Ruane, Cunniff & Goldfarb

Q1 2015 13F

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $21.1B · prev $19.6B
Positions: 156 · prev 156
Options notional: $0
Documents: 1· no amendments

Picture98.9% US stock

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

US stock listed on a US exchange 98.9%
Foreign stock not listed in the US 1.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves81 since the prior filing

−0.7 pp in · +1.0 pp out

New 7 +0.08 pp
Added 16 −0.79 pp
Trimmed 51 +2.25 pp
Exited 7 −1.24 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.3% a year, about 23.0 years per position

Low
Moderate
High

Top 5 positions59% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+7.03 pp trimmed+7.0332.1%
BRK.A Berkshire Hathaway Inc. trimmed−1.53 pp trimmed−1.539.8%
TJX TJX Companies, Inc. (The) trimmed−0.57 pp trimmed−0.578.8%
FAST Fastenal Co trimmed−1.12 pp trimmed−1.124.7%
ORLY O'Reilly Automotive, Inc. trimmed+0.14 pp trimmed+0.143.7%

Positions156 in this filing · 7 exited


unresolvedValeant Pharmaceuticals Intl	32.06%	34,089,378	$6.8B	trimmed−1%	+7.03 pp	8 q
BRK.ABerkshire Hathaway Inc.	9.78%	9,497	$2.1B	trimmed−3%	−1.53 pp	8 q
TJXTJX Companies, Inc. (The)	8.75%	26,380,983	$1.8B	trimmed−1%	−0.57 pp	8 q
FASTFastenal Co	4.70%	23,962,800	$993M	trimmed−0%	−1.12 pp	8 q
ORLYO'Reilly Automotive, Inc.	3.68%	3,590,544	$776M	trimmed−0%	+0.14 pp	8 q
unresolvedPrecision Castparts Corp	3.51%	3,527,635	$741M	added+14%	−0.29 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	3.25%	4,752,589	$686M	added0%	−0.38 pp	8 q
IDXXIdexx Laboratories Inc	2.98%	4,078,152	$630M	trimmed−8%	−0.38 pp	8 q
MHKMohawk Industries, Inc.	2.46%	2,793,558	$519M	trimmed−1%	+0.22 pp	8 q
MAMastercard Incorporated	2.21%	5,395,235	$466M	added0%	−0.16 pp	8 q
GOOGAlphabet Inc. Class C	1.57%	603,420	$331M	trimmed−0%	−0.05 pp	4 q
unresolvedGoogle Inc.	1.53%	581,618	$323M	trimmed−1%	−0.05 pp	8 q
PRGOPerrigo Company PLC	1.33%	1,698,713	$281M	trimmed−0%	−0.12 pp	6 q
WATWaters Corp	1.21%	2,049,264	$255M	added0%	+0.03 pp	8 q
unresolvedSirona Dental Systems Inc	1.20%	2,827,202	$254M	added0%	−0.06 pp	8 q
GSGoldman Sachs Group Inc.	1.12%	1,261,846	$237M	trimmed−0%	−0.13 pp	8 q
PXGBXPraxair Inc	1.08%	1,890,753	$228M	trimmed−0%	−0.17 pp	8 q
IBMInternational Business Machines Corporation	1.06%	1,401,148	$225M	trimmed−1%	−0.09 pp	8 q
VVISA Inc.	1.06%	3,432,160	$224M	trimmed−0%	−0.09 pp	8 q
OMCOmnicom Group Inc.	1.05%	2,835,429	$221M	trimmed−1%	−0.08 pp	8 q
RRCRange Resources Corp	0.99%	4,005,407	$208M	added+11%	+0.01 pp	8 q
unresolvedCabelas Inc. Cl A	0.91%	3,421,943	$192M	trimmed−0%	−0.01 pp	5 q
TIFTiffany & Co.	0.89%	2,138,248	$188M	added0%	−0.27 pp	8 q
PRIPrimerica, Inc.	0.87%	3,619,968	$184M	trimmed−3%	−0.16 pp	8 q
WMTWalmart Inc.	0.86%	2,205,630	$181M	trimmed−0%	−0.11 pp	8 q
JECJacobs Engineering Group	0.85%	3,986,209	$180M	added+1%	−0.05 pp	8 q
