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Ruane Cunniff Buys Precision Castparts Corp., General Mills Inc., The J.M. Smucker Company, HDFC Bank Ltd., Sells Akamai Technologies Inc., Magna International Inc.

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Ruane & Cunniff & Goldfarb Inc. was founded by the late William Ruane, who worked together with Buffett at Ben Graham's firm. They employ a long term value approach, and like to buy high quality companies. This is the Q2 portfolio buys and sells. Ruane Cunniff owns 145 stocks with a total value of $6.9 billion.

Ruane Cunniff buys Precision Castparts Corp., The J.m. Smucker Company, Hdfc Bank Ltd., Ultra Petroleum Corp, General Mills Inc., C.h. Robinson Worldwide Inc., Emerson Electric Co., Idex Corp., At&t Inc., sells Akamai Technologies Inc., Mfs Intermediate Income Trust, Magna International Inc., Mercadolibre Inc., Knight Transportation Inc., Innerworkings Inc., Hugoton Royalty Trust Trust, Genzyme Corp., Expedia Inc., Cummins Inc., Continental Resrces, Cache Inc., Cabela's Inc., Vanguard St Bond Etf, Bristolmyers Squibb Company, Vanguard Int Trm Bd, Franklin Resources Inc., Bed Bath & Beyond Inc., Whole Foods Market Inc. during the 3-months ended 06/30/2009, according to the most recent filings of his investment company, Ruane & Cunniff & Goldfarb Inc. These are the details of the buys and sells.

New Purchases: CHRW, EMR, GIS, HDB, IEX, PCP, SJM, T, UPL,

Added Positions: IRS, JNJ, JPM, MTD, V, WMT,

Reduced Positions: ATN, FBAK.OB, GOOG, LOW, MAN, PETM, PGR, PVA, THO, VCP, WPO,

Sold Out: AKAM, BBBY, BEN, BIV, BMY, BSV, CAB, CACH, CLR, CMI, EXPE, GENZ, HGT, INWK, KNX, MELI, MGA, MIN, WFMI,

For the details of Ruane Cunniff's stock buys and sells, go to the Link Here

This is the sector weightings of Ruane Cunniff's portfolio:

Technology 2.7% 2.7%
Financials 32.2% 32.2%
Consumer Services 26.4% 26.4%
Health Care 9% 9%
Consumer Goods 5.4% 5.4%
Industrials 21.4% 21.4%
Basic Materials 0.3% 0.3%
Oil & Gas 2.7% 2.7%


These are the top 5 holdings of Ruane Cunniff

  1. Berkshire Hathaway Inc. (BRK-A) - 19,571 shares, 25.52% of the total portfolio
  2. IDEXX Laboratories Inc. (IDXX) - 13,239,807 shares, 8.86% of the total portfolio
  3. The TJX Companies Inc. (TJX) - 17,269,579 shares, 7.87% of the total portfolio
  4. Martin Marietta Materials Inc. (MLM) - 5,739,613 shares, 6.56% of the total portfolio
  5. Fastenal Company (FAST) - 11,963,688 shares, 5.75% of the total portfolio


Added: Walmart Stores Inc. (WMT)

Ruane Cunniff added to his holdings in Walmart Stores Inc. by 5.93%. His purchase prices were between $47.35 and $50.79, with an estimated average price of $49.1. The impact to his portfolio due to this purchase was 0.12%. His holdings were 3,078,586 shares as of 06/30/2009.

Wal-Mart Stores Inc. is the world's largest retailer. They are engaged in the operation of mass merchandising stores which serve their customers primarily through the operation of three segments which are the Wal-Mart Stores segment the SAM'S Club segment and the International segment. Walmart Stores Inc. has a market cap of $201.34 billion; its shares were traded at around $51.67 with a P/E ratio of 14.9 and P/S ratio of 0.5. The dividend yield of Walmart Stores Inc. stocks is 2.1%. Walmart Stores Inc. had an annual average earning growth of 13.3% over the past 10 years. GuruFocus rated Walmart Stores Inc. the business predictability rank of 5-star.

Added: Visa Inc. (V)

Ruane Cunniff added to his holdings in Visa Inc. by 707.9%. His purchase prices were between $57.82 and $69.17, with an estimated average price of $63.9. The impact to his portfolio due to this purchase was 0.1%. His holdings were 120,700 shares as of 06/30/2009.

VISA operates the world's largest retail electronic payments network and is one of the most recognized global financial services brands. Visa facilitates global commerce through the transfer of value and information among financial institutions merchants consumers businesses and government entities. Visa Inc. has a market cap of $56.89 billion; its shares were traded at around $67.2 with a P/E ratio of 24.4 and P/S ratio of 9.1. The dividend yield of Visa Inc. stocks is 0.6%.

