Ruane, Cunniff & Goldfarb

Q2 2016 13F

As of: Jun 30, 2016
Filed: Jul 15, 2016
US stock: $10.5B · prev $12.9B
Positions: 117 · prev 133
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%

Moves124 since the prior filing

+17.5 pp in · −17.8 pp out

New 8 +9.73 pp
Added 8 +7.74 pp
Trimmed 84 −17.37 pp
Exited 24 −0.48 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 66% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions40% of US stock

Positions117 in this filing · 24 exited


BRK.ABerkshire Hathaway Inc.	14.28%	6,910	$1.5B	trimmed−20%	+0.04 pp	13 q
TJXTJX Companies, Inc. (The)	8.96%	12,183,709	$941M	trimmed−25%	−0.89 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	6.30%	4,571,466	$662M	trimmed−4%	+1.08 pp	13 q
FASTFastenal Co	5.12%	12,100,933	$537M	trimmed−34%	−1.89 pp	13 q
ORLYO'Reilly Automotive, Inc.	4.90%	1,895,730	$514M	trimmed−34%	−1.25 pp	13 q
MHKMohawk Industries, Inc.	4.43%	2,451,706	$465M	trimmed−7%	+0.54 pp	13 q
MAMastercard Incorporated	4.18%	4,979,934	$439M	trimmed−4%	+0.37 pp	13 q
BIDUBaidu, Inc.	4.10%	2,605,388	$430M	new	+4.10 pp	new
GOOGAlphabet Inc. Class C	2.91%	441,683	$306M	trimmed−8%	+0.13 pp	9 q
KMXCarMax Inc.	2.90%	6,215,800	$305M	new	+2.90 pp	new
XRAYDENTSPLY SIRONA Inc.	2.78%	4,705,249	$292M	trimmed−3%	+0.46 pp	2 q
GOOGLAlphabet Inc. Class A	2.46%	366,625	$258M	trimmed−13%	−0.04 pp	4 q
JECJacobs Engineering Group	2.46%	5,174,881	$258M	trimmed−9%	+0.53 pp	13 q
WATWaters Corp	2.37%	1,770,014	$249M	trimmed−8%	+0.40 pp	13 q
WFCWells Fargo & Co.	2.36%	5,242,602	$248M	added×56.8	+2.33 pp	13 q
CMGChipotle Mexican Grill, Inc.	2.24%	584,367	$235M	added×6.2	+1.90 pp	2 q
SCHWThe Charles Schwab Corporation	2.21%	9,155,367	$232M	new	+2.21 pp	new
PRIPrimerica, Inc.	2.06%	3,780,842	$216M	added+31%	+1.06 pp	13 q
OMCOmnicom Group Inc.	1.85%	2,378,012	$194M	trimmed−11%	+0.11 pp	13 q
VVISA Inc.	1.79%	2,537,564	$188M	trimmed−20%	−0.10 pp	13 q
PXGBXPraxair Inc	1.72%	1,605,924	$180M	trimmed−7%	+0.18 pp	13 q
JDJD.com, Inc.	1.58%	7,815,227	$166M	added×4.5	+1.22 pp	2 q
DHRDanaher Corporation	1.49%	1,545,881	$156M	added+12%	+0.47 pp	13 q
WUBA58.COM Inc	1.32%	3,010,896	$138M	trimmed−0%	+0.02 pp	9 q
WMTWalmart Inc.	1.16%	1,666,115	$122M	trimmed−15%	+0.11 pp	13 q
TIFTiffany & Co.	1.15%	1,989,625	$121M	trimmed−4%	−0.03 pp	13 q
PRGOPerrigo Company PLC	1.14%	1,315,805	$119M	trimmed−10%	−0.31 pp	11 q
COSTCostco Wholesale Corp	0.94%	628,312	$99M	trimmed−9%	+0.09 pp	13 q
GSGoldman Sachs Group Inc.	0.80%	565,140	$84M	trimmed−20%	−0.06 pp	13 q
EMEEMCOR Group, Inc.	0.68%	1,445,293	$71M	trimmed−5%	+0.11 pp	13 q
