Ruane, Cunniff & Goldfarb

Q4 2014 13F

As of: Dec 31, 2014
Filed: Feb 17, 2015
US stock: $19.6B · prev $18.9B
Positions: 156 · prev 161
Options notional: $0
Documents: 1· no amendments

Picture99.0% US stock

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

US stock listed on a US exchange 99.0%
Foreign stock not listed in the US 1.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves127 since the prior filing

+0.3 pp in · −0.2 pp out

New 9 +0.57 pp
Added 29 −0.27 pp
Trimmed 75 −0.04 pp
Exited 14 −0.19 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.4% a year, about 22.6 years per position

Low
Moderate
High

Top 5 positions55% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+1.06 pp trimmed+1.0625.0%
BRK.A Berkshire Hathaway Inc. trimmed+0.11 pp trimmed+0.1111.3%
TJX TJX Companies, Inc. (The) trimmed−0.19 pp trimmed−0.199.3%
FAST Fastenal Co trimmed+0.09 pp trimmed+0.095.8%
unresolved Precision Castparts Corp added−0.04 pp added−0.043.8%

Positions156 in this filing · 14 exited


unresolvedValeant Pharmaceuticals Intl	25.03%	34,331,973	$4.9B	trimmed−0%	+1.06 pp	7 q
BRK.ABerkshire Hathaway Inc.	11.31%	9,824	$2.2B	trimmed−4%	+0.11 pp	7 q
TJXTJX Companies, Inc. (The)	9.32%	26,673,471	$1.8B	trimmed−12%	−0.19 pp	7 q
FASTFastenal Co	5.82%	24,025,457	$1.1B	trimmed−0%	+0.09 pp	7 q
unresolvedPrecision Castparts Corp	3.80%	3,092,962	$745M	added+1%	−0.04 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	3.63%	4,742,188	$712M	trimmed−4%	+0.03 pp	7 q
ORLYO'Reilly Automotive, Inc.	3.54%	3,607,287	$695M	trimmed−1%	+0.65 pp	7 q
IDXXIdexx Laboratories Inc	3.36%	4,448,407	$660M	trimmed−14%	+0.12 pp	7 q
MAMastercard Incorporated	2.37%	5,390,387	$464M	trimmed−1%	+0.24 pp	7 q
MHKMohawk Industries, Inc.	2.24%	2,826,972	$439M	trimmed−0%	+0.22 pp	7 q
GOOGAlphabet Inc. Class C	1.62%	604,407	$318M	added+2%	−0.19 pp	3 q
unresolvedGoogle Inc.	1.58%	585,805	$311M	trimmed−0%	−0.25 pp	7 q
PRGOPerrigo Company PLC	1.45%	1,699,683	$284M	trimmed−1%	+0.09 pp	5 q
unresolvedSirona Dental Systems Inc	1.26%	2,827,172	$247M	trimmed−0%	+0.11 pp	7 q
GSGoldman Sachs Group Inc.	1.25%	1,264,287	$245M	trimmed−0%	+0.02 pp	7 q
PXGBXPraxair Inc	1.25%	1,891,801	$245M	trimmed−0%	−0.04 pp	7 q
WATWaters Corp	1.18%	2,049,064	$231M	trimmed−0%	+0.10 pp	7 q
TIFTiffany & Co.	1.16%	2,131,921	$228M	trimmed−1%	+0.06 pp	7 q
IBMInternational Business Machines Corporation	1.15%	1,411,033	$226M	trimmed−0%	−0.27 pp	7 q
VVISA Inc.	1.15%	858,546	$225M	trimmed−23%	−0.11 pp	7 q
OMCOmnicom Group Inc.	1.13%	2,874,082	$223M	added0%	+0.08 pp	7 q
PRIPrimerica, Inc.	1.03%	3,716,445	$202M	trimmed−0%	+0.08 pp	7 q
RRCRange Resources Corp	0.98%	3,605,407	$193M	trimmed−0%	−0.32 pp	7 q
WKCWorld Kinect Corporation	0.98%	4,099,001	$192M	trimmed−31%	−0.27 pp	7 q
WMTWalmart Inc.	0.97%	2,215,675	$190M	added0%	+0.07 pp	7 q
unresolvedCabelas Inc. Cl A	0.92%	3,426,782	$181M	added0%	−0.15 pp	4 q
JECJacobs Engineering Group	0.90%	3,953,399	$177M	added0%	−0.12 pp	7 q
AXPAmerican Express Company	0.66%	1,397,969	$130M	trimmed−0%	+0.01 pp	7 q
DHRDanaher Corporation	0.64%	1,465,053	$126M	trimmed−0%	+0.05 pp	7 q
