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Sequoia Fund Managers Buy Waters Corp., Berkshire Hathaway, Chesapeake Energy, Sell McGrawhill, W.R. Berkley, Aon Corp.

gurufocus

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Sequoia Fund was founded by the late Bill Ruane. Who died in 2005. Currently, the Fund’s investment committee consists of Richard T. Cunniff, Robert Goldfarb, and David Poppe. $10,000 invested in the fund in 1970 at inception would become $2,208573 through Dec. 31, 2010, dividend and distribution re-invested.

Ruane Cunniff buys Waters Corp., Berkshire Hathaway B, Chesapeake Energy Corp., Trimble Navigation Ltd., Google Inc., Corning Inc., Manpowergroup, Iivi Inc., Praxair Inc., Emcor Group Inc., Linear Technology Corp., West Pharmaceutical Services Inc., Yahoo! Inc., Ultra Petroleum Corp., Akamai Technologies Inc., Vanceinfo Technologies Inc., Sirona Dental Systems Inc., Washington Post, Everest Re Group Ltd., Directv, Shengkai Innovations Inc., Capella Education Company, Bed Bath & Beyond Inc., Microsoft Corp., sells McGrawhill Cos., W.r. Berkley Corp., Aon Corp., Eog Resources Inc., CVS Caremark, Pepsico Inc., Yum! Brands Inc., JP Morgan Chase during the 3-months ended 09/30/2011, according to the most recent filings of his investment company, Ruane & Cunniff & Goldfarb. As of 09/30/2011, Ruane & Cunniff & Goldfarb owns 129 stocks with a total value of $9.7 billion. These are the details of the buys and sells.

This is the portfolio chart of Ruane Cunniff. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Ruane Cunniff's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Ruane+Cunniff

This is the sector weightings of his portfolio:

Consumer Services 30.7%
Health Care 21.1%
Financials 19.8%
Industrials 10.6%
Technology 9.8%
Consumer Goods 4.2%
Oil & Gas 2.6%
Basic Materials 1.3%


These are the top 5 holdings of Ruane Cunniff

  1. Valeant Pharmaceuticals International Inc. (VRX) - 36,280,949 shares, 13.8% of the total portfolio. Shares reduced by 0.68%
  2. Berkshire Hathaway Inc. Cl A (BRK.A) - 9,958 shares, 10.9% of the total portfolio. Shares added by 0.47%
  3. TJX Cos. (TJX) - 17,465,961 shares, 10.0% of the total portfolio. Shares added by 0.36%
  4. Fastenal Company (FAST) - 22,635,889 shares, 7.7% of the total portfolio. Shares reduced by 0.38%
  5. Precision Castparts Corp. (PCP) - 3,079,424 shares, 4.9% of the total portfolio. Shares reduced by 0.42%


New Purchase: IIVI Inc. (IIVI)

Ruane Cunniff initiated holdings in Iivi Inc.. His purchase prices were between $17.1 and $27.89, with an estimated average price of $21.64. The impact to his portfolio due to this purchase was 0.12%. His holdings were 693,785 shares as of 09/30/2011. II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. Iivi Inc. has a market cap of $1.23 billion; its shares were traded at around $19.6 with a P/E ratio of 15.2 and P/S ratio of 2.5. Iivi Inc. had an annual average earnings growth of 20.6% over the past 10 years. GuruFocus rated Iivi Inc. the business predictability rank of 4.5-star.

New Purchase: Linear Technology Corp. (LLTC)

Ruane Cunniff initiated holdings in Linear Technology Corp.. His purchase prices were between $26.08 and $33.52, with an estimated average price of $29.23. The impact to his portfolio due to this purchase was 0.08%. His holdings were 268,689 shares as of 09/30/2011. Linear Technology products include operational, instrumentation and audio amplifiers; voltage regulators, power management devices, DC-DC converters and voltage references; comparators; monolithic filters; communications interface circuits; one-chip data acquisition sub-systems; pulse-width modulators and sample-and-hold devices. Linear Technology Corp. has a market cap of $7.42 billion; its shares were traded at around $32.03 with a P/E ratio of 13.2 and P/S ratio of 5. The dividend yield of Linear Technology Corp. stocks is 3%. Linear Technology Corp. had an annual average earnings growth of 15.1% over the past 10 years. GuruFocus rated Linear Technology Corp. the business predictability rank of 4.5-star.

