Ruane, Cunniff & Goldfarb

Q2 2014 13F

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $18.7B · prev $18.7B
Positions: 150 · prev 144
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%

Moves116 since the prior filing

+1.6 pp in · −1.6 pp out

New 12 +2.74 pp
Added 33 −1.16 pp
Trimmed 65 −1.55 pp
Exited 6 −0.05 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.3% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions52% of US stock

unresolved Valeant Pharmaceuticals Intl added−1.04 pp added−1.0423.1%
BRK.A Berkshire Hathaway Inc. trimmed0.00 pp trimmed0.0010.6%
TJX TJX Companies, Inc. (The) added−1.28 pp added−1.288.9%
FAST Fastenal Co trimmed0.00 pp trimmed0.005.5%
unresolved Precision Castparts Corp trimmed−0.05 pp trimmed−0.054.2%

Positions150 in this filing · 6 exited


unresolvedValeant Pharmaceuticals Intl	23.07%	34,298,384	$4.3B	added0%	−1.04 pp	5 q
BRK.ABerkshire Hathaway Inc.	10.60%	10,461	$2.0B	trimmed−1%	0.00 pp	5 q
TJXTJX Companies, Inc. (The)	8.92%	31,479,277	$1.7B	added0%	−1.28 pp	5 q
FASTFastenal Co	5.49%	20,803,549	$1.0B	trimmed−0%	0.00 pp	5 q
unresolvedPrecision Castparts Corp	4.15%	3,082,641	$778M	trimmed−1%	−0.05 pp	5 q
IDXXIdexx Laboratories Inc	3.73%	5,238,390	$700M	trimmed−0%	+0.32 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	3.25%	4,815,066	$609M	trimmed−0%	+0.02 pp	5 q
ORLYO'Reilly Automotive, Inc.	2.94%	3,661,129	$551M	added0%	+0.04 pp	5 q
MAMastercard Incorporated	2.14%	5,450,480	$400M	trimmed−0%	−0.04 pp	5 q
MHKMohawk Industries, Inc.	2.10%	2,842,127	$393M	trimmed−0%	+0.03 pp	5 q
unresolvedGoogle Inc.	1.84%	590,002	$345M	trimmed−0%	−1.68 pp	5 q
GOOGAlphabet Inc. Class C	1.81%	590,600	$340M	new	+1.81 pp	new
RRCRange Resources Corp	1.67%	3,606,037	$314M	trimmed0%	+0.07 pp	5 q
WKCWorld Kinect Corporation	1.61%	6,133,366	$302M	trimmed−1%	+0.15 pp	5 q
IBMInternational Business Machines Corporation	1.42%	1,468,391	$266M	trimmed−1%	−0.10 pp	5 q
PXGBXPraxair Inc	1.35%	1,898,588	$252M	trimmed−0%	+0.02 pp	5 q
PRGOPerrigo Company PLC	1.33%	1,717,063	$250M	trimmed−0%	−0.09 pp	3 q
VVISA Inc.	1.26%	1,124,329	$237M	trimmed−0%	−0.04 pp	5 q
unresolvedSirona Dental Systems Inc	1.25%	2,851,162	$235M	trimmed−2%	+0.09 pp	5 q
AAPAdvance Auto Parts Inc	1.21%	1,675,975	$226M	trimmed−0%	+0.07 pp	5 q
GSGoldman Sachs Group Inc.	1.20%	1,342,047	$225M	trimmed−0%	+0.02 pp	5 q
TIFTiffany & Co.	1.15%	2,146,294	$215M	trimmed−0%	+0.16 pp	5 q
WATWaters Corp	1.15%	2,066,476	$216M	trimmed−0%	−0.05 pp	5 q
unresolvedCabelas Inc. Cl A	1.14%	3,414,705	$213M	added+59%	+0.39 pp	2 q
JECJacobs Engineering Group	1.12%	3,945,718	$210M	added×2.0	+0.46 pp	5 q
OMCOmnicom Group Inc.	1.10%	2,882,820	$205M	trimmed−0%	−0.02 pp	5 q
PRIPrimerica, Inc.	0.95%	3,721,085	$178M	trimmed−0%	+0.01 pp	5 q
WMTWalmart Inc.	0.89%	2,229,021	$167M	trimmed−0%	−0.02 pp	5 q