IACIIac / Interactivecorp (De) Com Stk	0.65%	1,205,190	$68M	held	—	2 q
TRMBTrimble Inc.	0.65%	2,780,872	$68M	trimmed−10%	+0.05 pp	13 q
AXPAmerican Express Company	0.62%	1,072,828	$65M	trimmed−16%	+0.01 pp	13 q
JPMJPMorgan Chase & Co.	0.60%	1,010,846	$63M	added×54.3	+0.59 pp	13 q
NBISNebius Group N.V. Class A	0.56%	2,703,355	$59M	trimmed−25%	+0.13 pp	9 q
BLDRBuilders FirstSource, Inc.	0.43%	4,007,377	$45M	new	+0.43 pp	new
MMYTMakeMyTrip Limited	0.40%	2,813,802	$42M	held	—	6 q
1885807DAthenahealth Inc	0.39%	300,095	$41M	added+50%	+0.17 pp	9 q
IBKRInteractive Brokers Group, Inc. Class A	0.34%	1,001,923	$35M	held	—	13 q
SPNTSiriusPoint Ltd.	0.34%	3,029,190	$36M	trimmed−0%	+0.07 pp	7 q
WSTWest Pharmaceutical Services, Inc.	0.32%	443,019	$34M	trimmed−17%	+0.03 pp	13 q
unresolvedJpmorgan Chase & Co	0.27%	1,400,000	$28M	held	—	2 q
VIPSVipshop Holdings Limited	0.11%	1,025,460	$11M	trimmed−17%	−0.01 pp	4 q
IDXXIdexx Laboratories Inc	0.10%	107,894	$10M	trimmed−99%	−4.57 pp	13 q
MTCHMatch Group, Inc	0.10%	701,000	$11M	trimmed−0%	+0.04 pp	3 q
TWXTime Warner Inc	0.09%	126,308	$9M	trimmed−18%	0.00 pp	4 q
unresolvedValeant Pharmaceuticals Intl	0.09%	446,442	$9M	trimmed−99%	−6.10 pp	13 q
CRESYCresud SA	0.08%	612,147	$9M	held	—	13 q
PGProcter & Gamble Company	0.08%	94,842	$8M	trimmed−3%	+0.02 pp	13 q
CATCaterpillar Inc.	0.05%	65,432	$5M	trimmed−4%	+0.01 pp	13 q
EXMOCExxon Mobil Corp	0.05%	55,242	$5M	trimmed−29%	0.00 pp	13 q
LKQLKQ Corporation	0.05%	162,000	$5M	held	—	6 q
NVONovo-Nordisk A/S	0.05%	94,165	$5M	trimmed−3%	+0.01 pp	13 q
unresolvedSoufun Holdings Ltd ADR	0.05%	1,008,260	$5M	trimmed−0%	0.00 pp	9 q
UNPUnion Pacific Corp.	0.05%	62,026	$5M	trimmed−5%	+0.01 pp	13 q
WWayfair Inc.	0.05%	127,200	$5M	new	+0.05 pp	new
LBTYALiberty Global Ltd. Class A	0.05%	162,598	$5M	trimmed−0%	0.00 pp	2 q
ALGNAlign Technology Inc	0.04%	48,123	$4M	trimmed−12%	+0.01 pp	4 q
unresolvedCabelas Inc. Cl A	0.04%	75,421	$4M	trimmed−97%	−0.95 pp	10 q
CHTRCharter Comm Inc Del CL A New	0.04%	16,225	$4M	new	+0.04 pp	new
unresolvedGeneral Electric Co	0.04%	129,498	$4M	trimmed−39%	−0.01 pp	13 q
PEPPepsiCo, Inc.	0.04%	42,462	$4M	trimmed−5%	0.00 pp	13 q
VRSKVerisk Analytics, Inc.	0.04%	55,281	$4M	trimmed−1%	+0.01 pp	13 q
TAT&T Inc.	0.03%	84,347	$4M	trimmed−6%	0.00 pp	5 q
KOCoca-Cola Company	0.03%	74,452	$3M	trimmed−69%	−0.06 pp	13 q
EIXEdison International	0.03%	42,900	$3M	held	—	13 q
FMCCFreddie Mac	0.03%	1,500,000	$3M	held	—	2 q
FNMAFannie Mae	0.03%	1,651,820	$3M	held	—	2 q
HDHome Depot, Inc.	0.03%	23,244	$3M	trimmed−12%	0.00 pp	13 q
unresolvedOch Ziff Cap Mgmt Group	0.03%	781,620	$3M	added+4%	0.00 pp	2 q