Added: Johnson & Johnson (JNJ)

Ruane Cunniff added to his holdings in Johnson & Johnson by 22.8%. His purchase prices were between $50.47 and $56.6, with an estimated average price of $54.2. The impact to his portfolio due to this purchase was 0.01%. His holdings were 82,411 shares as of 06/30/2009.

Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. The company's worldwide business is divided into three segments: Consumer; Pharmaceutical; and Professional. Johnson & Johnson has a market cap of $166.35 billion; its shares were traded at around $60.37 with a P/E ratio of 13.3 and P/S ratio of 2.6. The dividend yield of Johnson & Johnson stocks is 3.3%. Johnson & Johnson had an annual average earning growth of 12.5% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4.5-star.

Added: Irsa Inversiones Y Representaciones S.a. (IRS)

Ruane Cunniff added to his holdings in Irsa Inversiones Y Representaciones S.a. by 21.48%. His purchase prices were between $3.9 and $4.99, with an estimated average price of $4.5. The impact to his portfolio due to this purchase was 0.01%. His holdings were 715,400 shares as of 06/30/2009.

IRSA Inversiones y Representaciones S.A. invests in and develops industrial commercial and residential real estate in Argentina Chile and Brazil. Irsa Inversiones Y Representaciones S.a. has a market cap of $356.5 million; its shares were traded at around $6.16 with and P/S ratio of 1. Irsa Inversiones Y Representaciones S.a. had an annual average earning growth of 23.5% over the past 10 years.

Added: Mettlertoledo International Inc. (MTD)

Ruane Cunniff added to his holdings in Mettlertoledo International Inc. by 21.95%. His purchase prices were between $55.27 and $77.3, with an estimated average price of $70.2. The impact to his portfolio due to this purchase was 0.01%. His holdings were 74,925 shares as of 06/30/2009.

Mettler-Toledo is the world's largest manufacturer and marketer of weighinginstruments for use in laboratory industrial and food retailing applications. The Company focuses on the high value-added segments of the weighing instruments market by providing solutions for specific applications. The Company also manufactures and sells certain related laboratory measurement instruments with one of the top three market positions worldwide in titrators thermal analysis systems pH meters and lab reactors. Mettlertoledo International Inc. has a market cap of $2.89 billion; its shares were traded at around $85.84 with a P/E ratio of 15.5 and P/S ratio of 1.5. Mettlertoledo International Inc. had an annual average earning growth of 13.1% over the past 10 years. GuruFocus rated Mettlertoledo International Inc. the business predictability rank of 3-star.

Added: Jpmorgan Chase & Co. (JPM)

Ruane Cunniff added to his holdings in Jpmorgan Chase & Co. by 72.84%. His purchase prices were between $32.44 and $38.88, with an estimated average price of $34.6. The impact to his portfolio due to this purchase was 0.01%. His holdings were 47,007 shares as of 06/30/2009.

J.P. Morgan Chase & Co. is a leading global financial services firm. The firm is a leader in investment banking asset management private banking private equity custody and transaction services and retail and middle market financial services. A component of the Dow Jones Industrial Average JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate institutional and government clients. Jpmorgan Chase & Co. has a market cap of $161.54 billion; its shares were traded at around $41.41 with a P/E ratio of 106.2 and P/S ratio of 2.5. The dividend yield of Jpmorgan Chase & Co. stocks is 0.5%.

New Purchase: Precision Castparts Corp. (PCP)

Ruane Cunniff initiated holdings in Precision Castparts Corp.. His purchase prices were between $63.11 and $87.68, with an estimated average price of $77. The impact to his portfolio due to this purchase was 3.41%. His holdings were 3,222,307 shares as of 06/30/2009.

Precision Castparts Corp. is a worldwide manufacturer of complex metal components and products. The company is a market leader in manufacturing large complex structural investment castings and is a leading manufacturer of airfoil castings used in jet aircraft engines. In addition the company has expanded into the industrial gas turbine fluidmanagement industrial metalworking tools and machines and other metal products markets. Precision Castparts Corp. has a market cap of $11.67 billion; its shares were traded at around $83.34 with a P/E ratio of 11.6 and P/S ratio of 1.7. The dividend yield of Precision Castparts Corp. stocks is 0.1%. Precision Castparts Corp. had an annual average earning growth of 16.3% over the past 10 years. GuruFocus rated Precision Castparts Corp. the business predictability rank of 3-star.

New Purchase: The J.m. Smucker Company (SJM)

Ruane Cunniff initiated holdings in The J.m. Smucker Company. His purchase prices were between $37.7 and $48.05, with an estimated average price of $41.2. The impact to his portfolio due to this purchase was 0.21%. His holdings were 300,314 shares as of 06/30/2009.

