Ruane, Cunniff & Goldfarb

Q3 2015 13F

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $19.5B · prev $21.0B
Positions: 150 · prev 149
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%

Moves113 since the prior filing

+2.1 pp in · −2.0 pp out

New 14 +3.57 pp
Added 39 −1.48 pp
Trimmed 47 +0.40 pp
Exited 13 −2.37 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions56% of US stock

unresolved Valeant Pharmaceuticals Intl added−4.84 pp added−4.8431.1%
BRK.A Berkshire Hathaway Inc. trimmed+0.18 pp trimmed+0.189.4%
TJX TJX Companies, Inc. (The) trimmed+0.89 pp trimmed+0.896.5%
ORLY O'Reilly Automotive, Inc. added+0.74 pp added+0.744.6%
FAST Fastenal Co added−0.32 pp added−0.324.5%

Positions150 in this filing · 13 exited


unresolvedValeant Pharmaceuticals Intl	31.06%	33,922,192	$6.1B	added0%	−4.84 pp	10 q
BRK.ABerkshire Hathaway Inc.	9.43%	9,414	$1.8B	trimmed−1%	+0.18 pp	10 q
TJXTJX Companies, Inc. (The)	6.53%	17,806,004	$1.3B	trimmed−0%	+0.89 pp	10 q
ORLYO'Reilly Automotive, Inc.	4.60%	3,583,615	$896M	added0%	+0.74 pp	10 q
FASTFastenal Co	4.51%	24,029,751	$880M	added0%	−0.32 pp	10 q
unresolvedPrecision Castparts Corp	4.17%	3,533,754	$812M	added+1%	+0.82 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	3.29%	4,914,288	$641M	added+2%	+0.15 pp	10 q
IDXXIdexx Laboratories Inc	3.11%	8,167,274	$606M	added+1%	+0.64 pp	10 q
MHKMohawk Industries, Inc.	2.60%	2,786,164	$506M	added0%	+0.07 pp	10 q
MAMastercard Incorporated	2.52%	5,443,441	$491M	added0%	+0.10 pp	10 q
GOOGAlphabet Inc. Class C	1.83%	585,310	$356M	trimmed−4%	+0.32 pp	6 q
GOOGLAlphabet Inc. Class A	1.76%	536,843	$343M	new	+1.76 pp	new
ACTAllergan PLC	1.54%	1,103,395	$300M	new	+1.54 pp	new
unresolvedSirona Dental Systems Inc	1.35%	2,826,405	$264M	trimmed−1%	−0.01 pp	10 q
WATWaters Corp	1.24%	2,038,353	$241M	trimmed−1%	−0.02 pp	10 q
VVISA Inc.	1.19%	3,337,678	$233M	trimmed−2%	+0.10 pp	10 q
PRGOPerrigo Company PLC	1.19%	1,469,515	$231M	added0%	−0.10 pp	8 q
JECJacobs Engineering Group	1.17%	6,080,212	$228M	added+52%	+0.40 pp	10 q
GSGoldman Sachs Group Inc.	1.13%	1,264,129	$220M	added+1%	−0.12 pp	10 q
IBMInternational Business Machines Corporation	1.01%	1,360,062	$197M	trimmed−1%	−0.06 pp	10 q
PXGBXPraxair Inc	0.97%	1,861,936	$190M	trimmed−1%	−0.11 pp	10 q
RRCRange Resources Corp	0.97%	5,909,630	$190M	added+48%	+0.03 pp	10 q
OMCOmnicom Group Inc.	0.96%	2,828,039	$186M	added0%	+0.03 pp	10 q
CNSWFConstellation Sftwre Inc	0.94%	436,754	$182M	added+62%	+0.43 pp	5 q
TIFTiffany & Co.	0.86%	2,165,713	$167M	trimmed−1%	−0.09 pp	10 q
unresolvedCabelas Inc. Cl A	0.80%	3,414,145	$156M	added0%	−0.01 pp	7 q
WUBA58.COM Inc	0.76%	3,148,295	$148M	added×2.3	+0.34 pp	6 q
WMTWalmart Inc.	0.72%	2,174,799	$141M	trimmed−0%	−0.02 pp	10 q
PRIPrimerica, Inc.	0.67%	2,882,551	$130M	trimmed0%	+0.04 pp	10 q
DHRDanaher Corporation	0.63%	1,446,814	$123M	trimmed−1%	+0.04 pp	10 q
