Ruane, Cunniff & Goldfarb

Q2 2015 13F

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $21.0B · prev $21.1B
Positions: 149 · prev 156
Options notional: $0
Documents: 1· no amendments

Picture98.7% US stock

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

US stock listed on a US exchange 98.7%
Foreign stock not listed in the US 1.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves85 since the prior filing

+1.1 pp in · −1.2 pp out

New 3 +0.05 pp
Added 20 +1.08 pp
Trimmed 52 −1.18 pp
Exited 10 −0.03 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.5% a year, about 28.3 years per position

Low
Moderate
High

Top 5 positions59% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed+3.84 pp trimmed+3.8435.9%
BRK.A Berkshire Hathaway Inc. trimmed−0.53 pp trimmed−0.539.3%
TJX TJX Companies, Inc. (The) trimmed−3.11 pp trimmed−3.115.6%
FAST Fastenal Co added+0.13 pp added+0.134.8%
ORLY O'Reilly Automotive, Inc. trimmed+0.18 pp trimmed+0.183.9%

Positions149 in this filing · 10 exited


unresolvedValeant Pharmaceuticals Intl	35.90%	33,884,050	$7.5B	trimmed−1%	+3.84 pp	9 q
BRK.ABerkshire Hathaway Inc.	9.25%	9,468	$1.9B	trimmed−0%	−0.53 pp	9 q
TJXTJX Companies, Inc. (The)	5.64%	17,882,436	$1.2B	trimmed−32%	−3.11 pp	9 q
FASTFastenal Co	4.83%	23,999,925	$1.0B	added0%	+0.13 pp	9 q
ORLYO'Reilly Automotive, Inc.	3.86%	3,580,392	$809M	trimmed−0%	+0.18 pp	9 q
unresolvedPrecision Castparts Corp	3.35%	3,512,391	$702M	trimmed−0%	−0.16 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	3.14%	4,834,647	$658M	added+2%	−0.11 pp	9 q
MHKMohawk Industries, Inc.	2.53%	2,779,666	$531M	trimmed−1%	+0.07 pp	9 q
IDXXIdexx Laboratories Inc	2.47%	8,083,238	$518M	trimmed−1%	−0.51 pp	9 q
MAMastercard Incorporated	2.42%	5,419,792	$507M	added0%	+0.21 pp	9 q
GOOGAlphabet Inc. Class C	1.51%	607,980	$316M	added+1%	−0.06 pp	5 q
unresolvedGoogle Inc.	1.49%	579,029	$313M	trimmed−0%	−0.04 pp	9 q
unresolvedSirona Dental Systems Inc	1.36%	2,841,520	$285M	added+1%	+0.16 pp	9 q
PRGOPerrigo Company PLC	1.29%	1,466,859	$271M	trimmed−14%	−0.04 pp	7 q
WATWaters Corp	1.26%	2,050,465	$263M	added0%	+0.05 pp	9 q
GSGoldman Sachs Group Inc.	1.25%	1,255,182	$262M	trimmed−1%	+0.13 pp	9 q
VVISA Inc.	1.09%	3,389,577	$228M	trimmed−1%	+0.03 pp	9 q
PXGBXPraxair Inc	1.08%	1,885,967	$225M	trimmed−0%	0.00 pp	9 q
IBMInternational Business Machines Corporation	1.07%	1,377,964	$224M	trimmed−2%	+0.01 pp	9 q
TIFTiffany & Co.	0.95%	2,176,892	$200M	added+2%	+0.06 pp	9 q
RRCRange Resources Corp	0.94%	4,005,722	$198M	added0%	−0.05 pp	9 q
OMCOmnicom Group Inc.	0.93%	2,820,383	$196M	trimmed−1%	−0.12 pp	9 q
unresolvedCabelas Inc. Cl A	0.81%	3,408,985	$170M	trimmed−0%	−0.10 pp	6 q
JECJacobs Engineering Group	0.77%	3,989,652	$162M	added0%	−0.08 pp	9 q
WMTWalmart Inc.	0.74%	2,176,040	$154M	trimmed−1%	−0.12 pp	9 q
