Ruane Cunniff

Ruane Cunniff

Last Update: 08-11-2016

Number of Stocks: 118
Number of New Stocks: 8

Total Value: $10,499 Mil
Q/Q Turnover: 16%

Countries: USA SGP
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ruane Cunniff' s Profile & Performance

Profile

This is the firm founded by William Ruane, who died in Oct. 2005. We continue to track its stock picks. The current investment committee is directed by Richard T. Cunniff. William Ruane is a Graham-and-Doddsville superinvestor recognized by Warren Buffett. William Ruane was founder and Chairman of Sequoia Fund, Inc. (SEQUX). Since inception in 1970 through September 30, 2007, the Fund has returned 15.57% average annually. During the same period the S&P 500 returned an average 11.86% annually. He is a student of Benjamin Graham, and attended his class at the same time as Warren Buffett.

Web Page:http://www.sequoiafund.com/

Investing Philosophy

Ruane Cunniff are value investors focused on the intrinsic value of business. They are long-term investors, and will buy a stock and hold it for a long time, even if sometimes the stocks seem to be overvalued. They look at common stocks as units of ownership in a business, and purchase them when the price appears low in relation to the value of the total enterprise. The Firm shuns technical stock market studies, and looks at the balance sheet, earnings history, and prospects of each investment when determining its value.

Total Holding History

Performance of Sequoia Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20147.5513.69-6.1
201334.5832.392.2
201215.6816-0.3
3-Year Cumulative67.4 (18.7%/year)74.6 (20.4%/year)-7.2 (-1.7%/year)
201113.192.1111.1
201019.515.064.4
5-Year Cumulative126.5 (17.8%/year)105.1 (15.5%/year)21.4 (2.3%/year)
200915.3826.46-11.1
2008-27.03-3710.0
20078.45.492.9
20068.3415.79-7.4
20057.784.912.9
10-Year Cumulative141.4 (9.2%/year)109.4 (7.7%/year)32 (1.5%/year)
20044.6610.88-6.2
200317.1228.68-11.6
2002-2.64-22.119.5
200110.52-11.8922.4
200020.06-9.129.2
15-Year Cumulative282.2 (9.4%/year)86.4 (4.2%/year)195.8 (5.2%/year)
1999-16.5421.04-37.6
199835.2528.586.7
199743.233.369.8
199621.7422.96-1.2
199541.3837.583.8
20-Year Cumulative963.3 (12.5%/year)554.6 (9.8%/year)408.7 (2.7%/year)
19943.341.322.0
199310.7810.080.7
19929.367.621.7
19914030.479.5
1990-3.8-3.1-0.7
25-Year Cumulative1692.9 (12.2%/year)893.3 (9.6%/year)799.6 (2.6%/year)
198927.9131.69-3.8
198811.0516.61-5.6
19877.45.12.3
198613.3818.6-5.2
198527.9531.6-3.6
30-Year Cumulative3867.9 (13.1%/year)2402.2 (11.3%/year)1465.7 (1.8%/year)
198418.56.112.4
198327.3122.44.9
198231.1221.49.7
198121.49-526.5
198012.6632.3-19.6
35-Year Cumulative10642.9 (14.3%/year)4858.2 (11.8%/year)5784.7 (2.5%/year)

