Ruane, Cunniff & Goldfarb

Q2 2025 13F

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $5.8B · prev $5.5B
Positions: 43 · 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%

Moves31 since the prior filing

+5.3 pp in · −5.3 pp out

New 6 +2.86 pp
Added 7 +2.43 pp
Trimmed 17 −5.27 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions44% of US stock

SCHW The Charles Schwab Corporation trimmed+0.71 pp trimmed+0.7110.3%
FWONK Liberty Media Corporation Series C trimmed+0.64 pp trimmed+0.6410.1%
ICE Intercontinental Exchange Inc. trimmed−0.04 pp trimmed−0.048.7%
COF Capital One Financial trimmed+0.78 pp trimmed+0.787.7%
TSM Taiwan Semiconductor Manufacturing Company Ltd. added+1.82 pp added+1.827.5%

Positions43 in this filing · 1 exited


SCHWThe Charles Schwab Corporation	10.32%	6,598,822	$602M	trimmed−2%	+0.71 pp	37 q
FWONKLiberty Media Corporation Series C	10.05%	5,610,983	$586M	trimmed−3%	+0.64 pp	8 q
ICEIntercontinental Exchange Inc.	8.71%	2,768,977	$508M	trimmed−1%	−0.04 pp	20 q
COFCapital One Financial	7.72%	2,117,016	$450M	trimmed−1%	+0.78 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	7.45%	1,917,681	$434M	added+3%	+1.82 pp	23 q
ELVElevance Health, Inc.	7.31%	1,095,655	$426M	trimmed−2%	−1.56 pp	18 q
GOOGLAlphabet Inc. Class A	7.15%	2,366,319	$417M	trimmed−0%	+0.49 pp	40 q
CACCCredit Acceptance Corp	5.10%	584,025	$298M	trimmed−9%	−0.93 pp	34 q
METAMeta Platforms, Inc. Class A	5.03%	397,558	$293M	trimmed−22%	−0.32 pp	35 q
ICLRIcon Plc	4.26%	1,708,183	$248M	added+36%	+0.27 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.08%	763,439	$238M	trimmed−7%	−3.74 pp	23 q
GOOGAlphabet Inc. Class C	3.91%	1,286,121	$228M	trimmed−3%	+0.14 pp	45 q
LBRDKLiberty Broadband Corporation Class C	3.19%	1,889,287	$186M	trimmed−21%	−0.49 pp	30 q
MSAMine Safety Incorporated	2.73%	949,067	$159M	new	+2.73 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	2.72%	326,841	$159M	trimmed−3%	−0.54 pp	49 q
CHTRCharter Comm Inc Del CL A New	2.71%	386,614	$158M	trimmed−3%	+0.03 pp	5 q
JJacobs Solutions Inc.	2.42%	1,072,124	$141M	trimmed−9%	−0.16 pp	12 q
BRK.ABerkshire Hathaway Inc.	1.46%	117	$85M	trimmed−7%	−0.37 pp	49 q
FWONALiberty Media Corporation Series A	1.22%	748,343	$71M	added+1%	+0.12 pp	8 q
LBRDALiberty Broadband Corporation Class A	1.12%	668,807	$65M	trimmed−1%	+0.08 pp	30 q
AMTMAmentum Holdings, Inc.	0.99%	2,441,743	$58M	added+2%	+0.20 pp	4 q
TECHBio-Techne Corp.	0.13%	152,417	$8M	new	+0.13 pp	new
EQHEquitable Holdings, Inc.	0.04%	40,728	$2M	held	—	19 q
EXPDExpeditors International of Washington, Inc.	0.04%	21,902	$3M	held	—	5 q
GPIGroup 1 Automotive, Inc.	0.03%	3,350	$1M	trimmed−0%	+0.01 pp	9 q
LADLithia Motors, Inc.	0.02%	2,716	$917,519	held	—	11 q
AXPAmerican Express Company	0.01%	932	$297,289	held	—	6 q
KMXCarMax Inc.	0.01%	6,280	$422,079	held	—	37 q
MSFTMicrosoft Corp	0.01%	689	$342,715	added+6%	+0.01 pp	9 q
NFLXNetFlix Inc	0.01%	606	$811,513	held	—	19 q
VXUSVanguard Total International Stock ETF	0.01%	4,662	$322,098	added+13%	+0.01 pp	2 q
VOOVanguard S&P 500 ETF	0.01%	682	$387,396	held	—	2 q
VTIVanguard Morningstar Total Stock Market ETF	0.01%	2,551	$775,325	added+48%	0.00 pp	4 q
STLAStellantis N.V.	0.01%	39,677	$397,960	held	—	18 q
DGDollar General Corp.	0.00%	2,144	$245,231	new	0.00 pp	new
FERGFerguson Enterprises Inc.	0.00%	1,000	$217,750	new	0.00 pp	new
MUMicron Technology, Inc.	0.00%	2,162	$266,467	new	0.00 pp	new
RSGRepublic Services Inc.	0.00%	817	$201,480	new	0.00 pp	new
RMNIRimini Street, Inc. (DE)	0.00%	37,955	$143,090	held	—	16 q
SPGIS&P Global Inc.	0.00%	531	$279,991	held	—	7 q
SBGISinclair, Inc. Class A	0.00%	17,959	$248,193	held	—	22 q
ATAIAtaiBeckley Inc.	0.00%	42,112	$92,225	held	—	10 q
CPACopa Holdings, S.A.	0.00%	2,555	$280,973	held	—	3 q
BLDRBuilders FirstSource, Inc.	—	−4,700	—	exited	−0.01 pp	—