Ruane, Cunniff & Goldfarb

Q4 2016 13F

As of: Dec 31, 2016
Filed: Feb 13, 2017
US stock: $10.6B · prev $10.7B
Positions: 92 · prev 100
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves97 since the prior filing

+7.2 pp in · −7.4 pp out

New 12 +4.62 pp
Added 12 +2.60 pp
Trimmed 53 −6.06 pp
Exited 20 −1.33 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions35% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−1.13 pp trimmed−1.1311.0%
TJX TJX Companies, Inc. (The) trimmed−0.81 pp trimmed−0.817.0%
KMX CarMax Inc. added+3.06 pp added+3.066.1%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.08 pp trimmed+0.086.1%
XRAY DENTSPLY SIRONA Inc. added+0.38 pp added+0.384.9%

Positions92 in this filing · 20 exited


BRK.ABerkshire Hathaway Inc.	11.01%	4,800	$1.2B	trimmed−20%	−1.13 pp	15 q
TJXTJX Companies, Inc. (The)	6.99%	9,900,983	$744M	trimmed−11%	−0.81 pp	15 q
KMXCarMax Inc.	6.08%	10,052,354	$647M	added+67%	+3.06 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	6.06%	3,956,534	$645M	trimmed−10%	+0.08 pp	15 q
XRAYDENTSPLY SIRONA Inc.	4.94%	9,102,714	$526M	added+12%	+0.38 pp	4 q
MAMastercard Incorporated	4.79%	4,932,805	$509M	trimmed−6%	−0.21 pp	15 q
ORLYO'Reilly Automotive, Inc.	4.76%	1,819,154	$506M	trimmed−2%	−0.11 pp	15 q
FASTFastenal Co	4.15%	9,391,446	$441M	trimmed−18%	−0.34 pp	15 q
BIDUBaidu, Inc.	4.09%	2,645,459	$435M	added0%	−0.43 pp	3 q
MHKMohawk Industries, Inc.	3.46%	1,842,625	$368M	trimmed−25%	−1.18 pp	15 q
AMZNAmazon.Com Inc	3.15%	447,506	$336M	new	+3.15 pp	new
SCHWThe Charles Schwab Corporation	3.13%	8,427,500	$333M	trimmed−5%	+0.51 pp	3 q
GOOGAlphabet Inc. Class C	3.08%	424,132	$327M	trimmed−3%	−0.12 pp	11 q
GOOGLAlphabet Inc. Class A	2.89%	387,556	$307M	added+14%	+0.33 pp	6 q
WFCWells Fargo & Co.	2.70%	5,213,029	$287M	trimmed−5%	+0.43 pp	15 q
JECJacobs Engineering Group	2.64%	4,935,528	$281M	trimmed−5%	+0.13 pp	15 q
WATWaters Corp	2.17%	1,718,469	$231M	trimmed−3%	−0.48 pp	15 q
PRIPrimerica, Inc.	1.96%	3,008,752	$208M	trimmed−25%	−0.04 pp	15 q
CMGChipotle Mexican Grill, Inc.	1.91%	539,633	$204M	trimmed−6%	−0.37 pp	4 q
OMCOmnicom Group Inc.	1.72%	2,152,957	$183M	trimmed−4%	−0.08 pp	15 q
GSGoldman Sachs Group Inc.	1.61%	715,555	$171M	trimmed−4%	+0.49 pp	15 q
VVISA Inc.	1.51%	2,059,488	$161M	trimmed−6%	−0.19 pp	15 q
TIFTiffany & Co.	1.50%	2,061,244	$160M	trimmed−5%	+0.03 pp	15 q
WUBA58.COM Inc	1.38%	5,248,519	$147M	added+5%	−0.86 pp	11 q
DHRDanaher Corporation	1.27%	1,733,275	$135M	trimmed−5%	−0.07 pp	15 q
PRGOPerrigo Company PLC	1.03%	1,315,276	$109M	trimmed−11%	−0.25 pp	13 q
COFCapital One Financial	0.98%	1,200,000	$105M	new	+0.98 pp	new
EMEEMCOR Group, Inc.	0.92%	1,390,969	$98M	trimmed−6%	+0.10 pp	15 q
