Ruane, Cunniff & Goldfarb Portfolio in 2026: Top Holdings & Recent Changes
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Ruane, Cunniff & Goldfarb, the legendary firm behind the Sequoia Fund, showcases its disciplined value investing approach in the latest 13F filing. Their $6.4B Q4 2025 portfolio reflects a quarter of active portfolio management, with notable reductions across top holdings and a single strategic addition amid a portfolio that grew to 48 positions.
Portfolio Overview: Concentration with Disciplined Adjustments
Portfolio Highlights (Q4’2025): - Market Value: $6,402.5M - Top 10 Holdings: 71.9% - Portfolio Size: 48 +1 - Average Holding Period: 13 quarters - Turnover: 14.6%
The Ruane, Cunniff & Goldfarb portfolio maintains its hallmark concentration, with the top 10 holdings commanding nearly 72% of the $6.4 billion total. This structure underscores a high-conviction strategy focused on a select group of quality businesses, even as the overall portfolio expanded slightly to 48 positions with one new addition. The 13-quarter average holding period—over three years—signals patience in letting winners compound, while the moderate 14.6% turnover indicates thoughtful rebalancing rather than reactive trading.
This quarter's moves reveal a pattern of trimming winners, likely to lock in gains and manage risk in an elevated market. Despite widespread reductions, the firm's commitment to its core thesis remains evident, with technology, financials, and healthcare dominating. Tracking these shifts via the superinvestor page on ValueSense provides retail investors a window into this time-tested approach, blending long-term ownership with tactical adjustments.
Top Holdings: Widespread Reductions Signal Profit-Taking
The portfolio's leading positions show consistent trimming across the board, starting with Alphabet Inc. (GOOGL) at 10.6% after a Reduce 7.72% move worth $680.7M. The Charles Schwab Corporation (SCHW) follows at 8.7% following a Reduce 11.41% adjustment to $559.0M, while Formula One Group (FWONK) holds 8.4% after Reduce 1.40% to $540.9M. Financial exposure continues with Capital One Financial Corporation (COF) at 7.8% post-Reduce 1.43% $501.2M and Elevance Health Inc. (ELV) also at 7.8% after Reduce 1.78% $498.7M.
Further down, Intercontinental Exchange, Inc. (ICE) sits at 6.8% with a Reduce 1.44% change $437.9M, and Taiwan Semiconductor Manufacturing Company Limited (TSM) commands 6.7% despite a sharp Reduce 24.45% to $432.0M, highlighting ongoing semiconductor conviction amid volatility. The second Alphabet class, GOOG, weighs in at 5.6% after Reduce 8.94% $358.5M, paired with ICON Public Limited Company (ICLR) at 4.8% post-Reduce 1.26% $306.1M. Bucking the trend, MSA Safety Incorporated (MSA) saw an Add 6.24% to reach 4.5% $290.1M, the sole increase signaling fresh opportunity in safety equipment.
These adjustments across the top tier—predominantly reductions—suggest profit-taking on appreciated names while adding selectively to undervalued industrials like MSA, maintaining balance in a tech-heavy mix.
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What the Portfolio Reveals
Ruane, Cunniff & Goldfarb's Q4 moves paint a picture of prudent risk management in a frothy market: - Quality compounders at the core: Heavy weighting in Alphabet (both classes), TSM, and healthcare leader ELV emphasizes durable moats over speculative growth. - Financials for stability: Positions in SCHW, COF, and ICE provide cyclical balance and interest rate sensitivity. - Global diversification with U.S. focus: International exposure via TSM and entertainment like FWONK, but primarily domestic quality. - Defensive tilt emerging: The add to MSA hints at safety and industrials as hedges. - Trimming to control valuation risk: Reductions averaging over 7% across leaders indicate discipline in avoiding overconcentration at peak valuations.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Alphabet Inc. (GOOGL) | $680.7M | 10.6% | Reduce 7.72% |
| The Charles Schwab Corporation (SCHW) | $559.0M | 8.7% | Reduce 11.41% |
| Formula One Group (FWONK) | $540.9M | 8.4% | Reduce 1.40% |
| Capital One Financial Corporation (COF) | $501.2M | 7.8% | Reduce 1.43% |
| Elevance Health Inc. (ELV) | $498.7M | 7.8% | Reduce 1.78% |
| Intercontinental Exchange, Inc. (ICE) | $437.9M | 6.8% | Reduce 1.44% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | $432.0M | 6.7% | Reduce 24.45% |
| Alphabet Inc. (GOOG) | $358.5M | 5.6% | Reduce 8.94% |
| ICON Public Limited Company (ICLR) | $306.1M | 4.8% | Reduce 1.26% |
| MSA Safety Incorporated (MSA) | $290.1M | 4.5% | Add 6.24% |
This table highlights extreme concentration, with the top 10 comprising 71.9% of the portfolio—a level that amplifies returns from conviction picks but demands precise sizing. The uniform reductions, especially the aggressive 24.45% cut in TSM and 11.41% in SCHW, suggest profit realization after strong runs, freeing capital while the MSA addition diversifies into safety industrials. Overall, this reflects a mature strategy: hold quality long-term but trim proactively to mitigate risk.
Investment Lessons from Ruane, Cunniff & Goldfarb
- Trim winners to stay disciplined: Reductions across 90% of top holdings demonstrate that even great businesses require valuation checks—lock in gains before complacency sets in.
- Long holding periods build wealth: 13 quarters average tenure proves patience with quality compounders like Alphabet and TSM pays off over noise.
- Concentrate in understood sectors: 72% in top 10 across tech, financials, and health shows deep research trumps broad diversification.
- Selective adds signal opportunity: The MSA increase amid cuts highlights spotting undervalued niches without chasing momentum.
- Turnover as a tool, not a flaw: 14.6% reflects active oversight, balancing conviction with adaptability in changing markets.
Looking Ahead: What Comes Next?
With turnover at 14.6% and a new position added to reach 48 holdings, Ruane, Cunniff & Goldfarb appears positioned for opportunistic deployment amid 2026 uncertainties. The trims have likely built cash for bargains in volatile sectors like semiconductors or financials if valuations reset. Current heavy tech and financial exposure sets up well for AI tailwinds and potential rate stability, while MSA's addition hedges toward industrials. Watch for further rotations if market peaks persist—ValueSense's tracker will flag the next 13F.
FAQ about Ruane, Cunniff & Goldfarb Portfolio
Q: What were the most significant changes in Ruane, Cunniff & Goldfarb's Q4 2025 13F?
A: Notable reductions included 24.45% in TSM 6.7%, 11.41% in SCHW 8.7%, and 7.72% in GOOGL 10.6%, with the only add being 6.24% to MSA 4.5%.
Q: Why does the portfolio maintain such high concentration in top holdings?
A: At 71.9% in the top 10, this reflects a conviction-driven strategy favoring deeply researched quality businesses over broad diversification, allowing superior returns from a focused set.
Q: What sectors dominate Ruane, Cunniff & Goldfarb's holdings?
A: Technology (Alphabet, TSM), financials (SCHW, COF, ICE), healthcare (ELV, ICLR), and select industrials/entertainment (FWONK, MSA) lead, blending growth and stability.
Q: How can I track Ruane, Cunniff & Goldfarb's portfolio and 13F filings?
A: Use ValueSense's dedicated tracker at https://valuesense.io/superinvestors/ruane-cunniff for real-time updates, historical changes, and visualizations. Note the 45-day 13F reporting lag means positions may evolve post-filing.
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