Ruane, Cunniff & Goldfarb

Q1 2016 13F

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $12.9B · prev $17.6B
Positions: 133 · prev 143
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves133 since the prior filing

+4.3 pp in · −4.8 pp out

New 13 +3.87 pp
Added 7 +0.39 pp
Trimmed 90 +5.01 pp
Exited 23 −9.84 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions43% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+3.86 pp trimmed+3.8614.2%
TJX TJX Companies, Inc. (The) trimmed+2.80 pp trimmed+2.809.8%
FAST Fastenal Co trimmed+1.52 pp trimmed+1.527.0%
unresolved Valeant Pharmaceuticals Intl trimmed−14.30 pp trimmed−14.306.2%
ORLY O'Reilly Automotive, Inc. trimmed+1.04 pp trimmed+1.046.2%

Positions133 in this filing · 23 exited


BRK.ABerkshire Hathaway Inc.	14.24%	8,586	$1.8B	trimmed−7%	+3.86 pp	12 q
TJXTJX Companies, Inc. (The)	9.85%	16,183,648	$1.3B	trimmed−7%	+2.80 pp	12 q
FASTFastenal Co	7.01%	18,412,172	$902M	trimmed−22%	+1.52 pp	12 q
unresolvedValeant Pharmaceuticals Intl	6.19%	30,308,449	$797M	trimmed−14%	−14.30 pp	12 q
ORLYO'Reilly Automotive, Inc.	6.15%	2,890,395	$791M	trimmed−18%	+1.04 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	5.22%	4,737,770	$672M	trimmed−4%	+1.53 pp	12 q
IDXXIdexx Laboratories Inc	4.67%	7,668,176	$601M	trimmed−4%	+1.34 pp	12 q
MHKMohawk Industries, Inc.	3.89%	2,622,133	$501M	trimmed−4%	+0.95 pp	12 q
MAMastercard Incorporated	3.81%	5,182,954	$490M	trimmed−3%	+0.86 pp	12 q
GOOGAlphabet Inc. Class C	2.78%	479,665	$357M	trimmed−18%	+0.27 pp	8 q
GOOGLAlphabet Inc. Class A	2.50%	422,601	$322M	trimmed−19%	+0.20 pp	3 q
XRAYDENTSPLY SIRONA Inc.	2.32%	4,843,324	$298M	new	+2.32 pp	new
ACTAllergan PLC	2.14%	1,025,555	$275M	trimmed−6%	+0.21 pp	3 q
WATWaters Corp	1.97%	1,920,738	$253M	trimmed−4%	+0.44 pp	12 q
JECJacobs Engineering Group	1.93%	5,713,337	$249M	trimmed−4%	+0.50 pp	12 q
VVISA Inc.	1.89%	3,176,837	$243M	trimmed−4%	+0.43 pp	12 q
OMCOmnicom Group Inc.	1.74%	2,686,613	$224M	trimmed−4%	+0.54 pp	12 q
PXGBXPraxair Inc	1.54%	1,733,744	$198M	trimmed−3%	+0.49 pp	12 q
RRCRange Resources Corp	1.49%	5,909,630	$191M	trimmed0%	+0.66 pp	12 q
PRGOPerrigo Company PLC	1.45%	1,461,985	$187M	added+1%	+0.26 pp	10 q
WUBA58.COM Inc	1.30%	3,011,396	$168M	trimmed−0%	+0.17 pp	8 q
TIFTiffany & Co.	1.18%	2,075,900	$152M	trimmed−3%	+0.25 pp	12 q
WMTWalmart Inc.	1.05%	1,969,373	$135M	trimmed−6%	+0.32 pp	12 q
DHRDanaher Corporation	1.02%	1,378,586	$131M	trimmed−3%	+0.27 pp	12 q
PRIPrimerica, Inc.	1.00%	2,882,551	$128M	held	—	12 q
unresolvedCabelas Inc. Cl A	0.99%	2,616,239	$127M	trimmed−21%	+0.10 pp	9 q
IBMInternational Business Machines Corporation	0.87%	742,244	$112M	trimmed−40%	−0.11 pp	12 q
GSGoldman Sachs Group Inc.	0.86%	708,242	$111M	trimmed−8%	+0.07 pp	12 q
COSTCostco Wholesale Corp	0.85%	693,177	$109M	trimmed−6%	+0.17 pp	12 q
AXPAmerican Express Company	0.61%	1,277,020	$78M	trimmed−6%	+0.07 pp	12 q