SLBSLB Limited	0.03%	33,861	$3M	trimmed−5%	+0.01 pp	12 q
AMGAffiliated Managers Group	0.02%	16,646	$2M	trimmed−4%	0.00 pp	3 q
CABOCable One, Inc.	0.02%	3,228	$2M	held	—	4 q
GHCGraham Holdings Company	0.02%	3,228	$2M	held	—	11 q
IBMInternational Business Machines Corporation	0.02%	14,707	$2M	trimmed−98%	−0.85 pp	13 q
MCDMcDonald's Corporation	0.02%	14,452	$2M	trimmed−79%	−0.05 pp	13 q
MSFTMicrosoft Corp	0.02%	34,279	$2M	trimmed−41%	0.00 pp	13 q
AEPAmerican Electric Power Company, Inc.	0.01%	15,485	$1M	held	—	13 q
ATHMAutohome Inc.	0.01%	50,167	$1M	trimmed−50%	−0.01 pp	3 q
CVSCvs Health Corporation	0.01%	14,856	$1M	trimmed−7%	0.00 pp	13 q
DISThe Walt Disney Company	0.01%	9,324	$912,000	trimmed−64%	−0.01 pp	13 q
EXPDExpeditors International of Washington, Inc.	0.01%	14,363	$704,000	trimmed−71%	−0.01 pp	13 q
HDBHDFC Bank Limited	0.01%	15,592	$1M	trimmed−3%	0.00 pp	13 q
JNJJohnson & Johnson	0.01%	12,933	$2M	trimmed−7%	0.00 pp	13 q
LIILennox International Inc.	0.01%	10,878	$2M	trimmed−1%	0.00 pp	13 q
unresolvedMonsanto Co	0.01%	5,286	$547,000	trimmed−99%	−0.39 pp	6 q
PMPhilip Morris International Inc.	0.01%	6,385	$649,000	trimmed−93%	−0.06 pp	13 q
PGRProgressive Corporation	0.01%	38,902	$1M	trimmed−22%	0.00 pp	13 q
PSAPublic Storage	0.01%	2,492	$637,000	held	—	10 q
USBU.S. Bancorp	0.01%	19,089	$770,000	trimmed−9%	0.00 pp	13 q
WWDWoodward, Inc.	0.01%	10,401	$600,000	held	—	2 q
ACTAllergan PLC	0.01%	3,435	$794,000	trimmed−100%	−2.13 pp	4 q
ACGLArch Capital Group Ltd	0.01%	9,488	$683,000	held	—	13 q
MOAltria Group, Inc.	0.00%	4,188	$289,000	trimmed−95%	−0.04 pp	13 q
AAPLApple Inc.	0.00%	5,110	$489,000	trimmed−52%	−0.01 pp	13 q
ADPAutomatic Data Processing	0.00%	4,323	$397,000	trimmed−8%	0.00 pp	13 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	6,000	$259,000	held	—	13 q
BROBrown & Brown, Inc.	0.00%	11,722	$439,000	trimmed−99%	−0.38 pp	13 q
CNQCanadian Natural Resources Limited	0.00%	6,531	$201,000	trimmed−99%	−0.14 pp	13 q
CVXChevron Corporation	0.00%	3,741	$392,000	trimmed−13%	0.00 pp	13 q
CLColgate-Palmolive Company	0.00%	3,715	$272,000	held	—	13 q
CMCSAComcast Corp	0.00%	7,445	$485,000	trimmed−13%	0.00 pp	3 q
unresolvedDu Pont E I De Nemours & Co	0.00%	3,208	$208,000	trimmed−18%	0.00 pp	13 q
INGRIngredion Incorporated	0.00%	1,800	$233,000	new	0.00 pp	new
LMTLockheed Martin Corp.	0.00%	1,885	$468,000	trimmed−21%	0.00 pp	13 q
MRKMerck & Co., Inc.	0.00%	3,981	$229,000	trimmed−19%	0.00 pp	11 q
PFEPfizer Inc.	0.00%	5,930	$209,000	trimmed−52%	0.00 pp	13 q