New Purchase: Yahoo! Inc. (YHOO)

Ruane Cunniff initiated holdings in Yahoo! Inc.. His purchase prices were between $11.09 and $15.81, with an estimated average price of $13.85. The impact to his portfolio due to this purchase was 0.07%. His holdings were 500,000 shares as of 09/30/2011. Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services. Yahoo! Inc. has a market cap of $20.11 billion; its shares were traded at around $15.93 with a P/E ratio of 18.7 and P/S ratio of 3.2.

New Purchase: Akamai Technologies Inc. (AKAM)

Ruane Cunniff initiated holdings in Akamai Technologies Inc.. His purchase prices were between $20.01 and $31.66, with an estimated average price of $24.29. The impact to his portfolio due to this purchase was 0.04%. His holdings were 200,000 shares as of 09/30/2011. Akamai Technologies Inc. is the global service provider for accelerating content and business processes online. Akamai Technologies Inc. has a market cap of $5.43 billion; its shares were traded at around $29.46 with a P/E ratio of 26.3 and P/S ratio of 5.3. Akamai Technologies Inc. had an annual average earnings growth of 26.4% over the past 5 years.

New Purchase: Vanceinfo Technologies Inc. Ads (VIT)

Ruane Cunniff initiated holdings in Vanceinfo Technologies Inc. Ads. His purchase prices were between $6.96 and $22.7, with an estimated average price of $15.11. The impact to his portfolio due to this purchase was 0.03%. His holdings were 500,000 shares as of 09/30/2011. VanceInfo Technologies, Inc. provides information technology outsourcing services. Vanceinfo Technologies Inc. Ads has a market cap of $395.2 million; its shares were traded at around $8.87 with a P/E ratio of 12.7 and P/S ratio of 1.9.

New Purchase: Sirona Dental Systems Inc. (SIRO)

Ruane Cunniff initiated holdings in Sirona Dental Systems Inc.. His purchase prices were between $39.55 and $56, with an estimated average price of $47.48. The impact to his portfolio due to this purchase was 0.03%. His holdings were 61,605 shares as of 09/30/2011. Sirona Dental Systems Inc. is a company dedicated to creating and producing the finest dental equipment available. Sirona Dental Systems Inc. has a market cap of $2.45 billion; its shares were traded at around $43.65 with a P/E ratio of 15.8 and P/S ratio of 3.2. Sirona Dental Systems Inc. had an annual average earnings growth of 54.6% over the past 10 years.

New Purchase: Directv (DTV)

Ruane Cunniff initiated holdings in Directv. His purchase prices were between $41.02 and $53.08, with an estimated average price of $46.32. The impact to his portfolio due to this purchase was 0.01%. His holdings were 29,655 shares as of 09/30/2011. DIRECTV is a provider of digital multichannel television entertainment in the United States and Latin America. Directv has a market cap of $34.76 billion; its shares were traded at around $47.08 with a P/E ratio of 14.9 and P/S ratio of 1.4. Directv had an annual average earnings growth of 34.7% over the past 10 years.

Added: Waters Corp. (WAT)

Ruane Cunniff added to his holdings in Waters Corp. by 29918.2%. His purchase prices were between $72.38 and $99.16, with an estimated average price of $83.45. The impact to his portfolio due to this purchase was 0.7%. His holdings were 906,550 shares as of 09/30/2011. Waters Corporation is a holding company which owns only and all of the outstanding common stock of Waters Technologies Corporation, the operating subsidiary. Waters Corp. has a market cap of $7.26 billion; its shares were traded at around $79.46 with a P/E ratio of 17.2 and P/S ratio of 4.4. Waters Corp. had an annual average earnings growth of 13.5% over the past 10 years. GuruFocus rated Waters Corp. the business predictability rank of 5-star.

