Ruane, Cunniff & Goldfarb L.P. Long-Term Concentrated

CIK: 0001720792 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $6,402,461 (100.0% shares, 0.0% debt)

Holdings (48)

New Positions (4)

ACN ACCENTURE PLC IRELAND 4.0%

Value ($000) $253,120 Shares 943,420 Est. Cost $254.06 Unrealized 0.0%

ALGN ALIGN TECHNOLOGY INC 3.0%

Value ($000) $190,899 Shares 1,222,534 Est. Cost $143.30 Unrealized 0.0%

RSPC INVESCO EXCHANGE TRADED FD T 0.0%

Value ($000) $439 Shares 11,029 Est. Cost $39.83 Unrealized —

VT VANGUARD INTL EQUITY INDEX F 0.0%

Value ($000) $201 Shares 1,426 Est. Cost $141.06 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACN	ACCENTURE PLC IRELAND	943,420	$253,120	4.0%	$254.06	0.0%	SHS CLASS A	G1151C101
ALGN	ALIGN TECHNOLOGY INC	1,222,534	$190,899	3.0%	$143.30	0.0%	COM	016255101
RSPC	INVESCO EXCHANGE TRADED FD T	11,029	$439	0.0%	$39.83	—	S&P 500A EQL	46137Y609
VT	VANGUARD INTL EQUITY INDEX F	1,426	$201	0.0%	$141.06	—	TT WRLD ST ETF	922042742

Increased Positions (7)

GLIBK GCI LIBERTY INC 0.3%

Value ($000) $20,059 (+43.6%) Shares 539,071 (+43.9%) Est. Cost $35.22 Unrealized -0.4%

MSA MSA SAFETY INC 4.5%

Value ($000) $290,115 (-1.1%) Shares 1,811,635 (+6.2%) Est. Cost $163.69 Unrealized -0.5%

NFLX NETFLIX INC 0.0%

Value ($000) $489 (-32.4%) Shares 5,220 (+764.2%) Est. Cost $99.86 Unrealized +8.0%

LAD LITHIA MTRS INC 0.0%

Value ($000) $1,013 (+18.1%) Shares 3,049 (+12.3%) Est. Cost $233.92 Unrealized +35.7%

VTI VANGUARD INDEX FDS 0.0%

Value ($000) $898 (+3.4%) Shares 2,678 (+1.2%) Est. Cost $290.25 Unrealized —

VXUS VANGUARD STAR FDS 0.0%

Value ($000) $410 (+5.3%) Shares 5,438 (+2.6%) Est. Cost $64.47 Unrealized —

KSPI KASPI KZ JSC 0.0%

Value ($000) $321 (+6.0%) Shares 4,112 (+10.8%) Est. Cost $81.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLIBK	GCI LIBERTY INC	539,071 (+43.9%)	$20,059 (+43.6%)	0.3%	$35.22	-0.4%	COM SER C	36164V800
MSA	MSA SAFETY INC	1,811,635 (+6.2%)	$290,115 (-1.1%)	4.5%	$163.69	-0.5%	COM	553498106
NFLX	NETFLIX INC	5,220 (+764.2%)	$489 (-32.4%)	0.0%	$99.86	+8.0%	COM	64110L106
LAD	LITHIA MTRS INC	3,049 (+12.3%)	$1,013 (+18.1%)	0.0%	$233.92	+35.7%	COM	536797103
VTI	VANGUARD INDEX FDS	2,678 (+1.2%)	$898 (+3.4%)	0.0%	$290.25	—	TOTAL STK MKT	922908769
VXUS	VANGUARD STAR FDS	5,438 (+2.6%)	$410 (+5.3%)	0.0%	$64.47	—	VG TL INTL STK F	921909768
KSPI	KASPI KZ JSC	4,112 (+10.8%)	$321 (+6.0%)	0.0%	$81.33	—	SPONSORED ADS	48581R205

Exited Positions (3)

