Ruane, Cunniff & Goldfarb

Q3 2016 13F

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $10.7B · prev $10.5B
Positions: 100 · prev 117
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%

Moves95 since the prior filing

+5.6 pp in · −6.0 pp out

New 4 +0.44 pp
Added 19 +5.19 pp
Trimmed 51 −5.76 pp
Exited 21 −0.23 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions36% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−2.14 pp trimmed−2.1412.1%
TJX TJX Companies, Inc. (The) trimmed−1.16 pp trimmed−1.167.8%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.32 pp trimmed−0.326.0%
MA Mastercard Incorporated added+0.82 pp added+0.825.0%
ORLY O'Reilly Automotive, Inc. trimmed−0.03 pp trimmed−0.034.9%

Positions100 in this filing · 21 exited


BRK.ABerkshire Hathaway Inc.	12.14%	5,978	$1.3B	trimmed−13%	−2.14 pp	14 q
TJXTJX Companies, Inc. (The)	7.80%	11,116,041	$831M	trimmed−9%	−1.16 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	5.98%	4,406,265	$637M	trimmed−4%	−0.32 pp	14 q
MAMastercard Incorporated	5.00%	5,233,499	$533M	added+5%	+0.82 pp	14 q
ORLYO'Reilly Automotive, Inc.	4.87%	1,853,524	$519M	trimmed−2%	−0.03 pp	14 q
MHKMohawk Industries, Inc.	4.64%	2,465,720	$494M	added+1%	+0.21 pp	14 q
XRAYDENTSPLY SIRONA Inc.	4.56%	8,163,402	$485M	added+74%	+1.78 pp	3 q
BIDUBaidu, Inc.	4.52%	2,645,388	$482M	added+2%	+0.42 pp	2 q
FASTFastenal Co	4.49%	11,455,058	$479M	trimmed−5%	−0.63 pp	14 q
GOOGAlphabet Inc. Class C	3.20%	439,163	$341M	trimmed−1%	+0.29 pp	10 q
KMXCarMax Inc.	3.02%	6,033,117	$322M	trimmed−3%	+0.12 pp	2 q
WATWaters Corp	2.65%	1,777,909	$282M	added0%	+0.28 pp	14 q
SCHWThe Charles Schwab Corporation	2.62%	8,838,730	$279M	trimmed−3%	+0.41 pp	2 q
GOOGLAlphabet Inc. Class A	2.56%	339,408	$273M	trimmed−7%	+0.10 pp	5 q
JECJacobs Engineering Group	2.51%	5,177,628	$268M	added0%	+0.05 pp	14 q
CMGChipotle Mexican Grill, Inc.	2.28%	572,928	$243M	trimmed−2%	+0.04 pp	3 q
WFCWells Fargo & Co.	2.27%	5,464,817	$242M	added+4%	−0.09 pp	14 q
WUBA58.COM Inc	2.24%	5,012,316	$239M	added+66%	+0.92 pp	10 q
PRIPrimerica, Inc.	2.00%	4,017,602	$213M	added+6%	−0.06 pp	14 q
OMCOmnicom Group Inc.	1.80%	2,249,451	$191M	trimmed−5%	−0.05 pp	14 q
PXGBXPraxair Inc	1.75%	1,539,083	$186M	trimmed−4%	+0.03 pp	14 q
VVISA Inc.	1.70%	2,189,078	$181M	trimmed−14%	−0.09 pp	14 q
TIFTiffany & Co.	1.47%	2,162,128	$157M	added+9%	+0.32 pp	14 q
DHRDanaher Corporation	1.34%	1,821,908	$143M	added+18%	−0.15 pp	14 q
PRGOPerrigo Company PLC	1.28%	1,479,353	$137M	added+12%	+0.14 pp	12 q
GSGoldman Sachs Group Inc.	1.12%	742,870	$120M	added+31%	+0.32 pp	14 q
JDJD.com, Inc.	0.92%	3,758,130	$98M	trimmed−52%	−0.66 pp	3 q
EMEEMCOR Group, Inc.	0.82%	1,472,341	$88M	added+2%	+0.14 pp	14 q
COSTCostco Wholesale Corp	0.72%	504,944	$77M	trimmed−20%	−0.22 pp	14 q
IACIIac / Interactivecorp (De) Com Stk	0.71%	1,205,190	$75M	held	—	3 q
JPMJPMorgan Chase & Co.	0.63%	1,009,625	$67M	trimmed−0%	+0.03 pp	14 q
MMYTMakeMyTrip Limited	0.62%	2,813,802	$66M	held	—	7 q
WMTWalmart Inc.	0.61%	895,823	$65M	trimmed−46%	−0.55 pp	14 q
