Ruane, Cunniff & Goldfarb

Q1 2020 13F

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $6.2B · prev $8.1B
Positions: 38 · prev 39
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

+5.8 pp in · −5.8 pp out

New 3 +0.01 pp
Added 11 +5.79 pp
Trimmed 20 −5.81 pp
Exited 4 −0.01 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions39% of US stock

GOOG Alphabet Inc. Class C trimmed−0.15 pp trimmed−0.1511.9%
KMX CarMax Inc. added−0.72 pp added−0.727.9%
ANET Arista Networks added+2.12 pp added+2.126.5%
SCHW The Charles Schwab Corporation added+1.34 pp added+1.346.4%
META Meta Platforms, Inc. Class A trimmed+0.16 pp trimmed+0.165.9%

Positions38 in this filing · 4 exited


GOOGAlphabet Inc. Class C	11.86%	636,694	$740M	trimmed−12%	−0.15 pp	24 q
KMXCarMax Inc.	7.90%	9,164,102	$493M	added+15%	−0.72 pp	16 q
ANETArista Networks	6.50%	2,004,363	$406M	added+15%	+2.12 pp	4 q
SCHWThe Charles Schwab Corporation	6.37%	11,822,806	$397M	added+38%	+1.34 pp	16 q
METAMeta Platforms, Inc. Class A	5.93%	2,219,818	$370M	trimmed−2%	+0.16 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.66%	1,416,053	$353M	added×3.9	+4.35 pp	2 q
JECJacobs Engineering Group	5.39%	4,242,763	$336M	trimmed−25%	−0.85 pp	28 q
GOOGLAlphabet Inc. Class A	5.07%	272,260	$316M	trimmed−1%	+0.50 pp	19 q
BRK.ABerkshire Hathaway Inc.	5.02%	1,152	$313M	trimmed−40%	−3.01 pp	28 q
CACCCredit Acceptance Corp	4.78%	1,166,223	$298M	added+1%	−1.52 pp	13 q
MAMastercard Incorporated	4.78%	1,234,124	$298M	trimmed−10%	−0.28 pp	28 q
WWayfair Inc.	4.43%	5,173,101	$276M	added+29%	−0.04 pp	3 q
BKNGBooking Holdings Inc.	4.32%	200,562	$270M	added+20%	+0.08 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.27%	9,782,200	$266M	trimmed−4%	−1.50 pp	14 q
LBRDKLiberty Broadband Corporation Class C	4.00%	2,256,252	$250M	trimmed−23%	−0.55 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	3.81%	1,299,426	$238M	trimmed−10%	−0.21 pp	28 q
AMZNAmazon.Com Inc	3.65%	116,851	$228M	trimmed−25%	+0.08 pp	14 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.33%	3,047,431	$146M	added+2%	+0.19 pp	2 q
VVISA Inc.	1.87%	723,672	$117M	trimmed−13%	−0.07 pp	28 q
LBRDALiberty Broadband Corporation Class A	1.69%	987,473	$106M	trimmed−2%	+0.14 pp	9 q
LM05Liberty Media Corp-liberty-a	0.14%	349,870	$9M	trimmed−3%	−0.06 pp	14 q
EXPDExpeditors International of Washington, Inc.	0.11%	102,132	$7M	held	—	28 q
BLDRBuilders FirstSource, Inc.	0.02%	80,881	$989,000	added+11%	0.00 pp	16 q
BABAAlibaba Group Holding Limited	0.01%	1,945	$378,000	held	—	3 q
AEPAmerican Electric Power Company, Inc.	0.01%	7,063	$565,000	trimmed−21%	0.00 pp	28 q
KOCoca-Cola Company	0.01%	11,226	$497,000	trimmed−21%	0.00 pp	28 q
EIXEdison International	0.01%	8,410	$461,000	trimmed−23%	0.00 pp	28 q
JDJD.com, Inc.	0.01%	12,000	$486,000	held	—	17 q
MHKMohawk Industries, Inc.	0.01%	10,833	$826,000	trimmed−23%	−0.01 pp	28 q
PGProcter & Gamble Company	0.01%	5,399	$594,000	trimmed−18%	0.00 pp	28 q
SBGISinclair, Inc. Class A	0.01%	20,845	$335,000	new	+0.01 pp	new
UNPUnion Pacific Corp.	0.01%	3,541	$499,000	trimmed−24%	0.00 pp	28 q
ANGIAngi Inc. Class A	0.00%	12,176	$64,000	new	0.00 pp	new
GTTGTT Communications, Inc.	0.00%	24,100	$192,000	held	—	3 q
PGRProgressive Corporation	0.00%	3,539	$261,000	new	0.00 pp	new
SAILSailPoint, Inc.	0.00%	14,613	$222,000	trimmed−9%	0.00 pp	6 q
WTRHWaitr Holdings Inc.	0.00%	29,919	$37,000	added+3%	0.00 pp	4 q
unresolvedFiat Chrysler Automobiles NV s	0.00%	37,956	$273,000	added+1%	−0.01 pp	13 q
TJXTJX Companies, Inc. (The)	—	−8,141	—	exited	−0.01 pp	—
JPMJPMorgan Chase & Co.	—	−1,708	—	exited	0.00 pp	—
RMNIRimini Street, Inc. (DE)	—	−10,119	—	exited	0.00 pp	—
WFCWells Fargo & Co.	—	−4,181	—	exited	0.00 pp	—