Top Ranked Articles

Morningstar Reviews Sequoia Fund Rating Due to Valeant Losses Analysts question fund's actions with Valeant; fund has won with outsized positions in the past
A fund that once boasted one of the best long-term track records and a friendly relationship with Warren Buffett (Trades, Portfolio) found itself maimed by a series of negative developments at its top holding, Valeant Pharmaceuticals (NYSE:VRX) in recent months. The stock’s months-long plunge and Sequoia’s large exposure prompted mutual funds rating company Morningstar to place its analyst rating under review Wednesday. It also caused Sequoia’s manager to say their “credibility as investors has been damaged by this saga,” but few saw the sinkhole coming. Read more...
Ruane Cunniff Comments on Wells Fargo Guru stock highlight
Wells Fargo (NYSE:WFC) is the highest return and arguably the best run very large bank in the U.S. It is the number one U.S. bank in many categories including retail deposits; middle market, small business and used car lending; equipment and inventory financing; railcar leasing; and commercial and residential mortgage servicing and originations. It is in fewer volatile business lines than other large banks. It leads the industry in the intensity of its customer relationships with over six products per customer. The number of primary checking accounts at Wells is currently growing at around 5%, an impressive growth rate for a financial institution of this size. Through deposit-driven asset growth and stock buybacks, Wells has done a good job of counteracting shrinking net interest margins over the past decade. Read more...
Ruane Cunniff's Sequoia Fund Reduces Stake in Valeant Sell comes as the firm begins to limit size of holdings
Several days after appointing an investment committee and new holding restrictions in response to substantial losses on Valeant Pharmaceuticals (NYSE:VRX), the Sequoia Fund sold a substantial portion of its investment in the company. Read more...
Sequoia Fund Comments on Berkshire Hathaway Guru stock highlight
Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B), our second largest holding, declined by 12.5% during the year. Berkshire now trades at less than 12 times our estimate of 2016 earnings. We think Berkshire grew its earnings at a high-single digit rate in 2015 but many of its individual operating companies face challenges. Railroad volumes declined abruptly at year-end and the outlook for 2016 volume is poor. GEICO’s auto insurance profit was off and many of Berkshire’s other service and manufacturing businesses were soft. Berkshire committed over $40 billion to acquisitions in 2015, the bulk of it to buy Precision Castparts. Read more...
Francis Chou Adds to 2 Positions in 2nd Quarter Guru reports quarterly portfolio
During the second quarter, Francis Chou (Trades, Portfolio) of Chou Associates Management added 48.11% and 38.77% to its positions in Valeant Pharmaceuticals International Inc. (NYSE:VRX) and Sears Holdings Corp. (NASDAQ:SHLD). As the stock prices continue to decline, the companies offer investing opportunities. The above transactions align with Chou’s strategy of investing in companies with depressed prices. Read more...
» More Ruane Cunniff Articles

Commentaries and Stories

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Ruane Cunniff Cuts Allergan, Berkshire, IBM Largest sale by the guru in 2nd quarter Ruane Cunniff,Warren Buffett,Tom Russo,Chris Davis - Ruane Cunniff Cuts Allergan, Berkshire, IBM
Ruane Cunniff (Trades, Portfolio) is a value investor focused on the intrinsic value of business. It manages a portfolio composed of 118 stocks with a total value of $10.499 billion. During the second quarter the guru traded the following stocks. More...

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Francis Chou Adds to 2 Positions in 2nd Quarter Guru reports quarterly portfolio Francis Chou,Ruane Cunniff,Bill Ackman,Fairholme F - Francis Chou Adds To 2 Positions In 2nd Quarter
During the second quarter, Francis Chou (Trades, Portfolio) of Chou Associates Management added 48.11% and 38.77% to its positions in Valeant Pharmaceuticals International Inc. (NYSE:VRX) and Sears Holdings Corp. (NASDAQ:SHLD). As the stock prices continue to decline, the companies offer investing opportunities. The above transactions align with Chou’s strategy of investing in companies with depressed prices. More...

FRANCIS CHOU, RUANE CUNNIFF, BILL ACKMAN, BRUCE BERKOWITZ


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Ruane Cunniff Comments on Wells Fargo Guru stock highlight
Wells Fargo (NYSE:WFC) is the highest return and arguably the best run very large bank in the U.S. It is the number one U.S. bank in many categories including retail deposits; middle market, small business and used car lending; equipment and inventory financing; railcar leasing; and commercial and residential mortgage servicing and originations. It is in fewer volatile business lines than other large banks. It leads the industry in the intensity of its customer relationships with over six products per customer. The number of primary checking accounts at Wells is currently growing at around 5%, an impressive growth rate for a financial institution of this size. Through deposit-driven asset growth and stock buybacks, Wells has done a good job of counteracting shrinking net interest margins over the past decade. More...

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Ruane Cunniff Comments on Charles Schwab Guru stock highlight
Charles Schwab (NYSE:SCHW) pioneered the discount brokerage business in the mid-1970s and has remained an innovator in the investment services industry ever since. It built the well-known OneSource marketplace to provide individual investors access to thousands of no-load mutual funds and was among the first to provide individual investors with an online interface. The success of its investor-friendly strategy is evidenced by a tripling of the company’s client assets from $870 billion in 2000 to more than $2.5 trillion at year-end 2015. This makes Schwab the largest publicly-traded investment services firm in the U.S., ahead of all other discount brokers as well as all the wirehouses. We believe Schwab will continue to attract new brokerage accounts and client assets. More...

