Ruane, Cunniff & Goldfarb

Q1 2019 13F

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $9.8B · prev $9.1B
Positions: 51 · prev 57
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%

Moves45 since the prior filing

+2.3 pp in · −3.4 pp out

New 1 +0.14 pp
Added 11 +2.16 pp
Trimmed 26 −3.09 pp
Exited 7 −0.35 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.0% a year, about 25.0 years per position

Low
Moderate
High

Top 5 positions40% of US stock

GOOGL Alphabet Inc. Class A trimmed+0.37 pp trimmed+0.379.8%
GOOG Alphabet Inc. Class C trimmed−0.12 pp trimmed−0.129.1%
KMX CarMax Inc. trimmed+0.14 pp trimmed+0.148.2%
BRK.A Berkshire Hathaway Inc. trimmed−1.32 pp trimmed−1.327.0%
AMZN Amazon.Com Inc trimmed+0.39 pp trimmed+0.395.9%

Positions51 in this filing · 7 exited


GOOGLAlphabet Inc. Class A	9.85%	820,306	$965M	trimmed−0%	+0.37 pp	15 q
GOOGAlphabet Inc. Class C	9.09%	758,939	$890M	trimmed−6%	−0.12 pp	20 q
KMXCarMax Inc.	8.17%	11,467,735	$800M	trimmed−1%	+0.14 pp	12 q
BRK.ABerkshire Hathaway Inc.	6.98%	2,272	$684M	trimmed−8%	−1.32 pp	24 q
AMZNAmazon.Com Inc	5.87%	323,048	$575M	trimmed−2%	+0.39 pp	10 q
CACCCredit Acceptance Corp	5.04%	1,093,002	$494M	added+1%	+0.49 pp	9 q
JECJacobs Engineering Group	4.94%	6,444,789	$485M	added+3%	+0.91 pp	24 q
MAMastercard Incorporated	4.84%	2,014,297	$474M	trimmed−0%	+0.64 pp	24 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.42%	12,362,737	$433M	trimmed−5%	+0.04 pp	10 q
unresolvedFiat Chrysler Automobiles NV s	4.25%	28,055,735	$417M	added0%	−0.21 pp	9 q
SCHWThe Charles Schwab Corporation	3.86%	8,852,162	$379M	added+9%	+0.13 pp	12 q
METAMeta Platforms, Inc. Class A	3.64%	2,139,400	$357M	trimmed−23%	−0.36 pp	10 q
BKNGBooking Holdings Inc.	3.18%	178,478	$311M	added+6%	−0.02 pp	5 q
AABAAltaba Inc.	3.04%	4,015,068	$298M	held	—	5 q
LBRDKLiberty Broadband Corporation Class C	2.98%	3,185,544	$292M	trimmed−6%	+0.28 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	2.90%	1,415,348	$284M	trimmed−10%	−0.63 pp	24 q
JDJD.com, Inc.	2.53%	8,213,319	$248M	trimmed−5%	+0.53 pp	13 q
VVISA Inc.	2.37%	1,487,309	$232M	trimmed−4%	+0.11 pp	24 q
BABAAlibaba Group Holding Limited	2.22%	1,195,000	$218M	added+3%	+0.48 pp	3 q
MHKMohawk Industries, Inc.	1.83%	1,417,710	$179M	added+5%	+0.09 pp	24 q
BLDRBuilders FirstSource, Inc.	1.18%	8,673,480	$116M	added0%	+0.14 pp	12 q
LBRDALiberty Broadband Corporation Class A	0.97%	1,042,121	$96M	trimmed−6%	+0.09 pp	5 q
NBISNebius Group N.V. Class A	0.96%	2,730,000	$94M	held	—	4 q
WWayfair Inc.	0.76%	500,348	$74M	trimmed−22%	+0.12 pp	2 q
BMCHBMC Stock Holdings, Inc	0.72%	4,000,000	$71M	held	—	7 q
GTTGTT Communications, Inc.	0.64%	1,813,008	$62M	held	—	4 q
SBGISinclair, Inc. Class A	0.52%	1,320,000	$51M	held	—	6 q
BIDUBaidu, Inc.	0.34%	200,000	$33M	held	—	4 q
HUCKHuckleberry.ai, Inc. Class B	0.28%	670,059	$27M	added+3%	+0.14 pp	2 q
AYXAlteryx, Inc.	0.26%	300,000	$25M	held	—	2 q
RHRh	0.23%	215,000	$22M	trimmed−7%	−0.07 pp	4 q
IQiQIYI, Inc.	0.17%	713,000	$17M	held	—	4 q
DHID.R. Horton Inc.	0.16%	380,000	$16M	trimmed−21%	−0.02 pp	4 q
CARGCarGurus, Inc. Class A	0.14%	354,437	$14M	new	+0.14 pp	new
LM05Liberty Media Corp-liberty-a	0.13%	380,907	$13M	added+6%	+0.01 pp	10 q
APPNAppian Corporation Class A	0.12%	353,582	$12M	held	—	2 q
SAILSailPoint, Inc.	0.12%	400,000	$11M	held	—	2 q
CRESYCresud SA	0.08%	643,373	$7M	held	—	24 q
EXPDExpeditors International of Washington, Inc.	0.08%	102,132	$8M	trimmed−7%	0.00 pp	24 q
unresolvedNetshoes Cayman Ltd	0.05%	2,813,166	$5M	held	—	6 q
TJXTJX Companies, Inc. (The)	0.02%	31,903	$2M	trimmed−93%	−0.20 pp	24 q
AEPAmerican Electric Power Company, Inc.	0.01%	13,090	$1M	held	—	24 q
KOCoca-Cola Company	0.01%	22,888	$1M	trimmed−31%	−0.01 pp	24 q
COSTCostco Wholesale Corp	0.01%	2,911	$705,000	trimmed−4%	0.00 pp	24 q
EIXEdison International	0.01%	21,353	$1M	trimmed−16%	−0.01 pp	24 q
PGProcter & Gamble Company	0.01%	13,292	$1M	trimmed−18%	−0.01 pp	24 q
UNPUnion Pacific Corp.	0.01%	7,599	$1M	trimmed−29%	−0.01 pp	24 q
EAElectronic Arts Inc	0.00%	3,780	$384,000	trimmed−100%	−3.03 pp	2 q
IDXXIdexx Laboratories Inc	0.00%	1,146	$256,000	trimmed−28%	0.00 pp	24 q
RMNIRimini Street, Inc. (DE)	0.00%	10,779	$54,000	added+1%	0.00 pp	3 q
WFCWells Fargo & Co.	0.00%	5,873	$284,000	trimmed−67%	−0.01 pp	24 q
MTHMeritage Homes Corporation	—	−470,000	—	exited	−0.19 pp	—
FNDFloor & Decor Holdings, Inc.	—	−476,767	—	exited	−0.14 pp	—
PGRProgressive Corporation	—	−17,051	—	exited	−0.01 pp	—
VTIVanguard Morningstar Total Stock Market ETF	—	−5,127	—	exited	−0.01 pp	—
XRAYDENTSPLY SIRONA Inc.	—	−7,610	—	exited	0.00 pp	—
FASTFastenal Co	—	−5,026	—	exited	0.00 pp	—
ORLYO'Reilly Automotive, Inc.	—	−874	—	exited	0.00 pp	—