SW5Southwestern Energy Co	0.56%	4,014,450	$110M	added+13%	−0.10 pp	7 q
COSTCostco Wholesale Corp	0.54%	741,246	$105M	added0%	+0.05 pp	7 q
TRMBTrimble Inc.	0.46%	3,436,368	$91M	added+1%	−0.09 pp	7 q
BROBrown & Brown, Inc.	0.44%	2,644,784	$87M	trimmed−0%	−0.01 pp	7 q
unresolvedQihoo 360 Technology Co. ADR	0.44%	1,500,000	$86M	held	—	5 q
HXLHexcel Corporation	0.42%	2,002,840	$83M	added+70%	+0.17 pp	2 q
CNSWFConstellation Sftwre Inc	0.39%	257,168	$77M	added0%	+0.05 pp	2 q
EMEEMCOR Group, Inc.	0.38%	1,669,759	$74M	added0%	+0.03 pp	7 q
unresolvedIAC Interactivecorp	0.37%	1,200,125	$73M	trimmed−0%	−0.05 pp	7 q
WSTWest Pharmaceutical Services, Inc.	0.28%	1,024,416	$55M	trimmed−0%	+0.04 pp	7 q
NBISNebius Group N.V. Class A	0.27%	2,910,911	$52M	added+46%	−0.02 pp	3 q
IBKRInteractive Brokers Group, Inc. Class A	0.26%	1,736,264	$51M	held	—	7 q
unresolvedDiscovery Communications Inc.	0.23%	1,311,904	$45M	new	+0.23 pp	new
unresolvedMcGraw Hill	0.23%	505,350	$45M	trimmed−0%	0.00 pp	7 q
KOCoca-Cola Company	0.21%	988,876	$42M	trimmed−5%	−0.03 pp	7 q
WUBA58.COM Inc	0.19%	921,045	$38M	trimmed−5%	0.00 pp	3 q
1885807DAthenahealth Inc	0.15%	200,000	$29M	held	—	3 q
DISCKDiscovery Inc-c	0.14%	835,044	$28M	new	+0.14 pp	new
unresolvedColfax Corp	0.13%	501,400	$26M	held	—	7 q
GRPNGroupon, Inc.	0.13%	3,001,417	$25M	held	—	3 q
PXDPioneer Natural Resource Co.	0.13%	174,962	$26M	added0%	−0.05 pp	7 q
CNQCanadian Natural Resources Limited	0.12%	767,846	$24M	added+1%	−0.04 pp	7 q
FOSLFossil Group, Inc.	0.11%	200,000	$22M	new	+0.11 pp	new
QCOMQualcomm Inc	0.11%	302,267	$22M	trimmed−0%	−0.01 pp	7 q
PEPPepsiCo, Inc.	0.09%	187,735	$18M	trimmed−1%	0.00 pp	7 q
unresolvedSoufun Holdings Ltd ADR	0.08%	2,008,500	$15M	added×10.0	+0.07 pp	3 q
MCDMcDonald's Corporation	0.07%	136,767	$13M	trimmed−1%	0.00 pp	7 q
PGProcter & Gamble Company	0.07%	160,473	$15M	trimmed−6%	−0.01 pp	7 q
WFCWells Fargo & Co.	0.07%	234,530	$13M	trimmed−20%	−0.01 pp	7 q
GLREGreenlight Captial RE, LTD. Class A	0.07%	441,764	$14M	held	—	7 q
SPNTSiriusPoint Ltd.	0.07%	1,012,200	$15M	new	+0.07 pp	new
37MMrc Global Inc	0.06%	803,615	$12M	added×2.2	+0.01 pp	2 q
UNPUnion Pacific Corp.	0.06%	100,846	$12M	held	—	7 q
BACBank of America Corporation	0.05%	541,253	$10M	added+1%	0.00 pp	7 q
EXMOCExxon Mobil Corp	0.04%	86,707	$8M	trimmed−2%	0.00 pp	7 q
INWKInnerWorkings, Inc.	0.04%	1,000,000	$8M	held	—	5 q
JNJJohnson & Johnson	0.04%	75,946	$8M	trimmed−0%	0.00 pp	7 q
PMPhilip Morris International Inc.	0.04%	91,317	$7M	trimmed−4%	0.00 pp	7 q
unresolvedResource America Inc Cl A	0.04%	897,297	$8M	held	—	7 q
ZTSZoetis Inc.	0.04%	173,423	$7M	added0%	+0.01 pp	7 q
CATCaterpillar Inc.	0.03%	68,881	$6M	added0%	−0.01 pp	7 q
COPConocoPhillips	0.03%	79,026	$5M	held	—	6 q
CRESYCresud SA	0.03%	612,147	$6M	trimmed0%	0.00 pp	7 q
DISThe Walt Disney Company	0.03%	57,374	$5M	held	—	7 q
EXPDExpeditors International of Washington, Inc.	0.03%	121,851	$5M	trimmed−11%	0.00 pp	7 q
unresolvedGeneral Electric Co	0.03%	229,211	$6M	trimmed−5%	0.00 pp	7 q
unresolvedLinear Technology Group	0.03%	135,795	$6M	trimmed−0%	0.00 pp	7 q