COSTCostco Wholesale Corp	0.57%	765,336	$111M	added+6%	+0.10 pp	10 q
AXPAmerican Express Company	0.52%	1,378,780	$102M	trimmed−1%	0.00 pp	10 q
HXLHexcel Corporation	0.46%	2,002,840	$90M	held	—	5 q
unresolvedMonsanto Co	0.42%	963,396	$82M	added+1%	−0.06 pp	3 q
BROBrown & Brown, Inc.	0.41%	2,600,933	$81M	trimmed−0%	0.00 pp	10 q
EMEEMCOR Group, Inc.	0.37%	1,624,935	$72M	trimmed−3%	−0.01 pp	10 q
unresolvedIAC Interactivecorp	0.30%	900,115	$59M	trimmed−25%	−0.16 pp	10 q
TRMBTrimble Inc.	0.28%	3,326,578	$55M	trimmed−0%	−0.09 pp	10 q
WSTWest Pharmaceutical Services, Inc.	0.28%	1,009,579	$55M	trimmed−1%	0.00 pp	10 q
SPNTSiriusPoint Ltd.	0.21%	3,029,800	$41M	added+24%	+0.04 pp	4 q
IBKRInteractive Brokers Group, Inc. Class A	0.20%	1,002,415	$40M	held	—	10 q
NBISNebius Group N.V. Class A	0.20%	3,626,438	$39M	trimmed−0%	−0.06 pp	6 q
MMYTMakeMyTrip Limited	0.18%	2,510,750	$35M	added+72%	+0.04 pp	3 q
1885807DAthenahealth Inc	0.14%	200,000	$27M	held	—	6 q
KOCoca-Cola Company	0.14%	679,583	$27M	trimmed−21%	−0.02 pp	10 q
unresolvedTime Warner Cable Inc	0.13%	143,904	$26M	new	+0.13 pp	new
37MMrc Global Inc	0.09%	1,547,405	$17M	trimmed−57%	−0.17 pp	5 q
PEPPepsiCo, Inc.	0.09%	185,803	$18M	trimmed−1%	+0.01 pp	10 q
CNQCanadian Natural Resources Limited	0.08%	753,298	$15M	trimmed−0%	−0.02 pp	10 q
unresolvedColfax Corp	0.08%	501,400	$15M	held	—	10 q
MCDMcDonald's Corporation	0.07%	136,852	$13M	added0%	+0.01 pp	10 q
VIPSVipshop Holdings Limited	0.07%	770,000	$13M	new	+0.07 pp	new
PGProcter & Gamble Company	0.06%	159,271	$11M	trimmed−0%	0.00 pp	10 q
unresolvedQihoo 360 Technology Co. ADR	0.06%	241,900	$12M	trimmed−76%	−0.26 pp	8 q
WFCWells Fargo & Co.	0.06%	234,700	$12M	added0%	0.00 pp	10 q
GRPNGroupon, Inc.	0.05%	3,002,617	$10M	held	—	6 q
UNPUnion Pacific Corp.	0.05%	100,846	$9M	added+3%	+0.01 pp	10 q
JNJJohnson & Johnson	0.04%	76,400	$7M	trimmed−1%	0.00 pp	10 q
PMPhilip Morris International Inc.	0.04%	91,153	$7M	trimmed−0%	+0.01 pp	10 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	327,131	$7M	trimmed−26%	−0.02 pp	10 q
CRESYCresud SA	0.03%	612,147	$6M	held	—	10 q
EXPDExpeditors International of Washington, Inc.	0.03%	114,519	$5M	trimmed−3%	0.00 pp	10 q
EXMOCExxon Mobil Corp	0.03%	86,491	$6M	added0%	0.00 pp	10 q
unresolvedGeneral Electric Co	0.03%	221,026	$6M	trimmed−2%	0.00 pp	10 q
LKQLKQ Corporation	0.03%	200,000	$6M	trimmed−20%	−0.01 pp	3 q
unresolvedLinear Technology Group	0.03%	126,713	$5M	trimmed−2%	0.00 pp	10 q
unresolvedResource America Inc Cl A	0.03%	897,297	$6M	held	—	10 q
unresolvedSoufun Holdings Ltd ADR	0.03%	1,008,500	$7M	held	—	6 q
ZTSZoetis Inc.	0.03%	156,094	$6M	added+3%	0.00 pp	10 q
TAT&T Inc.	0.02%	93,994	$3M	added×15.4	+0.02 pp	2 q
ALGNAlign Technology Inc	0.02%	70,747	$4M	new	+0.02 pp	new
MOAltria Group, Inc.	0.02%	76,574	$4M	trimmed−1%	0.00 pp	10 q
CATCaterpillar Inc.	0.02%	68,479	$4M	held	—	10 q
COPConocoPhillips	0.02%	79,200	$4M	added0%	0.00 pp	9 q