DHRDanaher Corporation	0.58%	1,444,302	$123M	trimmed−1%	−0.06 pp	8 q
COSTCostco Wholesale Corp	0.53%	740,950	$112M	trimmed−0%	−0.01 pp	8 q
AXPAmerican Express Company	0.52%	1,397,551	$109M	trimmed−0%	−0.14 pp	8 q
HXLHexcel Corporation	0.49%	2,002,840	$103M	held	—	3 q
SW5Southwestern Energy Co	0.44%	4,014,450	$93M	held	—	8 q
CNSWFConstellation Sftwre Inc	0.42%	257,168	$89M	held	—	3 q
BROBrown & Brown, Inc.	0.41%	2,627,964	$87M	trimmed−1%	−0.03 pp	8 q
TRMBTrimble Inc.	0.41%	3,431,299	$86M	trimmed−0%	−0.05 pp	8 q
unresolvedIAC Interactivecorp	0.38%	1,200,115	$81M	trimmed0%	+0.01 pp	8 q
EMEEMCOR Group, Inc.	0.37%	1,667,961	$78M	trimmed−0%	−0.01 pp	8 q
WUBA58.COM Inc	0.36%	1,445,845	$76M	added+57%	+0.17 pp	4 q
unresolvedQihoo 360 Technology Co. ADR	0.36%	1,500,000	$77M	held	—	6 q
WSTWest Pharmaceutical Services, Inc.	0.29%	1,022,153	$62M	trimmed−0%	+0.01 pp	8 q
IBKRInteractive Brokers Group, Inc. Class A	0.28%	1,736,264	$59M	held	—	8 q
NBISNebius Group N.V. Class A	0.28%	3,942,693	$60M	added+35%	+0.01 pp	4 q
unresolvedDiscovery Communications Inc.	0.25%	1,700,044	$52M	added+30%	+0.02 pp	2 q
unresolvedMcGraw Hill	0.25%	503,840	$52M	trimmed−0%	+0.02 pp	8 q
37MMrc Global Inc	0.23%	4,097,935	$49M	added×5.1	+0.17 pp	3 q
KOCoca-Cola Company	0.17%	875,640	$36M	trimmed−11%	−0.04 pp	8 q
1885807DAthenahealth Inc	0.11%	200,000	$24M	held	—	4 q
CNQCanadian Natural Resources Limited	0.11%	765,389	$24M	trimmed−0%	−0.01 pp	8 q
unresolvedColfax Corp	0.11%	501,400	$24M	held	—	8 q
GRPNGroupon, Inc.	0.10%	3,001,417	$22M	held	—	4 q
QCOMQualcomm Inc	0.10%	302,267	$21M	held	—	8 q
PEPPepsiCo, Inc.	0.08%	187,735	$18M	held	—	8 q
GLREGreenlight Captial RE, LTD. Class A	0.07%	441,764	$14M	held	—	8 q
SPNTSiriusPoint Ltd.	0.07%	1,012,200	$14M	held	—	2 q
MCDMcDonald's Corporation	0.06%	136,767	$13M	held	—	8 q
PGProcter & Gamble Company	0.06%	160,264	$13M	trimmed−0%	−0.01 pp	8 q
unresolvedSoufun Holdings Ltd ADR	0.06%	2,008,500	$12M	held	—	4 q
WFCWells Fargo & Co.	0.06%	234,445	$13M	trimmed−0%	−0.01 pp	8 q
UNPUnion Pacific Corp.	0.05%	100,846	$11M	held	—	8 q
BACBank of America Corporation	0.04%	540,953	$8M	trimmed−0%	−0.01 pp	8 q
CRESYCresud SA	0.04%	612,147	$8M	held	—	8 q
JNJJohnson & Johnson	0.04%	75,937	$8M	trimmed−0%	0.00 pp	8 q
unresolvedResource America Inc Cl A	0.04%	897,297	$8M	held	—	8 q
CATCaterpillar Inc.	0.03%	68,881	$6M	held	—	8 q
CTRPTrip.com Group Limited	0.03%	100,000	$6M	held	—	2 q
DISThe Walt Disney Company	0.03%	57,374	$6M	held	—	8 q
EXPDExpeditors International of Washington, Inc.	0.03%	117,967	$6M	trimmed−3%	0.00 pp	8 q
EXMOCExxon Mobil Corp	0.03%	86,522	$7M	trimmed−0%	−0.01 pp	8 q
unresolvedGeneral Electric Co	0.03%	228,867	$6M	trimmed−0%	0.00 pp	8 q
INWKInnerWorkings, Inc.	0.03%	1,000,000	$7M	held	—	6 q
LKQLKQ Corporation	0.03%	250,000	$6M	new	+0.03 pp	new
unresolvedLinear Technology Group	0.03%	129,607	$6M	trimmed−5%	0.00 pp	8 q
