Ruane, Cunniff & Goldfarb

Q3 2017 13F

As of: Sep 30, 2017
Filed: Nov 13, 2017
US stock: $11.4B · prev $10.8B
Positions: 69 · prev 70
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%

Moves60 since the prior filing

+9.3 pp in · −9.6 pp out

New 4 +0.74 pp
Added 19 +8.60 pp
Trimmed 32 −8.20 pp
Exited 5 −1.41 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions33% of US stock

BRK.A Berkshire Hathaway Inc. added+0.55 pp added+0.559.2%
GOOG Alphabet Inc. Class C added+3.24 pp added+3.247.0%
KMX CarMax Inc. trimmed+0.47 pp trimmed+0.476.4%
GOOGL Alphabet Inc. Class A added+1.69 pp added+1.695.5%
MA Mastercard Incorporated trimmed−0.36 pp trimmed−0.365.0%

Positions69 in this filing · 5 exited


BRK.ABerkshire Hathaway Inc.	9.22%	3,829	$1.1B	added+4%	+0.55 pp	18 q
GOOGAlphabet Inc. Class C	6.96%	828,631	$795M	added+87%	+3.24 pp	14 q
KMXCarMax Inc.	6.39%	9,625,581	$730M	trimmed−5%	+0.47 pp	6 q
GOOGLAlphabet Inc. Class A	5.55%	650,980	$634M	added+45%	+1.69 pp	9 q
MAMastercard Incorporated	5.01%	4,051,345	$572M	trimmed−15%	−0.36 pp	18 q
TJXTJX Companies, Inc. (The)	4.94%	7,647,548	$564M	trimmed−17%	−1.19 pp	18 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.91%	14,729,438	$561M	trimmed−0%	−0.10 pp	4 q
XRAYDENTSPLY SIRONA Inc.	4.66%	8,890,655	$532M	added0%	−0.65 pp	7 q
unresolvedFiat Chrysler Automobiles NV s	3.93%	25,061,340	$449M	added+25%	+1.96 pp	3 q
AMZNAmazon.Com Inc	3.40%	403,919	$388M	added0%	−0.20 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	3.35%	2,087,391	$383M	trimmed−5%	−0.11 pp	18 q
WFCWells Fargo & Co.	3.22%	6,673,316	$368M	added+36%	+0.70 pp	18 q
SCHWThe Charles Schwab Corporation	3.20%	8,348,548	$365M	added+2%	−0.06 pp	6 q
MHKMohawk Industries, Inc.	2.99%	1,377,558	$341M	added+5%	+0.05 pp	18 q
JECJacobs Engineering Group	2.91%	5,692,656	$332M	added+9%	+0.29 pp	18 q
unresolvedPriceline Grp Inc	2.80%	174,662	$320M	trimmed−0%	−0.23 pp	3 q
VVISA Inc.	2.67%	2,895,205	$305M	added+13%	+0.45 pp	18 q
CACCCredit Acceptance Corp	2.63%	1,073,427	$301M	trimmed−1%	+0.06 pp	3 q
ORLYO'Reilly Automotive, Inc.	2.51%	1,330,204	$286M	trimmed−17%	−0.73 pp	18 q
OMCOmnicom Group Inc.	2.50%	3,845,649	$285M	trimmed−1%	−0.47 pp	18 q
WATWaters Corp	1.80%	1,142,182	$205M	trimmed−36%	−1.24 pp	18 q
PRIPrimerica, Inc.	1.43%	2,008,377	$164M	held	—	18 q
JDJD.com, Inc.	1.34%	4,000,000	$153M	added+33%	+0.25 pp	7 q
IACIIac / Interactivecorp (De) Com Stk	1.24%	1,205,205	$142M	held	—	7 q
COFCapital One Financial	1.19%	1,601,000	$136M	added0%	−0.03 pp	4 q
GSGoldman Sachs Group Inc.	1.18%	569,663	$135M	trimmed−6%	−0.07 pp	18 q
WUBA58.COM Inc	0.90%	1,622,755	$102M	trimmed−39%	−0.19 pp	14 q
EMEEMCOR Group, Inc.	0.88%	1,441,346	$100M	added+2%	+0.02 pp	18 q
BLDRBuilders FirstSource, Inc.	0.85%	5,408,465	$97M	held	—	6 q
IBKRInteractive Brokers Group, Inc. Class A	0.68%	1,713,298	$77M	added+14%	+0.16 pp	18 q
