Ruane, Cunniff & Goldfarb

Q3 2014 13F

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $18.9B · prev $18.7B
Positions: 161 · prev 150
Options notional: $0
Documents: 1· no amendments

Picture99.2% US stock

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

US stock listed on a US exchange 99.2%
Foreign stock not listed in the US 0.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves122 since the prior filing

+1.7 pp in · −1.6 pp out

New 18 +0.66 pp
Added 43 +1.06 pp
Trimmed 54 −1.39 pp
Exited 7 −0.16 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.0% a year, about 14.3 years per position

Low
Moderate
High

Top 5 positions54% of US stock

unresolved Valeant Pharmaceuticals Intl added+0.90 pp added+0.9024.0%
BRK.A Berkshire Hathaway Inc. trimmed+0.60 pp trimmed+0.6011.2%
TJX TJX Companies, Inc. (The) trimmed+0.59 pp trimmed+0.599.5%
FAST Fastenal Co added+0.24 pp added+0.245.7%
unresolved Precision Castparts Corp trimmed−0.31 pp trimmed−0.313.8%

Positions161 in this filing · 7 exited


unresolvedValeant Pharmaceuticals Intl	23.97%	34,494,015	$4.5B	added+1%	+0.90 pp	6 q
BRK.ABerkshire Hathaway Inc.	11.20%	10,223	$2.1B	trimmed−2%	+0.60 pp	6 q
TJXTJX Companies, Inc. (The)	9.51%	30,332,526	$1.8B	trimmed−4%	+0.59 pp	6 q
FASTFastenal Co	5.73%	24,086,459	$1.1B	added+16%	+0.24 pp	6 q
unresolvedPrecision Castparts Corp	3.84%	3,064,648	$726M	trimmed−1%	−0.31 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	3.60%	4,916,475	$679M	added+2%	+0.35 pp	6 q
IDXXIdexx Laboratories Inc	3.24%	5,197,081	$612M	trimmed−1%	−0.49 pp	6 q
ORLYO'Reilly Automotive, Inc.	2.89%	3,634,125	$546M	trimmed−1%	−0.05 pp	6 q
MAMastercard Incorporated	2.13%	5,446,115	$403M	trimmed−0%	−0.01 pp	6 q
MHKMohawk Industries, Inc.	2.02%	2,830,730	$382M	trimmed−0%	−0.08 pp	6 q
unresolvedGoogle Inc.	1.83%	588,466	$346M	trimmed−0%	−0.01 pp	6 q
GOOGAlphabet Inc. Class C	1.81%	591,684	$342M	added0%	0.00 pp	2 q
IBMInternational Business Machines Corporation	1.42%	1,415,603	$269M	trimmed−4%	0.00 pp	6 q
PRGOPerrigo Company PLC	1.36%	1,710,706	$257M	trimmed−0%	+0.03 pp	4 q
RRCRange Resources Corp	1.30%	3,607,242	$245M	added0%	−0.37 pp	6 q
PXGBXPraxair Inc	1.29%	1,892,547	$244M	trimmed−0%	−0.06 pp	6 q
VVISA Inc.	1.26%	1,115,595	$238M	trimmed−1%	0.00 pp	6 q
WKCWorld Kinect Corporation	1.25%	5,926,035	$237M	trimmed−3%	−0.36 pp	6 q
GSGoldman Sachs Group Inc.	1.23%	1,265,593	$232M	trimmed−6%	+0.03 pp	6 q
AAPAdvance Auto Parts Inc	1.15%	1,673,207	$218M	trimmed−0%	−0.06 pp	6 q
unresolvedSirona Dental Systems Inc	1.15%	2,833,679	$217M	trimmed−1%	−0.10 pp	6 q
TIFTiffany & Co.	1.10%	2,147,983	$207M	added0%	−0.05 pp	6 q
WATWaters Corp	1.08%	2,050,578	$203M	trimmed−1%	−0.07 pp	6 q
unresolvedCabelas Inc. Cl A	1.07%	3,414,658	$201M	trimmed0%	−0.07 pp	3 q
OMCOmnicom Group Inc.	1.05%	2,868,999	$198M	trimmed−0%	−0.05 pp	6 q
JECJacobs Engineering Group	1.02%	3,935,406	$192M	trimmed−0%	−0.10 pp	6 q
PRIPrimerica, Inc.	0.95%	3,721,085	$179M	held	—	6 q
WMTWalmart Inc.	0.90%	2,209,841	$169M	trimmed−1%	+0.01 pp	6 q
SW5Southwestern Energy Co	0.66%	3,566,435	$125M	added+15%	−0.09 pp	6 q
