NVONovo-Nordisk A/S	0.06%	62,194	$11M	added+59%	+0.02 pp	3 q
unresolvedAon PLC	0.06%	134,700	$11M	trimmed−68%	−0.13 pp	3 q
EXMOCExxon Mobil Corp	0.05%	90,543	$9M	trimmed−1%	0.00 pp	3 q
KELKellanova	0.05%	135,000	$8M	trimmed−3%	0.00 pp	2 q
unresolvedLinear Technology Group	0.05%	199,673	$9M	trimmed−6%	0.00 pp	3 q
PMPhilip Morris International Inc.	0.05%	101,425	$9M	held	—	3 q
CATCaterpillar Inc.	0.04%	69,717	$6M	trimmed−1%	+0.01 pp	3 q
unresolvedGeneral Electric Co	0.04%	242,944	$7M	trimmed−0%	+0.01 pp	3 q
INWKInnerWorkings, Inc.	0.04%	1,000,000	$8M	new	+0.04 pp	new
JNJJohnson & Johnson	0.04%	74,094	$7M	trimmed−1%	0.00 pp	3 q
COPConocoPhillips	0.03%	79,834	$6M	held	—	2 q
CRESYCresud SA	0.03%	605,247	$6M	held	—	3 q
unresolvedPactera Technology Intl Ltd Sp	0.03%	770,000	$6M	trimmed−16%	0.00 pp	3 q
unresolvedResource America Inc Cl A	0.03%	603,180	$6M	held	—	3 q
SRMLFStorm Resources Ltd	0.03%	1,325,600	$5M	held	—	3 q
UNPUnion Pacific Corp.	0.03%	32,713	$5M	held	—	3 q
ZTSZoetis Inc.	0.03%	173,973	$6M	held	—	3 q
INXNInterxion Holding NV	0.03%	190,983	$5M	new	+0.03 pp	new
MOAltria Group, Inc.	0.02%	85,624	$3M	held	—	3 q
DEODiageo plc	0.02%	32,675	$4M	new	+0.02 pp	new
DISThe Walt Disney Company	0.02%	50,422	$4M	added+2%	0.00 pp	3 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,955	$4M	held	—	3 q
ICEIntercontinental Exchange Inc.	0.02%	13,430	$3M	held	—	2 q
PAMPampa Energia S.a.	0.02%	605,980	$3M	held	—	3 q
PSXPhillips 66	0.02%	40,355	$3M	held	—	2 q
PGRProgressive Corporation	0.02%	138,515	$4M	trimmed−0%	0.00 pp	3 q
unresolvedQuicksilver Resources Inc	0.02%	1,178,000	$4M	held	—	3 q
RYRoyal Bank of Canada	0.02%	50,400	$3M	held	—	2 q
VRSKVerisk Analytics, Inc.	0.02%	62,964	$4M	trimmed−1%	0.00 pp	3 q
WFCWells Fargo & Co.	0.02%	89,725	$4M	held	—	3 q
AAPLApple Inc.	0.01%	1,785	$1M	held	—	3 q
CVSCvs Health Corporation	0.01%	25,454	$2M	trimmed−2%	0.00 pp	3 q
unresolvedConcur Technologies Inc	0.01%	8,974	$926,000	held	—	3 q
unresolvedCorinthian Colleges Inc	0.01%	1,000,000	$2M	held	—	3 q
unresolvedDirectv	0.01%	35,149	$2M	added+2%	0.00 pp	3 q
EIXEdison International	0.01%	42,900	$2M	held	—	3 q
unresolvedEnstar Group Inc GA	0.01%	16,441	$2M	trimmed−59%	−0.02 pp	3 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	3 q
GHCGraham Holdings Company	0.01%	3,248	$2M	new	+0.01 pp	new
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	3 q
HDHome Depot, Inc.	0.01%	27,503	$2M	added+2%	0.00 pp	3 q
JPMJPMorgan Chase & Co.	0.01%	17,589	$1M	trimmed−1%	0.00 pp	3 q
unresolvedKraft Foods Group Inc	0.01%	18,038	$972,000	held	—	3 q
LIILennox International Inc.	0.01%	20,139	$2M	trimmed−0%	0.00 pp	3 q
MSFTMicrosoft Corp	0.01%	65,389	$2M	added+2%	0.00 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.01%	26,621	$2M	trimmed−2%	0.00 pp	3 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$974,000	held	—	3 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	3 q
USBU.S. Bancorp	0.01%	26,264	$1M	held	—	3 q
AEPAmerican Electric Power Company, Inc.	0.00%	15,300	$715,000	held	—	3 q
AMATApplied Materials Inc	0.00%	13,692	$242,000	held	—	3 q
ADPAutomatic Data Processing	0.00%	6,011	$486,000	held	—	3 q
BPBP p.l.c.	0.00%	5,548	$270,000	held	—	3 q
BACBank of America Corporation	0.00%	17,432	$271,000	held	—	3 q
BDXBecton, Dickinson and Co.	0.00%	2,272	$251,000	held	—	3 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,030	$484,000	held	—	3 q