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Ruane Cunniff Comments on Chipotle Mexican Grill Guru stock highlight
In the latter half of 2015, a series of pathogen outbreaks at Chipotle Mexican Grill (NYSE:CMG) caused a precipitous drop in traffic at the Mexican-themed restaurant chain. The ensuing negative publicity caused Chipotle’s stock to drop into the low $400 range from a high of $757 per share. Prior to the outbreaks, Chipotle was one of the most successful restaurant concepts of the past thirty years. CEO Steve Ells, a classically trained chef, helped pioneer the concept of high-quality food made from fresh ingredients in a fast casual environment. Chipotle’s high quality product, simple menu, and efficient service combined to make its restaurants extraordinarily profitable, and this in turn has allowed Chipotle to expand its footprint at a rapid pace without resorting to franchising or borrowing money. More...

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Ruane Cunniff Comments on Carmax Guru stock highlight
Carmax (NYSE:KMX) has turned the once-notorious used car business on its head with no-haggle pricing on products that have been rigorously reconditioned and certified. The biggest used car dealer in the country and the only one with a national brand, Carmax has the opportunity to roughly double its store count while increasing same-store sales in the years ahead. We have followed Carmax for more than a decade and we particularly like the fact that others have tried to copy its business model without success. The shares were weak during the quarter due to concerns that a slowing auto cycle could depress used car prices, as well as the emergence of some new competitors on the internet. However, we think Carmax has a terrific opportunity to capitalize on Internet selling. We bought Carmax shares at a reasonable 15x P/E multiple because we believe whatever the short-term fluctuations in used car pricing, the company’s consumer appeal is quite strong. More...

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Ruane Cunniff Comments on Cabela’s Guru stock highlight
We also sold our shares in Cabela’s (NYSE:CAB), the camping and hunting retailer. Cabela’s board of directors is exploring a sale of the business, which has lifted its share price recently. We chose to exit as deal rumors swirled, believing that Cabela’s shares hold little appeal if a deal does not happen. This is a management team that has struggled with the basics of retailing: the stores are expensive to build and operate and the merchandise, while compelling, is not competitively priced. More...

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Ruane Cunniff Comments on Allergan Guru stock highlight
We exited two smaller positions during the quarter. While Allergan (NYSE:AGN) has a stronger collection of assets and far better outlook than Valeant, we suspect many drug makers will face increasing pressure from health care payers who need to reduce the relentless double-digit inflation rate for branded pharmaceuticals. More...

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Ruane Cunniff Comments on Idexx Laboratories Guru stock highlight
We made the difficult decision during the quarter to part with our longtime holding in Idexx Laboratories (NASDAQ:IDXX). Idexx had been a wonderful stock for us over the past 13 years, compounding at better than a 17% rate from the time of our original purchases in 2003 through June 30. This compares to a 7.4% compound for the S&P 500 Index over the same period. Idexx has a terrific market position in veterinary diagnostics and a very capable CEO in Jon Ayers. But the market fully realizes Idexx’s strengths. It is according Idexx a price-to- earnings ratio of more than 40x the 2016 consensus earnings per share estimate of $ 2.21. The company has grown earnings per share at an 11% rate for the past five years and should grow a bit below that rate in 2016. The market helped with our decision as the price of Idexx shares rose sharply during the quarter. We owe a huge debt of gratitude to Jon Ayers. He is a hero to Sequoia shareholders and greatly respected by all of us. More...

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Sequoia Fund Addresses Valeant, New Buys, Board Changes in 2nd Quarter Letter Ruane Cunniff sells Valeant and starts new positions Ruane Cunniff - Sequoia Fund Addresses Valeant, New Buys, Board Changes In 2nd Quarter Letter
Dear Clients and Sequoia Shareholders: More...

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Ruane Cunniff Acquires Shares of Dentsply Sirona Company makes and sells products for dental market Ruane Cunniff - Ruane Cunniff Acquires Shares Of Dentsply Sirona
Ruane Cunniff (Trades, Portfolio) bought a 4,843,324-share stake in Dentsply Sirona Inc. (NASDAQ:XRAY) during the first quarter. More...

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Ruane Cunniff's Sequoia Fund Reduces Stake in Valeant Sell comes as the firm begins to limit size of holdings Ruane Cunniff - Ruane Cunniff's Sequoia Fund Reduces Stake In Valeant
Several days after appointing an investment committee and new holding restrictions in response to substantial losses on Valeant Pharmaceuticals (NYSE:VRX), the Sequoia Fund sold a substantial portion of its investment in the company. More...

