Ruane, Cunniff & Goldfarb

Q1 2014 13F

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $18.7B · prev $18.0B
Positions: 144 · prev 143
Options notional: $0
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves98 since the prior filing

+1.6 pp in · −1.5 pp out

New 6 +0.75 pp
Added 31 +0.83 pp
Trimmed 56 −1.31 pp
Exited 5 −0.20 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.6% a year, about 27.8 years per position

Low
Moderate
High

Top 5 positions55% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+1.71 pp trimmed+1.7124.1%
BRK.A Berkshire Hathaway Inc. trimmed+0.10 pp trimmed+0.1010.6%
TJX TJX Companies, Inc. (The) trimmed−0.97 pp trimmed−0.9710.2%
FAST Fastenal Co added+0.07 pp added+0.075.5%
unresolved Precision Castparts Corp trimmed−0.46 pp trimmed−0.464.2%

Positions144 in this filing · 5 exited


unresolvedValeant Pharmaceuticals Intl	24.11%	34,217,366	$4.5B	trimmed−0%	+1.71 pp	4 q
BRK.ABerkshire Hathaway Inc.	10.60%	10,581	$2.0B	trimmed−0%	+0.10 pp	4 q
TJXTJX Companies, Inc. (The)	10.20%	31,458,317	$1.9B	trimmed−0%	−0.97 pp	4 q
FASTFastenal Co	5.49%	20,822,757	$1.0B	added+2%	+0.07 pp	4 q
unresolvedPrecision Castparts Corp	4.20%	3,109,923	$786M	trimmed−0%	−0.46 pp	4 q
unresolvedGoogle Inc.	3.52%	590,803	$658M	trimmed−3%	−0.29 pp	4 q
IDXXIdexx Laboratories Inc	3.41%	5,252,649	$638M	trimmed−0%	+0.29 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	3.23%	4,837,924	$605M	added+1%	+0.08 pp	4 q
ORLYO'Reilly Automotive, Inc.	2.90%	3,657,876	$543M	added0%	+0.29 pp	4 q
MAMastercard Incorporated	2.18%	5,452,231	$407M	trimmed−0%	−0.35 pp	4 q
MHKMohawk Industries, Inc.	2.07%	2,846,294	$387M	trimmed−0%	−0.29 pp	4 q
RRCRange Resources Corp	1.60%	3,606,130	$299M	trimmed−0%	−0.09 pp	4 q
IBMInternational Business Machines Corporation	1.52%	1,476,489	$284M	trimmed−0%	−0.03 pp	4 q
WKCWorld Kinect Corporation	1.46%	6,175,667	$272M	trimmed−5%	−0.10 pp	4 q
PRGOPerrigo Company PLC	1.42%	1,718,939	$266M	trimmed−3%	−0.09 pp	2 q
PXGBXPraxair Inc	1.33%	1,901,977	$249M	trimmed−0%	−0.05 pp	4 q
VVISA Inc.	1.30%	1,125,896	$243M	trimmed−0%	−0.10 pp	4 q
WATWaters Corp	1.20%	2,074,156	$225M	trimmed−1%	+0.04 pp	4 q
GSGoldman Sachs Group Inc.	1.18%	1,347,099	$221M	trimmed−0%	−0.15 pp	4 q
unresolvedSirona Dental Systems Inc	1.16%	2,910,454	$217M	trimmed−1%	+0.02 pp	4 q
AAPAdvance Auto Parts Inc	1.14%	1,681,084	$213M	trimmed−0%	+0.10 pp	4 q
OMCOmnicom Group Inc.	1.12%	2,887,844	$210M	trimmed−0%	−0.08 pp	4 q
TIFTiffany & Co.	0.99%	2,148,035	$185M	trimmed−0%	−0.12 pp	4 q
PRIPrimerica, Inc.	0.94%	3,721,385	$175M	added0%	+0.05 pp	4 q
WMTWalmart Inc.	0.91%	2,234,238	$171M	trimmed−0%	−0.07 pp	4 q
SW5Southwestern Energy Co	0.81%	3,310,895	$152M	trimmed−0%	+0.09 pp	4 q
