Ruane, Cunniff & Goldfarb

Q1 2018 13F

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $10.9B · prev $12.2B
Positions: 60 · prev 66
Options notional: $0
Documents: 2· 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%

Moves67 since the prior filing

+17.1 pp in · −17.3 pp out

New 7 +8.40 pp
Added 14 +8.75 pp
Trimmed 33 −12.84 pp
Exited 13 −4.41 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 62% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions41% of US stock

Positions60 in this filing · 13 exited


BRK.ABerkshire Hathaway Inc.	9.12%	3,372	$995M	trimmed−8%	+0.14 pp	20 q
AMZNAmazon.Com Inc	8.88%	676,409	$968M	trimmed−14%	+1.37 pp	6 q
GOOGLAlphabet Inc. Class A	8.26%	896,486	$901M	added+7%	+1.00 pp	11 q
GOOGAlphabet Inc. Class C	8.18%	888,505	$893M	added+8%	+1.12 pp	16 q
KMXCarMax Inc.	6.64%	11,952,575	$725M	added+80%	+3.15 pp	8 q
MAMastercard Incorporated	4.54%	2,909,428	$496M	trimmed−27%	−0.42 pp	20 q
unresolvedFiat Chrysler Automobiles NV s	4.49%	24,558,965	$490M	trimmed−2%	+0.83 pp	5 q
TJXTJX Companies, Inc. (The)	4.36%	5,896,532	$476M	trimmed−22%	−0.39 pp	20 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.22%	14,914,326	$460M	added+1%	+0.10 pp	6 q
SCHWThe Charles Schwab Corporation	3.88%	8,314,292	$423M	added0%	+0.38 pp	8 q
BKNGBooking Holdings Inc.	3.29%	174,833	$359M	new	+3.29 pp	new
CACCCredit Acceptance Corp	3.23%	1,085,532	$352M	added+1%	+0.39 pp	5 q
METAMeta Platforms, Inc. Class A	3.06%	2,182,298	$334M	added×7.2	+2.62 pp	6 q
MHKMohawk Industries, Inc.	2.90%	1,384,260	$317M	added+1%	−0.20 pp	20 q
JECJacobs Engineering Group	2.83%	5,432,406	$309M	trimmed−4%	−0.24 pp	20 q
JDJD.com, Inc.	2.44%	6,664,408	$267M	added+1%	+0.19 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	2.36%	1,306,639	$257M	trimmed−36%	−0.94 pp	20 q
VVISA Inc.	2.20%	2,054,885	$240M	trimmed−29%	−0.50 pp	20 q
LBRDKLiberty Broadband Corporation Class C	2.11%	2,747,777	$231M	new	+2.11 pp	new
AABAAltaba Inc.	2.00%	3,000,000	$218M	new	+2.00 pp	new
WFCWells Fargo & Co.	2.00%	4,243,959	$218M	trimmed−36%	−1.30 pp	20 q
COFCapital One Financial	1.38%	1,601,000	$151M	held	—	6 q
OMCOmnicom Group Inc.	1.31%	1,972,830	$143M	trimmed−48%	−0.97 pp	20 q
LBRDALiberty Broadband Corporation Class A	0.87%	1,138,018	$94M	new	+0.87 pp	new
PRIPrimerica, Inc.	0.83%	932,205	$90M	trimmed−7%	−0.01 pp	20 q
BMCHBMC Stock Holdings, Inc	0.72%	4,000,000	$78M	added+2%	−0.09 pp	3 q
BLDRBuilders FirstSource, Inc.	0.72%	4,007,377	$79M	trimmed−2%	−0.01 pp	8 q
WUBA58.COM Inc	0.69%	963,627	$75M	trimmed−14%	+0.03 pp	16 q
WWayfair Inc.	0.50%	830,718	$54M	trimmed−29%	−0.26 pp	8 q
SBGISinclair, Inc. Class A	0.39%	1,365,000	$43M	held	—	2 q
unresolvedJpmorgan Chase & Co	0.37%	600,000	$41M	held	—	9 q
