Tracking Ruane, Cunniff, & Goldfarb's Portfolio - Q1 2024 Update

seekingalpha06-25

Ruane, Cunniff, & Goldfarb's 13F portfolio value increased from $6.26B to $6.44B this quarter.Sequoia Fund has a track record of 13.32% annualized return since 1970.Significant stake decreases include...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2446379118?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1323041315/image_1323041315.jpg","is_english":true,"pubTime":"2024-06-25 09:00","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2446379118","market":"nz","top_or_hot":-1,"title":"Tracking Ruane, Cunniff, & Goldfarb's Portfolio - Q1 2024 Update","media":"seekingalpha","content":"<div>\n<p>Ruane, Cunniff, & Goldfarb's 13F portfolio value increased from $6.26B to $6.44B this quarter.Sequoia Fund has a track record of 13.32% annualized return since 1970.Significant stake decreases include...</p>\n\n<a href=\"https://seekingalpha.com/article/4700818-tracking-ruane-cunniff-and-goldfarbs-portfolio-q1-2024-update\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tracking Ruane, Cunniff, & Goldfarb's Portfolio - Q1 2024 Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTracking Ruane, Cunniff, & Goldfarb's Portfolio - Q1 2024 Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-25 09:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4700818-tracking-ruane-cunniff-and-goldfarbs-portfolio-q1-2024-update><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ruane, Cunniff, & Goldfarb's 13F portfolio value increased from $6.26B to $6.44B this quarter.Sequoia Fund has a track record of 13.32% annualized return since 1970.Significant stake decreases include...</p>\n\n<a href=\"https://seekingalpha.com/article/4700818-tracking-ruane-cunniff-and-goldfarbs-portfolio-q1-2024-update\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SCHW","symbol_name":"嘉信理财","start_time":0,"source_url":"https://seekingalpha.com/article/4700818-tracking-ruane-cunniff-and-goldfarbs-portfolio-q1-2024-update","article_id":"2446379118","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1323041315/image_1323041315.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2446379118","pubTimestamp":1719277203,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Ruane, Cunniff, & Goldfarb's 13F portfolio value increased from $6.26B to $6.44B this quarter.Sequoia Fund has a track record of 13.32% annualized return since 1970.Significant stake decreases include","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SCHW":"嘉信理财","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","ERFSF":"Eurofins Scientific Nante","COF":"第一资本","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LMGIF":"LUMINE GROUP INC.","LU0557290698.USD":"施罗德环球可持续增长基金","RYCEY":"Rolls Royce Holdings plc","UNH":"联合健康","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LLYVA":"LIBERTY MEDIA CORPORATION","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","TSM":"台积电","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","CNSWF":"Constellation Software, Inc.","CACC":"Credit Acceptance Corporation","UMGNF":"UNIVERSAL MUSIC GROUP","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LLYVK":"LIBERTY MEDIA CORPORATION","LU0056508442.USD":"贝莱德世界科技基金A2","BRK.A":"伯克希尔","META":"Meta Platforms, Inc.","BK4587":"ChatGPT概念","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0289739699.SGD":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) ACC","BRK.B":"伯克希尔B","J":"雅各布工程","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","SG9999014013.SGD":"United Global Durable Equities Fund Dis SGD","FWONK":"Liberty Media Corporation Series C","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","ICE":"洲际交易所","KMX":"车美仕","ELV":"Elevance Health","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","03145":"华夏亚洲高息股","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LBRDK":"Liberty Broadband Corporation","GOOGL":"谷歌A","LU0882574055.USD":"富达全球健康医疗A ACC","SAP":"SAP SE","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4512":"苹果概念"},"translate_title":"跟踪Ruane、Cunniff和Goldfarb的投资组合-2024年第一季度更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNH":1,"RYCEY":1,"SAP":1,"SCHW":1,"LMGIF":1,"LLYVK":1,"LLYVA":1,"LBRDK":1,"KMX":1,"J":1,"TSM":1,"ICE":1,"FWONK":1,"UMGNF":1,"BRK.A":1,"BRK.B":1,"CACC":1,"CNSWF":1,"COF":1,"ELV":1,"ERFSF":1,"GOOGL":0.9,"META":0.7,"03145":0.6},"content_text":"Ruane, Cunniff, & Goldfarb's 13F portfolio value increased from $6.26B to $6.44B this quarter.Sequoia Fund has a track record of 13.32% annualized return since 1970.Significant stake decreases include Intercontinental Exchange, Alphabet, Charles Schwab, Elevance Health, UnitedHealth, Taiwan Semi, and Liberty Media Corp.   DNY59 This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Ruane, Cunniff, & Goldfarb’s Portfolio article for an idea on their investment philosophy and our previous update for the moves during Q4 2023. This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $6.26B to $6.44B. The number of holdings increased from 33 to 34. 15 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~31% while the top five are at ~48% of the 13F assets: Intercontinental Exchange, Alphabet, Charles Schwab, Elevance Health, and UnitedHealth. The firm is best known as the investment advisor of the Sequoia Fund (MUTF:SEQUX) which has a venerable ~53-year track record (July 15, 1970 inception, 13.32% annualized return compared to 11.27% for the S&P 500 index). The performance for 2022 was terrible: Negative 30.52% compared to Negative 18.11% for the S&P 500 index. For 2023, they did slightly better than the S&P 500 Index: 27.83% vs 26.29%. For Q1 2024, they did 10% vs 10.56% for S&P. