Ruane, Cunniff & Goldfarb

Q3 2018 13F

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $10.9B · prev $11.2B
Positions: 61 · prev 61
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%

Moves49 since the prior filing

+0.5 pp in · −0.3 pp out

New 4 +0.45 pp
Added 14 +0.01 pp
Trimmed 27 +0.17 pp
Exited 4 −0.44 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.6 years per position

Low
Moderate
High

Top 5 positions41% of US stock

Positions61 in this filing · 4 exited


GOOGAlphabet Inc. Class C	9.25%	842,906	$1.0B	trimmed−1%	+0.71 pp	18 q
GOOGLAlphabet Inc. Class A	9.17%	825,570	$997M	trimmed−1%	+0.77 pp	13 q
BRK.ABerkshire Hathaway Inc.	8.40%	2,855	$914M	trimmed−3%	+0.98 pp	22 q
KMXCarMax Inc.	8.07%	11,742,799	$877M	trimmed−2%	+0.27 pp	10 q
AMZNAmazon.Com Inc	6.38%	346,141	$693M	trimmed−28%	−0.97 pp	8 q
MAMastercard Incorporated	4.54%	2,215,460	$493M	trimmed−22%	−0.44 pp	22 q
JECJacobs Engineering Group	4.42%	6,275,926	$480M	trimmed−3%	+0.73 pp	22 q
CACCCredit Acceptance Corp	4.38%	1,086,536	$476M	trimmed−1%	+0.90 pp	7 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.31%	12,597,531	$469M	trimmed−16%	−0.68 pp	8 q
METAMeta Platforms, Inc. Class A	4.28%	2,827,809	$465M	added+15%	+0.01 pp	8 q
unresolvedFiat Chrysler Automobiles NV s	3.95%	24,545,223	$430M	added0%	−0.20 pp	7 q
SCHWThe Charles Schwab Corporation	3.69%	8,169,765	$402M	trimmed−1%	−0.09 pp	10 q
TJXTJX Companies, Inc. (The)	3.12%	3,028,362	$339M	trimmed−48%	−1.87 pp	22 q
BKNGBooking Holdings Inc.	3.11%	170,604	$338M	trimmed−2%	−0.05 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	2.74%	1,389,778	$298M	trimmed−4%	+0.32 pp	22 q
LBRDKLiberty Broadband Corporation Class C	2.69%	3,466,789	$292M	trimmed−1%	+0.30 pp	3 q
AABAAltaba Inc.	2.51%	4,005,068	$273M	added0%	−0.12 pp	3 q
VVISA Inc.	2.24%	1,621,223	$243M	trimmed−22%	−0.22 pp	22 q
MHKMohawk Industries, Inc.	2.20%	1,363,721	$239M	trimmed−1%	−0.45 pp	22 q
JDJD.com, Inc.	2.08%	8,651,287	$226M	added+43%	−0.02 pp	11 q
WFCWells Fargo & Co.	2.00%	4,142,016	$218M	trimmed−2%	−0.09 pp	22 q
BLDRBuilders FirstSource, Inc.	1.03%	7,612,894	$112M	added+36%	+0.11 pp	10 q
LBRDALiberty Broadband Corporation Class A	0.88%	1,129,707	$95M	trimmed−1%	+0.11 pp	3 q
BMCHBMC Stock Holdings, Inc	0.69%	4,000,000	$75M	held	—	5 q
GTTGTT Communications, Inc.	0.69%	1,805,008	$75M	held	—	2 q
SBGISinclair, Inc. Class A	0.52%	2,000,000	$57M	held	—	4 q
BABAAlibaba Group Holding Limited	0.45%	300,000	$49M	new	+0.45 pp	new
BIDUBaidu, Inc.	0.42%	200,000	$46M	held	—	2 q
NBISNebius Group N.V. Class A	0.28%	910,000	$30M	added+53%	+0.09 pp	2 q
DHID.R. Horton Inc.	0.27%	700,000	$30M	added+40%	+0.09 pp	2 q
RHRh	0.24%	200,000	$26M	held	—	2 q
MTHMeritage Homes Corporation	0.19%	508,200	$20M	added+15%	+0.02 pp	7 q
IQiQIYI, Inc.	0.18%	713,000	$19M	added+13%	0.00 pp	2 q
LM05Liberty Media Corp-liberty-a	0.12%	359,083	$13M	added+1%	+0.01 pp	8 q
CRESYCresud SA	0.08%	616,883	$9M	held	—	22 q
EXPDExpeditors International of Washington, Inc.	0.07%	109,267	$8M	held	—	22 q
unresolvedNetshoes Cayman Ltd	0.06%	2,813,166	$7M	added+20%	+0.01 pp	4 q
COSTCostco Wholesale Corp	0.04%	20,253	$5M	trimmed−2%	0.00 pp	22 q
ORLYO'Reilly Automotive, Inc.	0.04%	13,087	$5M	added0%	+0.01 pp	22 q
SPSCSPS Commerce, Inc.	0.03%	35,000	$3M	trimmed−79%	−0.08 pp	6 q
WSTWest Pharmaceutical Services, Inc.	0.03%	22,944	$3M	trimmed−1%	+0.01 pp	22 q
KOCoca-Cola Company	0.02%	36,630	$2M	trimmed−3%	+0.01 pp	22 q
EIXEdison International	0.02%	29,165	$2M	trimmed−3%	0.00 pp	22 q
UNPUnion Pacific Corp.	0.02%	12,720	$2M	trimmed−7%	0.00 pp	22 q
WATWaters Corp	0.02%	9,316	$2M	held	—	22 q
AEPAmerican Electric Power Company, Inc.	0.01%	14,390	$1M	held	—	22 q
AXPAmerican Express Company	0.01%	13,751	$1M	held	—	22 q
XRAYDENTSPLY SIRONA Inc.	0.01%	29,380	$1M	added0%	0.00 pp	11 q
EMEEMCOR Group, Inc.	0.01%	9,492	$713,000	held	—	22 q
GSGoldman Sachs Group Inc.	0.01%	6,421	$1M	held	—	22 q
OMCOmnicom Group Inc.	0.01%	9,466	$644,000	trimmed−28%	0.00 pp	22 q
PRIPrimerica, Inc.	0.01%	4,727	$570,000	held	—	22 q
PGProcter & Gamble Company	0.01%	17,760	$1M	held	—	22 q
PGRProgressive Corporation	0.01%	17,051	$1M	trimmed−1%	0.00 pp	22 q
AAPLApple Inc.	0.00%	1,000	$226,000	new	0.00 pp	new
LNDBrasilAgro - Companhia Brasileira de Propriedades Agracolas	0.00%	18,965	$63,000	added+41%	0.00 pp	2 q
CARGCarGurus, Inc. Class A	0.00%	5,248	$292,000	new	0.00 pp	new
FASTFastenal Co	0.00%	5,026	$292,000	held	—	22 q
IDXXIdexx Laboratories Inc	0.00%	1,592	$397,000	trimmed−11%	0.00 pp	22 q
RMNIRimini Street, Inc. (DE)	0.00%	10,495	$66,000	new	0.00 pp	new
TRMBTrimble Inc.	0.00%	12,213	$531,000	held	—	22 q
unresolvedJpmorgan Chase & Co	—	−600,000	—	exited	−0.34 pp	—
IRSIRSA Inversiones y Representaciones S.A. Global	—	−370,085	—	exited	−0.06 pp	—
unresolvedIrsa Propiedades Comerciales	—	−105,000	—	exited	−0.03 pp	—
SECOSecoo Holding Limited	—	−164,446	—	exited	−0.01 pp	—