— ATAI LIFE SCIENCES NV 0.0%

Value ($000) $223 Shares 42,112 Est. Cost $1.81 Unrealized —

BLK BLACKROCK INC 0.0%

Value ($000) $217 Shares 186 Est. Cost $1108.77 Unrealized -1.7%

KMX CARMAX INC 0.0%

Value ($000) $201 Shares 4,469 Est. Cost $73.78 Unrealized -45.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ATAI LIFE SCIENCES NV	42,112	$223	0.0%	$1.81	—	—	N0731H103
BLK	BLACKROCK INC	186	$217	0.0%	$1108.77	-1.7%	—	09290D101
KMX	CARMAX INC	4,469	$201	0.0%	$73.78	-45.8%	—	143130102

Decreased Positions (21)

GOOGL ALPHABET INC 10.6%

Value ($000) $680,719 (+18.8%) Shares 2,174,821 (-7.7%) Est. Cost $107.41 Unrealized +165.9%

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.7%

Value ($000) $432,047 (-17.8%) Shares 1,421,721 (-24.4%) Est. Cost $70.94 Unrealized —

COF CAPITAL ONE FINL CORP 7.8%

Value ($000) $501,206 (+12.4%) Shares 2,068,023 (-1.4%) Est. Cost $99.36 Unrealized +123.6%

GOOG ALPHABET INC 5.6%

Value ($000) $358,470 (+17.3%) Shares 1,142,353 (-8.9%) Est. Cost $107.47 Unrealized +166.4%

SCHW SCHWAB CHARLES CORP 8.7%

Value ($000) $558,991 (-7.3%) Shares 5,594,948 (-11.4%) Est. Cost $46.83 Unrealized +102.3%

FWONK LIBERTY MEDIA CORP DEL 8.4%

Value ($000) $540,930 (-7.0%) Shares 5,491,118 (-1.4%) Est. Cost $62.30 Unrealized —

CACC CREDIT ACCEP CORP MICH 3.7%

Value ($000) $237,753 (-12.0%) Shares 536,132 (-7.3%) Est. Cost $342.21 Unrealized +35.5%

ELV ELEVANCE HEALTH INC FORMERLY 7.8%

Value ($000) $498,659 (+6.6%) Shares 1,422,506 (-1.8%) Est. Cost $350.16 Unrealized -3.8%

LBRDK LIBERTY BROADBAND CORP 1.4%

Value ($000) $89,503 (-24.8%) Shares 1,841,624 (-1.7%) Est. Cost $89.44 Unrealized -41.9%

CHTR CHARTER COMMUNICATIONS INC N 1.2%

Value ($000) $75,568 (-26.4%) Shares 362,000 (-3.1%) Est. Cost $272.92 Unrealized -17.6%

ICE INTERCONTINENTAL EXCHANGE IN 6.8%

Value ($000) $437,925 (-5.2%) Shares 2,703,907 (-1.4%) Est. Cost $96.93 Unrealized +61.2%

META META PLATFORMS INC 2.5%

Value ($000) $157,773 (-12.0%) Shares 239,018 (-2.1%) Est. Cost $203.93 Unrealized +227.2%

UNH UNITEDHEALTH GROUP INC 3.8%

Value ($000) $246,262 (-5.9%) Shares 745,999 (-1.6%) Est. Cost $263.40 Unrealized +28.0%

AMTM AMENTUM HOLDINGS INC 1.1%

Value ($000) $69,430 (+19.6%) Shares 2,394,129 (-1.2%) Est. Cost $28.34 Unrealized -9.8%

LBRDA LIBERTY BROADBAND CORP 0.5%

Value ($000) $31,516 (-25.6%) Shares 652,780 (-2.4%) Est. Cost $83.91 Unrealized -38.3%

ICLR ICON PLC 4.8%

Value ($000) $306,055 (+2.8%) Shares 1,679,590 (-1.3%) Est. Cost $209.16 Unrealized -14.9%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.5%

Value ($000) $158,891 (-2.0%) Shares 316,106 (-2.0%) Est. Cost $215.17 Unrealized +131.2%

BRK/A BERKSHIRE HATHAWAY INC DEL 1.4%

Value ($000) $86,802 (-1.6%) Shares 115 (-1.7%) Est. Cost $308211.47 Unrealized +142.2%

J JACOBS SOLUTIONS INC 0.0%

Value ($000) $859 (-38.7%) Shares 6,487 (-30.6%) Est. Cost $99.88 Unrealized +46.6%