BIDUBaidu, Inc.	0.66%	302,917	$75M	trimmed−80%	−1.83 pp	6 q
BMCHBMC Stock Holdings, Inc	0.49%	2,600,000	$56M	new	+0.49 pp	new
METAMeta Platforms, Inc. Class A	0.46%	304,624	$52M	held	—	4 q
TRUPTrupanion, Inc.	0.42%	1,795,180	$47M	trimmed−0%	+0.05 pp	4 q
CMGChipotle Mexican Grill, Inc.	0.41%	152,944	$47M	trimmed−70%	−1.55 pp	7 q
SPSCSPS Commerce, Inc.	0.38%	765,318	$43M	added+50%	+0.08 pp	2 q
unresolvedJpmorgan Chase & Co	0.28%	600,000	$32M	held	—	7 q
1885807DAthenahealth Inc	0.21%	197,257	$25M	trimmed−36%	−0.19 pp	14 q
DHID.R. Horton Inc.	0.16%	455,000	$18M	held	—	4 q
CARSCars.com Inc.	0.14%	611,021	$16M	new	+0.14 pp	new
IRSIRSA Inversiones y Representaciones S.A. Global	0.12%	571,000	$14M	added+23%	+0.02 pp	5 q
MTHMeritage Homes Corporation	0.12%	315,000	$14M	held	—	3 q
CRESYCresud SA	0.10%	616,883	$12M	held	—	18 q
TOLToll Brothers, Inc.	0.10%	270,000	$11M	held	—	4 q
ETSYEtsy, Inc.	0.09%	590,000	$10M	trimmed−40%	−0.05 pp	3 q
WWayfair Inc.	0.07%	125,400	$8M	trimmed−42%	−0.08 pp	6 q
CABOCable One, Inc.	0.06%	10,000	$7M	new	+0.06 pp	new
EXPDExpeditors International of Washington, Inc.	0.06%	109,341	$7M	added×15.2	+0.06 pp	18 q
GHCGraham Holdings Company	0.05%	10,000	$6M	new	+0.05 pp	new
SPNTSiriusPoint Ltd.	0.05%	365,637	$6M	trimmed−88%	−0.34 pp	12 q
LM05Liberty Media Corp-liberty-a	0.04%	123,205	$4M	trimmed−1%	0.00 pp	4 q
SIGSignet Jewelers Limited	0.04%	64,174	$4M	trimmed−1%	0.00 pp	6 q
COSTCostco Wholesale Corp	0.03%	21,184	$3M	trimmed−9%	0.00 pp	18 q
EIXEdison International	0.03%	37,900	$3M	held	—	18 q
PGProcter & Gamble Company	0.03%	32,146	$3M	trimmed−24%	0.00 pp	18 q
UNPUnion Pacific Corp.	0.03%	27,335	$3M	trimmed−34%	−0.01 pp	18 q
WSTWest Pharmaceutical Services, Inc.	0.03%	41,383	$4M	trimmed−3%	−0.01 pp	18 q
KOCoca-Cola Company	0.02%	46,130	$2M	held	—	18 q
XOMExxon Mobil Corp	0.02%	33,128	$3M	added×7.9	+0.02 pp	18 q
BABAAlibaba Group Holding Limited	0.01%	3,335	$576,000	held	—	4 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$1M	held	—	18 q
AXPAmerican Express Company	0.01%	13,500	$1M	trimmed−2%	0.00 pp	18 q
HDBHDFC Bank Limited	0.01%	9,074	$874,000	trimmed−31%	0.00 pp	18 q
PGRProgressive Corporation	0.01%	17,557	$850,000	held	—	18 q
FASTFastenal Co	0.00%	5,122	$233,000	trimmed−60%	−0.01 pp	18 q
IDXXIdexx Laboratories Inc	0.00%	2,919	$454,000	trimmed−13%	−0.01 pp	18 q
LIILennox International Inc.	0.00%	1,831	$328,000	trimmed−4%	0.00 pp	18 q
RYAAYRyanair Holdings plc	0.00%	5,058	$533,000	trimmed−0%	−0.01 pp	4 q
TRMBTrimble Inc.	0.00%	12,186	$478,000	trimmed−2%	0.00 pp	18 q
DHRDanaher Corporation	—	−1,648,054	—	exited	−1.29 pp	—
ALGNAlign Technology Inc	—	−40,144	—	exited	−0.06 pp	—
TWXTime Warner Inc	—	−43,072	—	exited	−0.04 pp	—
APPFAppFolio, Inc. Class A	—	−25,177	—	exited	−0.01 pp	—
JPMJPMorgan Chase & Co.	—	−6,713	—	exited	−0.01 pp	—