PXDPioneer Natural Resource Co.	0.00%	1,708	$258,000	trimmed−39%	0.00 pp	13 q
RRCRange Resources Corp	0.00%	6,387	$276,000	trimmed−100%	−1.49 pp	13 q
ROPRoper Technologies, Inc.	0.00%	1,305	$223,000	trimmed−20%	0.00 pp	13 q
RDS.ARoyal Dutch Shell PLC	0.00%	3,649	$201,000	trimmed−80%	−0.01 pp	13 q
unresolvedRyanair Holdings PLC ADR	0.00%	5,421	$377,000	trimmed−0%	0.00 pp	13 q
SHWThe Sherwin-Williams Company	0.00%	1,717	$504,000	trimmed−29%	−0.01 pp	13 q
WPPWpp PLC	0.00%	2,556	$267,000	trimmed−10%	0.00 pp	13 q
YELPYelp Inc.	0.00%	7,535	$229,000	trimmed−99%	−0.09 pp	5 q
MDTMedtronic plc	0.00%	3,395	$295,000	trimmed−13%	0.00 pp	6 q
SIGSignet Jewelers Limited	0.00%	3,046	$251,000	new	0.00 pp	new
unresolvedColfax Corp	—	−501,400	—	exited	−0.11 pp	—
DWREDemandware Inc Com Stk (De)	—	−233,130	—	exited	−0.07 pp	—
unresolvedTime Warner Cable Inc	—	−33,817	—	exited	−0.05 pp	—
unresolvedLinear Technology Group	—	−110,899	—	exited	−0.04 pp	—
unresolvedResource America Inc Cl A	—	−897,297	—	exited	−0.04 pp	—
ZTSZoetis Inc.	—	−126,783	—	exited	−0.04 pp	—
unresolvedLinkedin Corp Cl A	—	−31,425	—	exited	−0.03 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−85,150	—	exited	−0.03 pp	—
unresolvedMondelez International	—	−53,882	—	exited	−0.02 pp	—
FITBFifth Third Bancorp	—	−111,881	—	exited	−0.01 pp	—
HTLDHeartland Express Inc	—	−101,057	—	exited	−0.01 pp	—
KHCThe Kraft Heinz Company	—	−17,301	—	exited	−0.01 pp	—
LOWLowe's Companies Inc.	—	−9,194	—	exited	−0.01 pp	—
unresolvedSunTrust Banks Inc	—	−30,906	—	exited	−0.01 pp	—
AMATApplied Materials Inc	—	−13,632	—	exited	0.00 pp	—
BACBank of America Corporation	—	−10,807	—	exited	0.00 pp	—
unresolvedConsolidated Edison Inc.	—	−2,974	—	exited	0.00 pp	—
EMREmerson Electric Co.	—	−4,443	—	exited	0.00 pp	—
unresolvedLeucadia National	—	−16,471	—	exited	0.00 pp	—
unresolvedMcGraw Hill	—	−3,840	—	exited	0.00 pp	—
TROWT Rowe Price Group Inc	—	−2,740	—	exited	0.00 pp	—
RHIRobert Half Inc.	—	−7,000	—	exited	0.00 pp	—
SRCLStericycle Inc	—	−3,000	—	exited	0.00 pp	—
VZVerizon Communications	—	−4,121	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 5 defects · 9 unresolved
Accession: 0000728014-16-000028
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 30231G103 not on the Official 13(f) List for 2016-06-30
A security outside the official 13F list — CUSIP 313400301 not on the Official 13(f) List for 2016-06-30
A security outside the official 13F list — CUSIP 313586109 not on the Official 13(f) List for 2016-06-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2016-06-30

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