AXPAmerican Express Company	0.65%	1,399,011	$122M	added0%	−0.06 pp	6 q
DHRDanaher Corporation	0.59%	1,467,303	$111M	trimmed−1%	−0.03 pp	6 q
TRMBTrimble Inc.	0.55%	3,412,462	$104M	trimmed−0%	−0.12 pp	6 q
unresolvedQihoo 360 Technology Co. ADR	0.54%	1,500,000	$101M	added+79%	+0.13 pp	4 q
COSTCostco Wholesale Corp	0.49%	739,699	$93M	trimmed−0%	+0.04 pp	6 q
BROBrown & Brown, Inc.	0.45%	2,648,208	$85M	trimmed−1%	+0.01 pp	6 q
unresolvedIAC Interactivecorp	0.42%	1,200,210	$79M	held	—	6 q
EMEEMCOR Group, Inc.	0.35%	1,662,959	$66M	trimmed−0%	−0.05 pp	6 q
ORCLOracle Corp	0.35%	1,750,063	$67M	trimmed−1%	−0.03 pp	6 q
CNSWFConstellation Sftwre Inc	0.34%	256,800	$65M	new	+0.34 pp	new
NBISNebius Group N.V. Class A	0.29%	2,000,048	$56M	held	—	2 q
HXLHexcel Corporation	0.25%	1,181,280	$47M	new	+0.25 pp	new
KOCoca-Cola Company	0.24%	1,042,818	$44M	trimmed−5%	−0.01 pp	6 q
WSTWest Pharmaceutical Services, Inc.	0.24%	1,028,465	$46M	trimmed−3%	0.00 pp	6 q
IBKRInteractive Brokers Group, Inc. Class A	0.23%	1,736,264	$43M	held	—	6 q
unresolvedMcGraw Hill	0.23%	505,730	$43M	held	—	6 q
WUBA58.COM Inc	0.19%	973,085	$36M	added+22%	−0.04 pp	2 q
PXDPioneer Natural Resource Co.	0.18%	174,903	$34M	held	—	6 q
CNQCanadian Natural Resources Limited	0.16%	759,123	$29M	trimmed−2%	−0.03 pp	6 q
RBARB Global, Inc.	0.16%	1,324,170	$30M	trimmed−68%	−0.39 pp	6 q
unresolvedColfax Corp	0.15%	501,400	$29M	held	—	6 q
1885807DAthenahealth Inc	0.14%	200,000	$26M	held	—	2 q
QCOMQualcomm Inc	0.12%	302,382	$23M	added0%	−0.01 pp	6 q
GRPNGroupon, Inc.	0.11%	3,001,417	$20M	held	—	2 q
PEPPepsiCo, Inc.	0.09%	188,815	$18M	added0%	0.00 pp	6 q
PGProcter & Gamble Company	0.08%	171,316	$14M	trimmed−0%	+0.01 pp	6 q
WFCWells Fargo & Co.	0.08%	294,530	$15M	trimmed−0%	0.00 pp	6 q
GLREGreenlight Captial RE, LTD. Class A	0.08%	441,764	$14M	held	—	6 q
MCDMcDonald's Corporation	0.07%	137,542	$13M	added0%	0.00 pp	6 q
UNPUnion Pacific Corp.	0.06%	100,846	$11M	held	—	6 q
BACBank of America Corporation	0.05%	538,077	$9M	added+23%	+0.01 pp	6 q
37MMrc Global Inc	0.05%	372,000	$9M	new	+0.05 pp	new
CATCaterpillar Inc.	0.04%	68,871	$7M	trimmed−0%	0.00 pp	6 q
EXMOCExxon Mobil Corp	0.04%	88,742	$8M	added+1%	−0.01 pp	6 q
INWKInnerWorkings, Inc.	0.04%	1,000,000	$8M	held	—	4 q
JNJJohnson & Johnson	0.04%	76,259	$8M	added0%	0.00 pp	6 q
PMPhilip Morris International Inc.	0.04%	95,165	$8M	held	—	6 q
unresolvedResource America Inc Cl A	0.04%	897,297	$8M	held	—	6 q
COPConocoPhillips	0.03%	79,026	$6M	added0%	−0.01 pp	5 q
CRESYCresud SA	0.03%	605,247	$7M	held	—	6 q
DISThe Walt Disney Company	0.03%	57,374	$5M	added×2.1	+0.02 pp	6 q
EXPDExpeditors International of Washington, Inc.	0.03%	137,524	$6M	trimmed−44%	−0.03 pp	6 q
unresolvedGeneral Electric Co	0.03%	242,101	$6M	added+5%	0.00 pp	6 q
GISGeneral Mills, Inc.	0.03%	100,567	$5M	trimmed−6%	0.00 pp	5 q
unresolvedLinear Technology Group	0.03%	136,184	$6M	trimmed−2%	0.00 pp	6 q
SLBSLB Limited	0.03%	64,536	$7M	added×23.8	+0.03 pp	5 q
ZTSZoetis Inc.	0.03%	173,322	$6M	trimmed−0%	0.00 pp	6 q
MOAltria Group, Inc.	0.02%	85,174	$4M	held	—	6 q