MOAltria Group, Inc.	0.02%	85,174	$4M	held	—	7 q
CTRPTrip.com Group Limited	0.02%	100,000	$5M	new	+0.02 pp	new
DEODiageo plc	0.02%	32,225	$4M	trimmed−0%	0.00 pp	5 q
unresolvedDirectv	0.02%	47,354	$4M	added+11%	0.00 pp	7 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,762	$4M	trimmed−8%	0.00 pp	7 q
HDHome Depot, Inc.	0.02%	28,728	$3M	trimmed−0%	+0.01 pp	7 q
NVONovo-Nordisk A/S	0.02%	82,192	$3M	added+9%	0.00 pp	7 q
RYRoyal Bank of Canada	0.02%	50,400	$3M	held	—	6 q
VRSKVerisk Analytics, Inc.	0.02%	59,385	$4M	added0%	0.00 pp	7 q
AAPLApple Inc.	0.01%	13,406	$1M	trimmed−2%	0.00 pp	7 q
CVSCvs Health Corporation	0.01%	24,953	$2M	trimmed−6%	0.00 pp	7 q
EIXEdison International	0.01%	42,900	$3M	held	—	7 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	7 q
GISGeneral Mills, Inc.	0.01%	40,567	$2M	trimmed−60%	−0.02 pp	6 q
GHCGraham Holdings Company	0.01%	3,256	$3M	added0%	0.00 pp	5 q
HTLDHeartland Express Inc	0.01%	101,057	$3M	held	—	7 q
JPMJPMorgan Chase & Co.	0.01%	23,514	$1M	trimmed−53%	−0.01 pp	7 q
unresolvedMondelez International	0.01%	56,680	$2M	trimmed−0%	0.00 pp	7 q
unresolvedKraft Foods Group Inc	0.01%	17,424	$1M	trimmed−4%	0.00 pp	7 q
LIILennox International Inc.	0.01%	19,533	$2M	trimmed−0%	0.00 pp	7 q
MSFTMicrosoft Corp	0.01%	63,149	$3M	trimmed−0%	−0.01 pp	7 q
ORCLOracle Corp	0.01%	62,693	$3M	trimmed−96%	−0.34 pp	7 q
PSXPhillips 66	0.01%	39,491	$3M	held	—	6 q
PGRProgressive Corporation	0.01%	64,940	$2M	held	—	7 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$1M	held	—	7 q
SLBSLB Limited	0.01%	18,496	$2M	trimmed−71%	−0.02 pp	6 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	7 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	7 q
USBU.S. Bancorp	0.01%	28,069	$1M	trimmed−1%	0.00 pp	7 q
AAPAdvance Auto Parts Inc	0.00%	1,289	$205,000	trimmed−100%	−1.15 pp	7 q
AEPAmerican Electric Power Company, Inc.	0.00%	15,300	$929,000	trimmed−1%	0.00 pp	7 q
AMGNAmgen Inc	0.00%	1,617	$258,000	held	—	2 q
AMATApplied Materials Inc	0.00%	13,692	$341,000	held	—	7 q
ADPAutomatic Data Processing	0.00%	6,091	$508,000	held	—	7 q
BPBP p.l.c.	0.00%	5,948	$227,000	added+6%	0.00 pp	7 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,075	$463,000	trimmed−0%	0.00 pp	7 q
TECHBio-Techne Corp.	0.00%	2,540	$235,000	held	—	2 q
BABoeing Company	0.00%	1,790	$233,000	added+2%	0.00 pp	3 q
BMYBristol-Myers Squibb Co.	0.00%	3,670	$217,000	new	0.00 pp	new
CVXChevron Corporation	0.00%	4,716	$529,000	trimmed−21%	0.00 pp	7 q
unresolvedChubb	0.00%	3,422	$354,000	trimmed−71%	−0.01 pp	2 q
CCitigroup Inc.	0.00%	6,016	$326,000	trimmed−31%	0.00 pp	6 q
CLColgate-Palmolive Company	0.00%	3,548	$245,000	held	—	7 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$430,000	held	—	7 q
DVNDevon Energy Corporation	0.00%	3,645	$223,000	held	—	7 q
DUKDuke Energy Corporation	0.00%	2,510	$210,000	new	0.00 pp	new
EBAYeBay Inc	0.00%	4,220	$237,000	added+11%	0.00 pp	2 q
EMREmerson Electric Co.	0.00%	5,150	$318,000	trimmed−4%	0.00 pp	7 q
unresolvedEnergizer Hldgs Inc	0.00%	1,644	$211,000	held	—	3 q
unresolvedExpress Scripts Hldg Co	0.00%	4,905	$415,000	trimmed−9%	0.00 pp	7 q
