Reported portfolio
Ruane, Cunniff & Goldfarb L.P.
Last update 2026-08-14
- Reported portfolio value
- $6,427,482,000
- Current positions
- 54
- Top five concentration
- 40.2%
- Largest position
- 11.1%
- New positions
- 4
- Closed positions
- 0
Reported holdings
54 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
GOOGL ALPHABET INC | 11.09% | Reduced 5.8% | 1,994,274−123,370 | $357 | $712,694,000+$103,744,000 | 13F2026-06-30 ↗ |
TSM TAIWAN SEMICONDUCTOR MANUFAC | 8.71% | Reduced 3.0% | 1,172,725−35,694 | $478 | $560,058,000+$151,673,000 | 13F2026-06-30 ↗ |
FWONK LIBERTY MEDIA CORP DEL | 7.73% | Reduced 2.5% | 5,223,453−133,715 | $95 | $496,959,000+$41,493,000 | 13F2026-06-30 ↗ |
SCHW SCHWAB CHARLES CORP | 6.56% | Reduced 3.0% | 4,571,355−143,425 | $92 | $421,799,000−$21,296,000 | 13F2026-06-30 ↗ |
COF CAPITAL ONE FINL CORP | 6.11% | Reduced 3.1% | 1,956,084−61,723 | $201 | $392,430,000+$24,321,000 | 13F2026-06-30 ↗ |
ELV ELEVANCE HEALTH INC FORMERLY | 5.89% | Reduced 29.4% | 979,598−408,370 | $387 | $378,840,000−$27,488,000 | 13F2026-06-30 ↗ |
ICLR ICON PUB LTD CO | 5.54% | Added 25.3% | 2,048,087+413,476 | $174 | $355,773,000+$174,887,000 | 13F2026-06-30 ↗ |
GOOG ALPHABET INC | 5.08% | Reduced 2.7% | 924,866−25,528 | $353 | $326,783,000+$54,153,000 | 13F2026-06-30 ↗ |
SUNB SUNBELT RENTALS HOLDINGS INC | 4.96% | Reduced 22.4% | 4,261,163−1,227,098 | $75 | $318,778,000−$38,453,000 | 13F2026-06-30 ↗ |
ICE INTERCONTINENTAL EXCHANGE IN | 4.90% | Reduced 3.0% | 2,560,747−78,625 | $123 | $315,254,000−$99,867,000 | 13F2026-06-30 ↗ |
MSA MSA SAFETY INC | 4.68% | Reduced 3.1% | 1,721,415−54,867 | $175 | $300,525,000+$9,303,000 | 13F2026-06-30 ↗ |
UNH UNITEDHEALTH GROUP INC | 4.56% | Reduced 3.1% | 705,554−22,853 | $416 | $293,249,000+$96,150,000 | 13F2026-06-30 ↗ |
TECH BIO-TECHNE CORP | 3.68% | Reduced 1.3% | 3,348,841−43,160 | $71 | $236,596,000+$59,330,000 | 13F2026-06-30 ↗ |
ROP ROPER TECHNOLOGIES INC | 3.55% | New | 674,902+674,902 | $338 | $228,380,000+$228,380,000 | 13F2026-06-30 ↗ |
ALGN ALIGN TECHNOLOGY INC | 3.07% | Reduced 2.9% | 1,171,455−35,080 | $169 | $197,578,000−$9,259,000 | 13F2026-06-30 ↗ |
SAP SAP SE | 2.96% | Added 64.9% | 1,236,546+486,637 | $154 | $190,564,000+$62,172,000 | 13F2026-06-30 ↗ |
ZTS ZOETIS INC | 2.63% | Reduced 3.0% | 2,353,300−71,710 | $72 | $169,108,000−$117,552,000 | 13F2026-06-30 ↗ |
BRK/B BERKSHIRE HATHAWAY INC DEL | 2.34% | Reduced 3.1% | 300,672−9,716 | $500 | $150,453,000+$1,715,000 | 13F2026-06-30 ↗ |
ACN ACCENTURE PLC IRELAND | 1.75% | Reduced 2.8% | 901,848−26,356 | $124 | $112,226,000−$71,828,000 | 13F2026-06-30 ↗ |
META META PLATFORMS INC | 1.35% | Reduced 23.3% | 154,291−46,856 | $563 | $86,911,000−$28,172,000 | 13F2026-06-30 ↗ |
BRK/A BERKSHIRE HATHAWAY INC DEL | 1.20% | Reduced 6.4% | 103−7 | $748,850 | $77,132,000−$1,864,000 | 13F2026-06-30 ↗ |
FWONA LIBERTY MEDIA CORP DEL | 0.95% | Reduced 3.9% | 695,720−28,122 | $88 | $60,903,000+$4,386,000 | 13F2026-06-30 ↗ |
AMTM AMENTUM HOLDINGS INC | 0.17% | Reduced 66.9% | 537,213−1,085,769 | $21 | $11,104,000−$31,223,000 | 13F2026-06-30 ↗ |
LBRDK LIBERTY BROADBAND CORP | 0.16% | Reduced 73.9% | 303,309−860,139 | $33 | $10,088,000−$48,433,000 | 13F2026-06-30 ↗ |
CACC CREDIT ACCEP CORP MICH | 0.05% | Reduced 96.4% | 5,279−140,924 | $637 | $3,361,000−$58,550,000 | 13F2026-06-30 ↗ |
MU MICRON TECHNOLOGY INC | 0.04% | Unchanged | 2,162 | $1,154 | $2,496,000+$1,765,000 | 13F2026-06-30 ↗ |
LBRDA LIBERTY BROADBAND CORP | 0.04% | Reduced 67.0% | 73,945−149,815 | $33 | $2,461,000−$8,776,000 | 13F2026-06-30 ↗ |
GLIBK LIBERTY CAP CORP | 0.04% | Reduced 77.5% | 114,119−392,608 | $22 | $2,460,000−$16,395,000 | 13F2026-06-30 ↗ |
EQH EQUITABLE HLDGS INC | 0.03% | Reduced 0.4% | 40,310−149 | $44 | $1,769,000+$267,000 | 13F2026-06-30 ↗ |
GPI GROUP 1 AUTOMOTIVE INC | 0.02% | Added 21.7% | 4,884+871 | $291 | $1,422,000+$95,000 | 13F2026-06-30 ↗ |
VTI VANGUARD INDEX FDS | 0.02% | Added 8.2% | 2,973+225 | $370 | $1,100,000+$219,000 | 13F2026-06-30 ↗ |
LAD LITHIA MTRS INC | 0.01% | Reduced 1.8% | 2,933−55 | $290 | $852,000+$106,000 | 13F2026-06-30 ↗ |
J JACOBS SOLUTIONS INC | 0.01% | Reduced 0.7% | 6,244−44 | $126 | $787,000−$14,000 | 13F2026-06-30 ↗ |
GLIBA LIBERTY CAP CORP | 0.01% | Reduced 77.9% | 28,162−99,386 | $22 | $617,000−$4,083,000 | 13F2026-06-30 ↗ |
NFLX NETFLIX INC. | 0.01% | Unchanged | 8,091 | $71 | $578,000−$200,000 | 13F2026-06-30 ↗ |
VXUS VANGUARD STAR FDS | 0.01% | Added 8.6% | 6,420+508 | $85 | $549,000+$93,000 | 13F2026-06-30 ↗ |
GMED GLOBUS MED INC | 0.01% | Unchanged | 6,008 | $79 | $475,000−$43,000 | 13F2026-06-30 ↗ |
SDHC SMITH DOUGLAS HOMES CORP | 0.01% | Added 88.2% | 27,275+12,785 | $16 | $424,000+$238,000 | 13F2026-06-30 ↗ |
CPA COPA HOLDINGS SA | 0.01% | Unchanged | 2,555 | $156 | $397,000+$107,000 | 13F2026-06-30 ↗ |
KSPI KASPI KZ JSC | 0.01% | Reduced 3.6% | 3,934−149 | $87 | $341,000+$38,000 | 13F2026-06-30 ↗ |
AXP AMERICAN EXPRESS CO | 0.00% | Unchanged | 932 | $338 | $315,000+$33,000 | 13F2026-06-30 ↗ |
AAPL APPLE INC | 0.00% | Unchanged | 961 | $289 | $278,000+$34,000 | 13F2026-06-30 ↗ |
MSFT MICROSOFT CORP | 0.00% | Unchanged | 737 | $373 | $275,000+$2,000 | 13F2026-06-30 ↗ |
SBGI SINCLAIR INC | 0.00% | Unchanged | 17,959 | $14 | $256,000+$24,000 | 13F2026-06-30 ↗ |
DG DOLLAR GEN CORP | 0.00% | Unchanged | 2,188 | $115 | $252,000−$8,000 | 13F2026-06-30 ↗ |
FERG FERGUSON ENTERPRISES INC | 0.00% | Unchanged | 1,000 | $237 | $237,000+$4,000 | 13F2026-06-30 ↗ |
VT VANGUARD INTL EQUITY INDEX F | 0.00% | New | 1,426+1,426 | $157 | $224,000+$224,000 | 13F2026-06-30 ↗ |
ATAI ATAIBECKLEY INC | 0.00% | Unchanged | 42,112 | $5 | $222,000+$73,000 | 13F2026-06-30 ↗ |
CHTR CHARTER COMMUNICATIONS INC | 0.00% | Reduced 99.0% | 1,556−151,007 | $142 | $221,000−$32,714,000 | 13F2026-06-30 ↗ |
HGV HILTON GRAND VACATIONS INC | 0.00% | New | 4,189+4,189 | $52 | $219,000+$219,000 | 13F2026-06-30 ↗ |
SPGI S&P GLOBAL INC | 0.00% | Unchanged | 531 | $407 | $216,000−$10,000 | 13F2026-06-30 ↗ |
BAC BANK OF AMER CORP | 0.00% | New | 3,625+3,625 | $57 | $207,000+$207,000 | 13F2026-06-30 ↗ |
STLA STELLANTIS N.V | 0.00% | Unchanged | 25,075 | $6 | $144,000−$34,000 | 13F2026-06-30 ↗ |
RMNI RIMINI STR INC DEL | 0.00% | Reduced 4.5% | 33,666−1,599 | $4 | $143,000+$28,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOGL | ALPHABET INC | 11.09% | 1,994,274 | $712,694,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 8.71% | 1,172,725 | $560,058,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 7.73% | 5,223,453 | $496,959,000 |
| SCHW | SCHWAB CHARLES CORP | 6.56% | 4,571,355 | $421,799,000 |
| COF | CAPITAL ONE FINL CORP | 6.11% | 1,956,084 | $392,430,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 5.89% | 979,598 | $378,840,000 |
| ICLR | ICON PUB LTD CO | 5.54% | 2,048,087 | $355,773,000 |
| GOOG | ALPHABET INC | 5.08% | 924,866 | $326,783,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 4.96% | 4,261,163 | $318,778,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 4.90% | 2,560,747 | $315,254,000 |
| MSA | MSA SAFETY INC | 4.68% | 1,721,415 | $300,525,000 |
| UNH | UNITEDHEALTH GROUP INC | 4.56% | 705,554 | $293,249,000 |
| TECH | BIO-TECHNE CORP | 3.68% | 3,348,841 | $236,596,000 |
| ROP | ROPER TECHNOLOGIES INC | 3.55% | 674,902 | $228,380,000 |
| ALGN | ALIGN TECHNOLOGY INC | 3.07% | 1,171,455 | $197,578,000 |
| SAP | SAP SE | 2.96% | 1,236,546 | $190,564,000 |
| ZTS | ZOETIS INC | 2.63% | 2,353,300 | $169,108,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.34% | 300,672 | $150,453,000 |
| ACN | ACCENTURE PLC IRELAND | 1.75% | 901,848 | $112,226,000 |
| META | META PLATFORMS INC | 1.35% | 154,291 | $86,911,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.20% | 103 | $77,132,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.95% | 695,720 | $60,903,000 |
| AMTM | AMENTUM HOLDINGS INC | 0.17% | 537,213 | $11,104,000 |
| LBRDK | LIBERTY BROADBAND CORP | 0.16% | 303,309 | $10,088,000 |
| CACC | CREDIT ACCEP CORP MICH | 0.05% | 5,279 | $3,361,000 |
| MU | MICRON TECHNOLOGY INC | 0.04% | 2,162 | $2,496,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.04% | 73,945 | $2,461,000 |
| GLIBK | LIBERTY CAP CORP | 0.04% | 114,119 | $2,460,000 |
| EQH | EQUITABLE HLDGS INC | 0.03% | 40,310 | $1,769,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 4,884 | $1,422,000 |