The J.M. Smucker Company headquartered in Orrville Ohio is the leading marketer of jams jellies preserves and other fruit spreads in the U.S. They are also the leader in dessert toppings natural peanut butter and health and natural foods juice products and market a wide variety of other specialty products throughout the U.S. and in many foreign countries. In the fruit spreads category they also hold the leadership position in Australia and Canada. The J.m. Smucker Company has a market cap of $6.05 billion; its shares were traded at around $50.86 with a P/E ratio of 13.6 and P/S ratio of 1.6. The dividend yield of The J.m. Smucker Company stocks is 2.8%. The J.m. Smucker Company had an annual average earning growth of 10.9% over the past 10 years. GuruFocus rated The J.m. Smucker Company the business predictability rank of 4.5-star.

New Purchase: Hdfc Bank Ltd. (HDB)

Ruane Cunniff initiated holdings in Hdfc Bank Ltd.. His purchase prices were between $69.1 and $106.09, with an estimated average price of $88. The impact to his portfolio due to this purchase was 0.12%. His holdings were 79,920 shares as of 06/30/2009.

HDFC BANK's mission is to be a World Class Indian Bank. The Bank's aim is to build a sound customer franchise across distinct businesses so as to be the preferred provider of banking services in the niche segments that the bank operates in and to achieve healthy growth in profitability consistent with the bank's risk appetite. The bank aims to ensure the highest level of ethical standards professional integrity and regulatory compliance. HDFC Bank's business philosophy is based on four core values: Operational Excellence Customer Focus Product Leadership and People. Hdfc Bank Ltd. has a market cap of $11.55 billion; its shares were traded at around $97.75 with a P/E ratio of 28.3 and P/S ratio of 2.7. The dividend yield of Hdfc Bank Ltd. stocks is 0.6%. Hdfc Bank Ltd. had an annual average earning growth of 60.7% over the past 5 years.

New Purchase: Ultra Petroleum Corp (UPL)

Ruane Cunniff initiated holdings in Ultra Petroleum Corp. His purchase prices were between $40.24 and $49.4, with an estimated average price of $44.3. The impact to his portfolio due to this purchase was 0.06%. His holdings were 100,500 shares as of 06/30/2009.

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 $7.02 billion; its shares were traded at around $46.42 with a P/E ratio of 23.3 and P/S ratio of 6.5. Ultra Petroleum Corp had an annual average earning growth of 48.6% over the past 5 years.

New Purchase: General Mills Inc. (GIS)

Ruane Cunniff initiated holdings in General Mills Inc.. His purchase prices were between $48.35 and $54.85, with an estimated average price of $51.8. The impact to his portfolio due to this purchase was 0.01%. His holdings were 7,716 shares as of 06/30/2009.

General Mills Inc. is one of the leading producers of packaged consumer foods and markets its products primarily through its own sales organizations supported by advertising and other promotional activities. Such products are primarily distributed directly to retail food chains cooperatives membership stores and wholesalers. General Mills Inc. has a market cap of $18.96 billion; its shares were traded at around $58.24 with a P/E ratio of 14.6 and P/S ratio of 1.3. The dividend yield of General Mills Inc. stocks is 3.3%. General Mills Inc. had an annual average earning growth of 7.2% over the past 10 years. GuruFocus rated General Mills Inc. the business predictability rank of 4-star.

New Purchase: C.h. Robinson Worldwide Inc. (CHRW)

Ruane Cunniff initiated holdings in C.h. Robinson Worldwide Inc.. His purchase prices were between $48.03 and $53.11, with an estimated average price of $51. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 4,182 shares as of 06/30/2009.

C.H. Robinson Worldwide Inc. is one of the largest third-party logistics companies in North America. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions operating through a network of offices in North America South America and Europe. C.H. Robinson maintains the single largest network of motor carrier capacity in North America through contracts with motor carriers and is one of the largest third-party providers of intermodal services in the United States. (PRESS RELEASE) C.h. Robinson Worldwide Inc. has a market cap of $9.42 billion; its shares were traded at around $55.6 with a P/E ratio of 26.4 and P/S ratio of 1.1. The dividend yield of C.h. Robinson Worldwide Inc. stocks is 1.8%. C.h. Robinson Worldwide Inc. had an annual average earning growth of 23.7% over the past 10 years. GuruFocus rated C.h. Robinson Worldwide Inc. the business predictability rank of 5-star.

New Purchase: Idex Corp. (IEX)

Ruane Cunniff initiated holdings in Idex Corp.. His purchase prices were between $22.98 and $25.74, with an estimated average price of $24.2. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 8,822 shares as of 06/30/2009.

IDEX CORP. designs manufactures and markets a broad range of fluid handling and industrial products serving a diverse customer base in the United States and internationally. Idex Corp. has a market cap of $2.15 billion; its shares were traded at around $26.61 with a P/E ratio of 16.2 and P/S ratio of 1.4. The dividend yield of Idex Corp. stocks is 1.8%. Idex Corp. had an annual average earning growth of 5.2% over the past 10 years.

New Purchase: Emerson Electric Co. (EMR)

Ruane Cunniff initiated holdings in Emerson Electric Co.. His purchase prices were between $31.41 and $35.79, with an estimated average price of $33.3. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 6,410 shares as of 06/30/2009.

