Ruane, Cunniff & Goldfarb

Q3 2024 13F

As of: Sep 30, 2024
Filed: Nov 13, 2024
US stock: $6.4B · prev $6.4B
Positions: 37 · 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%

Moves31 since the prior filing

+1.5 pp in · −1.5 pp out

New 2 +1.28 pp
Added 5 +0.19 pp
Trimmed 22 −1.48 pp
Exited 2 −0.02 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.2% a year, about 19.4 years per position

Low
Moderate
High

Top 5 positions45% of US stock

ICE Intercontinental Exchange Inc. trimmed+1.70 pp trimmed+1.7012.6%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed+1.03 pp trimmed+1.038.8%
ELV Elevance Health, Inc. trimmed−0.48 pp trimmed−0.488.2%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−0.30 pp trimmed−0.307.9%
SCHW The Charles Schwab Corporation trimmed−1.39 pp trimmed−1.397.5%

Positions37 in this filing · 2 exited


ICEIntercontinental Exchange Inc.	12.60%	5,012,488	$805M	trimmed−2%	+1.70 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	8.84%	966,315	$565M	trimmed−2%	+1.03 pp	20 q
ELVElevance Health, Inc.	8.17%	1,004,533	$522M	trimmed−2%	−0.48 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	7.89%	2,904,689	$504M	trimmed−4%	−0.30 pp	20 q
SCHWThe Charles Schwab Corporation	7.55%	7,450,286	$483M	trimmed−4%	−1.39 pp	34 q
FWONKLiberty Media Corporation Series C	7.37%	6,081,334	$471M	trimmed−2%	+0.45 pp	5 q
GOOGLAlphabet Inc. Class A	6.92%	2,667,043	$442M	trimmed−4%	−0.96 pp	37 q
COFCapital One Financial	6.49%	2,771,238	$415M	trimmed−2%	+0.40 pp	9 q
JJacobs Solutions Inc.	5.18%	2,530,209	$331M	trimmed−2%	−0.43 pp	9 q
METAMeta Platforms, Inc. Class A	5.08%	567,157	$325M	trimmed−2%	+0.54 pp	32 q
CACCCredit Acceptance Corp	4.73%	681,604	$302M	trimmed−4%	−0.96 pp	31 q
GOOGAlphabet Inc. Class C	3.82%	1,460,992	$244M	trimmed−2%	−0.45 pp	42 q
BRK.BBERKSHIRE HATHAWAY Class B	3.13%	434,304	$200M	trimmed−1%	+0.35 pp	46 q
LBRDKLiberty Broadband Corporation Class C	3.04%	2,514,729	$194M	trimmed−2%	+0.85 pp	27 q
CHTRCharter Comm Inc Del CL A New	2.31%	455,023	$147M	added0%	+0.19 pp	2 q
KMXCarMax Inc.	2.21%	1,825,488	$141M	trimmed−52%	−2.13 pp	34 q
BRK.ABerkshire Hathaway Inc.	1.45%	134	$93M	trimmed−3%	+0.13 pp	46 q
AMTMAmentum Holdings, Inc.	1.28%	2,530,489	$82M	new	+1.28 pp	new
FWONALiberty Media Corporation Series A	0.88%	790,661	$57M	trimmed−3%	+0.07 pp	5 q
LBRDALiberty Broadband Corporation Class A	0.85%	709,767	$55M	trimmed−2%	+0.23 pp	27 q
EXPDExpeditors International of Washington, Inc.	0.07%	34,402	$5M	trimmed−66%	−0.13 pp	2 q
EQHEquitable Holdings, Inc.	0.03%	40,844	$2M	trimmed−0%	0.00 pp	16 q
GPIGroup 1 Automotive, Inc.	0.02%	3,386	$1M	trimmed−1%	0.00 pp	6 q
ASAIYSendas Distribudra S/	0.02%	151,270	$1M	added+9%	0.00 pp	12 q
BLDRBuilders FirstSource, Inc.	0.01%	4,700	$911,142	held	—	34 q
ISCViShares Morningstar Small-Cap Value ETF	0.01%	6,380	$405,005	held	—	7 q
LADLithia Motors, Inc.	0.01%	2,728	$866,522	added0%	0.00 pp	8 q
NFLXNetFlix Inc	0.01%	606	$429,818	trimmed−1%	0.00 pp	16 q
STLAStellantis N.V.	0.01%	51,673	$726,006	added+14%	0.00 pp	15 q
AXPAmerican Express Company	0.00%	932	$252,758	held	—	3 q
MSFTMicrosoft Corp	0.00%	649	$279,265	held	—	6 q
MUMicron Technology, Inc.	0.00%	2,162	$224,221	held	—	15 q
RMNIRimini Street, Inc. (DE)	0.00%	38,090	$70,467	added+34%	0.00 pp	13 q
SPGIS&P Global Inc.	0.00%	531	$274,325	held	—	4 q
SBGISinclair, Inc. Class A	0.00%	17,959	$274,773	held	—	19 q
VTIVanguard Morningstar Total Stock Market ETF	0.00%	1,065	$301,565	new	0.00 pp	new
ATAIAtaiBeckley Inc.	0.00%	42,112	$48,850	held	—	7 q
MHKMohawk Industries, Inc.	—	−10,790	—	exited	−0.02 pp	—
GSGoldman Sachs Group Inc.	—	−450	—	exited	0.00 pp	—