| VTI | VANGUARD INDEX FDS | 0.02% | 2,973 | $1,100,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,933 | $852,000 |
| J | JACOBS SOLUTIONS INC | 0.01% | 6,244 | $787,000 |
| GLIBA | LIBERTY CAP CORP | 0.01% | 28,162 | $617,000 |
| NFLX | NETFLIX INC. | 0.01% | 8,091 | $578,000 |
| VXUS | VANGUARD STAR FDS | 0.01% | 6,420 | $549,000 |
| GMED | GLOBUS MED INC | 0.01% | 6,008 | $475,000 |
| SDHC | SMITH DOUGLAS HOMES CORP | 0.01% | 27,275 | $424,000 |
| CPA | COPA HOLDINGS SA | 0.01% | 2,555 | $397,000 |
| KSPI | KASPI KZ JSC | 0.01% | 3,934 | $341,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $315,000 |
| AAPL | APPLE INC | 0.00% | 961 | $278,000 |
| MSFT | MICROSOFT CORP | 0.00% | 737 | $275,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $256,000 |
| DG | DOLLAR GEN CORP | 0.00% | 2,188 | $252,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.00% | 1,000 | $237,000 |
| VT | VANGUARD INTL EQUITY INDEX F | 0.00% | 1,426 | $224,000 |
| ATAI | ATAIBECKLEY INC | 0.00% | 42,112 | $222,000 |
| CHTR | CHARTER COMMUNICATIONS INC | 0.00% | 1,556 | $221,000 |
| HGV | HILTON GRAND VACATIONS INC | 0.00% | 4,189 | $219,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $216,000 |
| BAC | BANK OF AMER CORP | 0.00% | 3,625 | $207,000 |
| STLA | STELLANTIS N.V | 0.00% | 25,075 | $144,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 33,666 | $143,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOGL | ALPHABET INC | 10.10% | 2,117,644 | $608,950,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 7.56% | 5,357,168 | $455,466,000 |
| SCHW | SCHWAB CHARLES CORP | 7.35% | 4,714,780 | $443,095,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 6.89% | 2,639,372 | $415,120,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 6.77% | 1,208,419 | $408,385,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 6.74% | 1,387,968 | $406,328,000 |
| COF | CAPITAL ONE FINL CORP | 6.11% | 2,017,807 | $368,109,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 5.93% | 5,488,261 | $357,231,000 |
| MSA | MSA SAFETY INC | 4.83% | 1,776,282 | $291,221,000 |
| ZTS | ZOETIS INC | 4.76% | 2,425,010 | $286,660,000 |
| GOOG | ALPHABET INC | 4.52% | 950,394 | $272,630,000 |
| ALGN | ALIGN TECHNOLOGY INC | 3.43% | 1,206,535 | $206,836,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.27% | 728,407 | $197,100,000 |
| ACN | ACCENTURE PLC IRELAND | 3.05% | 928,204 | $184,054,000 |
| ICLR | ICON PLC | 3.00% | 1,634,611 | $180,886,000 |
| TECH | BIO-TECHNE CORP | 2.94% | 3,392,001 | $177,266,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.47% | 310,388 | $148,738,000 |
| SAP | SAP SE | 2.13% | 749,909 | $128,392,000 |
| META | META PLATFORMS INC | 1.91% | 201,147 | $115,082,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.31% | 110 | $78,995,000 |
| CACC | CREDIT ACCEP CORP MICH | 1.03% | 146,203 | $61,911,000 |
| LBRDK | LIBERTY BROADBAND CORP | 0.97% | 1,163,448 | $58,521,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.94% | 723,842 | $56,518,000 |
| AMTM | AMENTUM HOLDINGS INC | 0.70% | 1,622,982 | $42,327,000 |
| CHTR | CHARTER COMMUNICATIONS INC | 0.55% | 152,563 | $32,935,000 |
| GLIBK | GCI LIBERTY INC | 0.31% | 506,727 | $18,855,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.19% | 223,760 | $11,237,000 |
| GLIBA | GCI LIBERTY INC | 0.08% | 127,548 | $4,700,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 40,459 | $1,501,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 4,013 | $1,327,000 |
| VTI | VANGUARD INDEX FDS | 0.01% | 2,748 | $882,000 |
| J | JACOBS SOLUTIONS INC | 0.01% | 6,288 | $800,000 |
| NFLX | NETFLIX INC. | 0.01% | 8,091 | $778,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,988 | $746,000 |
| MU | MICRON TECHNOLOGY INC | 0.01% | 2,162 | $730,000 |
| GMED | GLOBUS MED INC | 0.01% | 6,008 | $518,000 |
| VXUS | VANGUARD STAR FDS | 0.01% | 5,912 | $456,000 |
| KSPI | KASPI KZ JSC | 0.01% | 4,083 | $302,000 |
| CPA | COPA HOLDINGS SA | 0.00% | 2,555 | $290,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $282,000 |
| MSFT | MICROSOFT CORP | 0.00% | 737 | $273,000 |
| DG | DOLLAR GEN CORP | 0.00% | 2,188 | $260,000 |
| AAPL | APPLE INC | 0.00% | 961 | $244,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.00% | 1,000 | $233,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $232,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $226,000 |
| SDHC | SMITH DOUGLAS HOMES CORP | 0.00% | 14,490 | $185,000 |
| STLA | STELLANTIS N.V | 0.00% | 25,075 | $178,000 |
| ATAI | ATAIBECKLEY INC | 0.00% | 42,112 | $149,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 35,265 | $116,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOGL | ALPHABET INC | 10.63% | 2,174,821 | $680,719,000 |
| SCHW | SCHWAB CHARLES CORP | 8.73% | 5,594,948 | $558,991,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 8.45% | 5,491,118 | $540,930,000 |
| COF | CAPITAL ONE FINL CORP | 7.83% | 2,068,023 | $501,206,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 7.79% | 1,422,506 | $498,659,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 6.84% | 2,703,907 | $437,925,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.75% | 1,421,721 | $432,047,000 |
| GOOG | ALPHABET INC | 5.60% | 1,142,353 | $358,470,000 |
| ICLR | ICON PLC | 4.78% | 1,679,590 | $306,055,000 |
| MSA | MSA SAFETY INC | 4.53% | 1,811,635 | $290,115,000 |
| ACN | ACCENTURE PLC IRELAND | 3.95% | 943,420 | $253,120,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.85% | 745,999 | $246,262,000 |
| CACC | CREDIT ACCEP CORP MICH | 3.71% | 536,132 | $237,753,000 |
| ALGN | ALIGN TECHNOLOGY INC | 2.98% | 1,222,534 | $190,899,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.48% | 316,106 | $158,891,000 |
| META | META PLATFORMS INC | 2.46% | 239,018 | $157,773,000 |
| LBRDK | LIBERTY BROADBAND CORP | 1.40% | 1,841,624 | $89,503,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.36% | 115 | $86,802,000 |
| TECH | BIO-TECHNE CORP | 1.35% | 1,465,935 | $86,212,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 1.18% | 362,000 | $75,568,000 |
| AMTM | AMENTUM HOLDINGS INC | 1.08% | 2,394,129 | $69,430,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 1.03% | 738,880 | $66,041,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.49% | 652,780 | $31,516,000 |
| GLIBK | GCI LIBERTY INC | 0.31% | 539,071 | $20,059,000 |
| SAP | SAP SE | 0.17% | 45,927 | $11,156,000 |
| GLIBA | GCI LIBERTY INC | 0.08% | 131,168 | $4,836,000 |
| EQH | EQUITABLE HLDGS INC | 0.03% | 40,636 | $1,936,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 3,610 | $1,420,000 |
| LAD | LITHIA MTRS INC | 0.02% | 3,049 | $1,013,000 |
| VTI | VANGUARD INDEX FDS | 0.01% | 2,678 | $898,000 |
| J | JACOBS SOLUTIONS INC | 0.01% | 6,487 | $859,000 |
| MU | MICRON TECHNOLOGY INC | 0.01% | 2,162 | $617,000 |
| NFLX | NETFLIX INC | 0.01% | 5,220 | $489,000 |
| RSPC | INVESCO EXCHANGE TRADED FD T | 0.01% | 11,029 | $439,000 |
| VXUS | VANGUARD STAR FDS | 0.01% | 5,438 | $410,000 |
| AXP | AMERICAN EXPRESS CO | 0.01% | 932 | $345,000 |
| MSFT | MICROSOFT CORP | 0.01% | 689 | $333,000 |
| KSPI | KASPI KZ JSC | 0.01% | 4,112 | $321,000 |
| CPA | COPA HOLDINGS SA | 0.00% | 2,555 | $308,000 |
| DG | DOLLAR GEN CORP NEW | 0.00% | 2,170 | $288,000 |
| STLA | STELLANTIS N.V | 0.00% | 25,581 | $279,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $277,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $275,000 |
| AAPL | APPLE INC | 0.00% | 891 | $242,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.00% | 1,000 | $223,000 |
| SDHC | SMITH DOUGLAS HOMES CORP | 0.00% | 12,209 | $205,000 |
| VT | VANGUARD INTL EQUITY INDEX F | 0.00% | 1,426 | $201,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 37,141 | $144,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SCHW | SCHWAB CHARLES CORP | 9.99% | 6,315,561 | $602,947,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 9.64% | 5,568,989 | $581,681,000 |
| GOOGL | ALPHABET INC | 9.49% | 2,356,719 | $572,918,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 8.71% | 1,881,721 | $525,546,000 |
| ELV | ELEVANCE HEALTH INC FORMERLY | 7.75% | 1,448,283 | $467,969,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 7.66% | 2,743,291 | $462,190,000 |
| COF | CAPITAL ONE FINL CORP | 7.39% | 2,098,124 | $446,019,000 |
| GOOG | ALPHABET INC | 5.06% | 1,254,571 | $305,551,000 |
| ICLR | ICON PLC | 4.93% | 1,700,994 | $297,674,000 |
