Horan Capital Management Buys Berkshire Hathaway Inc, Allergan PLC, Gilead Sciences Inc, Sells Fastenal Co, Johnson & Johnson, C.H. Robinson Worldwide Inc

• New Purchases: BRK.B, AGN, CERN, VEU, ATSG, MDT, MMM,
• Added Positions: GILD, STPZ, AAPL, BSV, PII, AMZN, BWA, AGG, AXP, PFE,
• Reduced Positions: FAST, JNJ, CHRW, XOM, USB, BAC, PG, VTIP, CSCO, COH,
• Sold Out: UA, ESRX,

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

1. Berkshire Hathaway Inc (BRK.B) - 137,550 shares, 5.8% of the total portfolio. New Position
2. Alphabet Inc (GOOG) - 24,329 shares, 4.86% of the total portfolio. Shares reduced by 1.37%
3. Microsoft Corp (MSFT) - 295,075 shares, 4.75% of the total portfolio. Shares reduced by 0.89%
4. Amazon.com Inc (AMZN) - 23,283 shares, 4.52% of the total portfolio. Shares added by 1.75%
5. General Electric Co (GE) - 535,786 shares, 4.38% of the total portfolio. Shares reduced by 0.93%

Horan Capital Management initiated holdings in Berkshire Hathaway Inc. The purchase prices were between $142.95 and $166.62, with an estimated average price of $153.96. The stock is now traded at around $160.23. The impact to the portfolio due to this purchase was 5.8%. The holdings were 137,550 shares as of 2016-12-31.

Horan Capital Management initiated holdings in Allergan PLC. The purchase prices were between $188.47 and $242.65, with an estimated average price of $207.16. The stock is now traded at around $216.61. The impact to the portfolio due to this purchase was 1.73%. The holdings were 31,881 shares as of 2016-12-31.

Horan Capital Management initiated holdings in Cerner Corp. The purchase prices were between $47.37 and $61.79, with an estimated average price of $53.08. The stock is now traded at around $52.12. The impact to the portfolio due to this purchase was 0.39%. The holdings were 32,014 shares as of 2016-12-31.

Horan Capital Management initiated holdings in Vanguard FTSE All World Ex US. The purchase prices were between $43.12 and $45.59, with an estimated average price of $44.37. The stock is now traded at around $45.44. The impact to the portfolio due to this purchase was 0.3%. The holdings were 26,618 shares as of 2016-12-31.

Horan Capital Management initiated holdings in Air Transport Services Group Inc. The purchase prices were between $12.97 and $17.05, with an estimated average price of $15.45. The stock is now traded at around $15.41. The impact to the portfolio due to this purchase was 0.04%. The holdings were 10,000 shares as of 2016-12-31.

Horan Capital Management initiated holdings in Medtronic PLC. The purchase prices were between $71.23 and $86.39, with an estimated average price of $78.56. The stock is now traded at around $75.70. The impact to the portfolio due to this purchase was 0.04%. The holdings were 1,912 shares as of 2016-12-31.

Horan Capital Management added to the holdings in Gilead Sciences Inc by 66.90%. The purchase prices were between $71.61 and $78.47, with an estimated average price of $74.33. The stock is now traded at around $71.86. The impact to the portfolio due to this purchase was 1.35%. The holdings were 182,400 shares as of 2016-12-31.

Horan Capital Management added to the holdings in PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fun by 31.94%. The purchase prices were between $52.21 and $52.74, with an estimated average price of $52.49. The stock is now traded at around $52.54. The impact to the portfolio due to this purchase was 0.2%. The holdings were 61,597 shares as of 2016-12-31.

Horan Capital Management added to the holdings in Vanguard Short-Term Bond by 43.38%. The purchase prices were between $79.44 and $80.63, with an estimated average price of $80.14. The stock is now traded at around $79.64. The impact to the portfolio due to this purchase was 0.15%. The holdings were 23,323 shares as of 2016-12-31.

Horan Capital Management added to the holdings in BorgWarner Inc by 22.09%. The purchase prices were between $33.64 and $41.86, with an estimated average price of $36.64. The stock is now traded at around $39.84. The impact to the portfolio due to this purchase was 0.07%. The holdings were 39,929 shares as of 2016-12-31.

Horan Capital Management sold out the holdings in Under Armour Inc. The sale prices were between $29.05 and $38.82, with an estimated average price of $32.82.

Horan Capital Management sold out the holdings in Express Scripts Holding Co. The sale prices were between $65.09 and $77.14, with an estimated average price of $71.67.