IACIIac / Interactivecorp (De) Com Stk	0.73%	1,205,275	$78M	added0%	+0.02 pp	4 q
COSTCostco Wholesale Corp	0.66%	440,162	$70M	trimmed−13%	−0.06 pp	15 q
unresolvedJpmorgan Chase & Co	0.58%	1,400,000	$62M	held	—	4 q
BLDRBuilders FirstSource, Inc.	0.52%	5,007,377	$55M	added+25%	+0.09 pp	3 q
NBISNebius Group N.V. Class A	0.51%	2,703,355	$54M	held	—	11 q
MMYTMakeMyTrip Limited	0.50%	2,410,750	$54M	trimmed−14%	−0.12 pp	8 q
AXPAmerican Express Company	0.47%	672,484	$50M	trimmed−13%	+0.01 pp	15 q
JDJD.com, Inc.	0.43%	1,790,000	$46M	trimmed−52%	−0.49 pp	4 q
JPMJPMorgan Chase & Co.	0.41%	509,309	$44M	trimmed−50%	−0.22 pp	15 q
PXGBXPraxair Inc	0.37%	334,782	$39M	trimmed−78%	−1.38 pp	15 q
IBKRInteractive Brokers Group, Inc. Class A	0.34%	1,001,923	$37M	held	—	15 q
SPNTSiriusPoint Ltd.	0.33%	3,029,190	$35M	held	—	9 q
1885807DAthenahealth Inc	0.30%	302,156	$32M	added+1%	−0.06 pp	11 q
WSTWest Pharmaceutical Services, Inc.	0.30%	373,781	$32M	trimmed−12%	0.00 pp	15 q
TRUPTrupanion, Inc.	0.26%	1,794,650	$28M	new	+0.26 pp	new
WWayfair Inc.	0.13%	380,788	$13M	added+49%	+0.04 pp	3 q
TWXTime Warner Inc	0.12%	132,898	$13M	trimmed−1%	+0.02 pp	6 q
DHID.R. Horton Inc.	0.11%	410,000	$11M	new	+0.11 pp	new
CRESYCresud SA	0.09%	616,883	$10M	trimmed0%	−0.01 pp	15 q
TOLToll Brothers, Inc.	0.08%	270,000	$8M	new	+0.08 pp	new
IRSIRSA Inversiones y Representaciones S.A. Global	0.07%	422,650	$8M	added+76%	+0.03 pp	2 q
LBTYALiberty Global Ltd. Class A	0.07%	226,598	$7M	trimmed−12%	−0.01 pp	4 q
UNPUnion Pacific Corp.	0.06%	59,800	$6M	trimmed−2%	0.00 pp	15 q
LKQLKQ Corporation	0.05%	180,000	$6M	held	—	8 q
ALGNAlign Technology Inc	0.04%	48,118	$5M	trimmed−0%	0.00 pp	6 q
CHTRCharter Comm Inc Del CL A New	0.04%	15,892	$5M	trimmed−2%	0.00 pp	3 q
XOMExxon Mobil Corp	0.04%	45,201	$4M	trimmed−6%	0.00 pp	15 q
LM05Liberty Media Corp-liberty-a	0.04%	132,612	$4M	new	+0.04 pp	new
PGProcter & Gamble Company	0.04%	55,380	$5M	trimmed−37%	−0.03 pp	15 q
TAT&T Inc.	0.03%	82,445	$4M	added+1%	0.00 pp	7 q
EIXEdison International	0.03%	42,900	$3M	held	—	15 q
IDXXIdexx Laboratories Inc	0.03%	27,741	$3M	trimmed−74%	−0.08 pp	15 q
PEPPepsiCo, Inc.	0.03%	30,882	$3M	trimmed−26%	−0.01 pp	15 q
SLBSLB Limited	0.03%	33,642	$3M	trimmed−0%	+0.01 pp	14 q
AMGAffiliated Managers Group	0.02%	16,645	$2M	trimmed−0%	0.00 pp	5 q
CABOCable One, Inc.	0.02%	3,228	$2M	held	—	6 q
KOCoca-Cola Company	0.02%	58,788	$2M	trimmed−19%	−0.01 pp	15 q
GHCGraham Holdings Company	0.02%	3,228	$2M	held	—	13 q
HDHome Depot, Inc.	0.02%	16,500	$2M	trimmed−20%	0.00 pp	15 q
LIILennox International Inc.	0.02%	10,738	$2M	trimmed−1%	0.00 pp	15 q
unresolvedOch Ziff Cap Mgmt Group	0.02%	781,620	$3M	held	—	4 q