GLIBA GCI LIBERTY INC 0.1%

Value ($000) $4,836 (-3.3%) Shares 131,168 (-1.5%) Est. Cost $35.52 Unrealized -1.2%

STLA STELLANTIS N.V 0.0%

Value ($000) $279 (+9.2%) Shares 25,581 (-6.3%) Est. Cost $16.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	2,174,821 (-7.7%)	$680,719 (+18.8%)	10.6%	$107.41	+165.9%	CAP STK CL A	02079K305
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,421,721 (-24.4%)	$432,047 (-17.8%)	6.7%	$70.94	—	SPONSORED ADS	874039100
COF	CAPITAL ONE FINL CORP	2,068,023 (-1.4%)	$501,206 (+12.4%)	7.8%	$99.36	+123.6%	COM	14040H105
GOOG	ALPHABET INC	1,142,353 (-8.9%)	$358,470 (+17.3%)	5.6%	$107.47	+166.4%	CAP STK CL C	02079K107
SCHW	SCHWAB CHARLES CORP	5,594,948 (-11.4%)	$558,991 (-7.3%)	8.7%	$46.83	+102.3%	COM	808513105
FWONK	LIBERTY MEDIA CORP DEL	5,491,118 (-1.4%)	$540,930 (-7.0%)	8.4%	$62.30	—	COM LBTY ONE S C	531229755
CACC	CREDIT ACCEP CORP MICH	536,132 (-7.3%)	$237,753 (-12.0%)	3.7%	$342.21	+35.5%	COM	225310101
ELV	ELEVANCE HEALTH INC FORMERLY	1,422,506 (-1.8%)	$498,659 (+6.6%)	7.8%	$350.16	-3.8%	COM	036752103
LBRDK	LIBERTY BROADBAND CORP	1,841,624 (-1.7%)	$89,503 (-24.8%)	1.4%	$89.44	-41.9%	COM SER C	530307305
CHTR	CHARTER COMMUNICATIONS INC N	362,000 (-3.1%)	$75,568 (-26.4%)	1.2%	$272.92	-17.6%	CL A	16119P108
ICE	INTERCONTINENTAL EXCHANGE IN	2,703,907 (-1.4%)	$437,925 (-5.2%)	6.8%	$96.93	+61.2%	COM	45866F104
META	META PLATFORMS INC	239,018 (-2.1%)	$157,773 (-12.0%)	2.5%	$203.93	+227.2%	CL A	30303M102
UNH	UNITEDHEALTH GROUP INC	745,999 (-1.6%)	$246,262 (-5.9%)	3.8%	$263.40	+28.0%	COM	91324P102
AMTM	AMENTUM HOLDINGS INC	2,394,129 (-1.2%)	$69,430 (+19.6%)	1.1%	$28.34	-9.8%	COM	023939101
LBRDA	LIBERTY BROADBAND CORP	652,780 (-2.4%)	$31,516 (-25.6%)	0.5%	$83.91	-38.3%	COM SER A	530307107
ICLR	ICON PLC	1,679,590 (-1.3%)	$306,055 (+2.8%)	4.8%	$209.16	-14.9%	SHS	G4705A100
BRK/B	BERKSHIRE HATHAWAY INC DEL	316,106 (-2.0%)	$158,891 (-2.0%)	2.5%	$215.17	+131.2%	CL B NEW	084670702
BRK/A	BERKSHIRE HATHAWAY INC DEL	115 (-1.7%)	$86,802 (-1.6%)	1.4%	$308211.47	+142.2%	CL A	084670108
J	JACOBS SOLUTIONS INC	6,487 (-30.6%)	$859 (-38.7%)	0.0%	$99.88	+46.6%	COM	46982L108
GLIBA	GCI LIBERTY INC	131,168 (-1.5%)	$4,836 (-3.3%)	0.1%	$35.52	-1.2%	COM SER A	36164V602
STLA	STELLANTIS N.V	25,581 (-6.3%)	$279 (+9.2%)	0.0%	$16.26	—	SHS	N82405106

Unchanged Positions (16)