DEODiageo plc	0.02%	32,250	$4M	added0%	0.00 pp	4 q
unresolvedDirectv	0.02%	42,854	$4M	trimmed−3%	0.00 pp	6 q
unresolvedDu Pont E I De Nemours & Co	0.02%	60,762	$4M	added+9%	0.00 pp	6 q
JPMJPMorgan Chase & Co.	0.02%	50,299	$3M	added×2.5	+0.01 pp	6 q
MSFTMicrosoft Corp	0.02%	63,309	$3M	added+6%	+0.01 pp	6 q
NVONovo-Nordisk A/S	0.02%	75,642	$4M	trimmed−53%	−0.02 pp	6 q
PSXPhillips 66	0.02%	39,491	$3M	trimmed−1%	0.00 pp	5 q
RYRoyal Bank of Canada	0.02%	50,400	$4M	held	—	5 q
VRSKVerisk Analytics, Inc.	0.02%	59,380	$4M	trimmed−4%	0.00 pp	6 q
AAPLApple Inc.	0.01%	13,720	$1M	added+2%	0.00 pp	6 q
CVSCvs Health Corporation	0.01%	26,553	$2M	trimmed−2%	0.00 pp	6 q
unresolvedChubb	0.01%	11,922	$1M	new	+0.01 pp	new
unresolvedConcur Technologies Inc	0.01%	8,974	$1M	trimmed−97%	−0.15 pp	6 q
unresolvedDow Chemical Co	0.01%	41,000	$2M	new	+0.01 pp	new
EIXEdison International	0.01%	42,900	$2M	held	—	6 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	6 q
GHCGraham Holdings Company	0.01%	3,248	$2M	held	—	4 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	6 q
HDHome Depot, Inc.	0.01%	28,796	$3M	added0%	0.00 pp	6 q
KELKellanova	0.01%	38,500	$2M	trimmed−57%	−0.02 pp	5 q
unresolvedMondelez International	0.01%	56,710	$2M	held	—	6 q
unresolvedKraft Foods Group Inc	0.01%	18,158	$1M	added+1%	0.00 pp	6 q
LIILennox International Inc.	0.01%	19,584	$2M	trimmed−1%	0.00 pp	6 q
PGRProgressive Corporation	0.01%	64,940	$2M	trimmed−53%	−0.01 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$2M	held	—	6 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	6 q
unresolvedSoufun Holdings Ltd ADR	0.01%	200,000	$2M	held	—	2 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	6 q
USBU.S. Bancorp	0.01%	28,452	$1M	trimmed−6%	0.00 pp	6 q
TAT&T Inc.	0.00%	5,780	$204,000	new	0.00 pp	new
unresolvedAcacia Conservation Fund	0.00%	140,516	$141,000	added+94%	0.00 pp	3 q
ALLThe Allstate Corporation	0.00%	12,000	$736,000	new	0.00 pp	new
AEPAmerican Electric Power Company, Inc.	0.00%	15,420	$805,000	added+1%	0.00 pp	6 q
AMGNAmgen Inc	0.00%	1,617	$227,000	new	0.00 pp	new
AMATApplied Materials Inc	0.00%	13,692	$296,000	held	—	6 q
ADPAutomatic Data Processing	0.00%	6,091	$506,000	added+1%	0.00 pp	6 q
BPBP p.l.c.	0.00%	5,548	$244,000	held	—	6 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,080	$400,000	held	—	6 q
BBYBest Buy Company, Inc.	0.00%	10,000	$336,000	new	0.00 pp	new
TECHBio-Techne Corp.	0.00%	2,540	$238,000	new	0.00 pp	new
BABoeing Company	0.00%	1,756	$224,000	held	—	2 q
CETCentral Securities Corp.	0.00%	17,128	$394,000	new	0.00 pp	new
CVXChevron Corporation	0.00%	5,998	$716,000	added+27%	0.00 pp	6 q
CCitigroup Inc.	0.00%	8,706	$451,000	added+45%	0.00 pp	5 q
CLColgate-Palmolive Company	0.00%	3,548	$231,000	held	—	6 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$400,000	held	—	6 q
DVNDevon Energy Corporation	0.00%	3,645	$249,000	held	—	6 q
EBAYeBay Inc	0.00%	3,785	$214,000	new	0.00 pp	new
EMREmerson Electric Co.	0.00%	5,380	$337,000	added+2%	0.00 pp	6 q
unresolvedEnergizer Hldgs Inc	0.00%	1,644	$203,000	trimmed−8%	0.00 pp	2 q
