Ruane, Cunniff & Goldfarb

Q4 2017 13F

As of: Dec 31, 2017
Filed: Feb 13, 2018
US stock: $12.2B · prev $11.4B
Positions: 66 · prev 69
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

+8.2 pp in · −8.4 pp out

New 4 +0.51 pp
Added 9 +7.68 pp
Trimmed 40 −7.00 pp
Exited 7 −1.38 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions36% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−0.24 pp trimmed−0.249.0%
AMZN Amazon.Com Inc added+4.11 pp added+4.117.5%
GOOGL Alphabet Inc. Class A added+1.71 pp added+1.717.3%
GOOG Alphabet Inc. Class C trimmed+0.10 pp trimmed+0.107.1%
MA Mastercard Incorporated trimmed−0.05 pp trimmed−0.055.0%

Positions66 in this filing · 7 exited


BRK.ABerkshire Hathaway Inc.	8.98%	3,681	$1.1B	trimmed−4%	−0.24 pp	19 q
AMZNAmazon.Com Inc	7.51%	783,747	$917M	added+94%	+4.11 pp	5 q
GOOGLAlphabet Inc. Class A	7.26%	841,250	$886M	added+29%	+1.71 pp	10 q
GOOGAlphabet Inc. Class C	7.06%	822,793	$861M	trimmed−1%	+0.10 pp	15 q
MAMastercard Incorporated	4.96%	3,996,977	$605M	trimmed−1%	−0.05 pp	19 q
XRAYDENTSPLY SIRONA Inc.	4.78%	8,850,874	$583M	trimmed−0%	+0.12 pp	8 q
TJXTJX Companies, Inc. (The)	4.75%	7,579,475	$580M	trimmed−1%	−0.19 pp	19 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.12%	14,709,072	$502M	trimmed−0%	−0.79 pp	5 q
unresolvedFiat Chrysler Automobiles NV s	3.66%	25,059,365	$447M	trimmed−0%	−0.27 pp	4 q
SCHWThe Charles Schwab Corporation	3.50%	8,309,056	$427M	trimmed−0%	+0.30 pp	7 q
KMXCarMax Inc.	3.49%	6,631,532	$425M	trimmed−31%	−2.90 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	3.30%	2,031,475	$403M	trimmed−3%	−0.05 pp	19 q
WFCWells Fargo & Co.	3.30%	6,632,404	$402M	trimmed−1%	+0.08 pp	19 q
MHKMohawk Industries, Inc.	3.10%	1,368,810	$378M	trimmed−1%	+0.11 pp	19 q
JECJacobs Engineering Group	3.07%	5,672,134	$374M	trimmed−0%	+0.16 pp	19 q
CACCCredit Acceptance Corp	2.84%	1,070,338	$346M	trimmed−0%	+0.21 pp	4 q
VVISA Inc.	2.70%	2,889,168	$329M	trimmed−0%	+0.03 pp	19 q
unresolvedPriceline Grp Inc	2.48%	173,894	$302M	trimmed−0%	−0.32 pp	4 q
ORLYO'Reilly Automotive, Inc.	2.39%	1,214,248	$292M	trimmed−9%	−0.12 pp	19 q
OMCOmnicom Group Inc.	2.28%	3,821,664	$278M	trimmed−1%	−0.22 pp	19 q
JDJD.com, Inc.	2.25%	6,624,213	$274M	added+66%	+0.91 pp	8 q
WATWaters Corp	1.80%	1,135,909	$219M	trimmed−1%	0.00 pp	19 q
COFCapital One Financial	1.31%	1,601,000	$159M	held	—	5 q
GSGoldman Sachs Group Inc.	1.11%	530,183	$135M	trimmed−7%	−0.07 pp	19 q
PRIPrimerica, Inc.	0.84%	1,007,642	$102M	trimmed−50%	−0.59 pp	19 q
BMCHBMC Stock Holdings, Inc	0.81%	3,913,196	$99M	added+51%	+0.32 pp	2 q
IACIIac / Interactivecorp (De) Com Stk	0.80%	801,930	$98M	trimmed−33%	−0.44 pp	8 q
WWayfair Inc.	0.76%	1,161,823	$93M	added×9.3	+0.69 pp	7 q
BLDRBuilders FirstSource, Inc.	0.73%	4,107,377	$90M	trimmed−24%	−0.12 pp	7 q