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now less than 5%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (OTCPK:CNSWF), Eurofins Scientific SE (OTCPK:ERFSF), Lumine Group (OTCPK:LMGIF), Rolls-Royce Holdings plc (OTCPK:RYCEY), SAP SE (SAP), and Universal Music Group (OTCPK:UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics The Intelligent Investor and Security Analysis. Stake Decreases: Intercontinental Exchange (ICE): ICE is currently the largest 13F position at 11.42% of the portfolio. It was purchased in Q3 2020 at prices between ~$92 and ~$107. There was a ~90% stake increase in Q2 2022 at prices between ~$90 and ~$133. The stock currently trades at ~$139. The last seven quarters have seen a ~22% trimming. Alphabet Inc. (GOOG): GOOG is now the second largest 13F position at 10.54% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the low-teens price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between ~$52 and ~$64. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$53 and ~$107. The last two years saw a ~53% further reduction at prices between ~$83 and ~$139. The stock currently trades at ~$181. Charles Schwab (SCHW): SCHW is now at 9.13% of the portfolio. It was first purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling in the next quarter at prices between $32.50 and $43. The stock is now at $74.53. Q2 2023 saw a ~9% stake increase while the last three quarters saw a ~11% trimming. Elevance Health (ELV): The 8.65% ELV stake was established in H1 2021 at prices between ~$288 and ~$402. Q2 2022 saw a ~42% reduction at prices between ~$444 and ~$530. That was followed with a ~16% selling during Q4 2022 at prices between ~$454 and ~$547. There was a ~30% stake increase during Q2 2023 at prices between ~$436 and ~$496. The next quarter also saw a ~10% increase. The stock is now at ~$542. The last two quarters saw a ~7% trimming. UnitedHealth (UNH): UNH is a large (top five) ~8% of the portfolio stake. It was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. There was a ~25% selling in Q2 2022 at prices between ~$452 and ~$546. That was followed with a ~15% reduction during Q4 2022 at prices between ~$499 and ~$555. The stock currently trades at ~$490. The last several quarters saw trimming. Taiwan Semi (TSM): The 7.85% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. Q3 2022 saw a ~30% selling at prices between ~$69 and ~$92. The stock currently trades at ~$168. The last several quarters saw further trimming. Liberty Media Corp (FWONK) (LLYVK) (LLYVA): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. The stake has wavered. FWONK is currently at ~$72. The stake is now at 7.34% of the portfolio. There was a ~10% trimming in the last two quarters. Capital One Financial (COF): COF is a 6.82% of the portfolio position established during Q3 2022 at prices between ~$91 and ~$116 and the stock currently trades at ~$138. There was a ~25% stake increase during Q2 2023 at prices between ~$86 and ~$114. The last three quarters saw a ~14% trimming. Jacobs Solutions (J): Jacobs Solutions is a 6.41% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$142. Q2 2023 saw a ~12% increase while in the last three quarters there was a ~11% trimming. Credit Acceptance Corp. (CACC): CACC is a 6.15% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction in the next quarter at prices between ~$582 and ~$696. The stock is now at ~$490. The last several quarters saw trimming. Note: They have a ~5.8% ownership stake in Credit Acceptance Corp. CarMax Inc. (KMX): KMX is currently at 5.37% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The last quarter saw another ~25% reduction at prices between ~$60 and ~$79. There was a ~4% trimming this quarter. The stock is now at ~$73. Meta Platforms (META): The 4.53% META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters saw another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. Q3 2022 also saw a ~11% stake increase. H1 2023 saw a ~70% selling at prices between ~$125 and ~$289. The last quarter saw another ~30% reduction at prices between ~$288 and ~$358. The stock currently trades at ~$499. There was a ~4% trimming this quarter. Berkshire Hathaway (BRK.B) (BRK.A): Berkshire stake is now at ~4.5% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. The nine quarters through Q1 2022 had seen the large stake sold down at prices between ~$169 and ~$359. The next quarter saw another one-third selling at prices between ~$268 and ~$353. The stock is now at ~$414. The last seven quarters also saw trimming. Liberty Broadband (LBRDK): LBRDK is a 3.31% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. Q2 2023 saw another one-third increase at prices between ~$71 and ~$85. The stock currently trades at $52.14. There was minor trimming in the last three quarters. The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2024:   Ruane, Cunniff, & Goldfarb - Sequoia Fund - Q1 2024 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q4 2023 and Q1 2024.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2446379118"}