Ruane, Cunniff & Goldfarb

Q4 2015 13F

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $17.6B · prev $19.5B
Positions: 143 · prev 150
Options notional: $0
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 1.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves97 since the prior filing

−8.2 pp in · +8.0 pp out

New 4 +0.07 pp
Added 15 −8.29 pp
Trimmed 67 +8.21 pp
Exited 11 −0.23 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.1 years per position

Low
Moderate
High

Top 5 positions50% of US stock

unresolved Valeant Pharmaceuticals Intl added−10.57 pp added−10.5720.5%
BRK.A Berkshire Hathaway Inc. trimmed+0.95 pp trimmed+0.9510.4%
TJX TJX Companies, Inc. (The) trimmed+0.52 pp trimmed+0.527.0%
unresolved Precision Castparts Corp added+2.09 pp added+2.096.3%
FAST Fastenal Co trimmed+0.98 pp trimmed+0.985.5%

Positions143 in this filing · 11 exited


unresolvedValeant Pharmaceuticals Intl	20.49%	35,375,610	$3.6B	added+4%	−10.57 pp	11 q
BRK.ABerkshire Hathaway Inc.	10.38%	9,212	$1.8B	trimmed−2%	+0.95 pp	11 q
TJXTJX Companies, Inc. (The)	7.05%	17,457,872	$1.2B	trimmed−2%	+0.52 pp	11 q
unresolvedPrecision Castparts Corp	6.26%	4,732,708	$1.1B	added+34%	+2.09 pp	11 q
FASTFastenal Co	5.49%	23,607,163	$964M	trimmed−2%	+0.98 pp	11 q
ORLYO'Reilly Automotive, Inc.	5.11%	3,536,791	$896M	trimmed−1%	+0.51 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	3.69%	4,910,840	$648M	trimmed−0%	+0.40 pp	11 q
IDXXIdexx Laboratories Inc	3.33%	8,027,368	$585M	trimmed−2%	+0.22 pp	11 q
MAMastercard Incorporated	2.95%	5,319,142	$518M	trimmed−2%	+0.43 pp	11 q
MHKMohawk Industries, Inc.	2.94%	2,722,754	$516M	trimmed−2%	+0.34 pp	11 q
GOOGAlphabet Inc. Class C	2.51%	581,428	$441M	trimmed−1%	+0.68 pp	7 q
GOOGLAlphabet Inc. Class A	2.30%	519,685	$404M	trimmed−3%	+0.54 pp	2 q
ACTAllergan PLC	1.93%	1,085,870	$339M	trimmed−2%	+0.39 pp	2 q
unresolvedSirona Dental Systems Inc	1.74%	2,789,596	$306M	trimmed−1%	+0.39 pp	11 q
WATWaters Corp	1.53%	1,995,247	$269M	trimmed−2%	+0.29 pp	11 q
VVISA Inc.	1.46%	3,314,535	$257M	trimmed−1%	+0.27 pp	11 q
JECJacobs Engineering Group	1.43%	5,971,440	$251M	trimmed−2%	+0.26 pp	11 q
OMCOmnicom Group Inc.	1.20%	2,788,079	$211M	trimmed−1%	+0.24 pp	11 q
PRGOPerrigo Company PLC	1.19%	1,447,149	$209M	trimmed−2%	0.00 pp	9 q
WUBA58.COM Inc	1.13%	3,015,330	$199M	trimmed−4%	+0.37 pp	7 q
PXGBXPraxair Inc	1.05%	1,793,700	$184M	trimmed−4%	+0.08 pp	11 q
CNSWFConstellation Sftwre Inc	1.03%	435,954	$181M	trimmed−0%	+0.09 pp	6 q
IBMInternational Business Machines Corporation	0.98%	1,246,612	$172M	trimmed−8%	−0.03 pp	11 q
TIFTiffany & Co.	0.93%	2,146,719	$164M	trimmed−1%	+0.07 pp	11 q
unresolvedCabelas Inc. Cl A	0.89%	3,330,267	$156M	trimmed−2%	+0.09 pp	8 q
RRCRange Resources Corp	0.83%	5,909,755	$145M	added0%	−0.14 pp	11 q