HDHome Depot, Inc.	0.02%	29,428	$3M	added+2%	0.00 pp	10 q
INWKInnerWorkings, Inc.	0.02%	550,796	$3M	trimmed−45%	−0.01 pp	8 q
JMEINJumei International-adr	0.02%	365,337	$4M	new	+0.02 pp	new
NVONovo-Nordisk A/S	0.02%	81,320	$4M	trimmed−1%	0.00 pp	10 q
PSXPhillips 66	0.02%	39,637	$3M	added0%	0.00 pp	9 q
SVCTFSunvest Capital Inc	0.02%	35,000	$4M	held	—	2 q
VRSKVerisk Analytics, Inc.	0.02%	58,730	$4M	held	—	10 q
AAPLApple Inc.	0.01%	14,316	$2M	added+7%	0.00 pp	10 q
CVSCvs Health Corporation	0.01%	24,953	$2M	held	—	10 q
CABOCable One, Inc.	0.01%	3,256	$1M	new	+0.01 pp	new
DISThe Walt Disney Company	0.01%	27,891	$3M	held	—	10 q
unresolvedDu Pont E I De Nemours & Co	0.01%	55,762	$3M	held	—	10 q
EIXEdison International	0.01%	42,900	$3M	held	—	10 q
FITBFifth Third Bancorp	0.01%	114,508	$2M	held	—	10 q
GHCGraham Holdings Company	0.01%	3,256	$2M	held	—	8 q
HDBHDFC Bank Limited	0.01%	18,328	$1M	trimmed−0%	0.00 pp	10 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	10 q
JPMJPMorgan Chase & Co.	0.01%	23,514	$1M	held	—	10 q
KHCThe Kraft Heinz Company	0.01%	17,378	$1M	new	+0.01 pp	new
unresolvedMondelez International	0.01%	56,542	$2M	trimmed−0%	0.00 pp	10 q
LIILennox International Inc.	0.01%	18,897	$2M	trimmed−3%	0.00 pp	10 q
MSFTMicrosoft Corp	0.01%	58,749	$3M	trimmed−3%	0.00 pp	10 q
PGRProgressive Corporation	0.01%	54,768	$2M	trimmed−16%	0.00 pp	10 q
RYRoyal Bank of Canada	0.01%	50,400	$3M	held	—	9 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$1M	held	—	10 q
SLBSLB Limited	0.01%	39,011	$3M	trimmed−1%	−0.01 pp	9 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	10 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	10 q
USBU.S. Bancorp	0.01%	25,999	$1M	held	—	10 q
YELPYelp Inc.	0.01%	107,700	$2M	held	—	2 q
1LGEUSDLiberty Global PLC Lilac - C	0.01%	85,150	$3M	new	+0.01 pp	new
AEPAmerican Electric Power Company, Inc.	0.00%	15,485	$880,000	held	—	10 q
AMGNAmgen Inc	0.00%	2,017	$279,000	added+25%	0.00 pp	5 q
AMATApplied Materials Inc	0.00%	13,692	$201,000	held	—	10 q
ADPAutomatic Data Processing	0.00%	6,238	$501,000	added+2%	0.00 pp	10 q
SANBanco Santander S.A.	0.00%	10,277	$54,000	new	0.00 pp	new
BACBank of America Corporation	0.00%	20,580	$321,000	trimmed−96%	−0.04 pp	10 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,075	$346,000	held	—	10 q
TECHBio-Techne Corp.	0.00%	2,540	$235,000	held	—	5 q
BABoeing Company	0.00%	1,790	$234,000	held	—	6 q
BMYBristol-Myers Squibb Co.	0.00%	3,670	$217,000	held	—	4 q
CCThe Chemours Company	0.00%	11,150	$72,000	new	0.00 pp	new
CVXChevron Corporation	0.00%	5,140	$405,000	added+11%	0.00 pp	10 q
unresolvedChubb	0.00%	2,222	$273,000	held	—	5 q
CCitigroup Inc.	0.00%	6,016	$298,000	held	—	9 q
CTSHCognizant Technology Solutions	0.00%	3,279	$205,000	held	—	3 q
CLColgate-Palmolive Company	0.00%	3,715	$236,000	added+5%	0.00 pp	10 q
unresolvedComcast Corp. Spl Cl A	0.00%	7,474	$428,000	held	—	10 q
