Ruane, Cunniff & Goldfarb

Q4 2019 13F

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $8.1B · prev $7.6B
Positions: 39 · prev 40
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%

Moves37 since the prior filing

+8.1 pp in · −8.1 pp out

New 2 +3.45 pp
Added 7 +4.68 pp
Trimmed 25 −8.07 pp
Exited 3 −0.01 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions41% of US stock

GOOG Alphabet Inc. Class C trimmed−0.03 pp trimmed−0.0312.0%
KMX CarMax Inc. trimmed−2.72 pp trimmed−2.728.6%
BRK.A Berkshire Hathaway Inc. trimmed−1.05 pp trimmed−1.058.0%
CACC Credit Acceptance Corp added−0.23 pp added−0.236.3%
JEC Jacobs Engineering Group trimmed−0.75 pp trimmed−0.756.2%

Positions39 in this filing · 3 exited


GOOGAlphabet Inc. Class C	12.01%	726,125	$971M	trimmed−4%	−0.03 pp	23 q
KMXCarMax Inc.	8.62%	7,950,740	$697M	trimmed−19%	−2.72 pp	15 q
BRK.ABerkshire Hathaway Inc.	8.03%	1,912	$649M	trimmed−14%	−1.05 pp	27 q
CACCCredit Acceptance Corp	6.30%	1,151,564	$509M	added+7%	−0.23 pp	12 q
JECJacobs Engineering Group	6.24%	5,620,847	$505M	trimmed−3%	−0.75 pp	27 q
METAMeta Platforms, Inc. Class A	5.77%	2,273,800	$467M	trimmed−2%	+0.36 pp	13 q
FWONKLiberty Media Corporation Series C Liberty Formula One	5.77%	10,152,070	$467M	trimmed−16%	−0.83 pp	13 q
MAMastercard Incorporated	5.06%	1,371,235	$409M	trimmed−3%	0.00 pp	27 q
SCHWThe Charles Schwab Corporation	5.03%	8,548,008	$407M	trimmed−2%	+0.25 pp	15 q
GOOGLAlphabet Inc. Class A	4.57%	276,043	$370M	trimmed−1%	+0.11 pp	18 q
LBRDKLiberty Broadband Corporation Class C	4.55%	2,923,967	$368M	trimmed−6%	+0.28 pp	8 q
WWayfair Inc.	4.47%	3,995,919	$361M	added+39%	+0.23 pp	2 q
ANETArista Networks	4.38%	1,740,724	$354M	added×483.5	+4.37 pp	3 q
BKNGBooking Holdings Inc.	4.24%	166,995	$343M	trimmed−5%	−0.27 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	4.02%	1,435,893	$325M	added+6%	+0.31 pp	27 q
AMZNAmazon.Com Inc	3.57%	156,429	$289M	trimmed−27%	−1.33 pp	13 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.14%	2,982,431	$173M	new	+2.14 pp	new
VVISA Inc.	1.94%	834,874	$157M	trimmed−2%	+0.01 pp	27 q
LBRDALiberty Broadband Corporation Class A	1.55%	1,009,350	$126M	trimmed−1%	+0.15 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.31%	359,157	$106M	new	+1.31 pp	new
LM05Liberty Media Corp-liberty-a	0.20%	361,180	$16M	trimmed−3%	+0.01 pp	13 q
EXPDExpeditors International of Washington, Inc.	0.10%	102,132	$8M	held	—	27 q
BLDRBuilders FirstSource, Inc.	0.02%	73,121	$2M	added0%	0.00 pp	15 q
MHKMohawk Industries, Inc.	0.02%	14,009	$2M	trimmed−99%	−2.27 pp	27 q
BABAAlibaba Group Holding Limited	0.01%	1,945	$413,000	trimmed−5%	+0.01 pp	2 q
AEPAmerican Electric Power Company, Inc.	0.01%	8,892	$840,000	trimmed−28%	−0.01 pp	27 q
KOCoca-Cola Company	0.01%	14,260	$789,000	trimmed−27%	0.00 pp	27 q
EIXEdison International	0.01%	10,957	$826,000	trimmed−24%	0.00 pp	27 q
JDJD.com, Inc.	0.01%	12,000	$423,000	trimmed−8%	+0.01 pp	16 q
PGProcter & Gamble Company	0.01%	6,602	$825,000	trimmed−28%	0.00 pp	27 q
TJXTJX Companies, Inc. (The)	0.01%	8,141	$497,000	trimmed−53%	0.00 pp	27 q
UNPUnion Pacific Corp.	0.01%	4,665	$843,000	trimmed−27%	0.00 pp	27 q
unresolvedFiat Chrysler Automobiles NV s	0.01%	37,738	$554,000	held	—	12 q
GTTGTT Communications, Inc.	0.00%	24,100	$274,000	held	—	2 q
JPMJPMorgan Chase & Co.	0.00%	1,708	$238,000	held	—	2 q
RMNIRimini Street, Inc. (DE)	0.00%	10,119	$39,000	held	—	6 q
SAILSailPoint, Inc.	0.00%	16,032	$378,000	added+15%	0.00 pp	5 q
WTRHWaitr Holdings Inc.	0.00%	29,044	$9,000	added+3%	0.00 pp	3 q
WFCWells Fargo & Co.	0.00%	4,181	$225,000	trimmed−10%	0.00 pp	27 q
COSTCostco Wholesale Corp	—	−2,415	—	exited	−0.01 pp	—
AAPLApple Inc.	—	−1,000	—	exited	0.00 pp	—
IDXXIdexx Laboratories Inc	—	−1,146	—	exited	0.00 pp	—