Emerson is engaged principally in the worldwide design manufactureand sale of a broad range of electrical electromechanical and electronicproducts and systems. The divisions of the company are organized into the following business segments based on the nature of the products and services provided: Process Control; Industrial Automation; Electronics and Telecommunications; Heating Ventilating and Air Conditioning; and Appliance and Tools. Emerson Electric Co. has a market cap of $25.98 billion; its shares were traded at around $34.58 with a P/E ratio of 13.2 and P/S ratio of 1. The dividend yield of Emerson Electric Co. stocks is 3.8%. Emerson Electric Co. had an annual average earning growth of 5% over the past 10 years.

New Purchase: At&t Inc. (T)

Ruane Cunniff initiated holdings in At&t Inc.. His purchase prices were between $23.28 and $25.66, with an estimated average price of $24.6. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 12,487 shares as of 06/30/2009.

AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates AT&T operating companies are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services the nation's fastest 3G network and the best wireless coverage worldwide and the nation's leading high speed Internet access and voice services. In domestic markets AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of their three-screen integration strategy AT&T operating companies are expanding their TV entertainment offerings. At&t Inc. has a market cap of $149.74 billion; its shares were traded at around $25.38 with a P/E ratio of 10.6 and P/S ratio of 1.2. The dividend yield of At&t Inc. stocks is 6.5%. At&t Inc. had an annual average earning growth of 12.7% over the past 5 years.

Reduced: Lowe's Companies Inc. (LOW)

Ruane Cunniff reduced to his holdings in Lowe's Companies Inc. by 40.45%. His sale prices were between $18.37 and $20.99, with an estimated average price of $19.7. The impact to his portfolio due to this sale was less than 0.01%. Ruane Cunniff still held 11,802 shares as of 06/30/2009.

Lowe's Companies Inc. is a retailer of home improvement products in the world with specific emphasis on retail do-it-yourself and commercial business customers. Lowe's specializes in offering products and services for home improvement home decor home maintenance home repair and remodeling and maintenance of commercial buildings. Lowe's principal customer groups are do-it-yourself retail customers and commercial business customers. Lowe's Companies Inc. has a market cap of $29.86 billion; its shares were traded at around $20.22 with a P/E ratio of 14.5 and P/S ratio of 0.6. The dividend yield of Lowe's Companies Inc. stocks is 1.8%. Lowe's Companies Inc. had an annual average earning growth of 21.4% over the past 10 years. GuruFocus rated Lowe's Companies Inc. the business predictability rank of 5-star.

Reduced: First National Bank Alaska (FBAK.OB)

Ruane Cunniff reduced to his holdings in First National Bank Alaska by 21.24%. His sale prices were between $1590.9 and $1684.48, with an estimated average price of $1637.6. The impact to his portfolio due to this sale was less than 0.01%. Ruane Cunniff still held 686 shares as of 06/30/2009.

with and P/S ratio of 5.2.

Reduced: Petsmart Inc. (PETM)

Ruane Cunniff reduced to his holdings in Petsmart Inc. by 20.12%. His sale prices were between $20.19 and $23.47, with an estimated average price of $21.6. The impact to his portfolio due to this sale was less than 0.01%. Ruane Cunniff still held 16,248 shares as of 06/30/2009.

PETSMART INC. is a leading operator of superstores specializing in pet food supplies and services in the United States. Petsmart Inc. has a market cap of $2.84 billion; its shares were traded at around $22.57 with a P/E ratio of 14.4 and P/S ratio of 0.5. The dividend yield of Petsmart Inc. stocks is 1.8%. Petsmart Inc. had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated Petsmart Inc. the business predictability rank of 3.5-star.

Reduced: Thor Industries Inc. (THO)

Ruane Cunniff reduced to his holdings in Thor Industries Inc. by 45.81%. His sale prices were between $17.86 and $22.14, with an estimated average price of $19.7. The impact to his portfolio due to this sale was less than 0.01%. Ruane Cunniff still held 29,265 shares as of 06/30/2009.

THOR INDUSTRIES INC. produces and sells a wide range of recreational vehicles and small and mid-size buses in the United States and Canada as well as related parts and accessories. The Company also manufactures axles and suspension systems. Thor Industries Inc. has a market cap of $1.44 billion; its shares were traded at around $26.04 with a P/E ratio of 130.3 and P/S ratio of 0.5. The dividend yield of Thor Industries Inc. stocks is 1.1%. Thor Industries Inc. had an annual average earning growth of 17.7% over the past 10 years. GuruFocus rated Thor Industries Inc. the business predictability rank of 3.5-star.

Reduced: The Progressive Corp. (PGR)

Ruane Cunniff reduced to his holdings in The Progressive Corp. by 35.01%. His sale prices were between $14.73 and $16.58, with an estimated average price of $15.7. The impact to his portfolio due to this sale was -0.01%. Ruane Cunniff still held 202,443 shares as of 06/30/2009.

