13F
中
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Ruane, Cunniff & Goldfarb L.P.

13F equity value
$6.0B
Positions
50
Top 10 concentration
67.0%
Quarters / total new picks
25 / 58
13F equity value over time
$0M$6B$12B201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 25 quarters, returned +0.9% per quarter — versus +2.2% per quarter from simply owning every 13F stock. It beat that baseline in only 48.0% of quarters (excess t = 1.05, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.5%
t-stat
1.05
Quarterly win rate
48%
Annualized excess
-7.5%
$1 → follow vs universe
$0.98 vs $1.55
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190331: universe 0.93720190630: universe 1.00720190930: universe 1.08320191231: universe 0.87320200331: universe 1.05320200630: universe 1.16320200930: universe 1.42720201231: universe 1.49220210331: universe 1.50520210930: universe 1.35120211231: universe 1.15020220331: universe 1.23420220930: universe 1.32620221231: universe 1.23220230630: universe 1.18720231231: universe 1.24120240331: universe 1.26820240630: universe 1.38420241231: universe 1.29120250630: universe 1.33220250930: universe 1.49820251231: universe 1.549 20180630: follow 0.81120180930: follow 0.82420181231: follow 0.87320190331: follow 0.74120190630: follow 0.79520190930: follow 0.89920191231: follow 0.85720200331: follow 0.99520200630: follow 1.06420200930: follow 1.09320201231: follow 1.19520210331: follow 1.16820210930: follow 0.71720211231: follow 0.87320220331: follow 0.94120220930: follow 1.03320221231: follow 0.89820230630: follow 0.98920231231: follow 1.03420240331: follow 1.08520240630: follow 1.19320241231: follow 1.02020250630: follow 1.17820250930: follow 1.15820251231: follow 0.982 0.66 1.17 1.67 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 50 · 2026 Q1

Ticker Value Weight QoQ
GOOGL $609M
10.1%
TRIM
FWONK $455M
7.6%
TRIM
SCHW $443M
7.3%
TRIM
ICE $415M
6.9%
TRIM
TSM $408M
6.8%
TRIM
ELV $406M
6.7%
TRIM
COF $368M
6.1%
TRIM
SUNB $357M
5.9%
NEW
MSA $291M
4.8%
HOLD
ZTS $287M
4.8%
NEW
GOOG $273M
4.5%
TRIM
ALGN $207M
3.4%
HOLD
UNH $197M
3.3%
TRIM
ACN $184M
3.0%
HOLD
ICLR $181M
3.0%
TRIM
TECH $177M
2.9%
ADD
BRK/B $149M
2.5%
HOLD
SAP $128M
2.1%
ADD
META $115M
1.9%
TRIM
BRK/A $79M
1.3%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

GMEDZTS

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.