Ruane, Cunniff & Goldfarb

Q2 2019 13F

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $7.4B · prev $9.8B
Positions: 37 · prev 51
Options notional: $0
Documents: 1· 1 amendment

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

+2.4 pp in · −2.4 pp out

New 3 +0.01 pp
Added 1 +2.35 pp
Trimmed 28 +5.26 pp
Exited 17 −7.65 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions46% of US stock

Revealed late, restated

restated 23 rows corrected by the filer · US stock −27.03%; later quarters recomputed 13F-HR/A · Aug 14, 2019 ↗

Positions37 in this filing · 17 exited


KMXCarMax Inc.	11.60%	9,920,039	$861M	trimmed−14%	+3.43 pp	13 q
GOOGAlphabet Inc. Class C	10.89%	748,033	$809M	trimmed−1%	+1.80 pp	21 q
BRK.ABerkshire Hathaway Inc.	9.67%	2,256	$718M	trimmed−1%	+2.69 pp	25 q
MAMastercard Incorporated	7.19%	2,016,913	$534M	added0%	+2.35 pp	25 q
CACCCredit Acceptance Corp	7.08%	1,086,543	$526M	trimmed−1%	+2.04 pp	10 q
JECJacobs Engineering Group	6.68%	5,875,311	$496M	trimmed−9%	+1.74 pp	25 q
FWONKLiberty Media Corporation Series C Liberty Formula One	6.18%	12,271,419	$459M	trimmed−1%	+1.76 pp	11 q
AMZNAmazon.Com Inc	5.54%	217,297	$411M	trimmed−33%	−0.33 pp	11 q
METAMeta Platforms, Inc. Class A	5.49%	2,112,481	$408M	trimmed−1%	+1.85 pp	11 q
SCHWThe Charles Schwab Corporation	4.74%	8,760,150	$352M	trimmed−1%	+0.88 pp	13 q
BKNGBooking Holdings Inc.	4.45%	176,426	$331M	trimmed−1%	+1.27 pp	6 q
LBRDKLiberty Broadband Corporation Class C	4.41%	3,139,251	$327M	trimmed−1%	+1.43 pp	6 q
GOOGLAlphabet Inc. Class A	4.06%	278,424	$301M	trimmed−66%	−5.79 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	3.94%	1,372,332	$293M	trimmed−3%	+1.04 pp	25 q
VVISA Inc.	3.38%	1,447,506	$251M	trimmed−3%	+1.01 pp	25 q
MHKMohawk Industries, Inc.	2.81%	1,414,049	$209M	trimmed−0%	+0.98 pp	25 q
LBRDALiberty Broadband Corporation Class A	1.43%	1,031,326	$106M	trimmed−1%	+0.46 pp	6 q
LM05Liberty Media Corp-liberty-a	0.18%	372,740	$13M	trimmed−2%	+0.05 pp	11 q
EXPDExpeditors International of Washington, Inc.	0.10%	102,132	$8M	held	—	25 q
AEPAmerican Electric Power Company, Inc.	0.02%	13,090	$1M	held	—	25 q
BLDRBuilders FirstSource, Inc.	0.02%	73,480	$1M	trimmed−99%	−1.16 pp	13 q
KOCoca-Cola Company	0.02%	22,888	$1M	held	—	25 q
EIXEdison International	0.02%	18,939	$1M	trimmed−11%	+0.01 pp	25 q
PGProcter & Gamble Company	0.02%	10,971	$1M	trimmed−17%	+0.01 pp	25 q
UNPUnion Pacific Corp.	0.02%	6,731	$1M	trimmed−11%	+0.01 pp	25 q
AABAAltaba Inc.	0.01%	15,068	$1M	trimmed−100%	−3.03 pp	6 q
ANETArista Networks	0.01%	3,600	$935,000	new	+0.01 pp	new
COSTCostco Wholesale Corp	0.01%	2,479	$655,000	trimmed−15%	0.00 pp	25 q
JDJD.com, Inc.	0.01%	13,319	$403,000	trimmed−100%	−2.52 pp	14 q
TJXTJX Companies, Inc. (The)	0.01%	17,364	$918,000	trimmed−46%	−0.01 pp	25 q
unresolvedFiat Chrysler Automobiles NV s	0.01%	38,165	$527,000	trimmed−100%	−4.24 pp	10 q
XRAYDENTSPLY SIRONA Inc.	0.00%	4,018	$234,000	new	0.00 pp	new
IDXXIdexx Laboratories Inc	0.00%	1,146	$316,000	held	—	25 q
RMNIRimini Street, Inc. (DE)	0.00%	10,779	$57,000	held	—	4 q
SAILSailPoint, Inc.	0.00%	14,000	$281,000	trimmed−97%	−0.12 pp	3 q
WTRHWaitr Holdings Inc.	0.00%	14,882	$94,000	new	0.00 pp	new
WFCWells Fargo & Co.	0.00%	4,899	$232,000	trimmed−17%	0.00 pp	25 q
BABAAlibaba Group Holding Limited	—	−1,195,000	—	exited	−2.22 pp	—
NBISNebius Group N.V. Class A	—	−2,730,000	—	exited	−0.96 pp	—
WWayfair Inc.	—	−500,348	—	exited	−0.76 pp	—
BMCHBMC Stock Holdings, Inc	—	−4,000,000	—	exited	−0.72 pp	—
GTTGTT Communications, Inc.	—	−1,813,008	—	exited	−0.64 pp	—
SBGISinclair, Inc. Class A	—	−1,320,000	—	exited	−0.52 pp	—
BIDUBaidu, Inc.	—	−200,000	—	exited	−0.34 pp	—
HUCKHuckleberry.ai, Inc. Class B	—	−670,059	—	exited	−0.28 pp	—
AYXAlteryx, Inc.	—	−300,000	—	exited	−0.26 pp	—
RHRh	—	−215,000	—	exited	−0.23 pp	—
IQiQIYI, Inc.	—	−713,000	—	exited	−0.17 pp	—
DHID.R. Horton Inc.	—	−380,000	—	exited	−0.16 pp	—
CARGCarGurus, Inc. Class A	—	−354,437	—	exited	−0.14 pp	—
APPNAppian Corporation Class A	—	−353,582	—	exited	−0.12 pp	—
CRESYCresud SA	—	−643,373	—	exited	−0.08 pp	—
unresolvedNetshoes Cayman Ltd	—	−2,813,166	—	exited	−0.05 pp	—
EAElectronic Arts Inc	—	−3,780	—	exited	0.00 pp	—