Progressive Corp. is an auto insurance company and a writer of auto insurance through independent agents. Progressive is committed to providing independent agents with a financially strong company that offers competitive products designed specifically for the agency business; a strong national brand that drives consumers to independent agent's offices; 24-hour in-person services for them and their customers; and continued innovations in technology. (Company Press Release) The Progressive Corp. has a market cap of $11.09 billion; its shares were traded at around $16.28 with a P/E ratio of 12.2 and P/S ratio of 0.8. The Progressive Corp. had an annual average earning growth of 23.9% over the past 10 years.

Reduced: The Washington Post Company (WPO)

Ruane Cunniff reduced to his holdings in The Washington Post Company by 90.98%. His sale prices were between $340.47 and $423.28, with an estimated average price of $368.7. The impact to his portfolio due to this sale was -0.01%. Ruane Cunniff still held 1,324 shares as of 06/30/2009.

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. The Washington Post Company has a market cap of $4.37 billion; its shares were traded at around $465.14 with a P/E ratio of 19.1 and P/S ratio of 1. The dividend yield of The Washington Post Company stocks is 1.9%. The Washington Post Company had an annual average earning growth of 4.7% over the past 10 years. GuruFocus rated The Washington Post Company the business predictability rank of 3-star.

Reduced: Atlas Energy Resources Llc (ATN)

Ruane Cunniff reduced to his holdings in Atlas Energy Resources Llc by 24.23%. His sale prices were between $13.76 and $22.62, with an estimated average price of $18.5. The impact to his portfolio due to this sale was -0.02%. Ruane Cunniff still held 234,500 shares as of 06/30/2009.

ATLAS ENERGY RESOURCES develops and produces domestic natural gas and to a lesser extent oil. Atlas Energy is one of the largest independent energy producers in the Appalachian Basin and northern Michigan. Atlas Energy sponsors and manages tax-advantaged investment partnerships in which it co-invests to finance the exploration and development of its acreage in the Appalachian Basin. Atlas Energy is active principally in Pennsylvania Michigan and Tennessee. Atlas Energy Resources Llc has a market cap of $1.7 billion; its shares were traded at around $26.88 with a P/E ratio of 21.9 and P/S ratio of 2.2.

Reduced: Penn Virginia Corp. (PVA)

Ruane Cunniff reduced to his holdings in Penn Virginia Corp. by 69.23%. His sale prices were between $13.12 and $22.3, with an estimated average price of $17.5. The impact to his portfolio due to this sale was -0.06%. Ruane Cunniff still held 325,927 shares as of 06/30/2009.

Penn Virginia Corporation is engaged in the exploration development and production of oil and natural gas and the collection of royalties and overriding royalty interests on various oil and gas properties as well as the leasing of coal mineral rights and the collection of relatedroyalties. Penn Virginia explores for develops and produces crude oilcondensate and natural gas. Penn Virginia Corp. has a market cap of $898.1 million; its shares were traded at around $19.79 with a P/E ratio of 19.8 and P/S ratio of 0.7. The dividend yield of Penn Virginia Corp. stocks is 1.2%. Penn Virginia Corp. had an annual average earning growth of 32.3% over the past 10 years. GuruFocus rated Penn Virginia Corp. the business predictability rank of 4-star.

Reduced: Manpower Inc. (MAN)

Ruane Cunniff reduced to his holdings in Manpower Inc. by 28.03%. His sale prices were between $34.84 and $45.01, with an estimated average price of $41.7. The impact to his portfolio due to this sale was -0.06%. Ruane Cunniff still held 321,000 shares as of 06/30/2009.

Manpower Inc. is a leading non-governmental employment services organization. The company's largest operations based on revenues are located in the United States France and the United Kingdom. The company provides a variety of staffing and workforce management services and solutions including temporary staffing services contract services and training and testing of temporary and permanent workers. The company provides employment services to a wide variety of customers. Manpower Inc. has a market cap of $3.82 billion; its shares were traded at around $48.81 with a P/E ratio of 17.7 and P/S ratio of 0.2. The dividend yield of Manpower Inc. stocks is 1.5%. Manpower Inc. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Manpower Inc. the business predictability rank of 2-star.

Reduced: Votorantim Celulose E Papel S.a. (VCP)

Ruane Cunniff reduced to his holdings in Votorantim Celulose E Papel S.a. by 67.22%. His sale prices were between $6.58 and $12.15, with an estimated average price of $10. The impact to his portfolio due to this sale was -0.07%. Ruane Cunniff still held 702,849 shares as of 06/30/2009.

VOTORANTIM CELULOSE E PAPEL is one of the leading companies in the paper and pulp sector in Brazil and one of the largest undertakings of the Votorantim Group which is notable for being one of Latin America's principal business conglomerates. The Company's operations are integrated and range from wood production which is its raw material to the distribution of product to end consumers. Wood production also is conducted in partnership with farmers through forestry partner programs. Votorantim Celulose E Papel S.a. has a market cap of $1.48 billion; its shares were traded at around $15.52 with and P/S ratio of 1.1.