unresolvedExpress Scripts Hldg Co	0.00%	5,372	$379,000	added+7%	0.00 pp	6 q
HDBHDFC Bank Limited	0.00%	18,166	$846,000	trimmed−0%	0.00 pp	6 q
IEXIDEX Corporation	0.00%	7,985	$578,000	held	—	6 q
ITWIllinois Tool Works Inc.	0.00%	2,374	$200,000	added+1%	0.00 pp	2 q
INTCIntel Corp	0.00%	17,511	$610,000	added+70%	0.00 pp	6 q
INDYiShares S&P India Nifty 50 Index Fund	0.00%	8,910	$264,000	held	—	2 q
ITUBItau Unibanco Holding S.A.	0.00%	14,168	$197,000	held	—	3 q
unresolvedKinder Morgan Energy Partners	0.00%	2,400	$224,000	new	0.00 pp	new
unresolvedLeucadia National	0.00%	16,971	$405,000	added+3%	0.00 pp	6 q
LMTLockheed Martin Corp.	0.00%	2,750	$503,000	held	—	6 q
LOWLowe's Companies Inc.	0.00%	10,314	$546,000	added+2%	0.00 pp	6 q
unresolvedMedtronic Inc	0.00%	9,700	$601,000	new	0.00 pp	new
MRKMerck & Co., Inc.	0.00%	4,784	$284,000	added+4%	0.00 pp	4 q
NVSNovartis AG	0.00%	7,772	$732,000	new	0.00 pp	new
JCPJ.C. Penney Company, Inc.	0.00%	24,000	$241,000	new	0.00 pp	new
PFEPfizer Inc.	0.00%	10,967	$324,000	trimmed−0%	0.00 pp	6 q
TROWT Rowe Price Group Inc	0.00%	4,045	$317,000	held	—	6 q
PSAPublic Storage	0.00%	2,493	$413,000	held	—	3 q
RSGRepublic Services Inc.	0.00%	12,606	$492,000	trimmed−0%	0.00 pp	6 q
RHIRobert Half Inc.	0.00%	7,000	$343,000	held	—	6 q
ROPRoper Technologies, Inc.	0.00%	4,465	$653,000	held	—	6 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,121	$458,000	trimmed−1%	0.00 pp	6 q
SEICSEI Investments Co	0.00%	10,000	$362,000	held	—	6 q
SRCLStericycle Inc	0.00%	3,000	$350,000	held	—	6 q
TMOThermo Fisher Scientific, Inc.	0.00%	3,101	$377,000	held	—	3 q
MMM3M Company	0.00%	2,021	$286,000	added+3%	0.00 pp	6 q
TRVThe Travelers Companies, Inc.	0.00%	2,262	$212,000	new	0.00 pp	new
UTXZRTX Corporation	0.00%	2,033	$215,000	added+9%	0.00 pp	2 q
VZVerizon Communications	0.00%	7,109	$355,000	added+2%	0.00 pp	4 q
WPPWpp PLC	0.00%	3,124	$314,000	added+38%	0.00 pp	6 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	6 q
MBGAFMercedes Benz Group AG	0.00%	3,864	$295,000	new	0.00 pp	new
ACGLArch Capital Group Ltd	0.00%	10,788	$590,000	trimmed−7%	0.00 pp	6 q
JARLFJardine Matheson Hldg Ord	0.00%	3,600	$223,000	held	—	3 q
CTRPTrip.com Group Limited	—	−200,000	—	exited	−0.07 pp	—
unresolvedAon PLC	—	−134,700	—	exited	−0.06 pp	—
PAMPampa Energia S.a.	—	−605,980	—	exited	−0.03 pp	—
BDXBecton, Dickinson and Co.	—	−2,272	—	exited	0.00 pp	—
unresolvedCorinthian Colleges Inc	—	−1,000,000	—	exited	0.00 pp	—
TGTTarget Corporation	—	−9,495	—	exited	0.00 pp	—
unresolvedTechne Corp	—	−2,540	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 10 defects · 30 unresolved
Accession: 0000728014-14-000015
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 2014-09-30
A security outside the official 13F list — CUSIP 09073M104 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 21037X100 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP D1668R123 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP G50736100 not on the Official 13(f) List for 2014-09-30

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