Renowned investment firm Ruane Cunniff recently disclosed its portfolio updates for the second quarter of 2023, which ended on June 30, 2023. The firm's investment philosophy is rooted in value investing, focusing on long-term capital growth through a diversified portfolio of equities. The firm's portfolio contained 36 stocks with a total value of $6.33 billion. The top holdings were ICE (10.62%), UNH (8.57%), and FWONK (8.27%).
Top Trades of the Quarter
The firm's top three trades of the quarter involved Micron Technology Inc, Netflix Inc, and Elevance Health Inc.
Micron Technology Inc (NAS:MU)
Ruane Cunniff (Trades, Portfolio) reduced their investment in Micron Technology Inc by 4,657,030 shares, impacting the equity portfolio by 4.59%. The stock traded for an average price of $64.22 during the quarter. As of August 14, 2023, MU's price was $68.09 with a market cap of $74.58 billion. The stock has returned 5.51% over the past year. GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10. In terms of valuation, MU has a price-book ratio of 1.64, a EV-to-Ebitda ratio of 13.82, and a price-sales ratio of 4.13.
Netflix Inc (NAS:NFLX)
The firm also reduced their investment in Netflix Inc by 614,552 shares, impacting the equity portfolio by 3.47%. The stock traded for an average price of $367.96 during the quarter. As of August 14, 2023, NFLX's price was $425 with a market cap of $188.34 billion. The stock has returned 70.31% over the past year. GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10. In terms of valuation, NFLX has a price-earnings ratio of 45.26, a price-book ratio of 8.27, a price-earnings-to-growth (PEG) ratio of 1.87, a EV-to-Ebitda ratio of 9.58, and a price-sales ratio of 6.00.
Elevance Health Inc (NYSE:ELV)
During the quarter, Ruane Cunniff (Trades, Portfolio) bought 241,524 shares of Elevance Health Inc for a total holding of 1,048,648 shares, impacting the equity portfolio by 1.7%. The stock traded for an average price of $461.29 during the quarter. As of August 14, 2023, ELV's price was $470.08 with a market cap of $110.77 billion. The stock has returned -3.19% over the past year. GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10. In terms of valuation, ELV has a price-earnings ratio of 17.61, a price-book ratio of 2.90, a price-earnings-to-growth (PEG) ratio of 1.20, a EV-to-Ebitda ratio of 11.38, and a price-sales ratio of 0.69.
In conclusion, Ruane Cunniff (Trades, Portfolio)'s Q2 2023 13F filing reveals a strategic approach to portfolio management, with significant trades in the technology and healthcare sectors. The firm's investment decisions reflect its commitment to value investing and long-term capital growth.
