Ruane, Cunniff & Goldfarb

Q3 2025 13F

As of: Sep 30, 2025
Filed: Nov 13, 2025
US stock: $6.0B · prev $5.8B
Positions: 47 · prev 43
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%

Moves40 since the prior filing

+3.9 pp in · −3.9 pp out

New 7 +0.52 pp
Added 8 +3.38 pp
Trimmed 22 −3.89 pp
Exited 3 −0.05 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions46% of US stock

SCHW The Charles Schwab Corporation trimmed−0.33 pp trimmed−0.3310.0%
FWONK Liberty Media Corporation Series C trimmed−0.41 pp trimmed−0.419.6%
GOOGL Alphabet Inc. Class A trimmed+2.34 pp trimmed+2.349.5%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+1.26 pp trimmed+1.268.7%
ELV Elevance Health, Inc. added+0.44 pp added+0.447.8%

Positions47 in this filing · 3 exited


SCHWThe Charles Schwab Corporation	9.99%	6,315,561	$603M	trimmed−4%	−0.33 pp	38 q
FWONKLiberty Media Corporation Series C	9.64%	5,568,989	$582M	trimmed−1%	−0.41 pp	9 q
GOOGLAlphabet Inc. Class A	9.49%	2,356,719	$573M	trimmed−0%	+2.34 pp	41 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	8.71%	1,881,721	$526M	trimmed−2%	+1.26 pp	24 q
ELVElevance Health, Inc.	7.75%	1,448,283	$468M	added+32%	+0.44 pp	19 q
ICEIntercontinental Exchange Inc.	7.66%	2,743,291	$462M	trimmed−1%	−1.05 pp	21 q
COFCapital One Financial	7.39%	2,098,124	$446M	trimmed−1%	−0.33 pp	13 q
GOOGAlphabet Inc. Class C	5.06%	1,254,571	$306M	trimmed−2%	+1.15 pp	46 q
ICLRIcon Plc	4.93%	1,700,994	$298M	trimmed−0%	+0.67 pp	4 q
MSAMine Safety Incorporated	4.86%	1,705,286	$293M	added+80%	+2.13 pp	2 q
CACCCredit Acceptance Corp	4.48%	578,459	$270M	trimmed−1%	−0.62 pp	35 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.34%	758,223	$262M	trimmed−1%	+0.26 pp	24 q
METAMeta Platforms, Inc. Class A	2.97%	244,021	$179M	trimmed−39%	−2.06 pp	36 q
BRK.BBERKSHIRE HATHAWAY Class B	2.69%	322,552	$162M	trimmed−1%	−0.03 pp	50 q
LBRDKLiberty Broadband Corporation Class C	1.97%	1,874,237	$119M	trimmed−1%	−1.22 pp	31 q
CHTRCharter Comm Inc Del CL A New	1.70%	373,432	$103M	trimmed−3%	−1.01 pp	6 q
BRK.ABerkshire Hathaway Inc.	1.46%	117	$88M	held	—	50 q
TECHBio-Techne Corp.	1.36%	1,473,755	$82M	added×9.7	+1.23 pp	2 q
FWONALiberty Media Corporation Series A	1.17%	742,310	$71M	trimmed−1%	−0.05 pp	9 q
AMTMAmentum Holdings, Inc.	0.96%	2,423,748	$58M	trimmed−1%	−0.03 pp	5 q
LBRDALiberty Broadband Corporation Class A	0.70%	669,160	$42M	added0%	−0.42 pp	31 q
GLIBKLiberty Capital Corporation Series C GCI Group	0.23%	374,670	$14M	new	+0.23 pp	new
SAPSap SE	0.20%	46,000	$12M	new	+0.20 pp	new
GLIBALiberty Capital Corporation Series A GCI Group	0.08%	133,200	$5M	new	+0.08 pp	new
EQHEquitable Holdings, Inc.	0.03%	40,636	$2M	trimmed−0%	−0.01 pp	20 q
GPIGroup 1 Automotive, Inc.	0.03%	3,610	$2M	added+8%	0.00 pp	10 q
JJacobs Solutions Inc.	0.02%	9,349	$1M	trimmed−99%	−2.40 pp	13 q
AXPAmerican Express Company	0.01%	932	$309,573	held	—	7 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	3,712	$303,196	new	+0.01 pp	new
LADLithia Motors, Inc.	0.01%	2,716	$858,256	held	—	12 q
MSFTMicrosoft Corp	0.01%	689	$356,868	held	—	10 q
MUMicron Technology, Inc.	0.01%	2,162	$361,746	held	—	2 q
NFLXNetFlix Inc	0.01%	604	$724,148	trimmed−0%	0.00 pp	20 q
VXUSVanguard Total International Stock ETF	0.01%	5,301	$389,411	added+14%	0.00 pp	3 q
VTIVanguard Morningstar Total Stock Market ETF	0.01%	2,647	$868,666	added+4%	0.00 pp	5 q
CPACopa Holdings, S.A.	0.01%	2,555	$303,585	held	—	4 q
AAPLApple Inc.	0.00%	891	$226,875	new	0.00 pp	new
BLKBlackrock, Inc.	0.00%	186	$216,852	new	0.00 pp	new
KMXCarMax Inc.	0.00%	4,469	$200,524	trimmed−29%	−0.01 pp	38 q
DGDollar General Corp.	0.00%	2,170	$224,270	added+1%	0.00 pp	2 q
FERGFerguson Enterprises Inc.	0.00%	1,000	$224,580	held	—	2 q
RMNIRimini Street, Inc. (DE)	0.00%	37,141	$173,820	trimmed−2%	0.00 pp	17 q
SPGIS&P Global Inc.	0.00%	531	$258,443	held	—	8 q
SBGISinclair, Inc. Class A	0.00%	17,959	$271,181	held	—	23 q
SDHCSmith Douglas Homes Corp.	0.00%	12,209	$215,611	new	0.00 pp	new
ATAIAtaiBeckley Inc.	0.00%	42,112	$222,772	held	—	11 q
STLAStellantis N.V.	0.00%	27,313	$255,103	trimmed−31%	−0.01 pp	19 q
EXPDExpeditors International of Washington, Inc.	—	−21,902	—	exited	−0.04 pp	—
VOOVanguard S&P 500 ETF	—	−682	—	exited	−0.01 pp	—
RSGRepublic Services Inc.	—	−817	—	exited	0.00 pp	—