Ruane, Cunniff & Goldfarb

Q2 2018 13F

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $11.2B · prev $10.9B
Positions: 61 · prev 60
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%

Moves58 since the prior filing

+6.5 pp in · −6.5 pp out

New 7 +1.93 pp
Added 18 +4.57 pp
Trimmed 27 −3.92 pp
Exited 6 −2.58 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions40% of US stock

GOOG Alphabet Inc. Class C trimmed+0.36 pp trimmed+0.368.5%
GOOGL Alphabet Inc. Class A trimmed+0.14 pp trimmed+0.148.4%
KMX CarMax Inc. trimmed+1.16 pp trimmed+1.167.8%
BRK.A Berkshire Hathaway Inc. trimmed−1.70 pp trimmed−1.707.4%
AMZN Amazon.Com Inc trimmed−1.53 pp trimmed−1.537.3%

Positions61 in this filing · 6 exited


GOOGAlphabet Inc. Class C	8.54%	854,844	$954M	trimmed−4%	+0.36 pp	17 q
GOOGLAlphabet Inc. Class A	8.40%	830,485	$938M	trimmed−7%	+0.14 pp	12 q
KMXCarMax Inc.	7.80%	11,950,104	$871M	trimmed−0%	+1.16 pp	9 q
BRK.ABerkshire Hathaway Inc.	7.42%	2,936	$828M	trimmed−13%	−1.70 pp	21 q
AMZNAmazon.Com Inc	7.35%	482,899	$821M	trimmed−29%	−1.53 pp	7 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.99%	14,998,201	$557M	added+1%	+0.77 pp	7 q
TJXTJX Companies, Inc. (The)	4.99%	5,852,066	$557M	trimmed−1%	+0.63 pp	21 q
MAMastercard Incorporated	4.98%	2,830,648	$556M	trimmed−3%	+0.44 pp	21 q
METAMeta Platforms, Inc. Class A	4.27%	2,450,572	$476M	added+12%	+1.21 pp	7 q
unresolvedFiat Chrysler Automobiles NV s	4.15%	24,539,430	$464M	trimmed−0%	−0.34 pp	6 q
SCHWThe Charles Schwab Corporation	3.78%	8,265,912	$422M	trimmed−1%	−0.10 pp	9 q
JECJacobs Engineering Group	3.69%	6,482,623	$412M	added+19%	+0.86 pp	21 q
CACCCredit Acceptance Corp	3.48%	1,100,194	$389M	added+1%	+0.25 pp	6 q
BKNGBooking Holdings Inc.	3.16%	173,990	$353M	trimmed−0%	−0.13 pp	2 q
MHKMohawk Industries, Inc.	2.65%	1,382,355	$296M	trimmed−0%	−0.25 pp	21 q
AABAAltaba Inc.	2.63%	4,003,459	$293M	added+33%	+0.63 pp	2 q
VVISA Inc.	2.46%	2,069,853	$274M	added+1%	+0.26 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	2.42%	1,449,276	$271M	added+11%	+0.06 pp	21 q
LBRDKLiberty Broadband Corporation Class C	2.39%	3,518,328	$266M	added+28%	+0.28 pp	2 q
JDJD.com, Inc.	2.10%	6,030,158	$235M	trimmed−10%	−0.34 pp	10 q
WFCWells Fargo & Co.	2.09%	4,214,651	$234M	trimmed−1%	+0.09 pp	21 q
BLDRBuilders FirstSource, Inc.	0.92%	5,607,377	$103M	added+40%	+0.20 pp	9 q
LBRDALiberty Broadband Corporation Class A	0.77%	1,142,031	$86M	added0%	−0.10 pp	2 q
BMCHBMC Stock Holdings, Inc	0.75%	4,000,000	$83M	held	—	4 q
GTTGTT Communications, Inc.	0.69%	1,805,008	$77M	new	+0.69 pp	new
SBGISinclair, Inc. Class A	0.58%	2,000,000	$64M	added+47%	+0.19 pp	3 q