unresolvedCabelas Inc. Cl A	0.75%	2,146,722	$141M	new	+0.75 pp	new
ORCLOracle Corp	0.71%	3,265,351	$134M	added0%	+0.02 pp	4 q
TRMBTrimble Inc.	0.71%	3,426,321	$133M	trimmed−0%	+0.05 pp	4 q
AXPAmerican Express Company	0.68%	1,404,192	$126M	trimmed−0%	−0.03 pp	4 q
JECJacobs Engineering Group	0.66%	1,953,114	$124M	added0%	−0.02 pp	4 q
DHRDanaher Corporation	0.59%	1,474,101	$111M	added0%	−0.04 pp	4 q
RBARB Global, Inc.	0.54%	4,199,053	$101M	trimmed−6%	−0.03 pp	4 q
unresolvedIAC Interactivecorp	0.46%	1,200,010	$86M	held	—	4 q
unresolvedQihoo 360 Technology Co. ADR	0.45%	840,000	$84M	added×2.8	+0.31 pp	2 q
BROBrown & Brown, Inc.	0.44%	2,688,724	$83M	trimmed−0%	−0.03 pp	4 q
COSTCostco Wholesale Corp	0.44%	740,247	$83M	trimmed−0%	−0.05 pp	4 q
EMEEMCOR Group, Inc.	0.42%	1,676,594	$78M	trimmed−0%	+0.02 pp	4 q
WSTWest Pharmaceutical Services, Inc.	0.25%	1,061,403	$47M	trimmed−1%	−0.04 pp	4 q
KOCoca-Cola Company	0.24%	1,153,144	$45M	trimmed−2%	−0.03 pp	4 q
unresolvedMcGraw Hill	0.21%	506,830	$39M	trimmed0%	−0.01 pp	4 q
IBKRInteractive Brokers Group, Inc. Class A	0.20%	1,736,264	$38M	held	—	4 q
unresolvedColfax Corp	0.19%	501,945	$36M	trimmed−0%	+0.01 pp	4 q
PXDPioneer Natural Resource Co.	0.17%	174,138	$33M	added+1%	−0.01 pp	4 q
CNQCanadian Natural Resources Limited	0.16%	773,304	$30M	trimmed−1%	+0.01 pp	4 q
QCOMQualcomm Inc	0.13%	302,077	$24M	added0%	+0.01 pp	4 q
PEPPepsiCo, Inc.	0.08%	188,760	$16M	trimmed−0%	−0.01 pp	4 q
PGProcter & Gamble Company	0.08%	184,879	$15M	added0%	0.00 pp	4 q
WFCWells Fargo & Co.	0.08%	287,710	$14M	added×3.2	+0.06 pp	4 q
GLREGreenlight Captial RE, LTD. Class A	0.08%	441,764	$14M	held	—	4 q
MCDMcDonald's Corporation	0.07%	137,319	$13M	added0%	0.00 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.06%	281,805	$11M	trimmed−3%	−0.01 pp	4 q
GISGeneral Mills, Inc.	0.06%	200,447	$10M	held	—	3 q
NVONovo-Nordisk A/S	0.06%	242,630	$11M	trimmed−22%	0.00 pp	4 q
unresolvedAon PLC	0.06%	134,700	$11M	held	—	4 q
EXMOCExxon Mobil Corp	0.05%	93,096	$9M	added+3%	0.00 pp	4 q
KELKellanova	0.05%	135,000	$8M	held	—	3 q
UNPUnion Pacific Corp.	0.05%	50,313	$9M	added+54%	+0.02 pp	4 q
CATCaterpillar Inc.	0.04%	69,053	$7M	trimmed−1%	0.00 pp	4 q
INWKInnerWorkings, Inc.	0.04%	1,000,000	$8M	held	—	2 q
JNJJohnson & Johnson	0.04%	75,794	$7M	added+2%	0.00 pp	4 q
unresolvedLinear Technology Group	0.04%	167,575	$8M	trimmed−16%	−0.01 pp	4 q
PMPhilip Morris International Inc.	0.04%	101,665	$8M	added0%	−0.01 pp	4 q
COPConocoPhillips	0.03%	79,834	$6M	held	—	3 q
CRESYCresud SA	0.03%	605,247	$6M	held	—	4 q
unresolvedGeneral Electric Co	0.03%	242,522	$6M	trimmed−0%	−0.01 pp	4 q
unresolvedPactera Technology Intl Ltd Sp	0.03%	770,000	$6M	held	—	4 q
unresolvedResource America Inc Cl A	0.03%	603,180	$5M	held	—	4 q