TRMBTrimble Inc.	0.60%	3,092,288	$77M	trimmed−5%	+0.20 pp	12 q
EMEEMCOR Group, Inc.	0.57%	1,522,781	$74M	trimmed−5%	+0.13 pp	12 q
IACIIac / Interactivecorp (De) Com Stk	0.44%	1,205,190	$57M	new	+0.44 pp	new
NBISNebius Group N.V. Class A	0.43%	3,603,475	$55M	trimmed0%	+0.11 pp	8 q
unresolvedMonsanto Co	0.40%	587,518	$52M	trimmed−39%	−0.14 pp	5 q
MMYTMakeMyTrip Limited	0.40%	2,813,802	$51M	held	—	5 q
BROBrown & Brown, Inc.	0.38%	1,356,829	$49M	trimmed−4%	+0.12 pp	12 q
JDJD.com, Inc.	0.36%	1,733,000	$46M	new	+0.36 pp	new
CMGChipotle Mexican Grill, Inc.	0.34%	93,880	$44M	new	+0.34 pp	new
IBKRInteractive Brokers Group, Inc. Class A	0.31%	1,001,923	$39M	held	—	12 q
WSTWest Pharmaceutical Services, Inc.	0.29%	533,650	$37M	trimmed−46%	−0.05 pp	12 q
SPNTSiriusPoint Ltd.	0.27%	3,029,800	$34M	held	—	6 q
1885807DAthenahealth Inc	0.22%	200,000	$28M	held	—	8 q
unresolvedJpmorgan Chase & Co	0.19%	1,400,000	$25M	new	+0.19 pp	new
CNQCanadian Natural Resources Limited	0.14%	689,985	$19M	trimmed−5%	+0.05 pp	12 q
VIPSVipshop Holdings Limited	0.12%	1,230,000	$16M	added+11%	+0.02 pp	3 q
unresolvedColfax Corp	0.11%	501,400	$14M	held	—	12 q
KOCoca-Cola Company	0.09%	238,417	$11M	trimmed−65%	−0.07 pp	12 q
TWXTime Warner Inc	0.09%	154,280	$11M	trimmed−14%	+0.02 pp	3 q
YELPYelp Inc.	0.09%	590,300	$12M	added×5.5	+0.07 pp	4 q
DWREDemandware Inc Com Stk (De)	0.07%	233,130	$9M	new	+0.07 pp	new
MCDMcDonald's Corporation	0.07%	68,246	$9M	trimmed−45%	−0.01 pp	12 q
PMPhilip Morris International Inc.	0.07%	89,869	$9M	trimmed−1%	+0.02 pp	12 q
CRESYCresud SA	0.06%	612,147	$7M	held	—	12 q
MTCHMatch Group, Inc	0.06%	701,250	$8M	added0%	+0.01 pp	2 q
PGProcter & Gamble Company	0.06%	97,819	$8M	trimmed−23%	0.00 pp	12 q
EXMOCExxon Mobil Corp	0.05%	77,716	$6M	trimmed−7%	+0.01 pp	12 q
unresolvedGeneral Electric Co	0.05%	213,603	$7M	trimmed−7%	+0.01 pp	12 q
unresolvedSoufun Holdings Ltd ADR	0.05%	1,008,500	$6M	held	—	8 q
unresolvedTime Warner Cable Inc	0.05%	33,817	$7M	trimmed−35%	−0.01 pp	3 q
LBTYALiberty Global Ltd. Class A	0.05%	163,073	$6M	new	+0.05 pp	new
MOAltria Group, Inc.	0.04%	76,284	$5M	trimmed−0%	+0.01 pp	12 q
CATCaterpillar Inc.	0.04%	68,356	$5M	trimmed−0%	+0.01 pp	12 q
LKQLKQ Corporation	0.04%	162,000	$5M	held	—	5 q
unresolvedLinear Technology Group	0.04%	110,899	$5M	trimmed−8%	+0.01 pp	12 q
NVONovo-Nordisk A/S	0.04%	97,525	$5M	added+20%	+0.01 pp	12 q
PEPPepsiCo, Inc.	0.04%	44,578	$5M	trimmed−72%	−0.05 pp	12 q
unresolvedResource America Inc Cl A	0.04%	897,297	$5M	held	—	12 q
UNPUnion Pacific Corp.	0.04%	65,426	$5M	trimmed−35%	0.00 pp	12 q
ZTSZoetis Inc.	0.04%	126,783	$6M	trimmed−16%	0.00 pp	12 q
TAT&T Inc.	0.03%	90,085	$4M	trimmed−4%	+0.01 pp	4 q
ALGNAlign Technology Inc	0.03%	54,433	$4M	trimmed−21%	0.00 pp	3 q
HDHome Depot, Inc.	0.03%	26,403	$4M	trimmed−10%	+0.01 pp	12 q
unresolvedLinkedin Corp Cl A	0.03%	31,425	$4M	new	+0.03 pp	new
