Ruane, Cunniff & Goldfarb

Q4 2025 13F

As of: Dec 31, 2025
Filed: Feb 12, 2026
US stock: $6.4B · prev $6.0B
Positions: 48 · prev 47
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%

Moves38 since the prior filing

+6.7 pp in · −6.7 pp out

New 4 +6.94 pp
Added 6 −0.24 pp
Trimmed 25 −6.67 pp
Exited 3 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions43% of US stock

GOOGL Alphabet Inc. Class A trimmed+1.14 pp trimmed+1.1410.6%
SCHW The Charles Schwab Corporation trimmed−1.26 pp trimmed−1.268.7%
FWONK Liberty Media Corporation Series C trimmed−1.19 pp trimmed−1.198.4%
COF Capital One Financial trimmed+0.44 pp trimmed+0.447.8%
ELV Elevance Health, Inc. trimmed+0.04 pp trimmed+0.047.8%

Positions48 in this filing · 3 exited


GOOGLAlphabet Inc. Class A	10.63%	2,174,821	$681M	trimmed−8%	+1.14 pp	42 q
SCHWThe Charles Schwab Corporation	8.73%	5,594,948	$559M	trimmed−11%	−1.26 pp	39 q
FWONKLiberty Media Corporation Series C	8.45%	5,491,118	$541M	trimmed−1%	−1.19 pp	10 q
COFCapital One Financial	7.83%	2,068,023	$501M	trimmed−1%	+0.44 pp	14 q
ELVElevance Health, Inc.	7.79%	1,422,506	$499M	trimmed−2%	+0.04 pp	20 q
ICEIntercontinental Exchange Inc.	6.84%	2,703,907	$438M	trimmed−1%	−0.82 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	6.75%	1,421,721	$432M	trimmed−24%	−1.96 pp	25 q
GOOGAlphabet Inc. Class C	5.60%	1,142,353	$358M	trimmed−9%	+0.54 pp	47 q
ICLRIcon Plc	4.78%	1,679,590	$306M	trimmed−1%	−0.15 pp	5 q
MSAMine Safety Incorporated	4.53%	1,811,635	$290M	added+6%	−0.33 pp	3 q
ACNAccenture PLC	3.95%	943,420	$253M	new	+3.95 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.85%	745,999	$246M	trimmed−2%	−0.49 pp	25 q
CACCCredit Acceptance Corp	3.71%	536,132	$238M	trimmed−7%	−0.77 pp	36 q
ALGNAlign Technology Inc	2.98%	1,222,534	$191M	new	+2.98 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	2.48%	316,106	$159M	trimmed−2%	−0.21 pp	51 q
METAMeta Platforms, Inc. Class A	2.46%	239,018	$158M	trimmed−2%	−0.51 pp	37 q
LBRDKLiberty Broadband Corporation Class C	1.40%	1,841,624	$90M	trimmed−2%	−0.57 pp	32 q
BRK.ABerkshire Hathaway Inc.	1.36%	115	$87M	trimmed−2%	−0.10 pp	51 q
TECHBio-Techne Corp.	1.35%	1,465,935	$86M	trimmed−1%	−0.01 pp	3 q
CHTRCharter Comm Inc Del CL A New	1.18%	362,000	$76M	trimmed−3%	−0.52 pp	7 q
AMTMAmentum Holdings, Inc.	1.08%	2,394,129	$69M	trimmed−1%	+0.12 pp	6 q
FWONALiberty Media Corporation Series A	1.03%	738,880	$66M	trimmed−0%	−0.14 pp	10 q
LBRDALiberty Broadband Corporation Class A	0.49%	652,780	$32M	trimmed−2%	−0.21 pp	32 q
GLIBKLiberty Capital Corporation Series C GCI Group	0.31%	539,071	$20M	added+44%	+0.08 pp	2 q
SAPSap SE	0.17%	45,927	$11M	trimmed−0%	−0.03 pp	2 q
GLIBALiberty Capital Corporation Series A GCI Group	0.08%	131,168	$5M	trimmed−2%	0.00 pp	2 q
EQHEquitable Holdings, Inc.	0.03%	40,636	$2M	held	—	21 q
GPIGroup 1 Automotive, Inc.	0.02%	3,610	$1M	held	—	11 q
LADLithia Motors, Inc.	0.02%	3,049	$1M	added+12%	+0.01 pp	13 q
AXPAmerican Express Company	0.01%	932	$344,793	held	—	8 q
RSPCInvesco Exchange-Traded Fund Trust Invesco S&P 500 Equal Weight Communication Services ETF	0.01%	11,029	$439,321	new	+0.01 pp	new
JJacobs Solutions Inc.	0.01%	6,487	$859,268	trimmed−31%	−0.01 pp	14 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	4,112	$321,271	added+11%	0.00 pp	2 q
MSFTMicrosoft Corp	0.01%	689	$333,214	held	—	11 q
MUMicron Technology, Inc.	0.01%	2,162	$617,056	held	—	3 q
NFLXNetFlix Inc	0.01%	5,220	$489,427	trimmed−14%	0.00 pp	21 q
VXUSVanguard Total International Stock ETF	0.01%	5,438	$410,243	added+3%	0.00 pp	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.01%	2,678	$897,853	added+1%	0.00 pp	6 q
AAPLApple Inc.	0.00%	891	$242,227	held	—	2 q
DGDollar General Corp.	0.00%	2,170	$288,111	held	—	3 q
FERGFerguson Enterprises Inc.	0.00%	1,000	$222,630	held	—	3 q
RMNIRimini Street, Inc. (DE)	0.00%	37,141	$144,107	held	—	18 q
SPGIS&P Global Inc.	0.00%	531	$277,495	held	—	9 q
SBGISinclair, Inc. Class A	0.00%	17,959	$274,773	held	—	24 q
SDHCSmith Douglas Homes Corp.	0.00%	12,209	$204,745	held	—	2 q
VTVanguard Total World Stock ETF	0.00%	1,426	$201,152	new	0.00 pp	new
STLAStellantis N.V.	0.00%	25,581	$278,577	trimmed−6%	0.00 pp	20 q
CPACopa Holdings, S.A.	0.00%	2,555	$308,159	held	—	5 q
BLKBlackrock, Inc.	—	−186	—	exited	0.00 pp	—
KMXCarMax Inc.	—	−4,469	—	exited	0.00 pp	—
ATAIAtaiBeckley Inc.	—	−42,112	—	exited	0.00 pp	—