SW5Southwestern Energy Co	0.75%	3,108,220	$141M	trimmed−6%	−0.06 pp	5 q
AXPAmerican Express Company	0.71%	1,398,272	$133M	trimmed−0%	+0.03 pp	5 q
TRMBTrimble Inc.	0.67%	3,417,899	$126M	trimmed−0%	−0.04 pp	5 q
DHRDanaher Corporation	0.62%	1,474,696	$116M	added0%	+0.03 pp	5 q
RBARB Global, Inc.	0.55%	4,146,976	$102M	trimmed−1%	+0.01 pp	5 q
COSTCostco Wholesale Corp	0.45%	740,020	$85M	trimmed−0%	+0.01 pp	5 q
BROBrown & Brown, Inc.	0.44%	2,677,335	$82M	trimmed−0%	0.00 pp	5 q
unresolvedIAC Interactivecorp	0.44%	1,200,210	$83M	added0%	−0.02 pp	5 q
unresolvedQihoo 360 Technology Co. ADR	0.41%	840,000	$77M	held	—	3 q
EMEEMCOR Group, Inc.	0.40%	1,670,843	$74M	trimmed−0%	−0.02 pp	5 q
ORCLOracle Corp	0.38%	1,763,486	$71M	trimmed−46%	−0.33 pp	5 q
NBISNebius Group N.V. Class A	0.38%	2,000,048	$71M	new	+0.38 pp	new
KOCoca-Cola Company	0.25%	1,097,940	$47M	trimmed−5%	+0.01 pp	5 q
WSTWest Pharmaceutical Services, Inc.	0.24%	1,056,701	$45M	trimmed−0%	−0.01 pp	5 q
WUBA58.COM Inc	0.23%	800,000	$43M	new	+0.23 pp	new
IBKRInteractive Brokers Group, Inc. Class A	0.22%	1,736,264	$40M	held	—	5 q
unresolvedMcGraw Hill	0.22%	505,730	$42M	trimmed−0%	+0.01 pp	5 q
PXDPioneer Natural Resource Co.	0.21%	174,903	$40M	added0%	+0.04 pp	5 q
unresolvedColfax Corp	0.20%	501,400	$37M	trimmed−0%	+0.01 pp	5 q
CNQCanadian Natural Resources Limited	0.19%	770,797	$35M	trimmed−0%	+0.03 pp	5 q
unresolvedConcur Technologies Inc	0.16%	311,544	$29M	added×34.7	+0.16 pp	5 q
1885807DAthenahealth Inc	0.13%	200,000	$25M	new	+0.13 pp	new
QCOMQualcomm Inc	0.13%	302,342	$24M	added0%	0.00 pp	5 q
GRPNGroupon, Inc.	0.11%	3,001,417	$20M	new	+0.11 pp	new
PEPPepsiCo, Inc.	0.09%	188,735	$17M	trimmed−0%	+0.01 pp	5 q
WFCWells Fargo & Co.	0.08%	294,610	$15M	added+2%	0.00 pp	5 q
GLREGreenlight Captial RE, LTD. Class A	0.08%	441,764	$15M	held	—	5 q
CTRPTrip.com Group Limited	0.07%	200,000	$13M	new	+0.07 pp	new
MCDMcDonald's Corporation	0.07%	137,469	$14M	added0%	0.00 pp	5 q
PGProcter & Gamble Company	0.07%	171,559	$13M	trimmed−7%	−0.01 pp	5 q
EXPDExpeditors International of Washington, Inc.	0.06%	247,518	$11M	trimmed−12%	0.00 pp	5 q
unresolvedAon PLC	0.06%	134,700	$12M	held	—	5 q
EXMOCExxon Mobil Corp	0.05%	88,126	$9M	trimmed−5%	0.00 pp	5 q
INWKInnerWorkings, Inc.	0.05%	1,000,000	$9M	held	—	3 q
UNPUnion Pacific Corp.	0.05%	100,846	$10M	added0%	0.00 pp	5 q
BACBank of America Corporation	0.04%	438,247	$7M	added×25.1	+0.04 pp	5 q
CATCaterpillar Inc.	0.04%	69,075	$8M	added0%	0.00 pp	5 q
COPConocoPhillips	0.04%	78,983	$7M	trimmed−1%	+0.01 pp	4 q
CRESYCresud SA	0.04%	605,247	$8M	held	—	5 q
JNJJohnson & Johnson	0.04%	76,012	$8M	added0%	0.00 pp	5 q
NVONovo-Nordisk A/S	0.04%	160,492	$7M	trimmed−34%	−0.02 pp	5 q
PMPhilip Morris International Inc.	0.04%	95,165	$8M	trimmed−6%	0.00 pp	5 q
unresolvedResource America Inc Cl A	0.04%	897,297	$8M	added+49%	+0.01 pp	5 q
