Value Investing Firm Adjusts Portfolio with New Buys and Notable Increases
Ruane Cunniff (Trades, Portfolio), a distinguished investment firm founded by William Ruane and Rick Cunniff in 1969, has a long-standing reputation for outperforming the stock market through a disciplined investment approach. The firm, which operates with a philosophy akin to that of Benjamin Graham and is recognized by Warren Buffett (Trades, Portfolio), focuses on owning quality businesses at reasonable prices and holding them for the long term. Their recent 13F filing for Q3 2023 offers a glimpse into their strategic moves during a dynamic market period.
New Additions to the Portfolio
Ruane Cunniff (Trades, Portfolio)'s latest 13F filing reveals a strategic addition to their investment portfolio:
- The firm invested in Atlanta Braves Holdings Inc (BATRK, Financial), purchasing 224,489 shares. This new holding accounts for 0.13% of the portfolio, with a total value of $8.02 million.
Key Position Increases
The firm has also bolstered its positions in several stocks, with significant increases in:
- Elevance Health Inc (ELV, Financial), where they added 101,573 shares, bringing the total to 1,150,221 shares. This represents a 9.69% increase in share count and a 0.73% impact on the current portfolio, with a total value of $500.83 million.
- Group 1 Automotive Inc (GPI, Financial), with an additional 158 shares, increasing the total to 2,777 shares. This adjustment marks a 6.03% increase in share count, with a total value of $746,210.
Exiting Positions
In the third quarter of 2023, Ruane Cunniff (Trades, Portfolio) also made the decision to exit certain holdings:
- The firm sold all 531 shares of S&P Global Inc (SPGI, Financial), which had a negligible impact on the portfolio.
Strategic Reductions in Holdings
Moreover, Ruane Cunniff (Trades, Portfolio) reduced its stake in 22 stocks, with the most notable reductions being:
- CarMax Inc (KMX, Financial) by 464,864 shares, resulting in a 7.71% decrease in shares and a 0.62% impact on the portfolio. The stock traded at an average price of $81.89 during the quarter and has seen a return of -25.24% over the past three months and 4.60% year-to-date.
- Alphabet Inc (GOOGL, Financial) by 219,168 shares, leading to a 6.72% reduction in shares and a 0.41% impact on the portfolio. The stock's average trading price was $129.36 during the quarter, with a return of 1.95% over the past three months and 49.71% year-to-date.
Portfolio Overview
As of the third quarter of 2023, Ruane Cunniff (Trades, Portfolio)'s portfolio is composed of 36 stocks. The top holdings include 10.51% in Intercontinental Exchange Inc (ICE, Financial), 9.17% in UnitedHealth Group Inc (UNH, Financial), 8.31% in Elevance Health Inc (ELV, Financial), 7.91% in Charles Schwab Corp (SCHW, Financial), and 7.12% in Liberty Formula One Group (FWONK, Financial). The firm's investments are primarily concentrated in seven industries: Financial Services, Communication Services, Healthcare, Consumer Cyclical, Industrials, Technology, and Consumer Defensive.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
