Ruane, Cunniff & Goldfarb

Q2 2017 13F

As of: Jun 30, 2017
Filed: Aug 11, 2017
US stock: $10.8B · prev $10.6B
Positions: 70 · prev 88
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%

Moves76 since the prior filing

+9.5 pp in · −10.0 pp out

New 2 +0.31 pp
Added 16 +9.20 pp
Trimmed 38 −9.34 pp
Exited 20 −0.62 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions70 in this filing · 20 exited


BRK.ABerkshire Hathaway Inc.	8.67%	3,680	$937M	trimmed−10%	−1.00 pp	17 q
TJXTJX Companies, Inc. (The)	6.13%	9,188,711	$663M	trimmed−2%	−0.87 pp	17 q
KMXCarMax Inc.	5.92%	10,149,416	$640M	added+5%	+0.50 pp	5 q
MAMastercard Incorporated	5.37%	4,779,519	$580M	trimmed−1%	+0.24 pp	17 q
XRAYDENTSPLY SIRONA Inc.	5.31%	8,849,888	$574M	added+1%	+0.17 pp	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	5.01%	14,777,202	$541M	added+24%	+1.34 pp	3 q
GOOGLAlphabet Inc. Class A	3.86%	449,397	$418M	added+19%	+0.85 pp	8 q
GOOGAlphabet Inc. Class C	3.72%	442,342	$402M	added+10%	+0.57 pp	13 q
AMZNAmazon.Com Inc	3.60%	402,054	$389M	trimmed−9%	−0.09 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	3.46%	2,207,099	$374M	trimmed−21%	−0.91 pp	17 q
SCHWThe Charles Schwab Corporation	3.26%	8,214,679	$353M	added+1%	+0.13 pp	5 q
ORLYO'Reilly Automotive, Inc.	3.24%	1,598,775	$350M	trimmed−9%	−1.23 pp	17 q
WATWaters Corp	3.04%	1,788,992	$329M	added+7%	+0.58 pp	17 q
unresolvedPriceline Grp Inc	3.03%	175,279	$328M	added+40%	+0.93 pp	2 q
OMCOmnicom Group Inc.	2.97%	3,869,993	$321M	added+81%	+1.23 pp	17 q
MHKMohawk Industries, Inc.	2.94%	1,312,851	$317M	trimmed−0%	+0.08 pp	17 q
JECJacobs Engineering Group	2.62%	5,205,567	$283M	added+8%	+0.10 pp	17 q
CACCCredit Acceptance Corp	2.57%	1,079,755	$278M	added+12%	+0.75 pp	2 q
WFCWells Fargo & Co.	2.52%	4,910,081	$272M	trimmed−0%	−0.07 pp	17 q
BIDUBaidu, Inc.	2.49%	1,503,032	$269M	trimmed−43%	−1.81 pp	5 q
VVISA Inc.	2.22%	2,559,878	$240M	added+53%	+0.81 pp	17 q
unresolvedFiat Chrysler Automobiles NV s	1.97%	20,031,657	$213M	added×2.0	+0.94 pp	2 q
CMGChipotle Mexican Grill, Inc.	1.96%	507,937	$211M	trimmed−2%	−0.21 pp	6 q
PRIPrimerica, Inc.	1.41%	2,008,377	$152M	trimmed−20%	−0.54 pp	17 q
DHRDanaher Corporation	1.29%	1,648,054	$139M	trimmed−1%	−0.05 pp	17 q
GSGoldman Sachs Group Inc.	1.25%	608,601	$135M	trimmed−2%	−0.09 pp	17 q
COFCapital One Financial	1.22%	1,600,000	$132M	trimmed−1%	−0.10 pp	3 q
IACIIac / Interactivecorp (De) Com Stk	1.15%	1,205,205	$124M	trimmed−0%	+0.31 pp	6 q
WUBA58.COM Inc	1.09%	2,674,638	$118M	trimmed−50%	−0.68 pp	13 q
JDJD.com, Inc.	1.09%	3,000,000	$118M	held	—	6 q
EMEEMCOR Group, Inc.	0.86%	1,417,571	$93M	added+1%	+0.03 pp	17 q
BLDRBuilders FirstSource, Inc.	0.77%	5,408,465	$83M	held	—	5 q
IBKRInteractive Brokers Group, Inc. Class A	0.52%	1,508,433	$56M	added+51%	+0.19 pp	17 q
METAMeta Platforms, Inc. Class A	0.43%	304,624	$46M	held	—	3 q
1885807DAthenahealth Inc	0.40%	306,444	$43M	added+1%	+0.08 pp	13 q
SPNTSiriusPoint Ltd.	0.39%	3,029,190	$42M	held	—	11 q
TRUPTrupanion, Inc.	0.37%	1,795,300	$40M	held	—	3 q
SPSCSPS Commerce, Inc.	0.30%	509,201	$32M	new	+0.30 pp	new
unresolvedJpmorgan Chase & Co	0.28%	600,000	$30M	held	—	6 q