GSGoldman Sachs Group Inc.	0.79%	769,530	$139M	trimmed−39%	−0.34 pp	11 q
PRIPrimerica, Inc.	0.78%	2,882,551	$136M	held	—	11 q
DHRDanaher Corporation	0.75%	1,425,206	$132M	trimmed−1%	+0.12 pp	11 q
WMTWalmart Inc.	0.73%	2,100,532	$129M	trimmed−3%	+0.01 pp	11 q
COSTCostco Wholesale Corp	0.68%	740,722	$120M	trimmed−3%	+0.11 pp	11 q
AXPAmerican Express Company	0.54%	1,361,001	$95M	trimmed−1%	+0.02 pp	11 q
unresolvedMonsanto Co	0.54%	956,402	$94M	trimmed−1%	+0.12 pp	4 q
EMEEMCOR Group, Inc.	0.44%	1,595,487	$77M	trimmed−2%	+0.07 pp	11 q
unresolvedIAC Interactivecorp	0.41%	1,205,405	$72M	added+34%	+0.11 pp	11 q
TRMBTrimble Inc.	0.40%	3,251,927	$70M	trimmed−2%	+0.12 pp	11 q
WSTWest Pharmaceutical Services, Inc.	0.34%	991,928	$60M	trimmed−2%	+0.06 pp	11 q
NBISNebius Group N.V. Class A	0.32%	3,603,523	$57M	trimmed−1%	+0.12 pp	7 q
MMYTMakeMyTrip Limited	0.28%	2,813,802	$48M	added+12%	+0.10 pp	4 q
HXLHexcel Corporation	0.27%	1,002,840	$47M	trimmed−50%	−0.19 pp	6 q
BROBrown & Brown, Inc.	0.26%	1,415,900	$45M	trimmed−46%	−0.15 pp	11 q
IBKRInteractive Brokers Group, Inc. Class A	0.25%	1,001,923	$44M	trimmed−0%	+0.05 pp	11 q
SPNTSiriusPoint Ltd.	0.23%	3,029,800	$41M	held	—	5 q
1885807DAthenahealth Inc	0.18%	200,000	$32M	held	—	7 q
KOCoca-Cola Company	0.16%	672,185	$29M	trimmed−1%	+0.02 pp	11 q
VIPSVipshop Holdings Limited	0.10%	1,105,000	$17M	added+44%	+0.03 pp	2 q
CNQCanadian Natural Resources Limited	0.09%	728,973	$16M	trimmed−3%	+0.01 pp	11 q
PEPPepsiCo, Inc.	0.09%	160,292	$16M	trimmed−14%	0.00 pp	11 q
MCDMcDonald's Corporation	0.08%	123,999	$15M	trimmed−9%	+0.01 pp	11 q
unresolvedColfax Corp	0.07%	501,400	$12M	held	—	11 q
TWXTime Warner Inc	0.07%	179,523	$12M	added×44.0	+0.07 pp	2 q
PGProcter & Gamble Company	0.06%	127,366	$10M	trimmed−20%	0.00 pp	11 q
unresolvedTime Warner Cable Inc	0.06%	52,118	$10M	trimmed−64%	−0.07 pp	2 q
GRPNGroupon, Inc.	0.05%	3,003,417	$9M	added0%	0.00 pp	7 q
MTCHMatch Group, Inc	0.05%	700,000	$9M	new	+0.05 pp	new
PMPhilip Morris International Inc.	0.05%	90,990	$8M	trimmed−0%	+0.01 pp	11 q
CRESYCresud SA	0.04%	612,147	$8M	held	—	11 q
EXMOCExxon Mobil Corp	0.04%	83,134	$6M	trimmed−4%	+0.01 pp	11 q
unresolvedGeneral Electric Co	0.04%	230,023	$7M	added+4%	+0.01 pp	11 q
JNJJohnson & Johnson	0.04%	64,753	$7M	trimmed−15%	0.00 pp	11 q
unresolvedSoufun Holdings Ltd ADR	0.04%	1,008,500	$7M	held	—	7 q
UNPUnion Pacific Corp.	0.04%	100,846	$8M	held	—	11 q
WFCWells Fargo & Co.	0.04%	144,700	$8M	trimmed−38%	−0.02 pp	11 q
ZTSZoetis Inc.	0.04%	151,537	$7M	trimmed−3%	+0.01 pp	11 q
ALGNAlign Technology Inc	0.03%	68,586	$5M	trimmed−3%	+0.01 pp	2 q
MOAltria Group, Inc.	0.03%	76,574	$4M	held	—	11 q
CATCaterpillar Inc.	0.03%	68,479	$5M	held	—	11 q
LKQLKQ Corporation	0.03%	162,000	$5M	trimmed−19%	0.00 pp	4 q
unresolvedLinear Technology Group	0.03%	120,046	$5M	trimmed−5%	0.00 pp	11 q