AEPAmerican Electric Power Company, Inc.	0.01%	15,485	$975,000	added+8%	0.00 pp	15 q
ATHMAutohome Inc.	0.01%	50,167	$1M	held	—	5 q
CVSCvs Health Corporation	0.01%	13,401	$1M	trimmed−3%	0.00 pp	15 q
CATCaterpillar Inc.	0.01%	6,848	$635,000	trimmed−16%	0.00 pp	15 q
HDBHDFC Bank Limited	0.01%	15,592	$946,000	held	—	15 q
IBMInternational Business Machines Corporation	0.01%	3,392	$563,000	trimmed−76%	−0.01 pp	15 q
JNJJohnson & Johnson	0.01%	5,238	$603,000	trimmed−8%	0.00 pp	15 q
MCDMcDonald's Corporation	0.01%	12,845	$2M	trimmed−7%	−0.01 pp	15 q
MSFTMicrosoft Corp	0.01%	15,733	$978,000	trimmed−5%	0.00 pp	15 q
NVONovo-Nordisk A/S	0.01%	43,687	$2M	trimmed−54%	−0.03 pp	15 q
PGRProgressive Corporation	0.01%	20,019	$711,000	trimmed−25%	0.00 pp	15 q
WWDWoodward, Inc.	0.01%	10,401	$718,000	held	—	4 q
ACGLArch Capital Group Ltd	0.01%	9,488	$819,000	held	—	15 q
BABAAlibaba Group Holding Limited	0.00%	3,335	$293,000	new	0.00 pp	new
EXPDExpeditors International of Washington, Inc.	0.00%	7,978	$423,000	trimmed−37%	−0.01 pp	15 q
METAMeta Platforms, Inc. Class A	0.00%	4,624	$532,000	new	0.00 pp	new
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	8,953	$280,000	new	0.00 pp	new
RYAAYRyanair Holdings plc	0.00%	5,225	$435,000	new	0.00 pp	new
TRMBTrimble Inc.	0.00%	14,755	$445,000	trimmed−28%	−0.01 pp	15 q
BSVVanguard Short-Term Bond ETF	0.00%	3,247	$258,000	new	0.00 pp	new
BNDVanguard Total Bond Market	0.00%	6,476	$523,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	3,000	$214,000	held	—	8 q
SIGSignet Jewelers Limited	0.00%	3,046	$287,000	held	—	3 q
WMTWalmart Inc.	—	−895,823	—	exited	−0.61 pp	—
FTVFortive Corporation	—	−758,753	—	exited	−0.36 pp	—
MTCHMatch Group, Inc	—	−701,000	—	exited	−0.12 pp	—
unresolvedValeant Pharmaceuticals Intl	—	−275,963	—	exited	−0.06 pp	—
SFUNFang Holdings Ltd	—	−1,008,260	—	exited	−0.04 pp	—
VRSKVerisk Analytics, Inc.	—	−55,216	—	exited	−0.04 pp	—
unresolvedCabelas Inc. Cl A	—	−51,792	—	exited	−0.03 pp	—
FNMAFannie Mae	—	−1,651,820	—	exited	−0.03 pp	—
FMCCFreddie Mac	—	−1,500,000	—	exited	−0.02 pp	—
USBU.S. Bancorp	—	−18,155	—	exited	−0.01 pp	—
ACTAllergan PLC	—	−3,075	—	exited	−0.01 pp	—
ADPAutomatic Data Processing	—	−4,096	—	exited	0.00 pp	—
BROBrown & Brown, Inc.	—	−9,322	—	exited	0.00 pp	—
CNQCanadian Natural Resources Limited	—	−6,473	—	exited	0.00 pp	—
CMCSAComcast Corp	—	−7,344	—	exited	0.00 pp	—
FFXDFAirfax India Hldg Crp Ord	—	−35,500	—	exited	0.00 pp	—
INGRIngredion Incorporated	—	−1,800	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−2,133	—	exited	0.00 pp	—
unresolvedMonsanto Co	—	−4,957	—	exited	0.00 pp	—
unresolvedRyanair Holdings PLC ADR	—	−5,421	—	exited	0.00 pp	—