| MSA | MSA SAFETY INC | 4.86% | 1,705,286 | $293,429,000 |
| CACC | CREDIT ACCEP CORP MICH | 4.48% | 578,459 | $270,100,000 |
| UNH | UNITEDHEALTH GROUP INC | 4.34% | 758,223 | $261,814,000 |
| META | META PLATFORMS INC | 2.97% | 244,021 | $179,204,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.69% | 322,552 | $162,160,000 |
| LBRDK | LIBERTY BROADBAND CORP | 1.97% | 1,874,237 | $119,089,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 1.70% | 373,432 | $102,733,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.46% | 117 | $88,241,000 |
| TECH | BIO-TECHNE CORP | 1.36% | 1,473,755 | $81,985,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 1.17% | 742,310 | $70,683,000 |
| AMTM | AMENTUM HOLDINGS INC | 0.96% | 2,423,748 | $58,049,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.70% | 669,160 | $42,378,000 |
| GLIBK | GCI LIBERTY INC | 0.23% | 374,670 | $13,964,000 |
| SAP | SAP SE | 0.20% | 46,000 | $12,292,000 |
| GLIBA | GCI LIBERTY INC | 0.08% | 133,200 | $5,002,000 |
| EQH | EQUITABLE HLDGS INC | 0.03% | 40,636 | $2,063,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.03% | 3,610 | $1,579,000 |
| J | JACOBS SOLUTIONS INC | 0.02% | 9,349 | $1,401,000 |
| VTI | VANGUARD INDEX FDS | 0.01% | 2,647 | $869,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,716 | $858,000 |
| NFLX | NETFLIX INC | 0.01% | 604 | $724,000 |
| VXUS | VANGUARD STAR FDS | 0.01% | 5,301 | $389,000 |
| MU | MICRON TECHNOLOGY INC | 0.01% | 2,162 | $362,000 |
| MSFT | MICROSOFT CORP | 0.01% | 689 | $357,000 |
| AXP | AMERICAN EXPRESS CO | 0.01% | 932 | $310,000 |
| CPA | COPA HOLDINGS SA | 0.01% | 2,555 | $304,000 |
| KSPI | KASPI KZ JSC | 0.01% | 3,712 | $303,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $271,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $258,000 |
| STLA | STELLANTIS N.V | 0.00% | 27,313 | $255,000 |
| AAPL | APPLE INC | 0.00% | 891 | $227,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.00% | 1,000 | $225,000 |
| DG | DOLLAR GEN CORP NEW | 0.00% | 2,170 | $224,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $223,000 |
| BLK | BLACKROCK INC | 0.00% | 186 | $217,000 |
| SDHC | SMITH DOUGLAS HOMES CORP | 0.00% | 12,209 | $216,000 |
| KMX | CARMAX INC | 0.00% | 4,469 | $201,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 37,141 | $174,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SCHW | SCHWAB CHARLES CORP | 10.32% | 6,598,822 | $602,077,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 10.05% | 5,610,983 | $586,348,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 8.71% | 2,768,977 | $508,024,000 |
| COF | CAPITAL ONE FINL CORP | 7.72% | 2,117,016 | $450,416,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.45% | 1,917,681 | $434,336,000 |
| ELV | ELEVANCE HEALTH INC | 7.31% | 1,095,655 | $426,166,000 |
| GOOGL | ALPHABET INC | 7.15% | 2,366,319 | $417,016,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.10% | 584,025 | $297,520,000 |
| META | META PLATFORMS INC | 5.03% | 397,558 | $293,434,000 |
| ICLR | ICON PLC | 4.26% | 1,708,183 | $248,455,000 |
| UNH | UNITEDHEALTH GROUP INC | 4.08% | 763,439 | $238,170,000 |
| GOOG | ALPHABET INC | 3.91% | 1,286,121 | $228,145,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.19% | 1,889,287 | $185,868,000 |
| MSA | MSA SAFETY INC | 2.73% | 949,067 | $158,997,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.72% | 326,841 | $158,770,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 2.71% | 386,614 | $158,052,000 |
| J | JACOBS SOLUTIONS INC | 2.42% | 1,072,124 | $140,931,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.46% | 117 | $85,270,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 1.22% | 748,343 | $71,063,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.12% | 668,807 | $65,423,000 |
| AMTM | AMENTUM HOLDINGS INC | 0.99% | 2,441,743 | $57,650,000 |
| TECH | BIO-TECHNE CORP | 0.13% | 152,417 | $7,842,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.04% | 21,902 | $2,502,000 |
| EQH | EQUITABLE HLDGS INC | 0.04% | 40,728 | $2,285,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.03% | 3,350 | $1,463,000 |
| LAD | LITHIA MTRS INC | 0.02% | 2,716 | $918,000 |
| NFLX | NETFLIX INC | 0.01% | 606 | $812,000 |
| VTI | VANGUARD INDEX FDS | 0.01% | 2,551 | $775,000 |
| KMX | CARMAX INC | 0.01% | 6,280 | $422,000 |
| STLA | STELLANTIS N.V | 0.01% | 39,677 | $398,000 |
| VOO | VANGUARD INDEX FDS | 0.01% | 682 | $387,000 |
| MSFT | MICROSOFT CORP | 0.01% | 689 | $343,000 |
| VXUS | VANGUARD STAR FDS | 0.01% | 4,662 | $322,000 |
| AXP | AMERICAN EXPRESS CO | 0.01% | 932 | $297,000 |
| CPA | COPA HOLDINGS SA | 0.00% | 2,555 | $281,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $280,000 |
| MU | MICRON TECHNOLOGY INC | 0.00% | 2,162 | $266,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $248,000 |
| DG | DOLLAR GEN CORP NEW | 0.00% | 2,144 | $245,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.00% | 1,000 | $218,000 |
| RSG | REPUBLIC SVCS INC | 0.00% | 817 | $201,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 37,955 | $143,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $92,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SCHW | SCHWAB CHARLES CORP | 9.61% | 6,761,375 | $529,280,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 9.41% | 5,755,304 | $518,035,000 |
| ELV | ELEVANCE HEALTH INC | 8.87% | 1,122,920 | $488,425,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 8.75% | 2,794,096 | $481,982,000 |
| UNH | UNITEDHEALTH GROUP INC | 7.82% | 822,168 | $430,610,000 |
| COF | CAPITAL ONE FINL CORP | 6.94% | 2,130,414 | $381,983,000 |
| GOOGL | ALPHABET INC | 6.66% | 2,372,844 | $366,937,000 |
| CACC | CREDIT ACCEP CORP MICH | 6.03% | 643,101 | $332,065,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 5.63% | 1,866,293 | $309,805,000 |
| META | META PLATFORMS INC | 5.35% | 510,972 | $294,504,000 |
| ICLR | ICON PLC | 3.99% | 1,254,350 | $219,499,000 |
| GOOG | ALPHABET INC | 3.77% | 1,328,509 | $207,553,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.68% | 2,383,453 | $202,713,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 3.26% | 336,982 | $179,470,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 2.68% | 400,460 | $147,582,000 |
| J | JACOBS SOLUTIONS INC | 2.58% | 1,176,743 | $142,256,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.83% | 126 | $100,604,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 1.10% | 741,230 | $60,388,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.04% | 674,067 | $57,296,000 |
| AMTM | AMENTUM HOLDINGS INC | 0.79% | 2,393,039 | $43,553,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.05% | 21,902 | $2,634,000 |
| EQH | EQUITABLE HLDGS INC | 0.04% | 40,728 | $2,122,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 3,361 | $1,284,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,716 | $797,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 4,700 | $587,000 |
| NFLX | NETFLIX INC | 0.01% | 606 | $565,000 |
| KMX | CARMAX INC | 0.01% | 6,280 | $489,000 |
| VTI | VANGUARD INDEX FDS | 0.01% | 1,725 | $474,000 |
| STLA | STELLANTIS N.V | 0.01% | 39,677 | $445,000 |
| VOO | VANGUARD INDEX FDS | 0.01% | 682 | $350,000 |
| SBGI | SINCLAIR INC | 0.01% | 17,959 | $286,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $270,000 |
| VXUS | VANGUARD STAR FDS | 0.00% | 4,121 | $256,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $251,000 |
| MSFT | MICROSOFT CORP | 0.00% | 649 | $244,000 |
| CPA | COPA HOLDINGS SA | 0.00% | 2,555 | $236,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 37,955 | $132,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $57,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 12.16% | 4,806,982 | $716,288,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 9.23% | 5,869,410 | $543,860,000 |
| SCHW | SCHWAB CHARLES CORP | 8.67% | 6,903,480 | $510,927,000 |
| GOOGL | ALPHABET INC | 7.69% | 2,391,801 | $452,768,000 |
| UNH | UNITEDHEALTH GROUP INC | 7.20% | 837,996 | $423,909,000 |
| ELV | ELEVANCE HEALTH INC | 7.16% | 1,143,953 | $422,004,000 |
| COF | CAPITAL ONE FINL CORP | 6.59% | 2,177,156 | $388,230,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.48% | 1,933,881 | $381,922,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.22% | 655,271 | $307,624,000 |
| META | META PLATFORMS INC | 5.18% | 521,537 | $305,365,000 |