Added: Berkshire Hathaway B (BRK.B)

Ruane Cunniff added to his holdings in Berkshire Hathaway B by 22.37%. His purchase prices were between $66 and $77.77, with an estimated average price of $72.28. The impact to his portfolio due to this purchase was 0.38%. His holdings were 2,829,081 shares as of 09/30/2011. Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. Berkshire Hathaway B has a market cap of $187.9 billion; its shares were traded at around $75.86 with a P/E ratio of 12.5 and P/S ratio of 1.4. Berkshire Hathaway B had an annual average earnings growth of 18.2% over the past 10 years.

Added: Chesapeake Energy Corp. (CHK)

Ruane Cunniff added to his holdings in Chesapeake Energy Corp. by 116.67%. His purchase prices were between $26.04 and $34.39, with an estimated average price of $31.1. The impact to his portfolio due to this purchase was 0.37%. His holdings were 2,608,685 shares as of 09/30/2011. Chesapeake Energy Corp. is an independent oil and gas company engaged in the development, exploration, acquisition and production of onshore natural gas and oil reserves. Chesapeake Energy Corp. has a market cap of $16.96 billion; its shares were traded at around $25.67 with a P/E ratio of 8.8 and P/S ratio of 1.8. The dividend yield of Chesapeake Energy Corp. stocks is 1.4%. Chesapeake Energy Corp. had an annual average earnings growth of 9.8% over the past 10 years.

Added: Trimble Navigation Ltd. (TRMB)

Ruane Cunniff added to his holdings in Trimble Navigation Ltd. by 386.38%. His purchase prices were between $32.75 and $41.53, with an estimated average price of $36.6. The impact to his portfolio due to this purchase was 0.36%. His holdings were 1,307,062 shares as of 09/30/2011. Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Trimble Navigation Ltd. has a market cap of $5.28 billion; its shares were traded at around $43.03 with a P/E ratio of 24.2 and P/S ratio of 4.1. Trimble Navigation Ltd. had an annual average earnings growth of 14.1% over the past 10 years.

Added: Google Inc. (GOOG)

Ruane Cunniff added to his holdings in Google Inc. by 9.08%. His purchase prices were between $490.92 and $622.52, with an estimated average price of $552.64. The impact to his portfolio due to this purchase was 0.32%. His holdings were 731,700 shares as of 09/30/2011. Google is a public and profitable company focused on search services. Google Inc. has a market cap of $199.7 billion; its shares were traded at around $616.56 with a P/E ratio of 20 and P/S ratio of 6.8. Google Inc. had an annual average earnings growth of 58.4% over the past 10 years.

Added: Corning Inc. (GLW)

Ruane Cunniff added to his holdings in Corning Inc. by 40.24%. His purchase prices were between $12.13 and $18.31, with an estimated average price of $15.01. The impact to his portfolio due to this purchase was 0.31%. His holdings were 8,563,937 shares as of 09/30/2011. Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning Inc. has a market cap of $24.1 billion; its shares were traded at around $15.34 with a P/E ratio of 8.1 and P/S ratio of 3.6. The dividend yield of Corning Inc. stocks is 1.3%. Corning Inc. had an annual average earnings growth of 5.2% over the past 5 years.

Added: Manpowergroup (MAN)

Ruane Cunniff added to his holdings in Manpowergroup by 504.78%. His purchase prices were between $32.32 and $58.62, with an estimated average price of $43.21. The impact to his portfolio due to this purchase was 0.17%. His holdings were 604,780 shares as of 09/30/2011. Manpower Inc. is a non-governmental employment services organization. Manpowergroup has a market cap of $3.16 billion; its shares were traded at around $38.61 with a P/E ratio of 13.2 and P/S ratio of 0.2. The dividend yield of Manpowergroup stocks is 2.1%. Manpowergroup had an annual average earnings growth of 2% over the past 10 years.