HDBHDFC Bank Limited	0.00%	18,473	$938,000	added+2%	0.00 pp	7 q
IEXIDEX Corporation	0.00%	5,225	$407,000	trimmed−35%	0.00 pp	7 q
ITWIllinois Tool Works Inc.	0.00%	2,248	$213,000	trimmed−5%	0.00 pp	3 q
INTCIntel Corp	0.00%	7,311	$265,000	trimmed−58%	0.00 pp	7 q
INDYiShares S&P India Nifty 50 Index Fund	0.00%	7,750	$232,000	trimmed−13%	0.00 pp	3 q
ITUBItau Unibanco Holding S.A.	0.00%	14,263	$186,000	added+1%	0.00 pp	4 q
KMIKinder Morgan, Inc.	0.00%	9,630	$407,000	new	0.00 pp	new
unresolvedLeucadia National	0.00%	16,471	$369,000	trimmed−3%	0.00 pp	7 q
LMTLockheed Martin Corp.	0.00%	2,750	$530,000	held	—	7 q
LOWLowe's Companies Inc.	0.00%	10,114	$696,000	trimmed−2%	0.00 pp	7 q
unresolvedMedtronic Inc	0.00%	4,700	$339,000	trimmed−52%	0.00 pp	2 q
MRKMerck & Co., Inc.	0.00%	4,784	$272,000	held	—	5 q
PFEPfizer Inc.	0.00%	10,967	$342,000	held	—	7 q
TROWT Rowe Price Group Inc	0.00%	4,045	$347,000	held	—	7 q
PSAPublic Storage	0.00%	2,493	$461,000	held	—	4 q
RSGRepublic Services Inc.	0.00%	12,555	$505,000	trimmed−0%	0.00 pp	7 q
RHIRobert Half Inc.	0.00%	7,000	$409,000	held	—	7 q
ROPRoper Technologies, Inc.	0.00%	4,465	$698,000	held	—	7 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,121	$579,000	held	—	7 q
SEICSEI Investments Co	0.00%	10,000	$400,000	held	—	7 q
SRCLStericycle Inc	0.00%	3,000	$393,000	held	—	7 q
unresolvedTRW Automotive Holdings Corp.	0.00%	7,500	$771,000	new	0.00 pp	new
TMOThermo Fisher Scientific, Inc.	0.00%	2,873	$360,000	trimmed−7%	0.00 pp	4 q
MMM3M Company	0.00%	2,021	$332,000	held	—	7 q
UTXZRTX Corporation	0.00%	1,873	$215,000	trimmed−8%	0.00 pp	3 q
VZVerizon Communications	0.00%	6,837	$320,000	trimmed−4%	0.00 pp	5 q
WPPWpp PLC	0.00%	2,840	$296,000	trimmed−9%	0.00 pp	7 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	7 q
ACGLArch Capital Group Ltd	0.00%	10,788	$638,000	held	—	7 q
JARLFJardine Matheson Hldg Ord	0.00%	3,600	$220,000	held	—	4 q
RBARB Global, Inc.	—	−1,324,170	—	exited	−0.16 pp	—
unresolvedConcur Technologies Inc	—	−8,974	—	exited	−0.01 pp	—
unresolvedDow Chemical Co	—	−41,000	—	exited	−0.01 pp	—
KELKellanova	—	−38,500	—	exited	−0.01 pp	—
TAT&T Inc.	—	−5,780	—	exited	0.00 pp	—
unresolvedAcacia Conservation Fund	—	−140,516	—	exited	0.00 pp	—
ALLThe Allstate Corporation	—	−12,000	—	exited	0.00 pp	—
BBYBest Buy Company, Inc.	—	−10,000	—	exited	0.00 pp	—
CETCentral Securities Corp.	—	−17,128	—	exited	0.00 pp	—
unresolvedKinder Morgan Energy Partners	—	−2,400	—	exited	0.00 pp	—
NVSNovartis AG	—	−7,772	—	exited	0.00 pp	—
JCPJ.C. Penney Company, Inc.	—	−24,000	—	exited	0.00 pp	—
TRVThe Travelers Companies, Inc.	—	−2,262	—	exited	0.00 pp	—
MBGAFMercedes Benz Group AG	—	−3,864	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 8 defects · 28 unresolved
Accession: 0000728014-15-000009
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 21037X100 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 25468Y107 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP G50736100 not on the Official 13(f) List for 2014-12-31

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