| ICLR | ICON PLC | 4.51% | 1,265,540 | $265,396,000 |
| GOOG | ALPHABET INC | 4.50% | 1,391,955 | $265,084,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.06% | 2,412,168 | $180,334,000 |
| J | JACOBS SOLUTIONS INC | 2.75% | 1,210,914 | $161,802,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.68% | 348,247 | $157,853,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 2.41% | 414,122 | $141,949,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.46% | 126 | $85,796,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 1.07% | 748,924 | $62,940,000 |
| AMTM | AMENTUM HOLDINGS INC | 0.87% | 2,436,294 | $51,235,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.86% | 683,406 | $50,818,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.04% | 21,902 | $2,426,000 |
| KMX | CARMAX INC | 0.04% | 27,571 | $2,254,000 |
| EQH | EQUITABLE HLDGS INC | 0.03% | 40,832 | $1,926,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 3,369 | $1,420,000 |
| LAD | LITHIA MTRS INC | 0.02% | 2,716 | $971,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.01% | 152,478 | $682,000 |
| STLA | STELLANTIS N.V | 0.01% | 51,633 | $674,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 4,700 | $672,000 |
| NFLX | NETFLIX INC | 0.01% | 606 | $540,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $405,000 |
| VTI | VANGUARD INDEX FDS | 0.01% | 1,158 | $336,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $290,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $277,000 |
| MSFT | MICROSOFT CORP | 0.00% | 649 | $274,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $264,000 |
| CPA | COPA HOLDINGS SA | 0.00% | 2,555 | $225,000 |
| AAPL | APPLE INC | 0.00% | 821 | $206,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 37,955 | $101,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $56,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 12.60% | 5,012,488 | $805,206,000 |
| UNH | UNITEDHEALTH GROUP INC | 8.84% | 966,315 | $564,985,000 |
| ELV | ELEVANCE HEALTH INC | 8.17% | 1,004,533 | $522,357,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.89% | 2,904,689 | $504,457,000 |
| SCHW | SCHWAB CHARLES CORP | 7.55% | 7,450,286 | $482,853,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 7.37% | 6,081,334 | $470,878,000 |
| GOOGL | ALPHABET INC | 6.92% | 2,667,043 | $442,329,000 |
| COF | CAPITAL ONE FINL CORP | 6.49% | 2,771,238 | $414,937,000 |
| J | JACOBS SOLUTIONS INC | 5.18% | 2,530,209 | $331,204,000 |
| META | META PLATFORMS INC | 5.08% | 567,157 | $324,663,000 |
| CACC | CREDIT ACCEP CORP MICH | 4.73% | 681,604 | $302,237,000 |
| GOOG | ALPHABET INC | 3.82% | 1,460,992 | $244,263,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 3.13% | 434,304 | $199,893,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.04% | 2,514,729 | $194,363,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 2.31% | 455,023 | $147,464,000 |
| KMX | CARMAX INC | 2.21% | 1,825,488 | $141,256,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.45% | 134 | $92,618,000 |
| AMTM | AMENTUM HOLDINGS INC | 1.28% | 2,530,489 | $81,608,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.88% | 790,661 | $56,556,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.85% | 709,767 | $54,524,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.07% | 34,402 | $4,520,000 |
| EQH | EQUITABLE HLDGS INC | 0.03% | 40,844 | $1,717,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 3,386 | $1,297,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.02% | 151,270 | $1,041,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 4,700 | $911,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,728 | $867,000 |
| STLA | STELLANTIS N.V | 0.01% | 51,673 | $726,000 |
| NFLX | NETFLIX INC | 0.01% | 606 | $430,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $405,000 |
| VTI | VANGUARD INDEX FDS | 0.00% | 1,065 | $302,000 |
| MSFT | MICROSOFT CORP | 0.00% | 649 | $279,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $275,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $274,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $253,000 |
| MU | MICRON TECHNOLOGY INC | 0.00% | 2,162 | $224,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 38,090 | $70,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $49,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 10.90% | 5,108,459 | $699,297,000 |
| SCHW | SCHWAB CHARLES CORP | 8.94% | 7,785,057 | $573,681,000 |
| ELV | ELEVANCE HEALTH INC | 8.65% | 1,024,071 | $554,903,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 8.19% | 3,023,723 | $525,553,000 |
| GOOGL | ALPHABET INC | 7.88% | 2,775,840 | $505,619,000 |
| UNH | UNITEDHEALTH GROUP INC | 7.81% | 983,826 | $501,023,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 6.92% | 6,179,575 | $443,941,000 |
| COF | CAPITAL ONE FINL CORP | 6.09% | 2,823,544 | $390,920,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.69% | 708,927 | $364,871,000 |
| J | JACOBS SOLUTIONS INC | 5.61% | 2,575,459 | $359,817,000 |
| META | META PLATFORMS INC | 4.54% | 577,470 | $291,172,000 |
| KMX | CARMAX INC | 4.34% | 3,797,441 | $278,504,000 |
| GOOG | ALPHABET INC | 4.27% | 1,493,749 | $273,983,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.78% | 438,921 | $178,553,000 |
| LBRDK | LIBERTY BROADBAND CORP | 2.19% | 2,566,228 | $140,681,000 |
| CHTR | CHARTER COMMUNICATIONS INC N | 2.12% | 454,226 | $135,795,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.32% | 138 | $84,489,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.81% | 813,312 | $52,239,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.62% | 723,182 | $39,486,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.20% | 102,132 | $12,745,000 |
| EQH | EQUITABLE HLDGS INC | 0.03% | 40,889 | $1,671,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.02% | 138,282 | $1,286,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,790 | $1,226,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.02% | 3,427 | $1,019,000 |
| STLA | STELLANTIS N.V | 0.01% | 45,164 | $897,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,724 | $688,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 4,700 | $651,000 |
| NFLX | NETFLIX INC | 0.01% | 615 | $415,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $369,000 |
| MSFT | MICROSOFT CORP | 0.00% | 649 | $290,000 |
| MU | MICRON TECHNOLOGY INC | 0.00% | 2,162 | $284,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $239,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $237,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $216,000 |
| GS | GOLDMAN SACHS GROUP INC | 0.00% | 450 | $204,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 28,371 | $87,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $56,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 11.42% | 5,354,303 | $735,842,000 |
| SCHW | SCHWAB CHARLES CORP | 9.13% | 8,132,643 | $588,315,000 |
| ELV | ELEVANCE HEALTH INC | 8.65% | 1,074,685 | $557,267,000 |
| UNH | UNITEDHEALTH GROUP INC | 7.89% | 1,027,863 | $508,484,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.85% | 3,716,650 | $505,650,000 |
| COF | CAPITAL ONE FINL CORP | 6.82% | 2,952,729 | $439,632,000 |
| GOOGL | ALPHABET INC | 6.81% | 2,904,857 | $438,430,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 6.56% | 6,438,428 | $422,361,000 |
| J | JACOBS SOLUTIONS INC | 6.41% | 2,687,568 | $413,160,000 |
| CACC | CREDIT ACCEP CORP MICH | 6.15% | 718,040 | $396,035,000 |
| KMX | CARMAX INC | 5.37% | 3,968,078 | $345,659,000 |
| META | META PLATFORMS INC | 4.53% | 600,710 | $291,693,000 |
| GOOG | ALPHABET INC | 3.74% | 1,580,745 | $240,684,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.94% | 450,522 | $189,454,000 |
| LBRDK | LIBERTY BROADBAND CORP | 2.63% | 2,960,299 | $169,418,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.47% | 149 | $94,532,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.78% | 856,558 | $50,314,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.68% | 766,130 | $43,761,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.03% | 138,282 | $2,044,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 40,889 | $1,554,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,790 | $1,412,000 |
| STLA | STELLANTIS N.V | 0.02% | 48,160 | $1,363,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.02% | 4,700 | $980,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.01% | 2,784 | $814,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,331 | $701,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $390,000 |
