Ruane, Cunniff & Goldfarb

Q1 2017 13F

As of: Mar 31, 2017
Filed: May 12, 2017
US stock: $10.6B · prev $10.6B
Positions: 88 · prev 92
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%

Moves88 since the prior filing

+10.7 pp in · −10.9 pp out

New 9 +5.16 pp
Added 12 +5.57 pp
Trimmed 54 −9.36 pp
Exited 13 −1.57 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions88 in this filing · 13 exited


BRK.ABerkshire Hathaway Inc.	9.67%	4,102	$1.0B	trimmed−15%	−1.34 pp	16 q
TJXTJX Companies, Inc. (The)	7.00%	9,382,756	$742M	trimmed−5%	+0.01 pp	16 q
KMXCarMax Inc.	5.42%	9,703,590	$575M	trimmed−3%	−0.66 pp	4 q
XRAYDENTSPLY SIRONA Inc.	5.14%	8,721,237	$545M	trimmed−4%	+0.20 pp	5 q
MAMastercard Incorporated	5.13%	4,835,576	$544M	trimmed−2%	+0.34 pp	16 q
ORLYO'Reilly Automotive, Inc.	4.47%	1,757,662	$474M	trimmed−3%	−0.29 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	4.37%	2,777,775	$463M	trimmed−30%	−1.69 pp	16 q
BIDUBaidu, Inc.	4.30%	2,644,679	$456M	trimmed−0%	+0.21 pp	4 q
AMZNAmazon.Com Inc	3.69%	441,116	$391M	trimmed−1%	+0.54 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	3.67%	11,952,990	$389M	added×1335.1	+3.67 pp	2 q
GOOGAlphabet Inc. Class C	3.15%	403,179	$334M	trimmed−5%	+0.07 pp	12 q
SCHWThe Charles Schwab Corporation	3.13%	8,122,740	$331M	trimmed−4%	0.00 pp	4 q
GOOGLAlphabet Inc. Class A	3.01%	376,999	$320M	trimmed−3%	+0.12 pp	7 q
MHKMohawk Industries, Inc.	2.86%	1,319,239	$303M	trimmed−28%	−0.60 pp	16 q
WFCWells Fargo & Co.	2.59%	4,928,290	$274M	trimmed−5%	−0.11 pp	16 q
JECJacobs Engineering Group	2.52%	4,838,346	$267M	trimmed−2%	−0.12 pp	16 q
WATWaters Corp	2.46%	1,669,196	$261M	trimmed−3%	+0.29 pp	16 q
CMGChipotle Mexican Grill, Inc.	2.17%	515,909	$230M	trimmed−4%	+0.26 pp	5 q
FASTFastenal Co	2.17%	4,457,511	$230M	trimmed−53%	−1.98 pp	16 q
unresolvedPriceline Grp Inc	2.10%	125,019	$223M	new	+2.10 pp	new
PRIPrimerica, Inc.	1.95%	2,508,752	$206M	trimmed−17%	−0.01 pp	16 q
CACCCredit Acceptance Corp	1.82%	965,117	$192M	new	+1.82 pp	new
WUBA58.COM Inc	1.77%	5,299,948	$188M	added+1%	+0.39 pp	12 q
OMCOmnicom Group Inc.	1.74%	2,143,140	$185M	trimmed−0%	+0.02 pp	16 q
VVISA Inc.	1.41%	1,676,605	$149M	trimmed−19%	−0.10 pp	16 q
DHRDanaher Corporation	1.34%	1,664,622	$142M	trimmed−4%	+0.07 pp	16 q
GSGoldman Sachs Group Inc.	1.34%	620,624	$143M	trimmed−13%	−0.27 pp	16 q
COFCapital One Financial	1.32%	1,619,813	$140M	added+35%	+0.34 pp	2 q
unresolvedFiat Chrysler Automobiles NV s	1.03%	10,007,912	$109M	new	+1.03 pp	new
JDJD.com, Inc.	0.88%	3,000,000	$93M	added+68%	+0.45 pp	5 q
IACIIac / Interactivecorp (De) Com Stk	0.84%	1,205,275	$89M	held	—	5 q
EMEEMCOR Group, Inc.	0.83%	1,405,115	$88M	added+1%	−0.09 pp	16 q
BLDRBuilders FirstSource, Inc.	0.76%	5,408,465	$81M	added+8%	+0.24 pp	4 q
METAMeta Platforms, Inc. Class A	0.41%	304,624	$43M	added×65.9	+0.41 pp	2 q
PRGOPerrigo Company PLC	0.39%	617,478	$41M	trimmed−53%	−0.64 pp	14 q
SPNTSiriusPoint Ltd.	0.35%	3,029,190	$37M	held	—	10 q
IBKRInteractive Brokers Group, Inc. Class A	0.33%	1,001,923	$35M	held	—	16 q
1885807DAthenahealth Inc	0.32%	302,156	$34M	held	—	12 q
unresolvedJpmorgan Chase & Co	0.26%	600,000	$28M	trimmed−57%	−0.32 pp	5 q
TRUPTrupanion, Inc.	0.24%	1,795,300	$26M	added0%	−0.02 pp	2 q
WWayfair Inc.	0.20%	515,525	$21M	added+35%	+0.07 pp	4 q
DHID.R. Horton Inc.	0.14%	455,000	$15M	added+11%	+0.03 pp	2 q
CRESYCresud SA	0.12%	616,883	$12M	held	—	16 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.11%	465,000	$11M	added+10%	+0.04 pp	3 q
MTHMeritage Homes Corporation	0.11%	315,000	$12M	new	+0.11 pp	new
