Ruane Cunniff

Ruane Cunniff

Last Update: 11-14-2016

Number of Stocks: 100
Number of New Stocks: 2

Total Value: $10,651 Mil
Q/Q Turnover: 4%

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 Comments on Wells Fargo Guru stock highlight
We did not add to or reduce our 2% position in Wells Fargo (NYSE:WFC) during the quarter, but recent events prompt us to share our thoughts on the bank with you. News emerged in September that since 2011, Wells Fargo employees had created up to 2.1 million sham customer accounts in order to meet aggressive sales quotas set by bank management. While this behavior caused the bank to fire some 5,300 employees over a period of five years, the bank was distressingly slow to change the incentives that prompted this bad behavior. We believe that Wells management has damaged the bond of trust the bank had built with its customers, and that senior executives should be held accountable for the practices their policies engendered. That said, it is important to note that only about 5% of the unauthorized accounts had fees associated with them—and that these fees came to about $2.6 million in total. Wells Fargo is an enormous enterprise, with 93 million customer accounts and $22.4 billion of net income in the past year. The sham accounts did not make money for Wells, and more likely cost it money as the bank paid bonuses to employees who opened Read more...
Ruane Cunniff Makes One Significant Buy Sequoia Fund enters dental space after disposing of Valeant
On Tuesday, Ruane Cunniff (Trades, Portfolio) disclosed its first quarterly update since losing significantly on a position in Valeant Pharmaceuticals (NYSE:VRX), a fast-growing drug maker accused of price gouging and a dubious relationship with a pharmacy. The firm’s Sequoia Fund made only one large purchase during the third quarter, Dentsply Sirona (NASDAQ:XRAY). Read more...
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. Read more...
» More Ruane Cunniff Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

21 Questions for Bluegrass Capital's Founder 'I shy away from interacting with management as I am generally afraid the relationship will create bias' Jim Simons,Ruane Cunniff,Bill Gates,Tom Gayner,Mur - 21 Questions For  Bluegrass Capital's Founder
Thank you for your interest in me. I am a longtime follower of your site and hope my responses prove useful to at least a few of your readers. I look forward to other interviews in this series. More...

  • Currently 4.00/5

Rating: 4.0/5 (3 votes)

Ruane Cunniff Makes One Significant Buy Sequoia Fund enters dental space after disposing of Valeant Ruane Cunniff - Ruane Cunniff Makes One Significant Buy
On Tuesday, Ruane Cunniff (Trades, Portfolio) disclosed its first quarterly update since losing significantly on a position in Valeant Pharmaceuticals (NYSE:VRX), a fast-growing drug maker accused of price gouging and a dubious relationship with a pharmacy. The firm’s Sequoia Fund made only one large purchase during the third quarter, Dentsply Sirona (NASDAQ:XRAY). More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Ruane Cunniff Comments on Wells Fargo Guru stock highlight
We did not add to or reduce our 2% position in Wells Fargo (NYSE:WFC) during the quarter, but recent events prompt us to share our thoughts on the bank with you. News emerged in September that since 2011, Wells Fargo employees had created up to 2.1 million sham customer accounts in order to meet aggressive sales quotas set by bank management. While this behavior caused the bank to fire some 5,300 employees over a period of five years, the bank was distressingly slow to change the incentives that prompted this bad behavior. We believe that Wells management has damaged the bond of trust the bank had built with its customers, and that senior executives should be held accountable for the practices their policies engendered. That said, it is important to note that only about 5% of the unauthorized accounts had fees associated with them—and that these fees came to about $2.6 million in total. Wells Fargo is an enormous enterprise, with 93 million customer accounts and $22.4 billion of net income in the past year. The sham accounts did not make money for Wells, and more likely cost it money as the bank paid bonuses to employees who opened More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Ruane Cunniff Comments on Walmart Guru stock highlight
We reduced our holding in Walmart (NYSE:WMT) during the quarter, and exited the stock in early October. Over our 11-year holding period, Walmart generated a positive total shareholder return but modestly underperformed the S&P 500 Index. Walmart remains a formidable company, but over the past decade its dominance has waned. International expansion has never generated good returns for shareholders, while Walmart has struggled to develop a winning e-commerce strategy. We think higher wages for its entry level workers, continued growth at Amazon and the need to invest heavily in e-commerce will put pressure on Walmart’s earnings over the next few years. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Ruane Cunniff Comments on Trimble Navigation Guru stock highlight
We sold our few shares of Trimble Navigation (NASDAQ:TRMB). While Trimble is an interesting business, it has diversified away from its core GPS offerings for agricultural and construction machinery into a host of new areas, few of which have borne fruit. As Trimble amounted to less than 1% of the Fund’s holdings and we weren’t excited about its diversification efforts, we exited. Over our six-year holding period, Trimble generated a positive return but underperformed the Index. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Ruane Cunniff Comments on Dentsply Sirona Guru stock highlight
After a busy second quarter in terms of portfolio activity, the third quarter was far quieter. Our only significant purchase was of the dental supply leader Dentsply Sirona (NASDAQ:XRAY). We’ve owned predecessor company Sirona since 2011, and it has been an excellent performer. Our original investment thesis was based on Sirona’s leadership in digital dentistry. Sirona is strong in digital equipment, and its product line includes CEREC, an incredibly innovative and useful CAD/CAM system that allows dentists to design and mill crowns in their offices during the course of a single patient visit. The merger brings together the highest-tech maker of dental equipment (Sirona) with the largest maker of dental consumables (Dentsply), creating the industry’s largest global supplier. It is our belief that Dentsply Sirona is in a unique position to create and sell new value-added solutions in both equipment and consumables over the years ahead. In addition, we think CEO Jeff Slovin is the right person to drive the combined organization toward a world-class level of More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Sequoia Fund 3rd Quarter Update, Says Wells Fargo 'Attractive' Ruane Cunniff reflects on portfolio and activity since Valeant fallout Ruane Cunniff - Sequoia Fund 3rd Quarter Update, Says Wells Fargo 'Attractive'
Dear Clients and Shareholders: More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

PRIMECAP Adds to Trimble, NN Inc. Firm adds to positions in technology and industrial products stocks PRIMECAP Management,Ruane Cunniff,Meridian Funds,J - PRIMECAP Adds To Trimble, NN Inc.
PRIMECAP Management (Trades, Portfolio) added to its positions in Trimble Inc. (NASDAQ:TRMB) and NN Inc. (NASDAQ:NNBR) on Sept. 30. More...

PRIMECAP, BUY, ADD, TECHNOLOGY, INDUSTRIALS


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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


  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 3.00/5

Rating: 3.0/5 (2 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

  • Currently 4.67/5

Rating: 4.7/5 (6 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

Add Notes, Comments

If you want to ask a question or report a bug, please create a support ticket.

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK