Ruane, Cunniff & Goldfarb

Q1 2025 13F

As of: Mar 31, 2025
Filed: May 14, 2025
US stock: $5.5B · prev $5.9B
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%

Moves29 since the prior filing

0.0 pp in · −0.4 pp out

New 2 +0.01 pp
Added 1 0.00 pp
Trimmed 23 −0.35 pp
Exited 3 −0.02 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions44% of US stock

SCHW The Charles Schwab Corporation trimmed+0.94 pp trimmed+0.949.6%
FWONK Liberty Media Corporation Series C trimmed+0.18 pp trimmed+0.189.4%
ELV Elevance Health, Inc. trimmed+1.71 pp trimmed+1.718.9%
ICE Intercontinental Exchange Inc. trimmed−3.41 pp trimmed−3.418.8%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed+0.62 pp trimmed+0.627.8%

Positions38 in this filing · 3 exited


SCHWThe Charles Schwab Corporation	9.61%	6,761,375	$529M	trimmed−2%	+0.94 pp	36 q
FWONKLiberty Media Corporation Series C	9.41%	5,755,304	$518M	trimmed−2%	+0.18 pp	7 q
ELVElevance Health, Inc.	8.87%	1,122,920	$488M	trimmed−2%	+1.71 pp	17 q
ICEIntercontinental Exchange Inc.	8.75%	2,794,096	$482M	trimmed−42%	−3.41 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	7.82%	822,168	$431M	trimmed−2%	+0.62 pp	22 q
COFCapital One Financial	6.94%	2,130,414	$382M	trimmed−2%	+0.35 pp	11 q
GOOGLAlphabet Inc. Class A	6.66%	2,372,844	$367M	trimmed−1%	−1.03 pp	39 q
CACCCredit Acceptance Corp	6.03%	643,101	$332M	trimmed−2%	+0.81 pp	33 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.63%	1,866,293	$310M	trimmed−3%	−0.85 pp	22 q
METAMeta Platforms, Inc. Class A	5.35%	510,972	$295M	trimmed−2%	+0.17 pp	34 q
ICLRIcon Plc	3.99%	1,254,350	$219M	trimmed−1%	−0.52 pp	2 q
GOOGAlphabet Inc. Class C	3.77%	1,328,509	$208M	trimmed−5%	−0.73 pp	44 q
LBRDKLiberty Broadband Corporation Class C	3.68%	2,383,453	$203M	trimmed−1%	+0.62 pp	29 q
BRK.BBERKSHIRE HATHAWAY Class B	3.26%	336,982	$179M	trimmed−3%	+0.58 pp	48 q
CHTRCharter Comm Inc Del CL A New	2.68%	400,460	$148M	trimmed−3%	+0.27 pp	4 q
JJacobs Solutions Inc.	2.58%	1,176,743	$142M	trimmed−3%	−0.17 pp	11 q
BRK.ABerkshire Hathaway Inc.	1.83%	126	$101M	held	—	48 q
FWONALiberty Media Corporation Series A	1.10%	741,230	$60M	trimmed−1%	+0.03 pp	7 q
LBRDALiberty Broadband Corporation Class A	1.04%	674,067	$57M	trimmed−1%	+0.18 pp	29 q
AMTMAmentum Holdings, Inc.	0.79%	2,393,039	$44M	trimmed−2%	−0.08 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.05%	21,902	$3M	held	—	4 q
EQHEquitable Holdings, Inc.	0.04%	40,728	$2M	trimmed−0%	+0.01 pp	18 q
GPIGroup 1 Automotive, Inc.	0.02%	3,361	$1M	trimmed−0%	0.00 pp	8 q
BLDRBuilders FirstSource, Inc.	0.01%	4,700	$587,218	held	—	36 q
KMXCarMax Inc.	0.01%	6,280	$489,338	trimmed−77%	−0.03 pp	36 q
LADLithia Motors, Inc.	0.01%	2,716	$797,255	held	—	10 q
NFLXNetFlix Inc	0.01%	606	$565,113	held	—	18 q
SBGISinclair, Inc. Class A	0.01%	17,959	$286,087	held	—	21 q
VOOVanguard S&P 500 ETF	0.01%	682	$350,487	new	+0.01 pp	new
VTIVanguard Morningstar Total Stock Market ETF	0.01%	1,725	$474,099	added+49%	0.00 pp	3 q
STLAStellantis N.V.	0.01%	39,677	$444,779	trimmed−23%	0.00 pp	17 q
AXPAmerican Express Company	0.00%	932	$250,755	held	—	5 q
MSFTMicrosoft Corp	0.00%	649	$243,628	held	—	8 q
RMNIRimini Street, Inc. (DE)	0.00%	37,955	$132,083	held	—	15 q
SPGIS&P Global Inc.	0.00%	531	$269,801	held	—	6 q
VXUSVanguard Total International Stock ETF	0.00%	4,121	$255,914	new	0.00 pp	new
ATAIAtaiBeckley Inc.	0.00%	42,112	$57,272	held	—	9 q
CPACopa Holdings, S.A.	0.00%	2,555	$236,235	held	—	2 q
ISCViShares Morningstar Small-Cap Value ETF	—	−6,380	—	exited	−0.01 pp	—
ASAIYSendas Distribudra S/	—	−152,478	—	exited	−0.01 pp	—
AAPLApple Inc.	—	−821	—	exited	0.00 pp	—