ZTSZoetis Inc.	0.03%	173,553	$5M	trimmed−0%	0.00 pp	4 q
MOAltria Group, Inc.	0.02%	85,624	$3M	held	—	4 q
DEODiageo plc	0.02%	32,905	$4M	added+1%	0.00 pp	2 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,655	$4M	trimmed−1%	0.00 pp	4 q
PAMPampa Energia S.a.	0.02%	605,980	$4M	held	—	4 q
PSXPhillips 66	0.02%	40,355	$3M	held	—	3 q
PGRProgressive Corporation	0.02%	138,100	$3M	trimmed−0%	0.00 pp	4 q
RYRoyal Bank of Canada	0.02%	50,400	$3M	held	—	3 q
VRSKVerisk Analytics, Inc.	0.02%	62,882	$4M	trimmed−0%	0.00 pp	4 q
AAPLApple Inc.	0.01%	1,845	$990,000	added+3%	0.00 pp	4 q
CVSCvs Health Corporation	0.01%	27,049	$2M	added+6%	0.00 pp	4 q
unresolvedCorinthian Colleges Inc	0.01%	1,000,000	$1M	held	—	4 q
DISThe Walt Disney Company	0.01%	27,486	$2M	trimmed−45%	−0.01 pp	4 q
unresolvedDirectv	0.01%	35,149	$3M	held	—	4 q
EIXEdison International	0.01%	42,900	$2M	held	—	4 q
FITBFifth Third Bancorp	0.01%	114,508	$3M	held	—	4 q
GHCGraham Holdings Company	0.01%	3,248	$2M	held	—	2 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	4 q
HDHome Depot, Inc.	0.01%	28,273	$2M	added+3%	0.00 pp	4 q
ICEIntercontinental Exchange Inc.	0.01%	13,080	$3M	trimmed−3%	−0.01 pp	3 q
JPMJPMorgan Chase & Co.	0.01%	19,264	$1M	added+10%	0.00 pp	4 q
unresolvedMondelez International	0.01%	60,463	$2M	trimmed−93%	−0.16 pp	4 q
unresolvedKraft Foods Group Inc	0.01%	18,038	$1M	held	—	4 q
LIILennox International Inc.	0.01%	20,139	$2M	held	—	4 q
MSFTMicrosoft Corp	0.01%	63,841	$3M	trimmed−2%	0.00 pp	4 q
unresolvedQuicksilver Resources Inc	0.01%	613,000	$2M	trimmed−48%	−0.01 pp	4 q
RDS.ARoyal Dutch Shell PLC	0.01%	26,509	$2M	trimmed−0%	0.00 pp	4 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	4 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	4 q
USBU.S. Bancorp	0.01%	29,537	$1M	added+12%	0.00 pp	4 q
unresolvedAcacia Conservation Fund	0.00%	47,310	$47,000	new	0.00 pp	new
AEPAmerican Electric Power Company, Inc.	0.00%	15,300	$775,000	held	—	4 q
AMATApplied Materials Inc	0.00%	13,692	$280,000	held	—	4 q
ADPAutomatic Data Processing	0.00%	6,011	$464,000	held	—	4 q
BPBP p.l.c.	0.00%	5,548	$267,000	held	—	4 q
BACBank of America Corporation	0.00%	17,432	$300,000	held	—	4 q
BDXBecton, Dickinson and Co.	0.00%	2,272	$266,000	held	—	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,035	$415,000	added0%	0.00 pp	4 q
CVXChevron Corporation	0.00%	5,863	$697,000	added+4%	0.00 pp	4 q
CCitigroup Inc.	0.00%	6,016	$286,000	trimmed−1%	0.00 pp	3 q
CLColgate-Palmolive Company	0.00%	3,548	$230,000	held	—	4 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$365,000	held	—	4 q
unresolvedConcur Technologies Inc	0.00%	8,974	$889,000	held	—	4 q
DVNDevon Energy Corporation	0.00%	5,955	$399,000	added+26%	0.00 pp	4 q