PRIPrimerica, Inc.	0.63%	2,882,651	$132M	trimmed−20%	−0.24 pp	9 q
DHRDanaher Corporation	0.59%	1,456,107	$125M	added+1%	+0.01 pp	9 q
AXPAmerican Express Company	0.52%	1,395,088	$108M	trimmed−0%	0.00 pp	9 q
CNSWFConstellation Sftwre Inc	0.51%	269,486	$107M	added+5%	+0.09 pp	4 q
HXLHexcel Corporation	0.48%	2,002,840	$100M	held	—	4 q
unresolvedMonsanto Co	0.48%	949,348	$101M	added×288.4	+0.48 pp	2 q
COSTCostco Wholesale Corp	0.47%	722,733	$98M	trimmed−2%	−0.06 pp	9 q
unresolvedIAC Interactivecorp	0.46%	1,200,115	$96M	held	—	9 q
SW5Southwestern Energy Co	0.44%	4,014,630	$91M	added0%	0.00 pp	9 q
WUBA58.COM Inc	0.42%	1,368,605	$88M	trimmed−5%	+0.06 pp	5 q
BROBrown & Brown, Inc.	0.41%	2,607,791	$86M	trimmed−1%	0.00 pp	9 q
EMEEMCOR Group, Inc.	0.38%	1,674,964	$80M	added0%	+0.01 pp	9 q
TRMBTrimble Inc.	0.37%	3,327,265	$78M	trimmed−3%	−0.04 pp	9 q
unresolvedQihoo 360 Technology Co. ADR	0.32%	1,000,000	$68M	trimmed−33%	−0.04 pp	7 q
WSTWest Pharmaceutical Services, Inc.	0.28%	1,015,951	$59M	trimmed−1%	−0.01 pp	9 q
unresolvedDiscovery Communications Inc.	0.27%	1,700,044	$57M	held	—	3 q
37MMrc Global Inc	0.26%	3,577,935	$55M	trimmed−13%	+0.03 pp	4 q
NBISNebius Group N.V. Class A	0.26%	3,626,693	$55M	trimmed−8%	−0.02 pp	5 q
IBKRInteractive Brokers Group, Inc. Class A	0.20%	1,002,415	$42M	trimmed−42%	−0.08 pp	9 q
SPNTSiriusPoint Ltd.	0.17%	2,451,509	$36M	added×2.4	+0.10 pp	3 q
KOCoca-Cola Company	0.16%	857,046	$34M	trimmed−2%	−0.01 pp	9 q
MMYTMakeMyTrip Limited	0.14%	1,458,400	$29M	added×4.9	+0.11 pp	2 q
1885807DAthenahealth Inc	0.11%	200,000	$23M	held	—	5 q
unresolvedColfax Corp	0.11%	501,400	$23M	held	—	9 q
CNQCanadian Natural Resources Limited	0.10%	754,015	$20M	trimmed−1%	−0.01 pp	9 q
QCOMQualcomm Inc	0.09%	302,267	$19M	held	—	9 q
PEPPepsiCo, Inc.	0.08%	187,735	$18M	held	—	9 q
GRPNGroupon, Inc.	0.07%	3,002,617	$15M	added0%	−0.03 pp	5 q
MCDMcDonald's Corporation	0.06%	136,767	$13M	held	—	9 q
PGProcter & Gamble Company	0.06%	159,400	$12M	trimmed−1%	0.00 pp	9 q
WFCWells Fargo & Co.	0.06%	234,445	$13M	held	—	9 q
GLREGreenlight Captial RE, LTD. Class A	0.06%	441,764	$13M	held	—	9 q
BACBank of America Corporation	0.04%	540,925	$9M	trimmed−0%	0.00 pp	9 q
CRESYCresud SA	0.04%	612,147	$8M	held	—	9 q
JNJJohnson & Johnson	0.04%	77,357	$8M	added+2%	0.00 pp	9 q
LKQLKQ Corporation	0.04%	250,000	$8M	held	—	2 q
unresolvedResource America Inc Cl A	0.04%	897,297	$8M	held	—	9 q
unresolvedSoufun Holdings Ltd ADR	0.04%	1,008,500	$8M	trimmed−50%	−0.02 pp	5 q
UNPUnion Pacific Corp.	0.04%	97,446	$9M	trimmed−3%	−0.01 pp	9 q
CATCaterpillar Inc.	0.03%	68,479	$6M	trimmed−1%	0.00 pp	9 q
CTRPTrip.com Group Limited	0.03%	100,000	$7M	held	—	3 q
EXPDExpeditors International of Washington, Inc.	0.03%	117,859	$5M	trimmed−0%	0.00 pp	9 q
EXMOCExxon Mobil Corp	0.03%	86,392	$7M	trimmed−0%	0.00 pp	9 q
unresolvedGeneral Electric Co	0.03%	226,490	$6M	trimmed−1%	0.00 pp	9 q