Reduced: Google Inc. (GOOG)

Ruane Cunniff reduced to his holdings in Google Inc. by 28.04%. His sale prices were between $372.5 and $444.32, with an estimated average price of $405.9. The impact to his portfolio due to this sale was -0.19%. Ruane Cunniff still held 107,858 shares as of 06/30/2009.

Google is a public and profitable company focused on search services. Named for the mathematical term `googol` Google operates web sites at many international domains with the most trafficked being www.google.com. Google is widely recognized as the `World's Best Search Engine` and is fast accurate and easy to use. The company also serves corporate clients including advertisers content publishers and site managers with cost-effective advertising and a wide range of revenue generating search services. Google's breakthrough technology and continued innovation serve the company's mission of `organizing the world's information and making it universally accessible and useful.` Google Inc. has a market cap of $140.27 billion; its shares were traded at around $443.97 with a P/E ratio of 24 and P/S ratio of 6.5.

Sold Out: Cabela's Inc. (CAB)

Ruane Cunniff sold out his holdings in Cabela's Inc.. His sale prices were between $10.64 and $13.43, with an estimated average price of $12.3.

Cabelas Inc is the nation's largest direct marketer and a leading specialty retailer of hunting fishing camping and related outdoor merchandise. Cabela's Inc. has a market cap of $1.03 billion; its shares were traded at around $15.34 with a P/E ratio of 13.5 and P/S ratio of 0.4.

Sold Out: Vanguard St Bond Etf (BSV)

Ruane Cunniff sold out his holdings in Vanguard St Bond Etf. His sale prices were between $78.11 and $79.08, with an estimated average price of $78.6.

Vanguard St Bond Etf has a market cap of $7.7 million; its shares were traded at around $79.46 . The dividend yield of Vanguard St Bond Etf stocks is 3.6%.

Sold Out: Vanguard Int Trm Bd (BIV)

Ruane Cunniff sold out his holdings in Vanguard Int Trm Bd. His sale prices were between $75.05 and $77.13, with an estimated average price of $76.

Vanguard Int Trm Bd has a market cap of $101.9 million; its shares were traded at around $79.0743 . The dividend yield of Vanguard Int Trm Bd stocks is 5.1%.

Sold Out: Bristolmyers Squibb Company (BMY)

Ruane Cunniff sold out his holdings in Bristolmyers Squibb Company. His sale prices were between $19 and $20.64, with an estimated average price of $19.8.

Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression schizophrenia and other mental disorders; pain; and other conditions. Bristolmyers Squibb Company has a market cap of $43.96 billion; its shares were traded at around $22.19 with a P/E ratio of 11.4 and P/S ratio of 2.1. The dividend yield of Bristolmyers Squibb Company stocks is 5.6%.

Sold Out: Franklin Resources Inc. (BEN)

Ruane Cunniff sold out his holdings in Franklin Resources Inc.. His sale prices were between $59.92 and $75.77, with an estimated average price of $66.1.

Franklin Resources provides investment advisory and related services to retail mutual funds institutional and private accounts and other investment products globally. Related services include transfer agency fund administration custodial trustee and fiduciary services. The mutual funds and other products that it advise are sold to the public under three brand names: Franklin Templeton and Mutual Series. Franklin Resources Inc. has a market cap of $21.34 billion; its shares were traded at around $92.09 with a P/E ratio of 25.6 and P/S ratio of 3.6. The dividend yield of Franklin Resources Inc. stocks is 0.9%. Franklin Resources Inc. had an annual average earning growth of 12.4% over the past 10 years.

Sold Out: Whole Foods Market Inc. (WFMI)

Ruane Cunniff sold out his holdings in Whole Foods Market Inc.. His sale prices were between $18.36 and $22.17, with an estimated average price of $19.8.

Whole Foods Market is the largest purveyor of natural foods in the world. They own and operate the country's largest chain of natural food supermarkets. They are like an old-fashioned neighborhood grocery store an organic farmer's market a European bakery a New York deli and a modern supermarket all rolled into one! The Company also offers a wide variety of non-perishable natural products on its Web site at http://wholefoods.com. Whole Foods Market Inc. has a market cap of $3.91 billion; its shares were traded at around $27.81 with a P/E ratio of 34.3 and P/S ratio of 0.5. Whole Foods Market Inc. had an annual average earning growth of 14.7% over the past 10 years. GuruFocus rated Whole Foods Market Inc. the business predictability rank of 5-star.

Sold Out: Bed Bath & Beyond Inc. (BBBY)

Ruane Cunniff sold out his holdings in Bed Bath & Beyond Inc.. His sale prices were between $27.11 and $31.37, with an estimated average price of $29.2.