PMPhilip Morris International Inc.	0.03%	91,317	$7M	held	—	8 q
ZTSZoetis Inc.	0.03%	139,936	$6M	trimmed−19%	−0.01 pp	8 q
MMYTMakeMyTrip Limited	0.03%	300,000	$7M	new	+0.03 pp	new
MOAltria Group, Inc.	0.02%	77,174	$4M	trimmed−9%	0.00 pp	8 q
COPConocoPhillips	0.02%	79,026	$5M	held	—	7 q
DEODiageo plc	0.02%	32,225	$4M	held	—	6 q
unresolvedDirectv	0.02%	45,977	$4M	trimmed−3%	0.00 pp	8 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,762	$4M	held	—	8 q
GHCGraham Holdings Company	0.02%	3,256	$3M	held	—	6 q
HDHome Depot, Inc.	0.02%	28,728	$3M	held	—	8 q
NVONovo-Nordisk A/S	0.02%	82,050	$4M	trimmed−0%	0.00 pp	8 q
unresolvedSalix Pharmaceuticals Ltd	0.02%	20,000	$3M	new	+0.02 pp	new
SLBSLB Limited	0.02%	40,386	$3M	added×2.2	+0.01 pp	7 q
VRSKVerisk Analytics, Inc.	0.02%	59,236	$4M	trimmed−0%	0.00 pp	8 q
AAPLApple Inc.	0.01%	13,406	$2M	held	—	8 q
CVSCvs Health Corporation	0.01%	24,953	$3M	held	—	8 q
EIXEdison International	0.01%	42,900	$3M	held	—	8 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	8 q
GISGeneral Mills, Inc.	0.01%	20,567	$1M	trimmed−49%	0.00 pp	7 q
HDBHDFC Bank Limited	0.01%	18,393	$1M	trimmed−0%	+0.01 pp	8 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	8 q
JPMJPMorgan Chase & Co.	0.01%	23,514	$1M	held	—	8 q
unresolvedMondelez International	0.01%	56,680	$2M	held	—	8 q
unresolvedKraft Foods Group Inc	0.01%	17,424	$2M	held	—	8 q
LIILennox International Inc.	0.01%	19,533	$2M	held	—	8 q
MSFTMicrosoft Corp	0.01%	63,149	$3M	held	—	8 q
PSXPhillips 66	0.01%	39,491	$3M	held	—	7 q
PGRProgressive Corporation	0.01%	64,940	$2M	held	—	8 q
RYRoyal Bank of Canada	0.01%	50,400	$3M	held	—	7 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$1M	held	—	8 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$2M	held	—	8 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	8 q
USBU.S. Bancorp	0.01%	25,999	$1M	trimmed−7%	0.00 pp	8 q
AEPAmerican Electric Power Company, Inc.	0.00%	15,485	$871,000	added+1%	0.00 pp	8 q
AMGNAmgen Inc	0.00%	1,617	$258,000	held	—	3 q
AMATApplied Materials Inc	0.00%	13,692	$309,000	held	—	8 q
ADPAutomatic Data Processing	0.00%	6,091	$522,000	held	—	8 q
BPBP p.l.c.	0.00%	5,948	$233,000	held	—	8 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,075	$466,000	held	—	8 q
TECHBio-Techne Corp.	0.00%	2,540	$255,000	held	—	3 q
BLQADBlackrock Inc	0.00%	550	$201,000	new	0.00 pp	new
BABoeing Company	0.00%	1,790	$269,000	held	—	4 q
BMYBristol-Myers Squibb Co.	0.00%	3,670	$237,000	held	—	2 q
CVXChevron Corporation	0.00%	4,716	$495,000	held	—	8 q
unresolvedChubb	0.00%	3,422	$346,000	held	—	3 q
CCitigroup Inc.	0.00%	6,016	$310,000	held	—	7 q
CTSHCognizant Technology Solutions	0.00%	3,279	$205,000	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	3,548	$246,000	held	—	8 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$419,000	held	—	8 q
DVNDevon Energy Corporation	0.00%	3,340	$201,000	trimmed−8%	0.00 pp	8 q