| NFLX | NETFLIX INC | 0.01% | 615 | $374,000 |
| MU | MICRON TECHNOLOGY INC | 0.01% | 3,162 | $373,000 |
| MSFT | MICROSOFT CORP | 0.00% | 649 | $273,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $242,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $226,000 |
| AXP | AMERICAN EXPRESS CO | 0.00% | 932 | $212,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $83,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 18,371 | $60,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 11.50% | 5,603,791 | $719,695,000 |
| SCHW | SCHWAB CHARLES CORP | 9.31% | 8,470,156 | $582,747,000 |
| UNH | UNITEDHEALTH GROUP INC | 9.00% | 1,069,419 | $563,017,000 |
| ELV | ELEVANCE HEALTH INC | 8.45% | 1,121,643 | $528,922,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 6.78% | 6,722,411 | $424,386,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.77% | 4,070,279 | $423,309,000 |
| COF | CAPITAL ONE FINL CORP | 6.76% | 3,225,195 | $422,888,000 |
| GOOGL | ALPHABET INC | 6.64% | 2,976,113 | $415,733,000 |
| CACC | CREDIT ACCEP CORP MICH | 6.36% | 747,356 | $398,139,000 |
| J | JACOBS SOLUTIONS INC | 5.81% | 2,799,085 | $363,321,000 |
| KMX | CARMAX INC | 5.06% | 4,126,906 | $316,699,000 |
| GOOG | ALPHABET INC | 4.01% | 1,780,687 | $250,952,000 |
| LBRDK | LIBERTY BROADBAND CORP | 4.00% | 3,103,016 | $250,072,000 |
| META | META PLATFORMS INC | 3.53% | 624,010 | $220,875,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.60% | 456,279 | $162,736,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.46% | 168 | $91,161,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.00% | 774,436 | $62,451,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.80% | 865,672 | $50,192,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.03% | 139,514 | $1,928,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 41,007 | $1,366,000 |
| STLA | STELLANTIS N.V | 0.02% | 51,697 | $1,206,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,790 | $1,117,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.01% | 2,751 | $838,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 4,700 | $785,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,361 | $777,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $378,000 |
| NFLX | NETFLIX INC | 0.00% | 615 | $299,000 |
| MU | MICRON TECHNOLOGY INC | 0.00% | 3,162 | $270,000 |
| MSFT | MICROSOFT CORP | 0.00% | 692 | $260,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $234,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $234,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 19,652 | $64,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $59,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 10.51% | 5,756,875 | $633,371,000 |
| UNH | UNITEDHEALTH GROUP INC | 9.17% | 1,095,459 | $552,319,000 |
| ELV | ELEVANCE HEALTH INC | 8.31% | 1,150,221 | $500,829,000 |
| SCHW | SCHWAB CHARLES CORP | 7.91% | 8,680,835 | $476,578,000 |
| FWONK | LIBERTY MEDIA CORP DEL | 7.12% | 6,888,388 | $429,147,000 |
| GOOGL | ALPHABET INC | 6.61% | 3,043,664 | $398,294,000 |
| KMX | CARMAX INC | 6.53% | 5,565,356 | $393,638,000 |
| J | JACOBS SOLUTIONS INC | 6.49% | 2,865,447 | $391,134,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.05% | 4,195,315 | $364,573,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.84% | 765,230 | $352,098,000 |
| COF | CAPITAL ONE FINL CORP | 5.32% | 3,302,793 | $320,536,000 |
| LBRDK | LIBERTY BROADBAND CORP | 4.82% | 3,181,243 | $290,511,000 |
| META | META PLATFORMS INC | 4.45% | 894,014 | $268,392,000 |
| GOOG | ALPHABET INC | 4.10% | 1,874,601 | $247,166,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.74% | 472,061 | $165,363,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.50% | 170 | $90,351,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.19% | 788,890 | $71,718,000 |
| FWONA | LIBERTY MEDIA CORP DEL | 0.83% | 888,017 | $50,208,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 0.16% | 295,040 | $9,471,000 |
| BATRK | ATLANTA BRAVES HLDGS INC | 0.13% | 224,489 | $8,021,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.03% | 145,705 | $1,775,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 0.02% | 37,392 | $1,194,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 41,057 | $1,166,000 |
| STLA | STELLANTIS N.V | 0.02% | 55,345 | $1,059,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,790 | $926,000 |
| AMZN | AMAZON COM INC | 0.01% | 6,020 | $765,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.01% | 2,777 | $746,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 5,800 | $722,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,374 | $701,000 |
| MU | MICRON TECHNOLOGY INC | 0.01% | 6,808 | $463,000 |
| NFLX | NETFLIX INC | 0.01% | 1,208 | $456,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $330,000 |
| MSFT | MICROSOFT CORP | 0.00% | 692 | $218,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $202,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 29,442 | $65,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $54,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 10.60% | 5,944,272 | $672,178,000 |
| UNH | UNITEDHEALTH GROUP INC | 8.56% | 1,128,630 | $542,465,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 8.42% | 7,093,216 | $533,977,000 |
| SCHW | SCHWAB CHARLES CORP | 8.00% | 8,948,669 | $507,211,000 |
| KMX | CARMAX INC | 7.96% | 6,030,220 | $504,729,000 |
| ELV | ELEVANCE HEALTH INC | 7.35% | 1,048,648 | $465,904,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.88% | 4,323,936 | $436,372,000 |
| CACC | CREDIT ACCEP CORP MICH | 6.32% | 788,445 | $400,475,000 |
| GOOGL | ALPHABET INC | 6.16% | 3,262,832 | $390,561,000 |
| COF | CAPITAL ONE FINL CORP | 5.87% | 3,403,537 | $372,245,000 |
| J | JACOBS SOLUTIONS INC | 5.54% | 2,954,118 | $351,215,000 |
| META | META PLATFORMS INC | 4.18% | 923,707 | $265,085,000 |
| LBRDK | LIBERTY BROADBAND CORP | 4.15% | 3,286,361 | $263,270,000 |
| GOOG | ALPHABET INC | 3.75% | 1,965,751 | $237,797,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.64% | 490,679 | $167,322,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.42% | 174 | $90,099,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.02% | 812,705 | $64,797,000 |
| — | LIBERTY MEDIA CORP DEL | 0.98% | 920,464 | $62,242,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.03% | 139,327 | $2,008,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 41,057 | $1,115,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,790 | $1,113,000 |
| STLA | STELLANTIS N.V | 0.02% | 55,722 | $977,000 |
| NFLX | NETFLIX INC | 0.01% | 1,942 | $855,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.01% | 5,800 | $789,000 |
| AMZN | AMAZON COM INC | 0.01% | 6,020 | $785,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,374 | $722,000 |
| GPI | GROUP 1 AUTOMOTIVE INC | 0.01% | 2,619 | $676,000 |
| MU | MICRON TECHNOLOGY INC | 0.01% | 6,981 | $441,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $345,000 |
| SBGI | SINCLAIR INC | 0.00% | 17,959 | $248,000 |
| MSFT | MICROSOFT CORP | 0.00% | 692 | $236,000 |
| SPGI | S&P GLOBAL INC | 0.00% | 531 | $213,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 24,073 | $115,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $72,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | 10.33% | 6,059,276 | $631,922,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 8.80% | 7,198,040 | $538,629,000 |
| UNH | UNITEDHEALTH GROUP INC | 8.52% | 1,102,819 | $521,181,000 |
| SCHW | SCHWAB CHARLES CORP | 7.05% | 8,239,678 | $431,594,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.69% | 4,400,820 | $409,364,000 |
| KMX | CARMAX INC | 6.44% | 6,133,144 | $394,238,000 |
| ELV | ELEVANCE HEALTH INC | 6.06% | 807,124 | $371,124,000 |
| GOOGL | ALPHABET INC | 6.02% | 3,549,653 | $368,206,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.57% | 781,492 | $340,762,000 |
| J | JACOBS SOLUTIONS INC | 5.07% | 2,640,784 | $310,319,000 |
| MU | MICRON TECHNOLOGY INC | 4.60% | 4,664,011 | $281,426,000 |
| META | META PLATFORMS INC | 4.42% | 1,275,689 | $270,370,000 |
| COF | CAPITAL ONE FINL CORP | 4.23% | 2,693,378 | $258,995,000 |
| NFLX | NETFLIX INC | 3.48% | 616,494 | $212,986,000 |