NVONovo-Nordisk A/S	0.03%	81,320	$5M	held	—	11 q
unresolvedResource America Inc Cl A	0.03%	897,297	$6M	held	—	11 q
VRSKVerisk Analytics, Inc.	0.03%	58,211	$4M	trimmed−1%	+0.01 pp	11 q
TAT&T Inc.	0.02%	94,104	$3M	added0%	0.00 pp	3 q
ATHMAutohome Inc.	0.02%	94,550	$3M	new	+0.02 pp	new
COPConocoPhillips	0.02%	79,200	$4M	held	—	10 q
DISThe Walt Disney Company	0.02%	27,531	$3M	trimmed−1%	+0.01 pp	11 q
unresolvedDu Pont E I De Nemours & Co	0.02%	55,762	$4M	held	—	11 q
EXPDExpeditors International of Washington, Inc.	0.02%	69,332	$3M	trimmed−39%	−0.01 pp	11 q
HDHome Depot, Inc.	0.02%	29,428	$4M	held	—	11 q
MSFTMicrosoft Corp	0.02%	60,579	$3M	added+3%	+0.01 pp	11 q
PSXPhillips 66	0.02%	39,637	$3M	held	—	10 q
RYRoyal Bank of Canada	0.02%	50,400	$3M	held	—	10 q
SLBSLB Limited	0.02%	38,486	$3M	trimmed−1%	+0.01 pp	10 q
SVCTFSunvest Capital Inc	0.02%	35,000	$4M	held	—	3 q
YELPYelp Inc.	0.02%	107,700	$3M	held	—	3 q
1LGEUSDLiberty Global PLC Lilac - C	0.02%	85,150	$4M	held	—	2 q
AEPAmerican Electric Power Company, Inc.	0.01%	15,485	$902,000	held	—	11 q
AAPLApple Inc.	0.01%	14,316	$2M	held	—	11 q
CVSCvs Health Corporation	0.01%	18,153	$2M	trimmed−27%	0.00 pp	11 q
CABOCable One, Inc.	0.01%	3,236	$1M	trimmed−1%	0.00 pp	2 q
EIXEdison International	0.01%	42,900	$3M	held	—	11 q
FITBFifth Third Bancorp	0.01%	111,881	$2M	trimmed−2%	0.00 pp	11 q
GHCGraham Holdings Company	0.01%	3,236	$2M	trimmed−1%	0.00 pp	9 q
HDBHDFC Bank Limited	0.01%	18,328	$1M	held	—	11 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	11 q
JPMJPMorgan Chase & Co.	0.01%	22,350	$1M	trimmed−5%	0.00 pp	11 q
KHCThe Kraft Heinz Company	0.01%	17,378	$1M	held	—	2 q
unresolvedMondelez International	0.01%	56,542	$3M	held	—	11 q
LIILennox International Inc.	0.01%	12,527	$2M	trimmed−34%	0.00 pp	11 q
PGRProgressive Corporation	0.01%	49,798	$2M	trimmed−9%	0.00 pp	11 q
RDS.ARoyal Dutch Shell PLC	0.01%	21,299	$975,000	held	—	11 q
SHWThe Sherwin-Williams Company	0.01%	5,307	$1M	held	—	11 q
unresolvedSunTrust Banks Inc	0.01%	31,203	$1M	held	—	11 q
USBU.S. Bancorp	0.01%	22,319	$952,000	trimmed−14%	0.00 pp	11 q
AMGAffiliated Managers Group	0.00%	5,120	$818,000	new	0.00 pp	new
AMGNAmgen Inc	0.00%	2,017	$327,000	held	—	6 q
AMATApplied Materials Inc	0.00%	13,692	$256,000	held	—	11 q
ADPAutomatic Data Processing	0.00%	6,238	$528,000	held	—	11 q
BACBank of America Corporation	0.00%	20,580	$346,000	held	—	11 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,075	$293,000	held	—	11 q
TECHBio-Techne Corp.	0.00%	2,540	$229,000	held	—	6 q
BABoeing Company	0.00%	1,790	$259,000	held	—	7 q
BMYBristol-Myers Squibb Co.	0.00%	3,670	$252,000	held	—	5 q
CCThe Chemours Company	0.00%	11,150	$60,000	held	—	2 q
CVXChevron Corporation	0.00%	5,940	$534,000	added+16%	0.00 pp	11 q