unresolvedOch Ziff Cap Mgmt Group	0.03%	750,000	$3M	new	+0.03 pp	new
VRSKVerisk Analytics, Inc.	0.03%	55,719	$4M	trimmed−4%	0.00 pp	12 q
WFCWells Fargo & Co.	0.03%	92,300	$4M	trimmed−36%	−0.01 pp	12 q
1LGEUSDLiberty Global PLC Lilac - C	0.03%	85,150	$3M	held	—	3 q
AMGAffiliated Managers Group	0.02%	17,268	$3M	added×3.4	+0.02 pp	2 q
ATHMAutohome Inc.	0.02%	100,550	$3M	added+6%	0.00 pp	2 q
DISThe Walt Disney Company	0.02%	25,686	$3M	trimmed−7%	0.00 pp	12 q
EIXEdison International	0.02%	42,900	$3M	held	—	12 q
EXPDExpeditors International of Washington, Inc.	0.02%	50,289	$2M	trimmed−27%	0.00 pp	12 q
FMCCFreddie Mac	0.02%	1,500,000	$2M	new	+0.02 pp	new
FNMAFannie Mae	0.02%	1,651,820	$2M	new	+0.02 pp	new
unresolvedMondelez International	0.02%	53,882	$2M	trimmed−5%	+0.01 pp	12 q
MSFTMicrosoft Corp	0.02%	57,904	$3M	trimmed−4%	0.00 pp	12 q
SLBSLB Limited	0.02%	35,713	$3M	trimmed−7%	0.00 pp	11 q
AEPAmerican Electric Power Company, Inc.	0.01%	15,485	$1M	held	—	12 q
AAPLApple Inc.	0.01%	10,746	$1M	trimmed−25%	0.00 pp	12 q
CVSCvs Health Corporation	0.01%	15,981	$2M	trimmed−12%	0.00 pp	12 q
CABOCable One, Inc.	0.01%	3,228	$1M	trimmed−0%	0.00 pp	3 q
FITBFifth Third Bancorp	0.01%	111,881	$2M	held	—	12 q
GHCGraham Holdings Company	0.01%	3,228	$2M	trimmed−0%	0.00 pp	10 q
HDBHDFC Bank Limited	0.01%	16,047	$989,000	trimmed−12%	0.00 pp	12 q
HTLDHeartland Express Inc	0.01%	101,057	$2M	held	—	12 q
JPMJPMorgan Chase & Co.	0.01%	18,625	$1M	trimmed−17%	0.00 pp	12 q
JNJJohnson & Johnson	0.01%	13,925	$2M	trimmed−79%	−0.03 pp	12 q
KHCThe Kraft Heinz Company	0.01%	17,301	$1M	trimmed−0%	0.00 pp	3 q
LIILennox International Inc.	0.01%	10,938	$1M	trimmed−13%	0.00 pp	12 q
LOWLowe's Companies Inc.	0.01%	9,194	$696,000	trimmed−11%	+0.01 pp	12 q
PGRProgressive Corporation	0.01%	49,798	$2M	held	—	12 q
PSAPublic Storage	0.01%	2,492	$687,000	trimmed−0%	+0.01 pp	9 q
RDS.ARoyal Dutch Shell PLC	0.01%	17,848	$865,000	trimmed−16%	0.00 pp	12 q
SHWThe Sherwin-Williams Company	0.01%	2,402	$684,000	trimmed−55%	0.00 pp	12 q
unresolvedSunTrust Banks Inc	0.01%	30,906	$1M	trimmed−1%	0.00 pp	12 q
USBU.S. Bancorp	0.01%	21,064	$855,000	trimmed−6%	0.00 pp	12 q
ACGLArch Capital Group Ltd	0.01%	9,488	$675,000	held	—	12 q
AMATApplied Materials Inc	0.00%	13,632	$289,000	trimmed−0%	0.00 pp	12 q
ADPAutomatic Data Processing	0.00%	4,678	$420,000	trimmed−25%	0.00 pp	12 q
BACBank of America Corporation	0.00%	10,807	$146,000	trimmed−47%	0.00 pp	12 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,000	$298,000	trimmed−1%	0.00 pp	12 q
CVXChevron Corporation	0.00%	4,305	$411,000	trimmed−28%	0.00 pp	12 q
CLColgate-Palmolive Company	0.00%	3,715	$262,000	held	—	12 q
CMCSAComcast Corp	0.00%	8,532	$521,000	trimmed−3%	0.00 pp	2 q
unresolvedConsolidated Edison Inc.	0.00%	2,974	$228,000	new	0.00 pp	new
unresolvedDu Pont E I De Nemours & Co	0.00%	3,912	$248,000	trimmed−93%	−0.02 pp	12 q
