CarMax Inc Takes a Dip in Ruane Cunniff's Latest 13F Filing
Insights into the Investment Moves of a Graham-and-Doddsville Superinvestor
Ruane Cunniff (Trades, Portfolio), a firm with a legacy of value investing since 1969, has recently disclosed its 13F holdings for the fourth quarter of 2023. The firm, founded by William Ruane and Rick Cunniff, follows a philosophy rooted in the teachings of Benjamin Graham, emphasizing long-term ownership of high-quality businesses at reasonable prices. Their approach, which has been recognized by Warren Buffett (Trades, Portfolio), focuses on intensive primary research and rational decision-making, aiming to outperform the S&P 500 with less fundamental risk.
Summary of New Buys
Ruane Cunniff (Trades, Portfolio)'s latest 13F filing reveals the addition of a new stock to its portfolio:
The most significant addition was S&P Global Inc (NYSE:SPGI), with 531 shares, accounting for a total value of $233.92 million.
Summary of Sold Out Positions
The firm also decided to exit several positions entirely in the fourth quarter of 2023:
Liberty Live Group (NASDAQ:LLYVK): Ruane Cunniff (Trades, Portfolio) sold all 295,040 shares, resulting in a -0.16% impact on the portfolio.
Atlanta Braves Holdings Inc (NASDAQ:BATRK): Ruane Cunniff (Trades, Portfolio) liquidated all 224,489 shares, causing a -0.13% impact on the portfolio.
Key Position Reductions
Significant reductions were made in 27 stocks, with the most noteworthy being:
Reduced CarMax Inc (NYSE:KMX) by 1,438,450 shares, resulting in a -25.85% decrease in shares and a -1.69% impact on the portfolio. The stock traded at an average price of $67.22 during the quarter and has returned 14.07% over the past 3 months and -5.47% year-to-date.
Reduced Meta Platforms Inc (NASDAQ:META) by 270,004 shares, resulting in a -30.2% reduction in shares and a -1.34% impact on the portfolio. The stock traded at an average price of $325.65 during the quarter and has returned 39.78% over the past 3 months and 30.00% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Ruane Cunniff (Trades, Portfolio)'s portfolio comprised 33 stocks. The top holdings included 11.5% in Intercontinental Exchange Inc (NYSE:ICE), 9.31% in Charles Schwab Corp (NYSE:SCHW), 9% in UnitedHealth Group Inc (NYSE:UNH), 8.45% in Elevance Health Inc (NYSE:ELV), and 6.78% in Liberty Formula One Group (NASDAQ:FWONK).
The firm's investments are primarily concentrated across seven industries: Financial Services, Communication Services, Healthcare, Technology, Industrials, Consumer Cyclical, and Consumer Defensive, reflecting a diverse yet focused approach to value investing.
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.
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