SPSCSPS Commerce, Inc.	0.17%	295,000	$18M	trimmed−63%	−0.15 pp	4 q
MTHMeritage Homes Corporation	0.15%	368,900	$16M	added+17%	+0.02 pp	5 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.13%	601,400	$14M	added+5%	−0.01 pp	7 q
CRESYCresud SA	0.11%	616,883	$13M	held	—	20 q
LM05Liberty Media Corp-liberty-a	0.10%	357,227	$10M	added×3.0	+0.07 pp	6 q
unresolvedNetshoes Cayman Ltd	0.10%	1,677,447	$10M	added+19%	+0.01 pp	2 q
SECOSecoo Holding Limited	0.09%	1,000,000	$10M	new	+0.09 pp	new
EXPDExpeditors International of Washington, Inc.	0.06%	109,267	$7M	trimmed−0%	0.00 pp	20 q
COSTCostco Wholesale Corp	0.04%	20,805	$4M	trimmed−2%	+0.01 pp	20 q
unresolvedIrsa Propiedades Comerciales	0.04%	100,000	$4M	new	+0.04 pp	new
ORLYO'Reilly Automotive, Inc.	0.03%	14,002	$3M	trimmed−99%	−2.36 pp	20 q
XRAYDENTSPLY SIRONA Inc.	0.02%	38,852	$2M	trimmed−100%	−4.76 pp	9 q
EIXEdison International	0.02%	30,165	$2M	trimmed−13%	0.00 pp	20 q
GSGoldman Sachs Group Inc.	0.02%	7,056	$2M	trimmed−99%	−1.09 pp	20 q
UNPUnion Pacific Corp.	0.02%	13,720	$2M	trimmed−42%	−0.01 pp	20 q
WATWaters Corp	0.02%	10,455	$2M	trimmed−99%	−1.78 pp	20 q
WSTWest Pharmaceutical Services, Inc.	0.02%	24,534	$2M	trimmed−5%	0.00 pp	20 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$988,000	held	—	20 q
AXPAmerican Express Company	0.01%	13,500	$1M	trimmed−2%	0.00 pp	20 q
KOCoca-Cola Company	0.01%	37,630	$2M	trimmed−18%	−0.01 pp	20 q
EMEEMCOR Group, Inc.	0.01%	15,378	$1M	trimmed−45%	−0.01 pp	20 q
HDBHDFC Bank Limited	0.01%	8,464	$820,000	trimmed−7%	0.00 pp	20 q
PGProcter & Gamble Company	0.01%	17,760	$1M	trimmed−42%	−0.01 pp	20 q
PGRProgressive Corporation	0.01%	17,557	$1M	held	—	20 q
unresolvedN/A	0.00%	0	$0	new	0.00 pp	new
BABAAlibaba Group Holding Limited	0.00%	1,203	$215,000	trimmed−44%	0.00 pp	6 q
FASTFastenal Co	0.00%	3,795	$202,000	trimmed−42%	0.00 pp	20 q
IDXXIdexx Laboratories Inc	0.00%	1,343	$254,000	trimmed−43%	0.00 pp	20 q
TRMBTrimble Inc.	0.00%	12,186	$424,000	trimmed−0%	0.00 pp	20 q
unresolvedPriceline Grp Inc	—	−173,894	—	exited	−2.48 pp	—
IACIIac / Interactivecorp (De) Com Stk	—	−801,930	—	exited	−0.80 pp	—
IBKRInteractive Brokers Group, Inc. Class A	—	−1,003,467	—	exited	−0.49 pp	—
CMGChipotle Mexican Grill, Inc.	—	−144,656	—	exited	−0.34 pp	—
CARSCars.com Inc.	—	−610,078	—	exited	−0.14 pp	—
ETSYEtsy, Inc.	—	−590,000	—	exited	−0.10 pp	—
DHID.R. Horton Inc.	—	−140,000	—	exited	−0.06 pp	—
1885807DAthenahealth Inc	—	−2,441	—	exited	0.00 pp	—
XOMExxon Mobil Corp	—	−3,728	—	exited	0.00 pp	—
FMSFresenius Medical Care AG	—	−10,185	—	exited	0.00 pp	—
LIILennox International Inc.	—	−1,831	—	exited	0.00 pp	—
RYAAYRyanair Holdings plc	—	−5,037	—	exited	0.00 pp	—
WMTWalmart Inc.	—	−2,067	—	exited	0.00 pp	—