INWKInnerWorkings, Inc.	0.03%	1,000,000	$7M	held	—	7 q
unresolvedLinear Technology Group	0.03%	129,208	$6M	trimmed−0%	0.00 pp	9 q
PMPhilip Morris International Inc.	0.03%	91,317	$7M	held	—	9 q
SVCTFSunvest Capital Inc	0.03%	35,000	$5M	new	+0.03 pp	new
ZTSZoetis Inc.	0.03%	151,149	$7M	added+8%	0.00 pp	9 q
MOAltria Group, Inc.	0.02%	77,174	$4M	held	—	9 q
COPConocoPhillips	0.02%	79,026	$5M	held	—	8 q
DEODiageo plc	0.02%	30,090	$3M	trimmed−7%	0.00 pp	7 q
DISThe Walt Disney Company	0.02%	27,891	$3M	trimmed−51%	−0.01 pp	9 q
unresolvedDirectv	0.02%	45,952	$4M	trimmed−0%	0.00 pp	9 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,762	$4M	held	—	9 q
GHCGraham Holdings Company	0.02%	3,256	$4M	held	—	7 q
HDHome Depot, Inc.	0.02%	28,728	$3M	held	—	9 q
NVONovo-Nordisk A/S	0.02%	81,800	$4M	trimmed−0%	0.00 pp	9 q
PSXPhillips 66	0.02%	39,491	$3M	held	—	8 q
SLBSLB Limited	0.02%	39,466	$3M	trimmed−2%	0.00 pp	8 q
VRSKVerisk Analytics, Inc.	0.02%	58,730	$4M	trimmed−1%	0.00 pp	9 q
YELPYelp Inc.	0.02%	107,700	$5M	new	+0.02 pp	new
AAPLApple Inc.	0.01%	13,406	$2M	held	—	9 q
CVSCvs Health Corporation	0.01%	24,953	$3M	held	—	9 q
EIXEdison International	0.01%	42,900	$2M	held	—	9 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	9 q
HDBHDFC Bank Limited	0.01%	18,393	$1M	held	—	9 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	9 q
JPMJPMorgan Chase & Co.	0.01%	23,514	$2M	held	—	9 q
unresolvedMondelez International	0.01%	56,680	$2M	held	—	9 q
unresolvedKraft Foods Group Inc	0.01%	17,424	$1M	held	—	9 q
LIILennox International Inc.	0.01%	19,497	$2M	trimmed−0%	0.00 pp	9 q
MSFTMicrosoft Corp	0.01%	60,649	$3M	trimmed−4%	0.00 pp	9 q
PGRProgressive Corporation	0.01%	64,940	$2M	held	—	9 q
RYRoyal Bank of Canada	0.01%	50,400	$3M	held	—	8 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$1M	held	—	9 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	9 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	9 q
USBU.S. Bancorp	0.01%	25,999	$1M	held	—	9 q
TAT&T Inc.	0.00%	6,084	$216,000	new	0.00 pp	new
AEPAmerican Electric Power Company, Inc.	0.00%	15,485	$820,000	held	—	9 q
AMGNAmgen Inc	0.00%	1,617	$248,000	held	—	4 q
AMATApplied Materials Inc	0.00%	13,692	$263,000	held	—	9 q
ADPAutomatic Data Processing	0.00%	6,091	$489,000	held	—	9 q
BPBP p.l.c.	0.00%	5,948	$238,000	trimmed−1%	0.00 pp	9 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,075	$419,000	held	—	9 q
TECHBio-Techne Corp.	0.00%	2,540	$250,000	held	—	4 q
BABoeing Company	0.00%	1,790	$248,000	held	—	5 q
BMYBristol-Myers Squibb Co.	0.00%	3,670	$244,000	held	—	3 q
CVXChevron Corporation	0.00%	4,626	$446,000	trimmed−2%	0.00 pp	9 q
unresolvedChubb	0.00%	2,222	$211,000	trimmed−35%	0.00 pp	4 q
CCitigroup Inc.	0.00%	6,016	$332,000	held	—	8 q
CTSHCognizant Technology Solutions	0.00%	3,279	$200,000	held	—	2 q