Added: Praxair Inc. (PX)

Ruane Cunniff added to his holdings in Praxair Inc. by 10.38%. His purchase prices were between $90.16 and $111.3, with an estimated average price of $99.84. The impact to his portfolio due to this purchase was 0.12%. His holdings were 1,346,949 shares as of 09/30/2011. Praxair is one of the largest industrial gases companies in North and South America. Praxair Inc. has a market cap of $30.64 billion; its shares were traded at around $101.39 with a P/E ratio of 19.1 and P/S ratio of 3. The dividend yield of Praxair Inc. stocks is 2%. Praxair Inc. had an annual average earnings growth of 10.9% over the past 10 years. GuruFocus rated Praxair Inc. the business predictability rank of 5-star.

Added: Emcor Group Inc. (EME)

Ruane Cunniff added to his holdings in Emcor Group Inc. by 31.27%. His purchase prices were between $18.58 and $30.69, with an estimated average price of $24.33. The impact to his portfolio due to this purchase was 0.1%. His holdings were 2,098,423 shares as of 09/30/2011. EMCOR GROUP, INC. conducts its business through subsidiaries, specializes in the design, integration, installation, start-up, testing, operation andmaintenance of complex mechanical and electrical systems. Emcor Group Inc. has a market cap of $1.63 billion; its shares were traded at around $24.34 with a P/E ratio of 12.8 and P/S ratio of 0.3. The dividend yield of Emcor Group Inc. stocks is 0.8%.

Added: West Pharmaceutical Services Inc. (WST)

Ruane Cunniff added to his holdings in West Pharmaceutical Services Inc. by 286.3%. His purchase prices were between $36.91 and $46.45, with an estimated average price of $41.49. The impact to his portfolio due to this purchase was 0.08%. His holdings were 272,285 shares as of 09/30/2011. West Pharmaceutical Services applies technologies to the process of bringing new drug therapies and healthcare products. West Pharmaceutical Services Inc. has a market cap of $1.3 billion; its shares were traded at around $38.52 with a P/E ratio of 17.8 and P/S ratio of 1.2. The dividend yield of West Pharmaceutical Services Inc. stocks is 1.9%. West Pharmaceutical Services Inc. had an annual average earnings growth of 12.2% over the past 10 years. GuruFocus rated West Pharmaceutical Services Inc. the business predictability rank of 3-star.

Added: Ultra Petroleum Corp. (UPL)

Ruane Cunniff added to his holdings in Ultra Petroleum Corp. by 67.03%. His purchase prices were between $28.51 and $47.34, with an estimated average price of $38.5. The impact to his portfolio due to this purchase was 0.06%. His holdings were 501,940 shares as of 09/30/2011. Ultra Petroleum is an independent, exploration and production company focused on developing its long life natural gas reserves in the Green River Basin of Wyoming, and oil reserves in Bohai Bay, offshore China. Ultra Petroleum Corp. has a market cap of $5.33 billion; its shares were traded at around $34.84 with a P/E ratio of 14.2 and P/S ratio of 5.4.

Added: Washington Post Co. Cl B (WPO)

Ruane Cunniff added to his holdings in Washington Post Co. Cl B by 150.98%. His purchase prices were between $313 and $427.45, with an estimated average price of $367.62. The impact to his portfolio due to this purchase was 0.01%. His holdings were 3,323 shares as of 09/30/2011. The Washington Post Company's principal business activities consist of newspaper publishing (principally The Washington Post), television broadcasting (through the ownership and operation of six network-affiliated stations), the ownership and operation of cable televisionsystems, magazine publishing (principally Newsweek magazine), and (through its Kaplan subsidiary) the provision of educational and career development services. Washington Post Co. Cl B has a market cap of $2.7 billion; its shares were traded at around $340.67 with a P/E ratio of 13.7 and P/S ratio of 0.6. The dividend yield of Washington Post Co. Cl B stocks is 2.8%. Washington Post Co. Cl B had an annual average earnings growth of 4.4% over the past 10 years. GuruFocus rated Washington Post Co. Cl B the business predictability rank of 2-star.