unresolvedChubb	0.00%	2,222	$295,000	held	—	6 q
CCitigroup Inc.	0.00%	5,948	$308,000	trimmed−1%	0.00 pp	10 q
CLColgate-Palmolive Company	0.00%	3,715	$247,000	held	—	11 q
CMCSAComcast Corp	0.00%	8,777	$495,000	new	0.00 pp	new
EMREmerson Electric Co.	0.00%	6,232	$298,000	added+25%	0.00 pp	11 q
unresolvedExpress Scripts Hldg Co	0.00%	4,379	$383,000	trimmed−11%	0.00 pp	11 q
IEXIDEX Corporation	0.00%	5,225	$400,000	held	—	11 q
unresolvedLeucadia National	0.00%	16,471	$286,000	held	—	11 q
LMTLockheed Martin Corp.	0.00%	2,535	$550,000	trimmed−0%	0.00 pp	11 q
LOWLowe's Companies Inc.	0.00%	10,311	$784,000	added+9%	0.00 pp	11 q
unresolvedMcGraw Hill	0.00%	3,840	$379,000	held	—	11 q
MRKMerck & Co., Inc.	0.00%	4,994	$264,000	held	—	9 q
PFEPfizer Inc.	0.00%	14,850	$479,000	added+31%	0.00 pp	11 q
PXDPioneer Natural Resource Co.	0.00%	3,952	$496,000	held	—	11 q
TROWT Rowe Price Group Inc	0.00%	4,045	$289,000	held	—	11 q
PSAPublic Storage	0.00%	2,493	$618,000	held	—	8 q
RSGRepublic Services Inc.	0.00%	12,198	$537,000	held	—	11 q
RHIRobert Half Inc.	0.00%	7,000	$330,000	held	—	11 q
ROPRoper Technologies, Inc.	0.00%	4,465	$847,000	held	—	11 q
unresolvedRyanair Holdings PLC ADR	0.00%	5,424	$469,000	trimmed−32%	0.00 pp	11 q
SRCLStericycle Inc	0.00%	3,000	$362,000	held	—	11 q
unresolvedSymetra Finl Corp	0.00%	12,500	$397,000	held	—	2 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,873	$408,000	held	—	8 q
VZVerizon Communications	0.00%	5,756	$266,000	held	—	9 q
WPPWpp PLC	0.00%	2,840	$326,000	held	—	11 q
unresolvedYoung Broadcasting Inc Cl A	0.00%	144,865	$0	held	—	2 q
ACGLArch Capital Group Ltd	0.00%	9,488	$662,000	trimmed−11%	0.00 pp	11 q
MDTMedtronic plc	0.00%	5,075	$390,000	held	—	4 q
37MMrc Global Inc	—	−1,547,405	—	exited	−0.09 pp	—
unresolvedQihoo 360 Technology Co. ADR	—	−241,900	—	exited	−0.06 pp	—
GLREGreenlight Captial RE, LTD. Class A	—	−327,131	—	exited	−0.04 pp	—
INWKInnerWorkings, Inc.	—	−550,796	—	exited	−0.02 pp	—
JMEINJumei International-adr	—	−365,337	—	exited	−0.02 pp	—
SANBanco Santander S.A.	—	−10,377	—	exited	0.00 pp	—
CTSHCognizant Technology Solutions	—	−3,279	—	exited	0.00 pp	—
unresolvedComcast Corp. Spl Cl A	—	−7,474	—	exited	0.00 pp	—
INDYiShares S&P India Nifty 50 Index Fund	—	−7,674	—	exited	0.00 pp	—
KMIKinder Morgan, Inc.	—	−9,630	—	exited	0.00 pp	—
MMM3M Company	—	−2,106	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 7 defects · 22 unresolved
Accession: 0000728014-16-000016
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 2015-12-31
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 44919P300 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 81731L109 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 987434107 not on the Official 13(f) List for 2015-12-31

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