EMREmerson Electric Co.	0.00%	4,443	$242,000	trimmed−29%	0.00 pp	12 q
unresolvedLeucadia National	0.00%	16,471	$266,000	held	—	12 q
LMTLockheed Martin Corp.	0.00%	2,385	$528,000	trimmed−6%	0.00 pp	12 q
unresolvedMcGraw Hill	0.00%	3,840	$380,000	held	—	12 q
MRKMerck & Co., Inc.	0.00%	4,894	$259,000	trimmed−2%	0.00 pp	10 q
PFEPfizer Inc.	0.00%	12,442	$369,000	trimmed−16%	0.00 pp	12 q
PXDPioneer Natural Resource Co.	0.00%	2,802	$394,000	trimmed−29%	0.00 pp	12 q
TROWT Rowe Price Group Inc	0.00%	2,740	$201,000	trimmed−32%	0.00 pp	12 q
RHIRobert Half Inc.	0.00%	7,000	$326,000	held	—	12 q
ROPRoper Technologies, Inc.	0.00%	1,635	$299,000	trimmed−63%	0.00 pp	12 q
unresolvedRyanair Holdings PLC ADR	0.00%	5,422	$465,000	trimmed−0%	0.00 pp	12 q
SRCLStericycle Inc	0.00%	3,000	$379,000	held	—	12 q
VZVerizon Communications	0.00%	4,121	$223,000	trimmed−28%	0.00 pp	10 q
WPPWpp PLC	0.00%	2,840	$331,000	held	—	12 q
WWDWoodward, Inc.	0.00%	10,401	$541,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	3,895	$292,000	trimmed−23%	0.00 pp	5 q
unresolvedPrecision Castparts Corp	—	−4,732,708	—	exited	−6.26 pp	—
unresolvedSirona Dental Systems Inc	—	−2,789,596	—	exited	−1.74 pp	—
CNSWFConstellation Sftwre Inc	—	−435,954	—	exited	−1.03 pp	—
unresolvedIAC Interactivecorp	—	−1,205,405	—	exited	−0.41 pp	—
HXLHexcel Corporation	—	−1,002,840	—	exited	−0.27 pp	—
GRPNGroupon, Inc.	—	−3,003,417	—	exited	−0.05 pp	—
COPConocoPhillips	—	−79,200	—	exited	−0.02 pp	—
PSXPhillips 66	—	−39,637	—	exited	−0.02 pp	—
RYRoyal Bank of Canada	—	−50,400	—	exited	−0.02 pp	—
SVCTFSunvest Capital Inc	—	−35,000	—	exited	−0.02 pp	—
AMGNAmgen Inc	—	−2,017	—	exited	0.00 pp	—
TECHBio-Techne Corp.	—	−2,540	—	exited	0.00 pp	—
BABoeing Company	—	−1,790	—	exited	0.00 pp	—
BMYBristol-Myers Squibb Co.	—	−3,670	—	exited	0.00 pp	—
CCThe Chemours Company	—	−11,150	—	exited	0.00 pp	—
unresolvedChubb	—	−2,222	—	exited	0.00 pp	—
CCitigroup Inc.	—	−5,948	—	exited	0.00 pp	—
unresolvedExpress Scripts Hldg Co	—	−4,379	—	exited	0.00 pp	—
IEXIDEX Corporation	—	−5,225	—	exited	0.00 pp	—
RSGRepublic Services Inc.	—	−12,198	—	exited	0.00 pp	—
unresolvedSymetra Finl Corp	—	−12,500	—	exited	0.00 pp	—
TMOThermo Fisher Scientific, Inc.	—	−2,873	—	exited	0.00 pp	—
unresolvedYoung Broadcasting Inc Cl A	—	−144,865	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 7 defects · 19 unresolved
Accession: 0000728014-16-000026
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 209111103 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 30231G103 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 313400301 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 313586109 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 50075N104 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2016-03-31

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