Ruane Cunniff Sells Portions of Five of its Top 10 Stakes

Mar 13, 2015

In contrast to its activity in the third quarter, when nearly half of its transactions involved buying stocks in companies that were new to its portfolio, the majority of Ruane Cunniff (Trades, Portfolio)’s fourth-quarter activity involved selling – including portions of five of its 10 largest existing stakes.

Ruane Cunniff (Trades, Portfolio) sold 3,659,055 shares of its second-largest stake, in TJX Companies (TJX, Financial), a Massachusetts-based apparel and home goods company, for an average price of $63.7 a share. The transaction had a -1.15% impact on Ruane Cunniff (Trades, Portfolio)’s portfolio.

TJX Companies has a P/E of 22.4 and a Price/Book of 11.0.

Ruane Cunniff (Trades, Portfolio) sold 748,674 shares of IDEXX Laboratories Inc (IDXX, Financial), a Maine-based company that develops, makes and distributes products and services for the veterinary, livestock and poultry, water testing and dairy markets, for an average price of $140.25 per share. The sale had a -0.46% impact on the firm’s portfolio.

IDEXX Laboratories has a P/E of 42.0 and a Price/Book of 60.7.

Ruane Cunniff (Trades, Portfolio) sold 1,827,034 shares of World Fuel Services Corp (INT, Financial), a Miami-based Fortune 100 company that markets and finances aviation, marine and ground transportation fuel products and related services to commercial and corporate aircraft, petroleum distributors and ships, for an average price of $43.26 per share. The transaction had a -0.4% impact on the firm’s portfolio.

World Fuel Services has a P/E of 17.4 and a Price/Book of 2.1.

Seven gurus – Chuck Royce (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), John Keeley (Trades, Portfolio), Third Avenue Management (Trades, Portfolio) and Meridian Funds (Trades, Portfolio) – have shares of World Fuel Services in their portfolios. Three gurus – Jim Simons (Trades, Portfolio), Scott Black (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) – sold their stakes in World Fuel Services in the fourth quarter.

The firm sold 174,287 shares of Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (BRK.B, Financial), the fifth-largest stake in Ruane Cunniff (Trades, Portfolio)’s portfolio, for an average price of $144.37 per share. The sale had a -0.13% impact on the firm’s portfolio.

Berkshire Hathaway has a P/E of 17.2 and a Price/Book of 1.4.

The firm sold 162,042 shares of Valeant Pharmaceuticals International Inc (VRX, Financial), a pharmaceutical company based in Montreal that specializes in neurology, dermatology and infectious disease, for an average price of $134.5 per share. The sale only had a -0.11% impact on the firm’s portfolio, and Valeant remains the largest stake in Ruane Cunniff (Trades, Portfolio)’s portfolio by volume – by a wide margin.

Valeant has a P/E of 81.9 and a Price/Book of 13.6.

The other five stakes in Ruane Cunniff (Trades, Portfolio)’s Top 10 are Fastenal Co (FAST, Financial), MasterCard Inc (MA, Financial), Southwestern Energy Co (SWN, Financial), Jacobs Engineering Group Inc (JEC, Financial) and Primerica Inc (PRI, Financial).

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