Bed Bath & Beyond is a nationwide operator of `superstores` selling predominantly better quality domestics merchandise and home furnishings typically found in better department stores. The Company offers a wide assortment of merchandise at everyday low prices that are substantiallybelow regular department store prices and generally comparable to or belowdepartment store sale prices. The Company's domestics merchandise line includes items such as bed linens bath accessories and kitchen textiles and the company's home furnishings line. Bed Bath & Beyond Inc. has a market cap of $9.09 billion; its shares were traded at around $34.72 with a P/E ratio of 20.5 and P/S ratio of 1.2. Bed Bath & Beyond Inc. had an annual average earning growth of 24.1% over the past 10 years. GuruFocus rated Bed Bath & Beyond Inc. the business predictability rank of 4-star.

Sold Out: Cache Inc. (CACH)

Ruane Cunniff sold out his holdings in Cache Inc.. His sale prices were between $2.95 and $4.33, with an estimated average price of $3.8.

Cache Inc. is a specialty retailer which operates stores selling women's apparel and accessories under the trade names Cache and Lillie Rubin. Stores are concentrated in large metropolitan and suburban areas and are located in the finest shopping malls in the country. The typical store averages 2000 square feet. The company's merchandise assortment store format is classified under three major categories: sportswear dresses and accessories. Cache Inc. has a market cap of $62.2 million; its shares were traded at around $4.89 with and P/S ratio of 0.2.

Sold Out: Continental Resrces (CLR)

Ruane Cunniff sold out his holdings in Continental Resrces. His sale prices were between $23.76 and $32.82, with an estimated average price of $27.5.

CONTINENTAL RESOURCES is a crude-oil concentrated independent oil and natural gas exploration and production company with operations in the Rocky Mountain Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing plays where horizontal drilling advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. Continental Resrces has a market cap of $5.99 billion; its shares were traded at around $35.3 with a P/E ratio of 52.6 and P/S ratio of 6.2.

Sold Out: Cummins Inc. (CMI)

Ruane Cunniff sold out his holdings in Cummins Inc.. His sale prices were between $29.39 and $36.24, with an estimated average price of $32.8.

Cummins Inc. is one of the leading worldwide designers and manufacturers of diesel engines. The company also produces natural gas engines and engine components and subsystems. Cummins provides power and components for a wide variety of equipment in its key businesses: engine power generation and filtration. Cummins Inc. has a market cap of $8.98 billion; its shares were traded at around $44.48 with a P/E ratio of 19.2 and P/S ratio of 0.6. The dividend yield of Cummins Inc. stocks is 1.6%. Cummins Inc. had an annual average earning growth of 12.9% over the past 10 years.

Sold Out: Innerworkings Inc. (INWK)

Ruane Cunniff sold out his holdings in Innerworkings Inc.. His sale prices were between $4.4 and $6.86, with an estimated average price of $5.3.

INNERWORKINGS are a leading global provider of managed print and promotional procurement solutions to corporate clients. With proprietary technology an extensive supplier network and domain expertise they procure manage and deliver printed products as part of a comprehensive outsourced enterprise solution. Their technology is designed to capitalize on excess manufacturing capacity and other inefficiencies in the traditional print supply chain to obtain favorable pricing and to deliver high quality products and services for our clients. Innerworkings Inc. has a market cap of $280 million; its shares were traded at around $6.16 with a P/E ratio of 32.5 and P/S ratio of 0.6.

Sold Out: Knight Transportation Inc. (KNX)

Ruane Cunniff sold out his holdings in Knight Transportation Inc.. His sale prices were between $16 and $17.96, with an estimated average price of $17.1.

KNIGHT TRANSPORTATION INC. is a short to medium-haul dry van truckload carrier operating in the western region of the United States. Co. transports general commodities including consumer goods packaged foodstuffs paper products beverage containers and imported and exported commodities. Knight Transportation Inc. has a market cap of $1.41 billion; its shares were traded at around $16.97 with a P/E ratio of 25.3 and P/S ratio of 1.8. The dividend yield of Knight Transportation Inc. stocks is 1.2%. Knight Transportation Inc. had an annual average earning growth of 20.5% over the past 10 years. GuruFocus rated Knight Transportation Inc. the business predictability rank of 4-star.

Sold Out: Hugoton Royalty Trust Trust (HGT)

Ruane Cunniff sold out his holdings in Hugoton Royalty Trust Trust. His sale prices were between $10.24 and $14.85, with an estimated average price of $12.7.

HUGOTON ROYALTY is an express trust created under the laws of Texas pursuant to the Hugoton Royalty Trust Indenture entered into on Dec. 1 1998 between Cross Timbers Oil Company as grantor and NationsBank N.A. as trustee. Bank of America N.A. successor to Nations Bank N.A. is now the trustee of the trust. The trust receives royalty income in the month following receipt of related net proceeds by Cross Timbers. Hugoton Royalty Trust Trust has a market cap of $565.6 million; its shares were traded at around $14.14 with a P/E ratio of 4.9 and P/S ratio of 4.8. The dividend yield of Hugoton Royalty Trust Trust stocks is 4.6%. Hugoton Royalty Trust Trust had an annual average earning growth of 28.4% over the past 5 years.

