Ruane, Cunniff & Goldfarb

Q3 2019 13F

As of: Sep 30, 2019
Filed: Nov 13, 2019
US stock: $7.6B · prev $7.4B
Positions: 40 · prev 37
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%

Moves38 since the prior filing

+5.3 pp in · −5.4 pp out

New 5 +4.24 pp
Added 3 +1.07 pp
Trimmed 28 −5.35 pp
Exited 2 −0.01 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions46% of US stock

GOOG Alphabet Inc. Class C added+1.15 pp added+1.1512.0%
KMX CarMax Inc. trimmed−0.26 pp trimmed−0.2611.3%
BRK.A Berkshire Hathaway Inc. trimmed−0.59 pp trimmed−0.599.1%
JEC Jacobs Engineering Group trimmed+0.31 pp trimmed+0.317.0%
FWONK Liberty Media Corporation Series C Liberty Formula One trimmed+0.42 pp trimmed+0.426.6%

Positions40 in this filing · 2 exited


GOOGAlphabet Inc. Class C	12.04%	752,617	$917M	added+1%	+1.15 pp	22 q
KMXCarMax Inc.	11.34%	9,823,746	$864M	trimmed−1%	−0.26 pp	14 q
BRK.ABerkshire Hathaway Inc.	9.08%	2,219	$692M	trimmed−2%	−0.59 pp	26 q
JECJacobs Engineering Group	6.99%	5,821,512	$533M	trimmed−1%	+0.31 pp	26 q
FWONKLiberty Media Corporation Series C Liberty Formula One	6.60%	12,095,236	$503M	trimmed−1%	+0.42 pp	12 q
CACCCredit Acceptance Corp	6.53%	1,079,509	$498M	trimmed−1%	−0.55 pp	11 q
METAMeta Platforms, Inc. Class A	5.41%	2,315,139	$412M	added+10%	−0.08 pp	12 q
MAMastercard Incorporated	5.06%	1,419,626	$386M	trimmed−30%	−2.13 pp	26 q
AMZNAmazon.Com Inc	4.90%	215,250	$374M	trimmed−1%	−0.64 pp	12 q
SCHWThe Charles Schwab Corporation	4.78%	8,703,050	$364M	trimmed−1%	+0.04 pp	14 q
BKNGBooking Holdings Inc.	4.51%	175,009	$343M	trimmed−1%	+0.06 pp	7 q
GOOGLAlphabet Inc. Class A	4.46%	278,288	$340M	trimmed−0%	+0.40 pp	17 q
LBRDKLiberty Broadband Corporation Class C	4.27%	3,107,983	$325M	trimmed−1%	−0.14 pp	7 q
WWayfair Inc.	4.24%	2,881,046	$323M	new	+4.24 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	3.71%	1,359,451	$283M	trimmed−1%	−0.23 pp	26 q
MHKMohawk Industries, Inc.	2.29%	1,405,473	$174M	trimmed−1%	−0.52 pp	26 q
VVISA Inc.	1.93%	855,103	$147M	trimmed−41%	−1.45 pp	26 q
LBRDALiberty Broadband Corporation Class A	1.40%	1,023,590	$107M	trimmed−1%	−0.03 pp	7 q
LM05Liberty Media Corp-liberty-a	0.19%	372,465	$15M	trimmed−0%	+0.01 pp	12 q
EXPDExpeditors International of Washington, Inc.	0.10%	102,132	$8M	held	—	26 q
AEPAmerican Electric Power Company, Inc.	0.02%	12,366	$1M	trimmed−6%	0.00 pp	26 q
BLDRBuilders FirstSource, Inc.	0.02%	72,991	$2M	trimmed−1%	0.00 pp	14 q
ANETArista Networks	0.01%	3,600	$860,000	held	—	2 q
KOCoca-Cola Company	0.01%	19,531	$1M	trimmed−15%	−0.01 pp	26 q
COSTCostco Wholesale Corp	0.01%	2,415	$696,000	trimmed−3%	0.00 pp	26 q
EIXEdison International	0.01%	14,480	$1M	trimmed−24%	−0.01 pp	26 q
PGProcter & Gamble Company	0.01%	9,136	$1M	trimmed−17%	−0.01 pp	26 q
TJXTJX Companies, Inc. (The)	0.01%	17,181	$958,000	trimmed−1%	0.00 pp	26 q
UNPUnion Pacific Corp.	0.01%	6,351	$1M	trimmed−6%	−0.01 pp	26 q
unresolvedFiat Chrysler Automobiles NV s	0.01%	37,738	$489,000	trimmed−1%	0.00 pp	11 q
BABAAlibaba Group Holding Limited	0.00%	2,038	$341,000	new	0.00 pp	new
AAPLApple Inc.	0.00%	1,000	$224,000	new	0.00 pp	new
GTTGTT Communications, Inc.	0.00%	24,100	$227,000	new	0.00 pp	new
IDXXIdexx Laboratories Inc	0.00%	1,146	$312,000	held	—	26 q
JPMJPMorgan Chase & Co.	0.00%	1,708	$201,000	new	0.00 pp	new
JDJD.com, Inc.	0.00%	12,986	$366,000	trimmed−3%	−0.01 pp	15 q
RMNIRimini Street, Inc. (DE)	0.00%	10,119	$44,000	trimmed−6%	0.00 pp	5 q
SAILSailPoint, Inc.	0.00%	14,000	$262,000	held	—	4 q
WTRHWaitr Holdings Inc.	0.00%	28,096	$36,000	added+89%	0.00 pp	2 q
WFCWells Fargo & Co.	0.00%	4,624	$233,000	trimmed−6%	0.00 pp	26 q
AABAAltaba Inc.	—	−15,068	—	exited	−0.01 pp	—
XRAYDENTSPLY SIRONA Inc.	—	−4,018	—	exited	0.00 pp	—