WUBA58.COM Inc	0.66%	1,121,037	$80M	trimmed−31%	−0.24 pp	15 q
IBKRInteractive Brokers Group, Inc. Class A	0.49%	1,003,467	$59M	trimmed−41%	−0.19 pp	19 q
METAMeta Platforms, Inc. Class A	0.44%	304,624	$54M	held	—	5 q
SBGISinclair, Inc. Class A	0.42%	1,365,000	$52M	new	+0.42 pp	new
CMGChipotle Mexican Grill, Inc.	0.34%	144,656	$42M	trimmed−5%	−0.07 pp	8 q
unresolvedJpmorgan Chase & Co	0.33%	600,000	$40M	held	—	8 q
SPSCSPS Commerce, Inc.	0.32%	795,536	$39M	added+4%	−0.06 pp	3 q
CARSCars.com Inc.	0.14%	610,078	$18M	trimmed−0%	0.00 pp	2 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.14%	571,000	$17M	held	—	6 q
MTHMeritage Homes Corporation	0.13%	315,000	$16M	held	—	4 q
CRESYCresud SA	0.11%	616,883	$14M	held	—	19 q
ETSYEtsy, Inc.	0.10%	590,000	$12M	held	—	4 q
unresolvedNetshoes Cayman Ltd	0.09%	1,412,000	$11M	new	+0.09 pp	new
DHID.R. Horton Inc.	0.06%	140,000	$7M	trimmed−69%	−0.10 pp	5 q
EXPDExpeditors International of Washington, Inc.	0.06%	109,341	$7M	held	—	19 q
COSTCostco Wholesale Corp	0.03%	21,150	$4M	trimmed−0%	0.00 pp	19 q
LM05Liberty Media Corp-liberty-a	0.03%	120,742	$4M	trimmed−2%	−0.01 pp	5 q
UNPUnion Pacific Corp.	0.03%	23,520	$3M	trimmed−14%	0.00 pp	19 q
KOCoca-Cola Company	0.02%	46,130	$2M	held	—	19 q
EIXEdison International	0.02%	34,665	$2M	trimmed−9%	−0.01 pp	19 q
EMEEMCOR Group, Inc.	0.02%	27,994	$2M	trimmed−98%	−0.86 pp	19 q
PGProcter & Gamble Company	0.02%	30,646	$3M	trimmed−5%	−0.01 pp	19 q
WSTWest Pharmaceutical Services, Inc.	0.02%	25,713	$3M	trimmed−38%	−0.01 pp	19 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$1M	held	—	19 q
AXPAmerican Express Company	0.01%	13,751	$1M	added+2%	0.00 pp	19 q
HDBHDFC Bank Limited	0.01%	9,074	$923,000	held	—	19 q
PGRProgressive Corporation	0.01%	17,557	$989,000	held	—	19 q
BABAAlibaba Group Holding Limited	0.00%	2,134	$368,000	trimmed−36%	−0.01 pp	5 q
1885807DAthenahealth Inc	0.00%	2,441	$325,000	trimmed−99%	−0.21 pp	15 q
XOMExxon Mobil Corp	0.00%	3,728	$312,000	trimmed−89%	−0.02 pp	19 q
FASTFastenal Co	0.00%	6,503	$356,000	added+27%	0.00 pp	19 q
FMSFresenius Medical Care AG	0.00%	10,185	$535,000	new	0.00 pp	new
IDXXIdexx Laboratories Inc	0.00%	2,365	$370,000	trimmed−19%	0.00 pp	19 q
LIILennox International Inc.	0.00%	1,831	$381,000	held	—	19 q
RYAAYRyanair Holdings plc	0.00%	5,037	$525,000	trimmed−0%	0.00 pp	5 q
TRMBTrimble Inc.	0.00%	12,213	$496,000	added0%	0.00 pp	19 q
WMTWalmart Inc.	0.00%	2,067	$204,000	new	0.00 pp	new
BIDUBaidu, Inc.	—	−302,917	—	exited	−0.66 pp	—
TRUPTrupanion, Inc.	—	−1,795,180	—	exited	−0.42 pp	—
TOLToll Brothers, Inc.	—	−270,000	—	exited	−0.10 pp	—
CABOCable One, Inc.	—	−10,000	—	exited	−0.06 pp	—
GHCGraham Holdings Company	—	−10,000	—	exited	−0.05 pp	—
SPNTSiriusPoint Ltd.	—	−365,637	—	exited	−0.05 pp	—
SIGSignet Jewelers Limited	—	−64,174	—	exited	−0.04 pp	—