The intrinsic value of business is Ruane Cunniff (Trades, Portfolio)’s focus when making investment decisions, and its success is clear. Its Sequoia Fund outperformed the S&P 500 from the time the Fund began in 1970 until September 2007, and its record in recent years hasn’t been bad, either. Last year, the Fund returned 7.55%, but that is a drop in the bucket compared to its returns in 2013 (34.58%).
Ruane Cunniff (Trades, Portfolio)’s most significant second-quarter transaction was its 8,498,547-share reduction of its stake in TJX Companies Inc. (NYSE:TJX), a Framingham, Mass.-based apparel and home goods retailer, for an average price of $66.55 per share. The sale had a -2.82% impact on Ruane Cunniff (Trades, Portfolio)’s portfolio. Continue Reading »