| GOOG | ALPHABET INC | 3.47% | 2,039,908 | $212,150,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.05% | 2,286,475 | $186,805,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.48% | 491,015 | $151,611,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.38% | 182 | $84,739,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.10% | 821,578 | $67,468,000 |
| — | LIBERTY MEDIA CORP DEL | 1.03% | 937,917 | $63,309,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.07% | 49,975 | $4,437,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.04% | 140,697 | $2,167,000 |
| AMZN | AMAZON COM INC | 0.02% | 13,320 | $1,376,000 |
| STLA | STELLANTIS N.V | 0.02% | 61,670 | $1,122,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,790 | $1,081,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 41,196 | $1,046,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,158 | $494,000 |
| ISCV | ISHARES TR | 0.01% | 6,380 | $333,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.01% | 17,959 | $308,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 24,933 | $103,000 |
| — | ATAI LIFE SCIENCES NV | 0.00% | 42,112 | $76,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SCHW | SCHWAB CHARLES CORP | 10.98% | 8,439,564 | $702,678,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 9.96% | 6,212,039 | $637,293,000 |
| UNH | UNITEDHEALTH GROUP INC | 9.36% | 1,129,622 | $598,903,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 8.20% | 8,784,381 | $525,130,000 |
| ELV | ELEVANCE HEALTH INC | 6.62% | 826,523 | $423,982,000 |
| KMX | CARMAX INC | 5.97% | 6,271,401 | $381,866,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.92% | 798,731 | $378,918,000 |
| META | META PLATFORMS INC | 5.57% | 2,963,720 | $356,654,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 5.24% | 4,504,162 | $335,515,000 |
| J | JACOBS SOLUTIONS INC | 5.06% | 2,697,117 | $323,843,000 |
| GOOGL | ALPHABET INC | 4.94% | 3,581,758 | $316,019,000 |
| COF | CAPITAL ONE FINL CORP | 3.99% | 2,747,356 | $255,394,000 |
| MU | MICRON TECHNOLOGY INC | 3.72% | 4,765,452 | $238,177,000 |
| GOOG | ALPHABET INC | 2.98% | 2,151,988 | $190,946,000 |
| NFLX | NETFLIX INC | 2.90% | 629,259 | $185,556,000 |
| LBRDK | LIBERTY BROADBAND CORP | 2.78% | 2,334,429 | $178,047,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.46% | 509,192 | $157,289,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.38% | 188 | $88,118,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.99% | 835,640 | $63,383,000 |
| — | LIBERTY MEDIA CORP DEL | 0.82% | 985,377 | $52,649,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.05% | 45,002 | $2,920,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.03% | 101,069 | $1,851,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $1,107,000 |
| AMZN | AMAZON COM INC | 0.02% | 13,140 | $1,104,000 |
| EQH | EQUITABLE HLDGS INC | 0.02% | 33,972 | $975,000 |
| IVV | ISHARES TR | 0.01% | 2,460 | $945,000 |
| STLA | STELLANTIS N.V | 0.01% | 54,617 | $776,000 |
| LAD | LITHIA MTRS INC | 0.01% | 2,061 | $422,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.00% | 17,719 | $275,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 30,438 | $116,000 |
| — | ANGI INC | 0.00% | 32,383 | $76,000 |
| OPEN | OPENDOOR TECHNOLOGIES INC | 0.00% | 17,500 | $20,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | 9.90% | 1,320,091 | $666,699,000 |
| SCHW | SCHWAB CHARLES CORP | 9.31% | 8,720,090 | $626,713,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 8.62% | 6,422,256 | $580,251,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 8.07% | 9,292,365 | $543,603,000 |
| ELV | ELEVANCE HEALTH INC | 6.67% | 987,857 | $448,724,000 |
| KMX | CARMAX INC | 6.34% | 6,468,603 | $427,057,000 |
| META | META PLATFORMS INC | 6.17% | 3,059,770 | $415,150,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.35% | 822,873 | $360,418,000 |
| GOOGL | ALPHABET INC | 5.21% | 3,668,670 | $350,908,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4.74% | 4,651,030 | $318,875,000 |
| J | JACOBS SOLUTIONS INC | 4.48% | 2,779,534 | $301,552,000 |
| NFLX | NETFLIX INC | 4.29% | 1,228,082 | $289,140,000 |
| COF | CAPITAL ONE FINL CORP | 3.87% | 2,826,955 | $260,560,000 |
| MU | MICRON TECHNOLOGY INC | 3.66% | 4,920,440 | $246,514,000 |
| GOOG | ALPHABET INC | 3.26% | 2,282,754 | $219,487,000 |
| LBRDK | LIBERTY BROADBAND CORP | 2.65% | 2,419,567 | $178,564,000 |
| W | WAYFAIR INC | 2.27% | 4,685,292 | $152,506,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.07% | 522,115 | $139,415,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.20% | 199 | $80,888,000 |
| LBRDA | LIBERTY BROADBAND CORP | 0.94% | 849,073 | $63,341,000 |
| — | LIBERTY MEDIA CORP DEL | 0.79% | 1,007,980 | $52,939,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.04% | 45,747 | $2,695,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.02% | 99,689 | $1,608,000 |
| AMZN | AMAZON COM INC | 0.02% | 13,140 | $1,485,000 |
| MHK | MOHAWK INDS INC | 0.01% | 10,833 | $988,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 33,972 | $895,000 |
| STLA | STELLANTIS N.V | 0.01% | 51,276 | $607,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.00% | 17,719 | $321,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 30,380 | $142,000 |
| — | ANGI INC | 0.00% | 23,088 | $68,000 |
| OPEN | OPENDOOR TECHNOLOGIES INC | 0.00% | 17,500 | $54,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | 8.98% | 1,341,495 | $689,032,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 7.99% | 6,523,771 | $613,495,000 |
| KMX | CARMAX INC | 7.91% | 6,708,006 | $606,940,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 7.80% | 9,428,673 | $598,438,000 |
| SCHW | SCHWAB CHARLES CORP | 7.29% | 8,852,957 | $559,330,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.03% | 6,602,047 | $539,717,000 |
| ELV | ELEVANCE HEALTH INC | 6.38% | 1,013,987 | $489,330,000 |
| META | META PLATFORMS INC | 5.82% | 2,769,324 | $446,553,000 |
| MU | MICRON TECHNOLOGY INC | 5.39% | 7,486,076 | $413,830,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.17% | 837,551 | $396,505,000 |
| GOOGL | ALPHABET INC | 5.16% | 181,812 | $396,216,000 |
| NFLX | NETFLIX INC | 4.68% | 2,055,504 | $359,446,000 |
| — | JACOBS ENGR GROUP INC | 4.68% | 2,826,968 | $359,392,000 |
| GOOG | ALPHABET INC | 3.90% | 136,806 | $299,256,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.89% | 2,579,114 | $298,249,000 |
| W | WAYFAIR INC | 2.80% | 4,930,599 | $214,777,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1.81% | 509,622 | $139,137,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.27% | 856,008 | $97,200,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1.16% | 217 | $88,742,000 |
| — | LIBERTY MEDIA CORP DEL | 0.79% | 1,045,746 | $60,622,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 43,712 | $2,347,000 |
| AMZN | AMAZON COM INC | 0.02% | 13,140 | $1,396,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $1,344,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.01% | 83,760 | $1,138,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 31,954 | $833,000 |
| STLA | STELLANTIS N.V | 0.01% | 42,619 | $527,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.00% | 17,719 | $361,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.00% | 2,360 | $268,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 34,625 | $208,000 |
| OPEN | OPENDOOR TECHNOLOGIES INC | 0.00% | 22,200 | $105,000 |
| — | ANGI INC | 0.00% | 21,107 | $97,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | 9.14% | 1,820,398 | $928,348,000 |
| ELV | ANTHEM INC | 8.50% | 1,757,428 | $863,284,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.97% | 6,791,644 | $708,097,000 |
| SCHW | SCHWAB CHARLES CORP | 6.84% | 8,239,929 | $694,708,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 6.67% | 9,699,190 | $677,391,000 |
| KMX | CARMAX INC | 6.55% | 6,897,774 | $665,497,000 |
| META | META PLATFORMS INC | 6.21% | 2,834,735 | $630,332,000 |
| MU | MICRON TECHNOLOGY INC | 5.91% | 7,705,409 | $600,174,000 |
| GOOGL | ALPHABET INC | 5.73% | 209,177 | $581,794,000 |
| NFLX | NETFLIX INC | 5.27% | 1,428,972 | $535,279,000 |
| GOOG | ALPHABET INC | 5.01% | 181,971 | $508,243,000 |
| CACC | CREDIT ACCEP CORP MICH | 4.67% | 861,752 | $474,282,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 4.52% | 3,470,304 | $458,497,000 |