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Stocks Fall to 5-Year Lows Prices of Bed Bath & Beyond, Nordstrom, Fossil Group, DeVry Education Group decline First Eagle Investment,Ruane Cunniff,John Rogers,H - Stocks Fall To 5-Year Lows
According to GuruFocus' list, these guru stocks have reached their five-year lows: Bed Bath & Beyond Inc. (NASDAQ:BBBY), Nordstrom Inc. (NYSE:JWN), Fossil Group Inc. (NASDAQ:FOSL) and DeVry Education Group Inc. (NYSE:DV). More...

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Ruane Cunniff Buys JD.Com, Yelp, LinkedIn Investor's largest buys of the 1st quarter Ruane Cunniff,Vanguard Health Care Fund,Meridian F - Ruane Cunniff Buys JD.Com, Yelp, LinkedIn
Ruane Cunniff (Trades, Portfolio) is a value investor focused on the intrinsic value of a business. The firm is a long-term investor and will buy stocks and hold them for quite awhile, even if sometimes the stocks seem to be overvalued. During the first quarter the investor bought shares in the following stocks. More...

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Ruane Cunniff Sells Shares of Goldman Sachs, IBM Top trades during the 4th quarter Ruane Cunniff - Ruane Cunniff Sells Shares Of Goldman Sachs, IBM
Ruane, Cunniff & Goldfarb Inc. was founded by William Ruane, who died in October 2005. GuruFocus continues to track the firm's stock picks. During the fourth quarter, the firm sold many stocks including the following. More...

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Ruane Cunniff Boosts Time Warner During 4th Quarter Investor's top buys includes Valeant Pharmaceuticals Ruane Cunniff,Warren Buffett,Jeremy Grantham,Walla - Ruane Cunniff Boosts Time Warner During 4th Quarter
Ruane Cunniff (Trades, Portfolio) is a value investor focused on the intrinsic value of business. It is a long-term investor and will buy a stock and hold it for a long time, even if sometimes the stocks seem to be overvalued. Its largest buys during the fourth quarter were: More...

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Bob Goldfarb Steps Down at Sequoia Fund Sequoia Fund is in a lot of trouble due to an oversized bet on Valeant, and its rating is under review by Morningstar Ruane Cunniff,Warren Buffett - Bob Goldfarb Steps Down At Sequoia Fund
There are three gurus who are suffering tremendously through big concentrated bets on Valeant (NYSE:VRX) that backfired starting at the end of last year. More...

LONG, FUND


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Sequoia CEO and Portfolio Manager Resigns Amid Valeant Losses Co-manager David Poppe will replace Goldfarb as Ruane Cunniff CEO Ruane Cunniff - Sequoia CEO And Portfolio Manager Resigns Amid Valeant Losses
Saying it will take a more collaborative approach to portfolio management, Ruane Cuniff announced Wednesday the resignation of CEO and Co-Manager Bob Goldfarb, who led the fund to 14% annual returns and had a 45-year investing career before the losses from its outsized position troubled pharmaceutical company Valeant (NYSE:VRX). More...

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Ackman Named to Valeant Board as Search for New CEO Begins Valeant has asked CFO Howard Schiller to resign Bill Ackman, Ruane Cunniff - Ackman Named To Valeant Board As Search For New CEO Begins
Valeant Pharmaceuticals (NYSE:VRX) announced today that it will replace CEO Michael Pearson and name major shareholder Bill Ackman (Trades, Portfolio) to the board of directors. Pearson will continue to serve as CEO until a successor is named, and Katharine Stevenson will resign from the board to make room for Ackman. More...

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Morningstar Reviews Sequoia Fund Rating Due to Valeant Losses Analysts question fund's actions with Valeant; fund has won with outsized positions in the past Ruane Cunniff - Morningstar Reviews Sequoia Fund Rating Due To Valeant Losses
A fund that once boasted one of the best long-term track records and a friendly relationship with Warren Buffett (Trades, Portfolio) found itself maimed by a series of negative developments at its top holding, Valeant Pharmaceuticals (NYSE:VRX) in recent months. The stock’s months-long plunge and Sequoia’s large exposure prompted mutual funds rating company Morningstar to place its analyst rating under review Wednesday. It also caused Sequoia’s manager to say their “credibility as investors has been damaged by this saga,” but few saw the sinkhole coming. More...

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