FWONA LIBERTY MEDIA CORP DEL 1.0%

Value ($000) $66,041 Shares 738,880 Est. Cost $56.54 Unrealized —

TECH BIO-TECHNE CORP 1.3%

Value ($000) $86,212 Shares 1,465,935 Est. Cost $53.10 Unrealized +14.3%

SAP SAP SE 0.2%

Value ($000) $11,156 Shares 45,927 Est. Cost $267.21 Unrealized —

MU MICRON TECHNOLOGY INC 0.0%

Value ($000) $617 Shares 2,162 Est. Cost $93.22 Unrealized +146.0%

GPI GROUP 1 AUTOMOTIVE INC 0.0%

Value ($000) $1,420 Shares 3,610 Est. Cost $258.92 Unrealized +58.5%

EQH EQUITABLE HLDGS INC 0.0%

Value ($000) $1,936 Shares 40,636 Est. Cost $24.27 Unrealized +94.7%

DG DOLLAR GEN CORP NEW 0.0%

Value ($000) $288 Shares 2,170 Est. Cost $98.25 Unrealized +13.5%

AXP AMERICAN EXPRESS CO 0.0%

Value ($000) $345 Shares 932 Est. Cost $202.90 Unrealized +75.9%

RMNI RIMINI STR INC DEL 0.0%

Value ($000) $144 Shares 37,141 Est. Cost $4.66 Unrealized -10.9%

MSFT MICROSOFT CORP 0.0%

Value ($000) $333 Shares 689 Est. Cost $314.48 Unrealized +59.2%

SPGI S&P GLOBAL INC 0.0%

Value ($000) $277 Shares 531 Est. Cost $388.21 Unrealized +27.3%

AAPL APPLE INC 0.0%

Value ($000) $242 Shares 891 Est. Cost $225.58 Unrealized +19.0%

SDHC SMITH DOUGLAS HOMES CORP 0.0%

Value ($000) $205 Shares 12,209 Est. Cost $19.56 Unrealized -7.5%

CPA COPA HOLDINGS SA 0.0%

Value ($000) $308 Shares 2,555 Est. Cost $88.34 Unrealized +37.3%

SBGI SINCLAIR INC 0.0%

Value ($000) $275 Shares 17,959 Est. Cost $16.51 Unrealized -10.1%

FERG FERGUSON ENTERPRISES INC 0.0%

Value ($000) $223 Shares 1,000 Est. Cost $182.05 Unrealized +30.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FWONA	LIBERTY MEDIA CORP DEL	738,880	$66,041	1.0%	$56.54	—	COM LBTY ONE S A	531229771
TECH	BIO-TECHNE CORP	1,465,935	$86,212	1.3%	$53.10	+14.3%	COM	09073M104
SAP	SAP SE	45,927	$11,156	0.2%	$267.21	—	SPON ADR	803054204
MU	MICRON TECHNOLOGY INC	2,162	$617	0.0%	$93.22	+146.0%	COM	595112103
GPI	GROUP 1 AUTOMOTIVE INC	3,610	$1,420	0.0%	$258.92	+58.5%	COM	398905109
EQH	EQUITABLE HLDGS INC	40,636	$1,936	0.0%	$24.27	+94.7%	COM	29452E101
DG	DOLLAR GEN CORP NEW	2,170	$288	0.0%	$98.25	+13.5%	COM	256677105
AXP	AMERICAN EXPRESS CO	932	$345	0.0%	$202.90	+75.9%	COM	025816109
RMNI	RIMINI STR INC DEL	37,141	$144	0.0%	$4.66	-10.9%	COM	76674Q107
MSFT	MICROSOFT CORP	689	$333	0.0%	$314.48	+59.2%	COM	594918104
SPGI	S&P GLOBAL INC	531	$277	0.0%	$388.21	+27.3%	COM	78409V104
AAPL	APPLE INC	891	$242	0.0%	$225.58	+19.0%	COM	037833100
SDHC	SMITH DOUGLAS HOMES CORP	12,209	$205	0.0%	$19.56	-7.5%	COM SHS CL A	83207R107
CPA	COPA HOLDINGS SA	2,555	$308	0.0%	$88.34	+37.3%	CL A	P31076105
SBGI	SINCLAIR INC	17,959	$275	0.0%	$16.51	-10.1%	CL A	829242106
FERG	FERGUSON ENTERPRISES INC	1,000	$223	0.0%	$182.05	+30.7%	COMMON STOCK NEW	31488V107