NBISNebius Group N.V. Class A	0.53%	2,703,355	$57M	held	—	10 q
AXPAmerican Express Company	0.46%	771,298	$49M	trimmed−28%	−0.16 pp	14 q
BLDRBuilders FirstSource, Inc.	0.43%	4,007,377	$46M	held	—	2 q
1885807DAthenahealth Inc	0.36%	300,095	$38M	held	—	10 q
FTVFortive Corporation	0.36%	758,753	$39M	new	+0.36 pp	new
SPNTSiriusPoint Ltd.	0.34%	3,029,190	$36M	held	—	8 q
IBKRInteractive Brokers Group, Inc. Class A	0.33%	1,001,923	$35M	held	—	14 q
unresolvedJpmorgan Chase & Co	0.32%	1,400,000	$34M	held	—	3 q
WSTWest Pharmaceutical Services, Inc.	0.30%	424,467	$32M	trimmed−4%	−0.02 pp	14 q
MTCHMatch Group, Inc	0.12%	701,000	$12M	held	—	4 q
IDXXIdexx Laboratories Inc	0.11%	106,944	$12M	trimmed−1%	+0.01 pp	14 q
CRESYCresud SA	0.10%	612,147	$11M	held	—	14 q
TWXTime Warner Inc	0.10%	133,808	$11M	added+6%	+0.01 pp	5 q
WWayfair Inc.	0.09%	255,788	$10M	added×2.0	+0.04 pp	2 q
LBTYALiberty Global Ltd. Class A	0.08%	256,598	$9M	added+58%	+0.03 pp	3 q
PGProcter & Gamble Company	0.07%	88,456	$8M	trimmed−7%	−0.01 pp	14 q
LKQLKQ Corporation	0.06%	180,000	$6M	added+11%	+0.01 pp	7 q
UNPUnion Pacific Corp.	0.06%	60,800	$6M	trimmed−2%	+0.01 pp	14 q
unresolvedValeant Pharmaceuticals Intl	0.06%	275,963	$7M	trimmed−38%	−0.03 pp	14 q
ALGNAlign Technology Inc	0.04%	48,123	$5M	held	—	5 q
CHTRCharter Comm Inc Del CL A New	0.04%	16,221	$4M	trimmed−0%	0.00 pp	2 q
EXMOCExxon Mobil Corp	0.04%	47,842	$4M	trimmed−13%	−0.01 pp	14 q
SFUNFang Holdings Ltd	0.04%	1,008,260	$5M	new	+0.04 pp	new
IRSIRSA Inversiones y Representaciones S.A. Global	0.04%	239,793	$5M	new	+0.04 pp	new
NVONovo-Nordisk A/S	0.04%	94,165	$4M	held	—	14 q
PEPPepsiCo, Inc.	0.04%	41,986	$5M	trimmed−1%	0.00 pp	14 q
VRSKVerisk Analytics, Inc.	0.04%	55,216	$4M	trimmed−0%	0.00 pp	14 q
TAT&T Inc.	0.03%	81,830	$3M	trimmed−3%	0.00 pp	6 q
unresolvedCabelas Inc. Cl A	0.03%	51,792	$3M	trimmed−31%	−0.01 pp	11 q
KOCoca-Cola Company	0.03%	72,732	$3M	trimmed−2%	0.00 pp	14 q
EIXEdison International	0.03%	42,900	$3M	held	—	14 q
FNMAFannie Mae	0.03%	1,651,820	$3M	held	—	3 q
unresolvedOch Ziff Cap Mgmt Group	0.03%	781,620	$3M	held	—	3 q
AMGAffiliated Managers Group	0.02%	16,646	$2M	held	—	4 q
CABOCable One, Inc.	0.02%	3,228	$2M	held	—	5 q
FMCCFreddie Mac	0.02%	1,500,000	$2M	held	—	3 q
HDHome Depot, Inc.	0.02%	20,500	$3M	trimmed−12%	−0.01 pp	14 q
IBMInternational Business Machines Corporation	0.02%	14,394	$2M	trimmed−2%	0.00 pp	14 q
LIILennox International Inc.	0.02%	10,840	$2M	trimmed−0%	+0.01 pp	14 q
MCDMcDonald's Corporation	0.02%	13,885	$2M	trimmed−4%	0.00 pp	14 q
SLBSLB Limited	0.02%	33,644	$3M	trimmed−1%	−0.01 pp	13 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$924,000	trimmed−7%	0.00 pp	14 q
ATHMAutohome Inc.	0.01%	50,167	$1M	held	—	4 q
CVSCvs Health Corporation	0.01%	13,801	$1M	trimmed−7%	0.00 pp	14 q
CATCaterpillar Inc.	0.01%	8,119	$721,000	trimmed−88%	−0.04 pp	14 q
EXPDExpeditors International of Washington, Inc.	0.01%	12,661	$652,000	trimmed−12%	0.00 pp	14 q
GHCGraham Holdings Company	0.01%	3,228	$2M	held	—	12 q
HDBHDFC Bank Limited	0.01%	15,592	$1M	held	—	14 q