Sold Out: Mercadolibre Inc. (MELI)

Ruane Cunniff sold out his holdings in Mercadolibre Inc.. His sale prices were between $21.52 and $27.42, with an estimated average price of $23.9.

MercadoLibre is the largest online trading platform in Latin America. We are market leaders in e-commerce in each of Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay and Venezuela based on unique visitors and page views. Additionally we have recently launched online trading platforms in Costa Rica the Dominican Republic and Panama. With a market of over Five fifty million people and a region with one of the world's fastest-growing Internet penetration rates we provide buyers and sellers a robust online trading environment that fosters the development of a large and growing e-commerce community. We offer a technological and commercial solution that addresses the distinctive cultural and geographic challenges of operating an online trading platform in Latin America. Mercadolibre Inc. has a market cap of $1.33 billion; its shares were traded at around $30.26 with a P/E ratio of 65.8 and P/S ratio of 9.7.

Sold Out: Magna International Inc. (MGA)

Ruane Cunniff sold out his holdings in Magna International Inc.. His sale prices were between $30.88 and $40.77, with an estimated average price of $36.

Magna International Inc. is an independent supplier of original equipment components assemblies modules and systems and related tooling for cars and light trucks. The Company designs develops and manufactures a diversified range of these products primarily for North American and European original equipment manufacturers. Magna International Inc. has a market cap of $5.17 billion; its shares were traded at around $46.18 with and P/S ratio of 0.2.

Sold Out: Mfs Intermediate Income Trust (MIN)

Ruane Cunniff sold out his holdings in Mfs Intermediate Income Trust. His sale prices were between $6.14 and $6.47, with an estimated average price of $6.3.

MFS INTERMEDIATE INCOME TRUST is a closed-end non-diversified management investment company seeking to preserve capital and provide high current income. Investment Advisor: Massachusetts Financial Services Co. Advisory Agreement: The investment advisor provides overall investment advisory and administrative services and general office facilities. The investment advisory fee is computed and paid monthly at an annual rate of 0.32% of average daily net assets and 5.65% of investment income. Mfs Intermediate Income Trust has a market cap of $766.6 million; its shares were traded at around $6.58 . The dividend yield of Mfs Intermediate Income Trust stocks is 8.7%.

Sold Out: Genzyme Corp. (GENZ)

Ruane Cunniff sold out his holdings in Genzyme Corp.. His sale prices were between $52.73 and $60.7, with an estimated average price of $57.

Genzyme Corporation is a global biotechnology company dedicated to making a major positive impact on the lives of people with serious diseases. The company's broad product portfolio is focused on rare genetic disorders renal disease and osteoarthritis and includes an industry-leading array of diagnostic products and services. Genzyme's commitment to innovation continues today with research into novel approaches to cancer heart disease and other areas of unmet medical need. Genzyme Corp. has a market cap of $13.76 billion; its shares were traded at around $51.025 with a P/E ratio of 14.9 and P/S ratio of 2.9. Genzyme Corp. had an annual average earning growth of 20.2% over the past 10 years. GuruFocus rated Genzyme Corp. the business predictability rank of 3.5-star.

Sold Out: Expedia Inc. (EXPE)

Ruane Cunniff sold out his holdings in Expedia Inc.. His sale prices were between $10.42 and $17.31, with an estimated average price of $14.6.

Expedia Inc. is one of the world's leading travel services companies. The company provides wholesale travel to offline retail travel agents. Expedia Inc.'s main businesses and brands include: Expedia.com Hotels.com Hotwire Expedia Corporate Travel Trip Advisor and Classic Custom Vacations. Expedia Inc.'s companies also operate internationally with sites in Canada the United Kingdom Germany France Italy Netherlands and China through its investment in eLong. Expedia Inc. has a market cap of $6.32 billion; its shares were traded at around $21.88 with a P/E ratio of 19.5 and P/S ratio of 2.1.

Sold Out: Akamai Technologies Inc. (AKAM)

Ruane Cunniff sold out his holdings in Akamai Technologies Inc.. His sale prices were between $19.48 and $22.86, with an estimated average price of $21.1.

Akamai Technologies Inc. is the leading global service provider for accelerating content and business processes online. Thousands of organizations have formed trusted relationships with Akamai improving their revenue and reducing costs by maximizing the performance of their online businesses. Leveraging the Akamai EdgePlatform these organizations gain business advantage today and have the foundation for the emerging Web solutions of tomorrow. Akamai Technologies Inc. has a market cap of $3.1 billion; its shares were traded at around $17.93 with a P/E ratio of 13.3 and P/S ratio of 3.9.


Rating: 3.2/5 (12 votes)

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