| — | JACOBS ENGR GROUP INC | 3.94% | 2,905,334 | $400,384,000 |
| W | WAYFAIR INC | 3.75% | 3,440,017 | $381,085,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.55% | 2,664,015 | $360,495,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 3.00% | 576 | $304,658,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1.75% | 503,243 | $177,599,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.12% | 865,750 | $113,465,000 |
| — | LIBERTY MEDIA CORP DEL | 0.66% | 1,061,534 | $67,015,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.10% | 102,132 | $10,536,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 48,238 | $3,113,000 |
| AMZN | AMAZON COM INC | 0.02% | 657 | $2,142,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.02% | 98,082 | $1,685,000 |
| MHK | MOHAWK INDS INC | 0.01% | 10,833 | $1,345,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 31,828 | $984,000 |
| STLA | STELLANTIS N.V | 0.01% | 40,407 | $657,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.00% | 17,719 | $496,000 |
| DIS | DISNEY WALT CO | 0.00% | 1,988 | $273,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.00% | 2,360 | $257,000 |
| VCTR | VICTORY CAP HLDGS INC | 0.00% | 7,179 | $207,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 34,546 | $200,000 |
| OPEN | OPENDOOR TECHNOLOGIES INC | 0.00% | 22,200 | $192,000 |
| — | ANGI INC | 0.00% | 20,804 | $118,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | 8.02% | 1,870,694 | $939,350,000 |
| KMX | CARMAX INC | 7.75% | 6,969,289 | $907,611,000 |
| META | META PLATFORMS INC | 7.60% | 2,645,047 | $889,662,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.17% | 6,980,632 | $839,840,000 |
| ELV | ANTHEM INC | 7.01% | 1,770,040 | $820,484,000 |
| MU | MICRON TECHNOLOGY INC | 6.19% | 7,778,137 | $724,533,000 |
| SCHW | SCHWAB CHARLES CORP | 6.09% | 8,483,310 | $713,446,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 5.39% | 9,988,209 | $631,654,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.25% | 893,551 | $614,477,000 |
| GOOGL | ALPHABET INC | 5.20% | 210,039 | $608,491,000 |
| W | WAYFAIR INC | 5.12% | 3,154,288 | $599,220,000 |
| GOOG | ALPHABET INC | 4.64% | 187,748 | $543,266,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 4.09% | 3,503,015 | $479,107,000 |
| NFLX | NETFLIX INC | 3.99% | 775,105 | $466,954,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.73% | 2,713,453 | $437,137,000 |
| DIS | DISNEY WALT CO | 3.71% | 2,806,430 | $434,688,000 |
| — | JACOBS ENGR GROUP INC | 3.49% | 2,937,602 | $409,002,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 2.30% | 597 | $269,045,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1.31% | 512,010 | $153,091,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.19% | 863,587 | $138,951,000 |
| — | LIBERTY MEDIA CORP DEL | 0.53% | 1,045,187 | $62,021,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.12% | 102,132 | $13,715,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.04% | 48,792 | $4,182,000 |
| AMZN | AMAZON COM INC | 0.02% | 660 | $2,201,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $1,974,000 |
| ASAIY | SENDAS DISTRIBUIDORA S A | 0.01% | 96,525 | $1,144,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 30,959 | $1,015,000 |
| STLA | STELLANTIS N.V | 0.01% | 38,807 | $728,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.00% | 17,719 | $468,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.00% | 3,415 | $406,000 |
| OPEN | OPENDOOR TECHNOLOGIES INC | 0.00% | 22,200 | $324,000 |
| PRI | PRIMERICA INC | 0.00% | 1,400 | $215,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 27,769 | $166,000 |
| — | ANGI INC | 0.00% | 15,918 | $147,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | FACEBOOK INC | 8.30% | 2,720,959 | $923,466,000 |
| KMX | CARMAX INC | 8.23% | 7,154,140 | $915,444,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.09% | 7,070,792 | $789,454,000 |
| CACC | CREDIT ACCEP CORP MICH | 6.94% | 1,320,091 | $772,649,000 |
| UNH | UNITEDHEALTH GROUP INC | 6.68% | 1,901,471 | $742,981,000 |
| ELV | ANTHEM INC | 6.10% | 1,821,413 | $679,023,000 |
| SCHW | SCHWAB CHARLES CORP | 5.67% | 8,666,573 | $631,273,000 |
| W | WAYFAIR INC | 5.47% | 2,380,289 | $608,188,000 |
| MU | MICRON TECHNOLOGY INC | 5.13% | 8,042,228 | $570,837,000 |
| GOOGL | ALPHABET INC | 4.95% | 206,086 | $550,975,000 |
| GOOG | ALPHABET INC | 4.69% | 195,782 | $521,820,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 4.69% | 10,149,692 | $521,796,000 |
| NFLX | NETFLIX INC | 4.35% | 792,685 | $483,807,000 |
| DIS | DISNEY WALT CO | 4.31% | 2,833,691 | $479,376,000 |
| LBRDK | LIBERTY BROADBAND CORP | 4.26% | 2,746,911 | $474,392,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.64% | 3,523,196 | $404,533,000 |
| — | JACOBS ENGR GROUP INC | 3.58% | 3,004,992 | $398,252,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 2.73% | 738 | $303,598,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.40% | 926,147 | $155,917,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1.15% | 469,558 | $128,161,000 |
| — | LIBERTY MEDIA CORP DEL | 0.43% | 1,010,851 | $47,561,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.11% | 102,132 | $12,167,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 69,060 | $3,573,000 |
| AMZN | AMAZON COM INC | 0.02% | 660 | $2,168,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $1,922,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 30,959 | $918,000 |
| STLA | STELLANTIS N.V | 0.01% | 38,582 | $737,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.01% | 17,719 | $561,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.00% | 3,435 | $509,000 |
| OPEN | OPENDOOR TECHNOLOGIES INC | 0.00% | 22,200 | $456,000 |
| RMNI | RIMINI STR INC DEL | 0.00% | 22,388 | $216,000 |
| PRI | PRIMERICA INC | 0.00% | 1,400 | $215,000 |
| — | ANGI INC | 0.00% | 15,918 | $196,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| KMX | CARMAX INC | 7.70% | 6,726,194 | $868,688,000 |
| META | FACEBOOK INC | 7.64% | 2,477,616 | $861,492,000 |
| UNH | UNITEDHEALTH GROUP INC | 6.85% | 1,929,038 | $772,464,000 |
| CACC | CREDIT ACCEP CORP MICH | 6.45% | 1,603,435 | $728,136,000 |
| ELV | ANTHEM INC | 6.24% | 1,844,001 | $704,040,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.23% | 5,849,332 | $702,856,000 |
| MU | MICRON TECHNOLOGY INC | 6.14% | 8,148,721 | $692,478,000 |
| SCHW | SCHWAB CHARLES CORP | 5.68% | 8,795,942 | $640,433,000 |
| GOOG | ALPHABET INC | 4.69% | 210,948 | $528,703,000 |
| GOOGL | ALPHABET INC | 4.51% | 208,289 | $508,598,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 4.40% | 10,297,809 | $496,457,000 |
| LBRDK | LIBERTY BROADBAND CORP | 4.28% | 2,781,511 | $483,037,000 |
| DIS | DISNEY WALT CO | 4.18% | 2,685,610 | $472,050,000 |
| NFLX | NETFLIX INC | 3.75% | 800,054 | $422,597,000 |
| W | WAYFAIR INC | 3.65% | 1,303,191 | $411,430,000 |
| — | JACOBS ENGR GROUP INC | 3.61% | 3,052,225 | $407,228,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.58% | 3,397,927 | $403,334,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 2.82% | 761 | $318,555,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.38% | 1,898,755 | $268,997,000 |
| — | ARISTA NETWORKS INC | 1.99% | 619,855 | $224,580,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1.49% | 606,479 | $168,553,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.41% | 944,522 | $158,840,000 |
| — | LIBERTY MEDIA CORP DEL | 0.12% | 316,930 | $13,511,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.11% | 102,132 | $12,930,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 68,851 | $2,937,000 |
| AMZN | AMAZON COM INC | 0.02% | 660 | $2,271,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $2,082,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 30,459 | $927,000 |
| STLA | STELLANTIS N.V | 0.01% | 46,503 | $917,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.01% | 3,405 | $772,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.01% | 17,719 | $589,000 |
| PRI | PRIMERICA INC | 0.00% | 1,400 | $214,000 |
| IMXI | INTERNATIONAL MNY EXPRESS IN | 0.00% | 12,397 | $184,000 |
| — | ANGI INC | 0.00% | 12,505 | $169,000 |
| GTT1USD | GTT COMMUNICATIONS INC | 0.00% | 21,320 | $52,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| KMX | CARMAX INC | 8.50% | 6,813,324 | $903,856,000 |