Added: Everest Re Group Ltd. (RE)

Ruane Cunniff added to his holdings in Everest Re Group Ltd. by 20.93%. His purchase prices were between $73.5 and $83.47, with an estimated average price of $80.08. The impact to his portfolio due to this purchase was 0.01%. His holdings were 104,000 shares as of 09/30/2011. Everest Re Group, Ltd. is a world leader in property and casualty reinsurance and insurance, offering innovative products, responsive service and unsurpassed financial strength. Everest Re Group Ltd. has a market cap of $4.81 billion; its shares were traded at around $88.54 with a P/E ratio of 22.6 and P/S ratio of 1. The dividend yield of Everest Re Group Ltd. stocks is 2.2%.

Reduced: Mcgrawhill Cos. (MHP)

Ruane Cunniff reduced to his holdings in Mcgrawhill Cos. by 66.35%. His sale prices were between $35.35 and $45.44, with an estimated average price of $41.83. The impact to his portfolio due to this sale was -0.3%. Ruane Cunniff still held 405,840 shares as of 09/30/2011. McGraw-Hill Companies Inc. serves business, professional andeducational markets around the world with information products and services. Mcgrawhill Cos. has a market cap of $12.83 billion; its shares were traded at around $42.59 with a P/E ratio of 15 and P/S ratio of 2.1. The dividend yield of Mcgrawhill Cos. stocks is 2.3%. Mcgrawhill Cos. had an annual average earnings growth of 8.6% over the past 10 years. GuruFocus rated Mcgrawhill Cos. the business predictability rank of 3.5-star.

Reduced: W.r. Berkley Corp. (WRB)

Ruane Cunniff reduced to his holdings in W.r. Berkley Corp. by 50.24%. His sale prices were between $27.6 and $32.94, with an estimated average price of $30.37. The impact to his portfolio due to this sale was -0.24%. Ruane Cunniff still held 797,305 shares as of 09/30/2011. W. R. Berkley Corporation is an insurance holding company, which through its subsidiaries, operates in all segments of the property casualty insurance business: regional property casualty insurance; reinsurance; specialty lines of insurance; alternative markets; and international. W.r. Berkley Corp. has a market cap of $4.9 billion; its shares were traded at around $34.95 with a P/E ratio of 15.6 and P/S ratio of 1. The dividend yield of W.r. Berkley Corp. stocks is 0.9%.

Reduced: Eog Resources Inc. (EOG)

Ruane Cunniff reduced to his holdings in Eog Resources Inc. by 33.38%. His sale prices were between $73.72 and $106.57, with an estimated average price of $92.95. The impact to his portfolio due to this sale was -0.19%. Ruane Cunniff still held 400,000 shares as of 09/30/2011. EOG Resources, Inc. is engaged, either directly or through a marketing subsidiary with regard to domestic operations or through various subsidiaries with regard to international operations, in the exploration for, and the development, production and marketing of, natural gas and crude oil primarily in major producing basins in the United States, as well as in Canada and Trinidad. Eog Resources Inc. has a market cap of $27.88 billion; its shares were traded at around $103.77 with a P/E ratio of 34.8 and P/S ratio of 4.6. The dividend yield of Eog Resources Inc. stocks is 0.6%. Eog Resources Inc. had an annual average earnings growth of 15.1% over the past 10 years.