unresolvedGeneral Electric Co	0.03%	229,822	$6M	trimmed−5%	0.00 pp	5 q
GISGeneral Mills, Inc.	0.03%	106,747	$6M	trimmed−47%	−0.03 pp	4 q
KELKellanova	0.03%	90,000	$6M	trimmed−33%	−0.02 pp	4 q
unresolvedLinear Technology Group	0.03%	138,358	$7M	trimmed−17%	−0.01 pp	5 q
PAMPampa Energia S.a.	0.03%	605,980	$6M	held	—	5 q
ZTSZoetis Inc.	0.03%	173,562	$6M	added0%	0.00 pp	5 q
MOAltria Group, Inc.	0.02%	85,174	$4M	trimmed−1%	0.00 pp	5 q
DEODiageo plc	0.02%	32,200	$4M	trimmed−2%	0.00 pp	3 q
unresolvedDirectv	0.02%	44,114	$4M	added+26%	+0.01 pp	5 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,655	$4M	held	—	5 q
PSXPhillips 66	0.02%	39,930	$3M	trimmed−1%	0.00 pp	4 q
PGRProgressive Corporation	0.02%	137,735	$3M	trimmed−0%	0.00 pp	5 q
RYRoyal Bank of Canada	0.02%	50,400	$4M	held	—	4 q
VRSKVerisk Analytics, Inc.	0.02%	61,899	$4M	trimmed−2%	0.00 pp	5 q
AAPLApple Inc.	0.01%	13,409	$1M	added+4%	0.00 pp	5 q
CVSCvs Health Corporation	0.01%	27,028	$2M	trimmed−0%	0.00 pp	5 q
DISThe Walt Disney Company	0.01%	27,891	$2M	added+1%	0.00 pp	5 q
EIXEdison International	0.01%	42,900	$2M	held	—	5 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	5 q
GHCGraham Holdings Company	0.01%	3,248	$2M	held	—	3 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	5 q
HDHome Depot, Inc.	0.01%	28,728	$2M	added+2%	0.00 pp	5 q
JPMJPMorgan Chase & Co.	0.01%	19,759	$1M	added+3%	0.00 pp	5 q
unresolvedMondelez International	0.01%	56,710	$2M	trimmed−6%	0.00 pp	5 q
unresolvedKraft Foods Group Inc	0.01%	18,038	$1M	held	—	5 q
LIILennox International Inc.	0.01%	19,834	$2M	trimmed−2%	0.00 pp	5 q
MSFTMicrosoft Corp	0.01%	59,976	$3M	trimmed−6%	0.00 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$2M	trimmed−20%	0.00 pp	5 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	5 q
unresolvedSoufun Holdings Ltd ADR	0.01%	200,000	$2M	new	+0.01 pp	new
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	5 q
USBU.S. Bancorp	0.01%	30,297	$1M	added+3%	0.00 pp	5 q
unresolvedAcacia Conservation Fund	0.00%	72,255	$72,000	added+53%	0.00 pp	2 q
AEPAmerican Electric Power Company, Inc.	0.00%	15,300	$853,000	held	—	5 q
AMATApplied Materials Inc	0.00%	13,692	$309,000	held	—	5 q
ADPAutomatic Data Processing	0.00%	6,011	$477,000	held	—	5 q
BPBP p.l.c.	0.00%	5,548	$293,000	held	—	5 q
BDXBecton, Dickinson and Co.	0.00%	2,272	$269,000	held	—	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,080	$349,000	added+1%	0.00 pp	5 q
BABoeing Company	0.00%	1,756	$223,000	new	0.00 pp	new
CVXChevron Corporation	0.00%	4,706	$614,000	trimmed−20%	0.00 pp	5 q
CCitigroup Inc.	0.00%	6,016	$283,000	held	—	4 q
CLColgate-Palmolive Company	0.00%	3,548	$242,000	held	—	5 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$399,000	held	—	5 q
unresolvedCorinthian Colleges Inc	0.00%	1,000,000	$296,000	held	—	5 q