CLColgate-Palmolive Company	0.00%	3,548	$232,000	held	—	9 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$448,000	held	—	9 q
EBAYeBay Inc	0.00%	4,220	$254,000	held	—	4 q
EMREmerson Electric Co.	0.00%	5,035	$279,000	held	—	9 q
unresolvedEnergizer Hldgs Inc	0.00%	1,535	$202,000	trimmed−2%	0.00 pp	5 q
unresolvedExpress Scripts Hldg Co	0.00%	4,905	$436,000	held	—	9 q
IEXIDEX Corporation	0.00%	5,225	$411,000	held	—	9 q
INDYiShares S&P India Nifty 50 Index Fund	0.00%	7,674	$229,000	held	—	5 q
KMIKinder Morgan, Inc.	0.00%	9,630	$370,000	held	—	3 q
unresolvedLeucadia National	0.00%	16,471	$400,000	held	—	9 q
LMTLockheed Martin Corp.	0.00%	2,750	$511,000	held	—	9 q
LOWLowe's Companies Inc.	0.00%	9,214	$617,000	trimmed−9%	0.00 pp	9 q
unresolvedMcGraw Hill	0.00%	3,840	$386,000	trimmed−99%	−0.25 pp	9 q
MRKMerck & Co., Inc.	0.00%	4,784	$272,000	held	—	7 q
PFEPfizer Inc.	0.00%	10,967	$368,000	held	—	9 q
PXDPioneer Natural Resource Co.	0.00%	3,952	$548,000	held	—	9 q
TROWT Rowe Price Group Inc	0.00%	4,045	$314,000	held	—	9 q
PSAPublic Storage	0.00%	2,493	$460,000	held	—	6 q
RSGRepublic Services Inc.	0.00%	12,555	$492,000	held	—	9 q
RHIRobert Half Inc.	0.00%	7,000	$389,000	held	—	9 q
ROPRoper Technologies, Inc.	0.00%	4,465	$770,000	held	—	9 q
unresolvedRyanair Holdings PLC ADR	0.00%	8,121	$579,000	held	—	9 q
SRCLStericycle Inc	0.00%	3,000	$402,000	held	—	9 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,873	$373,000	held	—	6 q
MMM3M Company	0.00%	2,021	$312,000	held	—	9 q
UTXZRTX Corporation	0.00%	1,873	$208,000	held	—	5 q
VZVerizon Communications	0.00%	7,056	$329,000	added0%	0.00 pp	7 q
WPPWpp PLC	0.00%	2,840	$320,000	held	—	9 q
ACGLArch Capital Group Ltd	0.00%	10,688	$716,000	held	—	9 q
JARLFJardine Matheson Hldg Ord	0.00%	3,600	$205,000	held	—	6 q
MDTMedtronic plc	0.00%	4,880	$362,000	held	—	2 q
unresolvedSalix Pharmaceuticals Ltd	—	−20,000	—	exited	−0.02 pp	—
GISGeneral Mills, Inc.	—	−20,567	—	exited	−0.01 pp	—
BLQADBlackrock Inc	—	−550	—	exited	0.00 pp	—
DVNDevon Energy Corporation	—	−3,340	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−2,640	—	exited	0.00 pp	—
INTCIntel Corp	—	−7,311	—	exited	0.00 pp	—
ITUBItau Unibanco Holding S.A.	—	−14,263	—	exited	0.00 pp	—
SEICSEI Investments Co	—	−10,000	—	exited	0.00 pp	—
unresolvedTRW Automotive Holdings Corp.	—	−7,500	—	exited	0.00 pp	—
unresolvedYoung Broadcasting Inc Cl A	—	−144,865	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 8 defects · 26 unresolved
Accession: 0000728014-15-000012
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 2015-06-30
A security outside the official 13F list — CUSIP 25468Y107 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 81731L109 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP G50736100 not on the Official 13(f) List for 2015-06-30

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