Ruane, Cunniff & Goldfarb L.P.

Ruane, Cunniff & Goldfarb — manager of the Sequoia Fund and one of the most concentrated, lowest-turnover shops in the 13F universe — made an unusually active move this quarter: two brand-new positions large enough to land immediately inside the top dozen holdings. Accenture entered at $253.1 million (3.95% of the $6.4 billion book) and Align Technology, the Invisalign maker, entered at $190.9 million (2.98%) — together nearly 7% of assets from a standing start, a rare event for a fund that runs only 48 positions and rarely adds new names. The capital came in part from Taiwan Semiconductor, cut 24.4% in shares (-$93.5 million), and Charles Schwab, trimmed 11.4% (-$44.0 million). Alphabet remains the fund's largest single-company exposure by a wide margin — its two share classes combined make up over 16% of the portfolio — even after the firm trimmed both classes by 7.7% and 8.9% in shares respectively (values still rose on price). The top seven holdings now account for 57% of the entire $6.4 billion portfolio, underscoring how much this fund's returns hinge on a small handful of names.