CVXChevron Corporation	0.00%	5,618	$702,000	trimmed−2%	0.00 pp	3 q
CCitigroup Inc.	0.00%	6,046	$315,000	held	—	2 q
CLColgate-Palmolive Company	0.00%	3,548	$231,000	held	—	3 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$373,000	held	—	3 q
DVNDevon Energy Corporation	0.00%	4,745	$294,000	held	—	3 q
EMREmerson Electric Co.	0.00%	4,370	$307,000	held	—	3 q
unresolvedEnergizer Hldgs Inc	0.00%	2,782	$301,000	held	—	3 q
unresolvedExpress Scripts Hldg Co	0.00%	5,957	$418,000	held	—	3 q
HDBHDFC Bank Limited	0.00%	17,491	$602,000	trimmed−4%	0.00 pp	3 q
IEXIDEX Corporation	0.00%	7,985	$590,000	held	—	3 q
INTCIntel Corp	0.00%	16,607	$431,000	added+21%	0.00 pp	3 q
KMBKimberly-Clark Corp.	0.00%	3,719	$388,000	trimmed−95%	−0.04 pp	2 q
unresolvedLeucadia National	0.00%	16,471	$467,000	held	—	3 q
LMTLockheed Martin Corp.	0.00%	2,750	$409,000	added+8%	0.00 pp	3 q
LOWLowe's Companies Inc.	0.00%	10,364	$514,000	held	—	3 q
unresolvedMedia Gen Inc	0.00%	10,000	$226,000	held	—	3 q
MRKMerck & Co., Inc.	0.00%	4,075	$204,000	new	0.00 pp	new
PFEPfizer Inc.	0.00%	11,022	$338,000	added+6%	0.00 pp	3 q
TROWT Rowe Price Group Inc	0.00%	4,045	$339,000	held	—	3 q
RSGRepublic Services Inc.	0.00%	12,775	$424,000	held	—	3 q
RHIRobert Half Inc.	0.00%	7,000	$294,000	held	—	3 q
ROPRoper Technologies, Inc.	0.00%	4,465	$619,000	held	—	3 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,245	$387,000	trimmed−7%	0.00 pp	3 q
SEICSEI Investments Co	0.00%	10,000	$347,000	held	—	3 q
SLBSLB Limited	0.00%	2,849	$257,000	held	—	2 q
SRCLStericycle Inc	0.00%	3,000	$349,000	held	—	3 q
TGTTarget Corporation	0.00%	12,813	$811,000	trimmed−2%	0.00 pp	3 q
unresolvedTechne Corp	0.00%	2,540	$240,000	held	—	2 q
MMM3M Company	0.00%	1,958	$275,000	held	—	3 q
VZVerizon Communications	0.00%	5,375	$264,000	new	0.00 pp	new
WPPWpp PLC	0.00%	3,408	$391,000	held	—	3 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	3 q
ACGLArch Capital Group Ltd	0.00%	11,538	$689,000	trimmed−4%	0.00 pp	3 q
unresolvedPerrigo Co	—	−1,781,038	—	exited	−1.30 pp	—
CHKChesapeake Energy Corp	—	−2,605,605	—	exited	−0.40 pp	—
WPXWPX Energy, Inc.	—	−2,000,000	—	exited	−0.23 pp	—
UPLUltra Petroleum Corp	—	−501,940	—	exited	−0.06 pp	—
unresolvedGreenway Medical Technologies	—	−396,690	—	exited	−0.05 pp	—
MANManpowerGroup	—	−109,023	—	exited	−0.05 pp	—
unresolvedDice Holdings Inc	—	−500,000	—	exited	−0.03 pp	—
2663134DBitauto Holdings Ltd-adr	—	−100,000	—	exited	−0.01 pp	—
unresolvedWashington Post Co	—	−3,248	—	exited	−0.01 pp	—
TAT&T Inc.	—	−9,052	—	exited	0.00 pp	—
unresolvedVerizon Communications	—	−6,135	—	exited	0.00 pp	—
unresolvedBlue Earth Refineries	—	−15,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 8 defects · 30 unresolved
Accession: 0000728014-14-000002
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 29358R107 not on the Official 13(f) List for 2013-12-31
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2013-12-31
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2013-12-31
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2013-12-31
A security outside the official 13F list — CUSIP 86221R102 not on the Official 13(f) List for 2013-12-31
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2013-12-31
A security outside the official 13F list — CUSIP G97822103 not on the Official 13(f) List for 2013-12-31

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