DHID.R. Horton Inc.	0.15%	455,000	$16M	held	—	3 q
WWayfair Inc.	0.15%	215,316	$17M	trimmed−58%	−0.05 pp	5 q
ETSYEtsy, Inc.	0.14%	985,000	$15M	held	—	2 q
MTHMeritage Homes Corporation	0.12%	315,000	$13M	held	—	2 q
CRESYCresud SA	0.11%	616,883	$12M	held	—	17 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.10%	465,000	$11M	held	—	4 q
TOLToll Brothers, Inc.	0.10%	270,000	$11M	held	—	3 q
ALGNAlign Technology Inc	0.06%	40,144	$6M	trimmed−16%	+0.01 pp	8 q
LM05Liberty Media Corp-liberty-a	0.04%	124,994	$4M	trimmed−2%	0.00 pp	3 q
TWXTime Warner Inc	0.04%	43,072	$4M	trimmed−8%	0.00 pp	8 q
UNPUnion Pacific Corp.	0.04%	41,235	$4M	trimmed−11%	−0.01 pp	17 q
WSTWest Pharmaceutical Services, Inc.	0.04%	42,794	$4M	trimmed−28%	−0.01 pp	17 q
SIGSignet Jewelers Limited	0.04%	65,091	$4M	trimmed−4%	0.00 pp	5 q
COSTCostco Wholesale Corp	0.03%	23,300	$4M	trimmed−21%	−0.02 pp	17 q
EIXEdison International	0.03%	37,900	$3M	trimmed−12%	0.00 pp	17 q
PGProcter & Gamble Company	0.03%	42,481	$4M	trimmed−15%	−0.01 pp	17 q
KOCoca-Cola Company	0.02%	46,130	$2M	trimmed−11%	0.00 pp	17 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$1M	held	—	17 q
AXPAmerican Express Company	0.01%	13,751	$1M	trimmed−9%	0.00 pp	17 q
APPFAppFolio, Inc. Class A	0.01%	25,177	$821,000	new	+0.01 pp	new
FASTFastenal Co	0.01%	12,924	$563,000	trimmed−100%	−2.16 pp	17 q
HDBHDFC Bank Limited	0.01%	13,180	$1M	trimmed−1%	0.00 pp	17 q
IDXXIdexx Laboratories Inc	0.01%	3,365	$543,000	trimmed−86%	−0.03 pp	17 q
JPMJPMorgan Chase & Co.	0.01%	6,713	$614,000	trimmed−23%	0.00 pp	17 q
PGRProgressive Corporation	0.01%	17,557	$774,000	trimmed−7%	0.00 pp	17 q
RYAAYRyanair Holdings plc	0.01%	5,081	$547,000	trimmed−3%	+0.01 pp	3 q
BABAAlibaba Group Holding Limited	0.00%	3,335	$470,000	held	—	3 q
EXPDExpeditors International of Washington, Inc.	0.00%	7,209	$407,000	trimmed−3%	0.00 pp	17 q
XOMExxon Mobil Corp	0.00%	4,185	$338,000	trimmed−89%	−0.03 pp	17 q
LIILennox International Inc.	0.00%	1,903	$349,000	trimmed−82%	−0.02 pp	17 q
TRMBTrimble Inc.	0.00%	12,399	$442,000	trimmed−5%	0.00 pp	17 q
PRGOPerrigo Company PLC	—	−617,478	—	exited	−0.39 pp	—
LBTYALiberty Global Ltd. Class A	—	−222,140	—	exited	−0.08 pp	—
CHTRCharter Comm Inc Del CL A New	—	−15,892	—	exited	−0.05 pp	—
AMGAffiliated Managers Group	—	−16,645	—	exited	−0.03 pp	—
MCDMcDonald's Corporation	—	−12,845	—	exited	−0.02 pp	—
CVSCvs Health Corporation	—	−12,701	—	exited	−0.01 pp	—
GHCGraham Holdings Company	—	−2,000	—	exited	−0.01 pp	—
MSFTMicrosoft Corp	—	−15,100	—	exited	−0.01 pp	—
NVONovo-Nordisk A/S	—	−38,770	—	exited	−0.01 pp	—
ACGLArch Capital Group Ltd	—	−9,158	—	exited	−0.01 pp	—
CATCaterpillar Inc.	—	−2,918	—	exited	0.00 pp	—
CETCentral Securities Corp.	—	−8,564	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−1,882	—	exited	0.00 pp	—
IBMInternational Business Machines Corporation	—	−2,730	—	exited	0.00 pp	—
JNJJohnson & Johnson	—	−4,240	—	exited	0.00 pp	—
MTBM&T Bank Corp.	—	−2,000	—	exited	0.00 pp	—
PEPPepsiCo, Inc.	—	−4,041	—	exited	0.00 pp	—
PMPhilip Morris International Inc.	—	−2,000	—	exited	0.00 pp	—
TIFTiffany & Co.	—	−3,648	—	exited	0.00 pp	—
MDTMedtronic plc	—	−3,000	—	exited	0.00 pp	—