Overview
Ruane Cunniff L.P. is an SEC-registered investment adviser with its principal place of business in New
York, New York. The Adviser is a Delaware limited partnership that was established on November 2,
2016. The Adviser is a wholly-owned subsidiary of Ruane, Cunniff & Goldfarb Inc. (the “Parent”), and
the Adviser’s business and affairs are managed by RCG-GP LLC, its general partner. RCG-GP LLC has
established a Management Committee that has the authority to make certain decisions with respect to the
Adviser’s business and operations. The Adviser commenced operations as an investment adviser on
February 12, 2018.
The Adviser provides investment advisory services on a discretionary basis to its clients, which include
individuals and institutions with separately managed accounts and a registered investment company.
Certain supervised persons of the Adviser provide advisory services to private funds intended for
sophisticated investors and institutional investors. The Adviser also provides non-discretionary
investment sub-advisory services to Hyperion Capital Advisors LP, an SEC-registered investment
adviser that is affiliated with the Adviser (“Hyperion Capital”).
The Adviser typically manages accounts in accordance with its overall investment objective and strategy,
which seeks long-term growth of capital. The Adviser seeks to meet this overall objective and strategy
by investing in equity and debt securities of issuers identified by the Adviser through its
fundamental,
bottom-up analysis of issuers. Managed account clients may impose restrictions on investing in certain
securities or certain types of securities and on the manner in which the investments are effected.
The Adviser has established an Investment Committee with the authority to make investment decisions
for certain client accounts (“covered accounts”). The Committee consists of four voting members and
one non-voting member. With respect to covered accounts, the purchase of a new investment for the
account or material modification of the weightings of existing investments for the account requires the
approval of three members of the Committee. The portfolio manager of any covered account has,
however, the authority (in between meetings of the Committee and in the event of material events or
circumstances) to take actions with respect to the account with the approval of one other member of the
Committee. The portfolio manager also has discretion, without prior or subsequent Committee approval,
to take any action necessary to prevent any security, subject to certain exceptions, from accounting for
more than 20% of the balance of any covered account.
The Investment Committee also has the authority to make investment decisions for Sequoia (defined
below) as described in its prospectus.
The Adviser manages client assets that as of December 31, 2023 had an aggregate value of approximately
$9,650,361,013, all of which are managed on a discretionary basis.