EMREmerson Electric Co.	0.00%	4,990	$333,000	added+14%	0.00 pp	4 q
unresolvedExpress Scripts Hldg Co	0.00%	5,655	$425,000	trimmed−5%	0.00 pp	4 q
HDBHDFC Bank Limited	0.00%	18,161	$745,000	added+4%	0.00 pp	4 q
IEXIDEX Corporation	0.00%	7,985	$582,000	held	—	4 q
INTCIntel Corp	0.00%	17,282	$446,000	added+4%	0.00 pp	4 q
ITUBItau Unibanco Holding S.A.	0.00%	12,850	$191,000	new	0.00 pp	new
unresolvedLeucadia National	0.00%	16,471	$461,000	held	—	4 q
LMTLockheed Martin Corp.	0.00%	2,750	$449,000	held	—	4 q
LOWLowe's Companies Inc.	0.00%	10,364	$507,000	held	—	4 q
unresolvedMedia Gen Inc	0.00%	10,000	$184,000	held	—	4 q
MRKMerck & Co., Inc.	0.00%	4,409	$250,000	added+8%	0.00 pp	2 q
PFEPfizer Inc.	0.00%	11,022	$354,000	held	—	4 q
TROWT Rowe Price Group Inc	0.00%	4,045	$333,000	held	—	4 q
PSAPublic Storage	0.00%	2,493	$420,000	new	0.00 pp	new
RSGRepublic Services Inc.	0.00%	12,775	$436,000	held	—	4 q
RHIRobert Half Inc.	0.00%	7,000	$294,000	held	—	4 q
ROPRoper Technologies, Inc.	0.00%	4,465	$596,000	held	—	4 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,181	$481,000	trimmed−1%	0.00 pp	4 q
SEICSEI Investments Co	0.00%	10,000	$336,000	held	—	4 q
SLBSLB Limited	0.00%	2,429	$237,000	trimmed−15%	0.00 pp	3 q
SRCLStericycle Inc	0.00%	3,000	$341,000	held	—	4 q
SRMLFStorm Resources Ltd	0.00%	156,650	$668,000	trimmed−88%	−0.03 pp	4 q
TGTTarget Corporation	0.00%	10,122	$612,000	trimmed−21%	0.00 pp	4 q
unresolvedTechne Corp	0.00%	2,540	$217,000	held	—	3 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,551	$307,000	new	0.00 pp	new
MMM3M Company	0.00%	1,958	$266,000	held	—	4 q
VZVerizon Communications	0.00%	6,325	$301,000	added+18%	0.00 pp	2 q
WPPWpp PLC	0.00%	3,408	$351,000	held	—	4 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	4 q
ACGLArch Capital Group Ltd	0.00%	11,538	$664,000	held	—	4 q
JARLFJardine Matheson Hldg Ord	0.00%	3,600	$223,000	new	0.00 pp	new
INXNInterxion Holding NV	0.00%	13,060	$313,000	trimmed−93%	−0.03 pp	2 q
1885807DAthenahealth Inc	—	−150,000	—	exited	−0.11 pp	—
CTSHCognizant Technology Solutions	—	−301,900	—	exited	−0.08 pp	—
unresolvedEnstar Group Inc GA	—	−16,441	—	exited	−0.01 pp	—
unresolvedEnergizer Hldgs Inc	—	−2,782	—	exited	0.00 pp	—
KMBKimberly-Clark Corp.	—	−3,719	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 8 defects · 30 unresolved
Accession: 0000728014-14-000013
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 003993144 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 86221R102 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2014-03-31
A security outside the official 13F list — CUSIP G50736100 not on the Official 13(f) List for 2014-03-31

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