JNJJohnson & Johnson	0.01%	5,713	$675,000	trimmed−56%	0.00 pp	14 q
MSFTMicrosoft Corp	0.01%	16,576	$955,000	trimmed−52%	−0.01 pp	14 q
PGRProgressive Corporation	0.01%	26,819	$845,000	trimmed−31%	0.00 pp	14 q
TRMBTrimble Inc.	0.01%	20,505	$586,000	trimmed−99%	−0.64 pp	14 q
USBU.S. Bancorp	0.01%	18,155	$779,000	trimmed−5%	0.00 pp	14 q
WWDWoodward, Inc.	0.01%	10,401	$650,000	held	—	3 q
ACTAllergan PLC	0.01%	3,075	$708,000	trimmed−10%	0.00 pp	5 q
ACGLArch Capital Group Ltd	0.01%	9,488	$752,000	held	—	14 q
ADPAutomatic Data Processing	0.00%	4,096	$361,000	trimmed−5%	0.00 pp	14 q
BROBrown & Brown, Inc.	0.00%	9,322	$352,000	trimmed−20%	0.00 pp	14 q
CNQCanadian Natural Resources Limited	0.00%	6,473	$207,000	trimmed−1%	0.00 pp	14 q
CMCSAComcast Corp	0.00%	7,344	$487,000	trimmed−1%	0.00 pp	4 q
FFXDFAirfax India Hldg Crp Ord	0.00%	35,500	$389,000	new	0.00 pp	new
INGRIngredion Incorporated	0.00%	1,800	$240,000	held	—	2 q
LMTLockheed Martin Corp.	0.00%	2,133	$511,000	added+13%	0.00 pp	14 q
unresolvedMonsanto Co	0.00%	4,957	$507,000	trimmed−6%	−0.01 pp	7 q
unresolvedRyanair Holdings PLC ADR	0.00%	5,421	$407,000	held	—	14 q
MDTMedtronic plc	0.00%	3,000	$259,000	trimmed−12%	0.00 pp	7 q
SIGSignet Jewelers Limited	0.00%	3,046	$227,000	held	—	2 q
VIPSVipshop Holdings Limited	—	−1,025,460	—	exited	−0.11 pp	—
unresolvedSoufun Holdings Ltd ADR	—	−1,008,260	—	exited	−0.05 pp	—
unresolvedGeneral Electric Co	—	−129,498	—	exited	−0.04 pp	—
DISThe Walt Disney Company	—	−9,324	—	exited	−0.01 pp	—
PMPhilip Morris International Inc.	—	−6,385	—	exited	−0.01 pp	—
PSAPublic Storage	—	−2,492	—	exited	−0.01 pp	—
MOAltria Group, Inc.	—	−4,188	—	exited	0.00 pp	—
AAPLApple Inc.	—	−5,110	—	exited	0.00 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−6,000	—	exited	0.00 pp	—
CVXChevron Corporation	—	−3,741	—	exited	0.00 pp	—
CLColgate-Palmolive Company	—	−3,715	—	exited	0.00 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−3,208	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−3,981	—	exited	0.00 pp	—
PFEPfizer Inc.	—	−5,930	—	exited	0.00 pp	—
PXDPioneer Natural Resource Co.	—	−1,708	—	exited	0.00 pp	—
RRCRange Resources Corp	—	−6,387	—	exited	0.00 pp	—
ROPRoper Technologies, Inc.	—	−1,305	—	exited	0.00 pp	—
RDS.ARoyal Dutch Shell PLC	—	−3,649	—	exited	0.00 pp	—
SHWThe Sherwin-Williams Company	—	−1,717	—	exited	0.00 pp	—
WPPWpp PLC	—	−2,556	—	exited	0.00 pp	—
YELPYelp Inc.	—	−7,535	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 6 defects · 6 unresolved
Accession: 0000728014-16-000029
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 2016-09-30
A security outside the official 13F list — CUSIP 303897102 not on the Official 13(f) List for 2016-09-30
A security outside the official 13F list — CUSIP 313400301 not on the Official 13(f) List for 2016-09-30
A security outside the official 13F list — CUSIP 313586109 not on the Official 13(f) List for 2016-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2016-09-30

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