DVNDevon Energy Corporation	0.00%	3,645	$289,000	trimmed−39%	0.00 pp	5 q
EMREmerson Electric Co.	0.00%	5,270	$350,000	added+6%	0.00 pp	5 q
unresolvedEnergizer Hldgs Inc	0.00%	1,782	$217,000	new	0.00 pp	new
unresolvedExpress Scripts Hldg Co	0.00%	5,031	$349,000	trimmed−11%	0.00 pp	5 q
HDBHDFC Bank Limited	0.00%	18,241	$854,000	added0%	0.00 pp	5 q
IEXIDEX Corporation	0.00%	7,985	$645,000	held	—	5 q
ITWIllinois Tool Works Inc.	0.00%	2,340	$205,000	new	0.00 pp	new
INTCIntel Corp	0.00%	10,282	$318,000	trimmed−41%	0.00 pp	5 q
INDYiShares S&P India Nifty 50 Index Fund	0.00%	8,910	$258,000	new	0.00 pp	new
ITUBItau Unibanco Holding S.A.	0.00%	14,168	$204,000	added0%	0.00 pp	2 q
unresolvedLeucadia National	0.00%	16,471	$432,000	held	—	5 q
LMTLockheed Martin Corp.	0.00%	2,750	$442,000	held	—	5 q
LOWLowe's Companies Inc.	0.00%	10,114	$485,000	trimmed−2%	0.00 pp	5 q
MRKMerck & Co., Inc.	0.00%	4,609	$267,000	added+5%	0.00 pp	3 q
PFEPfizer Inc.	0.00%	10,987	$326,000	trimmed−0%	0.00 pp	5 q
TROWT Rowe Price Group Inc	0.00%	4,045	$341,000	held	—	5 q
PSAPublic Storage	0.00%	2,493	$427,000	held	—	2 q
RSGRepublic Services Inc.	0.00%	12,616	$479,000	trimmed−1%	0.00 pp	5 q
RHIRobert Half Inc.	0.00%	7,000	$334,000	held	—	5 q
ROPRoper Technologies, Inc.	0.00%	4,465	$652,000	held	—	5 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,181	$456,000	held	—	5 q
SEICSEI Investments Co	0.00%	10,000	$328,000	held	—	5 q
SLBSLB Limited	0.00%	2,706	$319,000	added+11%	0.00 pp	4 q
SRCLStericycle Inc	0.00%	3,000	$355,000	held	—	5 q
TGTTarget Corporation	0.00%	9,495	$550,000	trimmed−6%	0.00 pp	5 q
unresolvedTechne Corp	0.00%	2,540	$235,000	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.00%	3,101	$366,000	added+22%	0.00 pp	2 q
MMM3M Company	0.00%	1,958	$280,000	held	—	5 q
UTXZRTX Corporation	0.00%	1,873	$216,000	new	0.00 pp	new
VZVerizon Communications	0.00%	6,940	$340,000	added+10%	0.00 pp	3 q
WPPWpp PLC	0.00%	2,272	$248,000	trimmed−33%	0.00 pp	5 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	5 q
ACGLArch Capital Group Ltd	0.00%	11,538	$663,000	held	—	5 q
JARLFJardine Matheson Hldg Ord	0.00%	3,600	$218,000	held	—	2 q
unresolvedPactera Technology Intl Ltd Sp	—	−770,000	—	exited	−0.03 pp	—
ICEIntercontinental Exchange Inc.	—	−13,080	—	exited	−0.01 pp	—
unresolvedQuicksilver Resources Inc	—	−613,000	—	exited	−0.01 pp	—
unresolvedMedia Gen Inc	—	−10,000	—	exited	0.00 pp	—
SRMLFStorm Resources Ltd	—	−156,650	—	exited	0.00 pp	—
INXNInterxion Holding NV	—	−13,060	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 7 defects · 29 unresolved
Accession: 0000728014-14-000014
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 2014-06-30
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP G50736100 not on the Official 13(f) List for 2014-06-30

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