ETSYEtsy, Inc.	0.10%	985,000	$10M	new	+0.10 pp	new
TOLToll Brothers, Inc.	0.09%	270,000	$10M	held	—	2 q
LBTYALiberty Global Ltd. Class A	0.08%	222,140	$8M	trimmed−2%	+0.01 pp	5 q
ALGNAlign Technology Inc	0.05%	47,593	$5M	trimmed−1%	+0.01 pp	7 q
CHTRCharter Comm Inc Del CL A New	0.05%	15,892	$5M	held	—	4 q
COSTCostco Wholesale Corp	0.05%	29,638	$5M	trimmed−93%	−0.61 pp	16 q
UNPUnion Pacific Corp.	0.05%	46,235	$5M	trimmed−23%	−0.01 pp	16 q
WSTWest Pharmaceutical Services, Inc.	0.05%	59,742	$5M	trimmed−84%	−0.25 pp	16 q
IDXXIdexx Laboratories Inc	0.04%	24,618	$4M	trimmed−11%	+0.01 pp	16 q
LM05Liberty Media Corp-liberty-a	0.04%	127,121	$4M	trimmed−4%	0.00 pp	2 q
PGProcter & Gamble Company	0.04%	50,175	$5M	trimmed−9%	0.00 pp	16 q
TWXTime Warner Inc	0.04%	46,578	$5M	trimmed−65%	−0.08 pp	7 q
SIGSignet Jewelers Limited	0.04%	67,736	$5M	added×22.2	+0.04 pp	4 q
AMGAffiliated Managers Group	0.03%	16,645	$3M	held	—	6 q
EIXEdison International	0.03%	42,900	$3M	held	—	16 q
XOMExxon Mobil Corp	0.03%	39,293	$3M	trimmed−13%	−0.01 pp	16 q
KOCoca-Cola Company	0.02%	51,730	$2M	trimmed−12%	0.00 pp	16 q
LIILennox International Inc.	0.02%	10,593	$2M	trimmed−1%	0.00 pp	16 q
MCDMcDonald's Corporation	0.02%	12,845	$2M	held	—	16 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$966,000	trimmed−7%	0.00 pp	16 q
AXPAmerican Express Company	0.01%	15,172	$1M	trimmed−98%	−0.46 pp	16 q
CVSCvs Health Corporation	0.01%	12,701	$997,000	trimmed−5%	0.00 pp	16 q
GHCGraham Holdings Company	0.01%	2,000	$1M	trimmed−38%	−0.01 pp	14 q
HDBHDFC Bank Limited	0.01%	13,271	$998,000	trimmed−15%	0.00 pp	16 q
JPMJPMorgan Chase & Co.	0.01%	8,694	$764,000	trimmed−98%	−0.40 pp	16 q
MSFTMicrosoft Corp	0.01%	15,100	$994,000	trimmed−4%	0.00 pp	16 q
NVONovo-Nordisk A/S	0.01%	38,770	$1M	trimmed−11%	0.00 pp	16 q
PGRProgressive Corporation	0.01%	18,807	$737,000	trimmed−6%	0.00 pp	16 q
ACGLArch Capital Group Ltd	0.01%	9,158	$868,000	trimmed−3%	0.00 pp	16 q
BABAAlibaba Group Holding Limited	0.00%	3,335	$360,000	held	—	2 q
CATCaterpillar Inc.	0.00%	2,918	$271,000	trimmed−57%	−0.01 pp	16 q
CETCentral Securities Corp.	0.00%	8,564	$205,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	1,882	$213,000	new	0.00 pp	new
EXPDExpeditors International of Washington, Inc.	0.00%	7,464	$422,000	trimmed−6%	0.00 pp	16 q
IBMInternational Business Machines Corporation	0.00%	2,730	$475,000	trimmed−20%	−0.01 pp	16 q
JNJJohnson & Johnson	0.00%	4,240	$528,000	trimmed−19%	−0.01 pp	16 q
MTBM&T Bank Corp.	0.00%	2,000	$309,000	new	0.00 pp	new
PEPPepsiCo, Inc.	0.00%	4,041	$452,000	trimmed−87%	−0.03 pp	16 q
PMPhilip Morris International Inc.	0.00%	2,000	$226,000	new	0.00 pp	new
RYAAYRyanair Holdings plc	0.00%	5,225	$434,000	held	—	2 q
TIFTiffany & Co.	0.00%	3,648	$348,000	trimmed−100%	−1.50 pp	16 q
TRMBTrimble Inc.	0.00%	13,093	$419,000	trimmed−11%	0.00 pp	16 q
MDTMedtronic plc	0.00%	3,000	$242,000	held	—	9 q
NBISNebius Group N.V. Class A	—	−2,703,355	—	exited	−0.51 pp	—
MMYTMakeMyTrip Limited	—	−2,410,750	—	exited	−0.50 pp	—
PXGBXPraxair Inc	—	−334,782	—	exited	−0.37 pp	—
LKQLKQ Corporation	—	−180,000	—	exited	−0.05 pp	—
TAT&T Inc.	—	−82,445	—	exited	−0.03 pp	—
SLBSLB Limited	—	−33,642	—	exited	−0.03 pp	—
CABOCable One, Inc.	—	−3,228	—	exited	−0.02 pp	—
HDHome Depot, Inc.	—	−16,500	—	exited	−0.02 pp	—
unresolvedOch Ziff Cap Mgmt Group	—	−781,620	—	exited	−0.02 pp	—
ATHMAutohome Inc.	—	−50,167	—	exited	−0.01 pp	—
WWDWoodward, Inc.	—	−10,401	—	exited	−0.01 pp	—
BSVVanguard Short-Term Bond ETF	—	−3,247	—	exited	0.00 pp	—
BNDVanguard Total Bond Market	—	−6,476	—	exited	0.00 pp	—