DUKDuke Energy Corporation	0.00%	2,640	$203,000	added+5%	0.00 pp	2 q
EBAYeBay Inc	0.00%	4,220	$243,000	held	—	3 q
EMREmerson Electric Co.	0.00%	5,035	$285,000	trimmed−2%	0.00 pp	8 q
unresolvedEnergizer Hldgs Inc	0.00%	1,571	$217,000	trimmed−4%	0.00 pp	4 q
unresolvedExpress Scripts Hldg Co	0.00%	4,905	$426,000	held	—	8 q
IEXIDEX Corporation	0.00%	5,225	$396,000	held	—	8 q
INTCIntel Corp	0.00%	7,311	$229,000	held	—	8 q
INDYiShares S&P India Nifty 50 Index Fund	0.00%	7,674	$241,000	trimmed−1%	0.00 pp	4 q
ITUBItau Unibanco Holding S.A.	0.00%	14,263	$158,000	held	—	5 q
KMIKinder Morgan, Inc.	0.00%	9,630	$405,000	held	—	2 q
unresolvedLeucadia National	0.00%	16,471	$367,000	held	—	8 q
LMTLockheed Martin Corp.	0.00%	2,750	$558,000	held	—	8 q
LOWLowe's Companies Inc.	0.00%	10,114	$752,000	held	—	8 q
MRKMerck & Co., Inc.	0.00%	4,784	$275,000	held	—	6 q
unresolvedMonsanto Co	0.00%	3,292	$370,000	new	0.00 pp	new
PFEPfizer Inc.	0.00%	10,967	$382,000	held	—	8 q
PXDPioneer Natural Resource Co.	0.00%	3,952	$646,000	trimmed−98%	−0.13 pp	8 q
TROWT Rowe Price Group Inc	0.00%	4,045	$328,000	held	—	8 q
PSAPublic Storage	0.00%	2,493	$491,000	held	—	5 q
RSGRepublic Services Inc.	0.00%	12,555	$509,000	held	—	8 q
RHIRobert Half Inc.	0.00%	7,000	$424,000	held	—	8 q
ROPRoper Technologies, Inc.	0.00%	4,465	$768,000	held	—	8 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,121	$542,000	held	—	8 q
SEICSEI Investments Co	0.00%	10,000	$441,000	held	—	8 q
SRCLStericycle Inc	0.00%	3,000	$421,000	held	—	8 q
unresolvedTRW Automotive Holdings Corp.	0.00%	7,500	$786,000	held	—	2 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,873	$386,000	held	—	5 q
MMM3M Company	0.00%	2,021	$333,000	held	—	8 q
UTXZRTX Corporation	0.00%	1,873	$220,000	held	—	4 q
VZVerizon Communications	0.00%	7,042	$342,000	added+3%	0.00 pp	6 q
WPPWpp PLC	0.00%	2,840	$323,000	held	—	8 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	8 q
ACGLArch Capital Group Ltd	0.00%	10,688	$658,000	trimmed−1%	0.00 pp	8 q
JARLFJardine Matheson Hldg Ord	0.00%	3,600	$227,000	held	—	5 q
MDTMedtronic plc	0.00%	4,880	$381,000	new	0.00 pp	new
WKCWorld Kinect Corporation	—	−4,099,001	—	exited	−0.98 pp	—
DISCKDiscovery Inc-c	—	−835,044	—	exited	−0.14 pp	—
FOSLFossil Group, Inc.	—	−200,000	—	exited	−0.11 pp	—
ORCLOracle Corp	—	−62,693	—	exited	−0.01 pp	—
AAPAdvance Auto Parts Inc	—	−1,289	—	exited	0.00 pp	—
ITWIllinois Tool Works Inc.	—	−2,248	—	exited	0.00 pp	—
unresolvedMedtronic Inc	—	−4,700	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 8 defects · 29 unresolved
Accession: 0000728014-15-000011
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 2015-03-31
A security outside the official 13F list — CUSIP 25468Y107 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP G50736100 not on the Official 13(f) List for 2015-03-31

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