Reduced: Aon Corp. (AON)

Ruane Cunniff reduced to his holdings in Aon Corp. by 48.36%. His sale prices were between $40 and $51.83, with an estimated average price of $46.3. The impact to his portfolio due to this sale was -0.19%. Ruane Cunniff still held 427,170 shares as of 09/30/2011. Aon Corporation is a holding company whose operating subsidiaries carry onbusiness in three distinct segments: insurance brokerage and other services; consulting; and insurance underwriting. Aon Corp. has a market cap of $15.5 billion; its shares were traded at around $47.45 with a P/E ratio of 15 and P/S ratio of 1.8. The dividend yield of Aon Corp. stocks is 1.3%. Aon Corp. had an annual average earnings growth of 3.2% over the past 10 years.

Reduced: Pepsico Inc. (PEP)

Ruane Cunniff reduced to his holdings in Pepsico Inc. by 76.89%. His sale prices were between $59.99 and $70.52, with an estimated average price of $64.12. The impact to his portfolio due to this sale was -0.14%. Ruane Cunniff still held 64,669 shares as of 09/30/2011. PepsiCo, Inc. consists of: Frito-Lay Company, Pepsi-Cola Company, and Tropicana Products. Pepsico Inc. has a market cap of $99.39 billion; its shares were traded at around $62.8 with a P/E ratio of 14.6 and P/S ratio of 1.7. The dividend yield of Pepsico Inc. stocks is 3.3%. Pepsico Inc. had an annual average earnings growth of 8.5% over the past 10 years. GuruFocus rated Pepsico Inc. the business predictability rank of 4.5-star.

Reduced: Cvs Caremark (CVS)

Ruane Cunniff reduced to his holdings in Cvs Caremark by 46.11%. His sale prices were between $32.06 and $38.54, with an estimated average price of $35.73. The impact to his portfolio due to this sale was -0.14%. Ruane Cunniff still held 471,250 shares as of 09/30/2011. CVS/Caremark is the nation's premier integrated pharmacy services provider, combining one of the nation's pharmaceutical services companies with the country's largest pharmacy chain. Cvs Caremark has a market cap of $52.14 billion; its shares were traded at around $38.77 with a P/E ratio of 14.3 and P/S ratio of 0.5. The dividend yield of Cvs Caremark stocks is 1.3%. Cvs Caremark had an annual average earnings growth of 13.4% over the past 10 years. GuruFocus rated Cvs Caremark the business predictability rank of 4.5-star.

Reduced: Yum! Brands Inc. (YUM)

Ruane Cunniff reduced to his holdings in Yum! Brands Inc. by 91.86%. His sale prices were between $47.82 and $56.6, with an estimated average price of $53. The impact to his portfolio due to this sale was -0.03%. Ruane Cunniff still held 4,479 shares as of 09/30/2011. Yum! Brands Inc. is the one of the world's largest restaurant companies, with restaurants around the world in numerous countries and territories. Yum! Brands Inc. has a market cap of $25.68 billion; its shares were traded at around $55.29 with a P/E ratio of 20.1 and P/S ratio of 2.3. The dividend yield of Yum! Brands Inc. stocks is 2.1%. Yum! Brands Inc. had an annual average earnings growth of 11.1% over the past 10 years. GuruFocus rated Yum! Brands Inc. the business predictability rank of 4-star.

Reduced: JP Morgan Chase (JPM)

Ruane Cunniff reduced to his holdings in Jp Morgan Chase by 40.31%. His sale prices were between $29.27 and $42.29, with an estimated average price of $36.55. The impact to his portfolio due to this sale was -0.01%. Ruane Cunniff still held 21,421 shares as of 09/30/2011. J.P. Morgan Chase & Co. is a global financial services firm. Jp Morgan Chase has a market cap of $126.91 billion; its shares were traded at around $32.55 with a P/E ratio of 6.9 and P/S ratio of 1.2. The dividend yield of Jp Morgan Chase stocks is 3.1%.

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