| META | FACEBOOK INC | 6.97% | 2,516,818 | $741,278,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.58% | 5,920,645 | $700,294,000 |
| UNH | UNITEDHEALTH GROUP INC | 6.57% | 1,879,149 | $699,175,000 |
| SCHW | SCHWAB CHARLES CORP | 5.60% | 9,138,218 | $595,629,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.49% | 1,620,775 | $583,852,000 |
| — | JACOBS ENGR GROUP INC | 4.73% | 3,890,293 | $502,898,000 |
| DIS | DISNEY WALT CO | 4.73% | 2,724,559 | $502,736,000 |
| MU | MICRON TECHNOLOGY INC | 4.42% | 5,325,143 | $469,731,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 4.25% | 10,444,692 | $452,151,000 |
| GOOG | ALPHABET INC | 4.16% | 213,877 | $442,432,000 |
| GOOGL | ALPHABET INC | 4.10% | 211,518 | $436,260,000 |
| — | ARISTA NETWORKS INC | 4.08% | 1,435,782 | $433,448,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.97% | 2,812,608 | $422,313,000 |
| ELV | ANTHEM INC | 3.96% | 1,171,845 | $420,634,000 |
| W | WAYFAIR INC | 3.90% | 1,319,033 | $415,166,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 3.60% | 3,424,133 | $382,407,000 |
| NFLX | NETFLIX INC | 3.40% | 694,109 | $362,089,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 2.92% | 806 | $310,876,000 |
| FIS | FIDELITY NATL INFORMATION SV | 2.53% | 1,915,276 | $269,307,000 |
| MA | MASTERCARD INCORPORATED | 1.69% | 503,701 | $179,343,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1.49% | 621,299 | $158,723,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.30% | 953,528 | $138,405,000 |
| V | VISA INC | 0.72% | 363,886 | $77,046,000 |
| — | LIBERTY MEDIA CORP DEL | 0.12% | 329,268 | $12,585,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.10% | 102,132 | $10,999,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 71,523 | $3,317,000 |
| AMZN | AMAZON COM INC | 0.02% | 677 | $2,095,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $2,083,000 |
| EQH | EQUITABLE HLDGS INC | 0.01% | 31,259 | $1,020,000 |
| STLA | STELLANTIS N.V | 0.01% | 48,219 | $858,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.01% | 3,505 | $795,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.01% | 20,802 | $609,000 |
| PRI | PRIMERICA INC | 0.00% | 1,400 | $207,000 |
| IMXI | INTERNATIONAL MNY EXPRESS IN | 0.00% | 11,262 | $169,000 |
| — | ANGI INC | 0.00% | 11,972 | $156,000 |
| GTT1USD | GTT COMMUNICATIONS INC | 0.00% | 24,100 | $44,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 7.78% | 6,689,879 | $729,464,000 |
| UNH | Unitedhealth Group Inc | 6.87% | 1,837,617 | $644,416,000 |
| KMX | CARMAX INC | 6.60% | 6,548,997 | $618,618,000 |
| META | Facebook Inc Cl A | 6.47% | 2,219,897 | $606,387,000 |
| — | ARISTA NETWORKS INC | 6.00% | 1,936,727 | $562,755,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.91% | 1,602,519 | $554,696,000 |
| DIS | DISNEY WALT CO | 5.35% | 2,767,727 | $501,457,000 |
| SCHW | SCHWAB CHARLES CORP | 5.28% | 9,334,460 | $495,100,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 4.80% | 10,566,059 | $450,114,000 |
| — | JACOBS ENGR GROUP INC | 4.63% | 3,983,647 | $434,058,000 |
| W | WAYFAIR INC | 4.32% | 1,792,809 | $404,834,000 |
| ICE | Intercontinental Exchange Inc. | 4.27% | 3,469,593 | $400,009,000 |
| GOOG | ALPHABET INC | 4.08% | 218,462 | $382,719,000 |
| NFLX | Netflix Com Inc | 4.04% | 701,374 | $379,254,000 |
| GOOGL | ALPHABET INC | 4.03% | 215,578 | $377,831,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 3.69% | 995 | $346,076,000 |
| MA | MASTERCARD INCORPORATED | 3.65% | 959,770 | $342,580,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.53% | 2,088,860 | $330,813,000 |
| FIS | Fidelity Natl Info Svcs Inc | 2.93% | 1,944,162 | $275,021,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.59% | 1,048,522 | $243,121,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.62% | 965,195 | $152,095,000 |
| V | VISA INC | 1.21% | 520,855 | $113,927,000 |
| — | LIBERTY MEDIA CORP DEL | 0.14% | 336,401 | $12,780,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.10% | 102,132 | $9,714,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 78,084 | $3,187,000 |
| AMZN | AMAZON COM INC | 0.02% | 685 | $2,231,000 |
| MHK | MOHAWK INDS INC | 0.02% | 10,833 | $1,527,000 |
| — | Fiat Chrysler Automobiles NV s | 0.01% | 41,951 | $759,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.01% | 21,317 | $679,000 |
| PG | PROCTER AND GAMBLE CO | 0.00% | 3,246 | $452,000 |
| UNP | UNION PAC CORP | 0.00% | 2,057 | $428,000 |
| EQH | Equitable Holdings Inc | 0.00% | 14,861 | $380,000 |
| AEP | AMERICAN ELEC PWR CO INC | 0.00% | 3,766 | $314,000 |
| KO | COCA COLA CO | 0.00% | 5,559 | $305,000 |
| EIX | EDISON INTL | 0.00% | 3,385 | $213,000 |
| PGR | PROGRESSIVE CORP | 0.00% | 2,076 | $205,000 |
| — | ANGI HOMESERVICES INC | 0.00% | 11,972 | $158,000 |
| GTT1USD | GTT COMMUNICATIONS INC | 0.00% | 24,100 | $86,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| W | WAYFAIR INC | 8.09% | 2,335,414 | $679,629,000 |
| GOOG | ALPHABET INC | 8.01% | 458,102 | $673,227,000 |
| KMX | CARMAX INC | 7.20% | 6,578,390 | $604,620,000 |
| META | FACEBOOK INC | 7.03% | 2,255,668 | $590,759,000 |
| UNH | UNITEDHEALTH GROUP INC | 6.85% | 1,846,017 | $575,533,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 6.51% | 6,748,099 | $547,068,000 |
| CACC | CREDIT ACCEP CORP MICH | 5.21% | 1,291,276 | $437,278,000 |
| — | ARISTA NETWORKS INC | 4.80% | 1,948,767 | $403,258,000 |
| FWONKUSD | LIBERTY MEDIA CORP DEL | 4.57% | 10,579,595 | $383,722,000 |
| — | JACOBS ENGR GROUP INC | 4.55% | 4,123,907 | $382,575,000 |
| ICE | INTERCONTINENTAL EXCHANGE IN | 4.15% | 3,484,355 | $348,610,000 |
| SCHW | SCHWAB CHARLES CORP | 4.14% | 9,606,264 | $348,035,000 |
| DIS | DISNEY WALT CO | 4.12% | 2,792,692 | $346,517,000 |
| MA | MASTERCARD INCORPORATED | 4.01% | 995,537 | $336,661,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 3.82% | 1,003 | $320,961,000 |
| GOOGL | ALPHABET INC | 3.76% | 215,800 | $316,276,000 |
| LBRDK | LIBERTY BROADBAND CORP | 3.72% | 2,188,128 | $312,618,000 |
| FIS | FIDELITY NATL INFORMATION SV | 3.42% | 1,950,190 | $287,087,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 2.78% | 1,097,045 | $233,605,000 |
| LBRDA | LIBERTY BROADBAND CORP | 1.64% | 969,746 | $137,520,000 |
| V | VISA INC | 1.26% | 530,691 | $106,122,000 |
| — | LIBERTY MEDIA CORP DEL | 0.13% | 337,775 | $11,319,000 |
| EXPD | EXPEDITORS INTL WASH INC | 0.11% | 102,132 | $9,245,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.03% | 79,461 | $2,592,000 |
| AMZN | AMAZON COM INC | 0.03% | 692 | $2,179,000 |
| MHK | MOHAWK INDS INC | 0.01% | 10,833 | $1,057,000 |
| — | FIAT CHRYSLER AUTOMOBILES N | 0.01% | 38,992 | $476,000 |
| PG | PROCTER AND GAMBLE CO | 0.01% | 3,246 | $451,000 |
| — | SINCLAIR BROADCAST GROUP INC | 0.00% | 21,317 | $410,000 |
| UNP | UNION PAC CORP | 0.00% | 2,057 | $405,000 |
| AEP | AMERICAN ELEC PWR CO INC | 0.00% | 3,766 | $308,000 |
| KO | COCA COLA CO | 0.00% | 5,559 | $274,000 |
| — | ANGI HOMESERVICES INC | 0.00% | 12,272 | $136,000 |
| GTT1USD | GTT COMMUNICATIONS INC | 0.00% | 24,100 | $124,000 |
| — | WAITR HLDGS INC | 0.00% | 11,981 | $39,000 |
Investor background
Ruane, Cunniff & Goldfarb L.P.
“A carefully selected and intensively researched collection of businesses, purchased at attractive prices and held for the long term, would outperform the stock market over time.”Ruane Cunniff investment philosophy
Ruane, Cunniff & Goldfarb L.P. is the investment manager behind the Sequoia Fund and related strategies. The firm traces its history to Bill Ruane and Rick Cunniff, who launched Sequoia in 1970 with early support from Warren Buffett.
The firm’s process is built on deep fundamental research, business-owner thinking, and long holding periods. Berkshire Hathaway became one of its defining investments, and Ruane Cunniff developed a tradition of high-conviction, concentrated portfolios.
After the deaths of its founders, the organization transitioned from founder-led management to an institutional structure. Investment decisions are now made collectively, so the portfolio should be attributed to Ruane Cunniff rather than to a single named investor.
This transition makes the firm an important case study in whether concentrated value investing can survive institutionalization without losing its discipline. Its strategies continue to invest in a relatively small number of businesses, combining value opportunities with high-quality compounders.