BIDUBaidu, Inc.	0.44%	200,000	$49M	new	+0.44 pp	new
unresolvedJpmorgan Chase & Co	0.34%	600,000	$38M	held	—	10 q
RHRh	0.25%	200,000	$28M	new	+0.25 pp	new
NBISNebius Group N.V. Class A	0.19%	595,000	$21M	new	+0.19 pp	new
DHID.R. Horton Inc.	0.18%	500,000	$21M	new	+0.18 pp	new
IQiQIYI, Inc.	0.18%	630,000	$20M	new	+0.18 pp	new
MTHMeritage Homes Corporation	0.17%	442,000	$19M	added+20%	+0.02 pp	6 q
LM05Liberty Media Corp-liberty-a	0.11%	355,975	$13M	trimmed−0%	+0.01 pp	7 q
SPSCSPS Commerce, Inc.	0.11%	165,000	$12M	trimmed−44%	−0.06 pp	5 q
CRESYCresud SA	0.08%	616,883	$9M	held	—	21 q
EXPDExpeditors International of Washington, Inc.	0.07%	109,267	$8M	held	—	21 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.06%	370,085	$6M	trimmed−38%	−0.07 pp	8 q
unresolvedNetshoes Cayman Ltd	0.05%	2,350,000	$6M	added+40%	−0.05 pp	3 q
COSTCostco Wholesale Corp	0.04%	20,709	$4M	trimmed−0%	0.00 pp	21 q
unresolvedIrsa Propiedades Comerciales	0.03%	105,000	$3M	added+5%	−0.01 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.03%	13,051	$4M	trimmed−7%	0.00 pp	21 q
EIXEdison International	0.02%	30,165	$2M	held	—	21 q
UNPUnion Pacific Corp.	0.02%	13,720	$2M	held	—	21 q
WATWaters Corp	0.02%	9,316	$2M	trimmed−11%	0.00 pp	21 q
WSTWest Pharmaceutical Services, Inc.	0.02%	23,200	$2M	trimmed−5%	0.00 pp	21 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$997,000	held	—	21 q
AXPAmerican Express Company	0.01%	13,751	$1M	added+2%	0.00 pp	21 q
KOCoca-Cola Company	0.01%	37,630	$2M	held	—	21 q
XRAYDENTSPLY SIRONA Inc.	0.01%	29,241	$1M	trimmed−25%	−0.01 pp	10 q
EMEEMCOR Group, Inc.	0.01%	9,492	$723,000	trimmed−38%	0.00 pp	21 q
GSGoldman Sachs Group Inc.	0.01%	6,421	$1M	trimmed−9%	−0.01 pp	21 q
OMCOmnicom Group Inc.	0.01%	13,126	$1M	trimmed−99%	−1.30 pp	21 q
PGProcter & Gamble Company	0.01%	17,760	$1M	held	—	21 q
PGRProgressive Corporation	0.01%	17,248	$1M	trimmed−2%	0.00 pp	21 q
SECOSecoo Holding Limited	0.01%	164,446	$1M	trimmed−84%	−0.08 pp	2 q
LNDBrasilAgro - Companhia Brasileira de Propriedades Agracolas	0.00%	13,460	$47,000	new	0.00 pp	new
FASTFastenal Co	0.00%	5,026	$242,000	added+32%	0.00 pp	21 q
IDXXIdexx Laboratories Inc	0.00%	1,789	$390,000	added+33%	0.00 pp	21 q
PRIPrimerica, Inc.	0.00%	4,727	$471,000	trimmed−99%	−0.83 pp	21 q
TRMBTrimble Inc.	0.00%	12,213	$401,000	added0%	0.00 pp	21 q
COFCapital One Financial	—	−1,601,000	—	exited	−1.38 pp	—
WUBA58.COM Inc	—	−963,627	—	exited	−0.69 pp	—
WWayfair Inc.	—	−830,718	—	exited	−0.50 pp	—
HDBHDFC Bank Limited	—	−8,464	—	exited	−0.01 pp	—
unresolvedN/A	—	−0	—	exited	0.00 pp	—
BABAAlibaba Group Holding Limited	—	−1,203	—	exited	0.00 pp	—