EMREmerson Electric Co.	0.00%	5,005	$221,000	trimmed−1%	0.00 pp	10 q
unresolvedExpress Scripts Hldg Co	0.00%	4,905	$397,000	held	—	10 q
IEXIDEX Corporation	0.00%	5,225	$373,000	held	—	10 q
INDYiShares S&P India Nifty 50 Index Fund	0.00%	7,674	$214,000	held	—	6 q
KMIKinder Morgan, Inc.	0.00%	9,630	$267,000	held	—	4 q
unresolvedLeucadia National	0.00%	16,471	$334,000	held	—	10 q
LMTLockheed Martin Corp.	0.00%	2,545	$528,000	trimmed−7%	0.00 pp	10 q
LOWLowe's Companies Inc.	0.00%	9,477	$653,000	added+3%	0.00 pp	10 q
unresolvedMcGraw Hill	0.00%	3,840	$332,000	held	—	10 q
MRKMerck & Co., Inc.	0.00%	4,994	$247,000	added+4%	0.00 pp	8 q
PFEPfizer Inc.	0.00%	11,302	$355,000	added+3%	0.00 pp	10 q
PXDPioneer Natural Resource Co.	0.00%	3,952	$481,000	held	—	10 q
TROWT Rowe Price Group Inc	0.00%	4,045	$281,000	held	—	10 q
PSAPublic Storage	0.00%	2,493	$528,000	held	—	7 q
RSGRepublic Services Inc.	0.00%	12,198	$503,000	trimmed−3%	0.00 pp	10 q
RHIRobert Half Inc.	0.00%	7,000	$358,000	held	—	10 q
ROPRoper Technologies, Inc.	0.00%	4,465	$700,000	held	—	10 q
unresolvedRyanair Holdings PLC ADR	0.00%	7,989	$626,000	trimmed−2%	0.00 pp	10 q
SRCLStericycle Inc	0.00%	3,000	$418,000	held	—	10 q
unresolvedSymetra Finl Corp	0.00%	12,500	$396,000	new	0.00 pp	new
TMOThermo Fisher Scientific, Inc.	0.00%	2,873	$351,000	held	—	7 q
MMM3M Company	0.00%	2,106	$299,000	added+4%	0.00 pp	10 q
TWXTime Warner Inc	0.00%	4,078	$280,000	new	0.00 pp	new
VZVerizon Communications	0.00%	5,756	$250,000	trimmed−18%	0.00 pp	8 q
WPPWpp PLC	0.00%	2,840	$295,000	held	—	10 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	new	0.00 pp	new
ACGLArch Capital Group Ltd	0.00%	10,688	$785,000	held	—	10 q
MDTMedtronic plc	0.00%	5,075	$340,000	added+4%	0.00 pp	3 q
unresolvedGoogle Inc.	—	−579,029	—	exited	−1.49 pp	—
SW5Southwestern Energy Co	—	−4,014,630	—	exited	−0.44 pp	—
unresolvedDiscovery Communications Inc.	—	−1,700,044	—	exited	−0.27 pp	—
QCOMQualcomm Inc	—	−302,267	—	exited	−0.09 pp	—
CTRPTrip.com Group Limited	—	−100,000	—	exited	−0.03 pp	—
DEODiageo plc	—	−30,090	—	exited	−0.02 pp	—
unresolvedDirectv	—	−45,952	—	exited	−0.02 pp	—
unresolvedKraft Foods Group Inc	—	−17,424	—	exited	−0.01 pp	—
BPBP p.l.c.	—	−5,948	—	exited	0.00 pp	—
EBAYeBay Inc	—	−4,220	—	exited	0.00 pp	—
unresolvedEnergizer Hldgs Inc	—	−1,535	—	exited	0.00 pp	—
UTXZRTX Corporation	—	−1,873	—	exited	0.00 pp	—
JARLFJardine Matheson Hldg Ord	—	−3,600	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 9 defects · 24 unresolved
Accession: 0000728014-15-000015
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 02079K107 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 02079K305 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 21037X100 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 81731L109 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2015-09-30

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