Ruane, Cunniff & Goldfarb

Q2 2020 13F

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $7.5B · prev $6.2B
Positions: 37 · prev 38
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%

Moves33 since the prior filing

+10.2 pp in · −10.2 pp out

New 1 +4.21 pp
Added 7 +6.00 pp
Trimmed 23 −5.84 pp
Exited 2 −4.32 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions39% of US stock

Positions37 in this filing · 2 exited


GOOGAlphabet Inc. Class C	9.74%	514,126	$727M	trimmed−19%	−2.12 pp	25 q
KMXCarMax Inc.	8.08%	6,729,480	$603M	trimmed−27%	+0.18 pp	17 q
WWayfair Inc.	7.86%	2,968,852	$587M	trimmed−43%	+3.43 pp	4 q
METAMeta Platforms, Inc. Class A	6.98%	2,292,319	$521M	added+3%	+1.05 pp	15 q
CACCCredit Acceptance Corp	6.77%	1,206,213	$505M	added+3%	+1.99 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.67%	1,433,955	$423M	added+1%	+0.01 pp	3 q
ANETArista Networks	5.57%	1,978,002	$415M	trimmed−1%	−0.93 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.19%	6,827,455	$388M	added×2.2	+2.86 pp	3 q
JECJacobs Engineering Group	4.77%	4,198,002	$356M	trimmed−1%	−0.62 pp	29 q
GOOGLAlphabet Inc. Class A	4.72%	248,183	$352M	trimmed−9%	−0.35 pp	20 q
SCHWThe Charles Schwab Corporation	4.45%	9,835,466	$332M	trimmed−17%	−1.92 pp	17 q
FWONKLiberty Media Corporation Series C Liberty Formula One	4.35%	10,228,970	$324M	added+5%	+0.08 pp	15 q
AMZNAmazon.Com Inc	4.26%	115,343	$318M	trimmed−1%	+0.61 pp	15 q
DISThe Walt Disney Company	4.21%	2,814,237	$314M	new	+4.21 pp	new
MAMastercard Incorporated	3.95%	997,928	$295M	trimmed−19%	−0.83 pp	29 q
LBRDKLiberty Broadband Corporation Class C	3.71%	2,232,097	$277M	trimmed−1%	−0.29 pp	10 q
BRK.ABerkshire Hathaway Inc.	3.68%	1,028	$275M	trimmed−11%	−1.34 pp	29 q
BRK.BBERKSHIRE HATHAWAY Class B	2.65%	1,105,900	$197M	trimmed−15%	−1.16 pp	29 q
LBRDALiberty Broadband Corporation Class A	1.60%	979,772	$120M	trimmed−1%	−0.09 pp	10 q
VVISA Inc.	1.45%	558,702	$108M	trimmed−23%	−0.42 pp	29 q
LM05Liberty Media Corp-liberty-a	0.14%	348,113	$10M	trimmed−1%	0.00 pp	15 q
EXPDExpeditors International of Washington, Inc.	0.10%	102,132	$8M	held	—	29 q
BLDRBuilders FirstSource, Inc.	0.02%	79,562	$2M	trimmed−2%	0.00 pp	17 q
BABAAlibaba Group Holding Limited	0.01%	1,945	$420,000	held	—	4 q
AEPAmerican Electric Power Company, Inc.	0.01%	6,686	$532,000	trimmed−5%	0.00 pp	29 q
KOCoca-Cola Company	0.01%	10,550	$471,000	trimmed−6%	0.00 pp	29 q
EIXEdison International	0.01%	7,868	$427,000	trimmed−6%	0.00 pp	29 q
JDJD.com, Inc.	0.01%	12,000	$722,000	held	—	18 q
MHKMohawk Industries, Inc.	0.01%	10,833	$1M	held	—	29 q
PGProcter & Gamble Company	0.01%	5,144	$615,000	trimmed−5%	0.00 pp	29 q
SAILSailPoint, Inc.	0.01%	14,663	$388,000	added0%	+0.01 pp	7 q
SBGISinclair, Inc. Class A	0.01%	20,845	$385,000	held	—	2 q
UNPUnion Pacific Corp.	0.01%	3,360	$568,000	trimmed−5%	0.00 pp	29 q
unresolvedFiat Chrysler Automobiles NV s	0.01%	37,777	$387,000	trimmed−0%	+0.01 pp	14 q
ANGIAngi Inc. Class A	0.00%	14,674	$178,000	added+21%	0.00 pp	2 q
GTTGTT Communications, Inc.	0.00%	24,100	$197,000	held	—	4 q
WTRHWaitr Holdings Inc.	0.00%	18,989	$50,000	trimmed−37%	0.00 pp	5 q
BKNGBooking Holdings Inc.	—	−200,562	—	exited	−4.32 pp	—
PGRProgressive Corporation	—	−3,539	—	exited	0.00 pp	—