13F-HR 1 dec08.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 Check here if Amendment [ ]; Amendment Number: The Amendment (check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment manager Filing this Report: Name: Select Equity Group, Inc. Address: 380 Lafayette St., 6th Floor New York, NY 10003 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person signing this report on behalf of Reporting Manager: Name: George S. Loening Title: President Phone: 212-475-8335 Signature, place and date of signing: New York, New York February 17, 2009 Report Type (check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Select Equity Group, Inc. Report Summary: Number of Other Included managers: 1 Form 13F Information Table Entry Total: 151 Form 13F Information Table Value Total: $ 3,672,901 (Thousands) List of Other Included Managers: Select Offshore Advisors, LLC FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABB Ltd - Spon ADR ABB SPONSORED ADR 000375204 4,563 304,000 SH CALL Sole 304,000 ABB Ltd - Spon ADR ABB SPONSORED ADR 000375204 4,901 326,500 SH CALL Defined 01 326,500 ATA Inc - ADR ATAI SPONS ADR 00211V106 78 15,400 SH Sole 15,400 American Express Co AXP COM 025816109 1,655 89,200 SH CALL Sole 89,200 American Express Co AXP COM 025816109 1,777 95,800 SH CALL Defined 01 95,800 Apollo Group Inc CL A APOL CL A 037604105 188,345 2,458,175 SH Sole 2,458,175 Apollo Group Inc CL A APOL CL A 037604105 113,897 1,486,519 SH Defined 01 1,486,519 Athenahealth Inc ATHN COM 04685W103 8,423 223,890 SH Sole 223,890 Athenahealth Inc ATHN COM 04685W103 8,018 213,140 SH Defined 01 213,140 Blackrock Inc COM STK BLK COM 09247X101 10,427 77,729 SH Sole 77,729 Blackrock Inc COM STK BLK COM 09247X101 11,627 86,672 SH Defined 01 86,672 Brookfield Asset Management CL A LTD VT SH 112585104 110,818 7,257,242 SH Sole 7,257,242 Brookfield Asset Management CL A LTD VT SH 112585104 56,890 3,725,614 SH Defined 01 3,725,614 Brown and Brown Inc BRO COM 115236101 119,778 5,730,983 SH Sole 5,730,983 Brown and Brown Inc BRO COM 115236101 43,283 2,070,971 SH Defined 01 2,070,971 C.H. Robinson Worldwide Inc COM NEW 12541W209 57,280 1,040,890 SH Sole 1,040,890 C.H. Robinson Worldwide Inc COM NEW 12541W209 20,168 366,495 SH Defined 01 366,495 CB Richard Ellis Group Inc A CL A 12497T101 17,998 4,166,239 SH Sole 4,166,239 CB Richard Ellis Group Inc A CL A 12497T101 9,862 2,282,802 SH Defined 01 2,282,802 Central European Media Ent-A CL A NEW G20045202 19,763 909,883 SH Sole 909,883 Central European Media Ent-A CL A NEW G20045202 4,249 195,635 SH Defined 01 195,635 Central European Media Ent-A CL A NEW G20045202 4,311 198,500 SH CALL Sole 198,500 Central European Media Ent-A CL A NEW G20045202 4,616 212,500 SH CALL Defined 01 212,500 Church & Dwight Co Inc CHD COM 171340102 14,622 260,550 SH Sole 260,550 Church & Dwight Co Inc CHD COM 171340102 13,197 235,150 SH Defined 01 235,150 Cisco Systems Inc CSCO COM 17275r102 1,671 102,500 SH CALL Sole 102,500 Cisco Systems Inc CSCO COM 17275r102 1,793 110,000 SH CALL Defined 01 110,000 Colgate-Palmolive Co CL COM 194162103 2,179 31,791 SH Sole 31,791 Colgate-Palmolive Co CL COM 194162103 2,805 40,924 SH Defined 01 40,924 Compass Minerals International COM 20451N101 5,404 92,130 SH Sole 92,130 Compass Minerals International COM 20451N101 5,804 98,940 SH Defined 01 98,940 Cooper Industries LTD - CL A CL A G24182100 1,964 67,195 SH Sole 67,195 Core Laboratories N.V. CLB COM N22717107 19 325 SH Sole 325 Core Laboratories N.V. CLB COM N22717107 5,896 98,500 SH CALL Sole 98,500 Core Laboratories N.V. CLB COM N22717107 6,375 106,500 SH CALL Defined 01 106,500 Danaher Corporation DHR COM 235851102 12,440 219,748 SH Sole 219,748 Danaher Corporation DHR COM 235851102 12,443 219,802 SH Defined 01 219,802 Dentsply International Inc X COM 249030107 39,373 1,394,214 SH Sole 1,394,214 Dentsply International Inc X COM 249030107 18,071 639,897 SH Defined 01 639,897 Dicks Sporting Goods DKS COM 253393102 2,926 207,400 SH PUT Sole 207,400 Dicks Sporting Goods DKS COM 253393102 3,392 240,400 SH PUT Defined 01 240,400 Ebay Inc EBAY COM 278642103 2,819 201,900 SH CALL Sole 201,900 Ebay Inc EBAY COM 278642103 3,029 217,000 SH CALL Defined 01 217,000 Energy Select Sector Spdr XLE SBI INT-ENERGY 81369Y506 24,458 512,000 SH PUT Sole 512,000 Energy Select Sector Spdr XLE SBI INT-ENERGY 81369Y506 26,321 551,000 SH PUT Defined 01 551,000 Fastenal Co FAST COM 311900104 51,684 1,483,046 SH Sole 1,483,046 Fastenal Co FAST COM 311900104 19,680 564,720 SH Defined 01 564,720 Financial Select Sector Spdr SBI INT-FINL 81369Y605 6,508 519,800 SH PUT Sole 519,800 Financial Select Sector Spdr SBI INT-FINL 81369Y605 3,665 292,700 SH PUT Sole 292,700 Financial Select Sector Spdr SBI INT-FINL 81369Y605 3,882 310,100 SH PUT Sole 310,100 Financial Select Sector Spdr SBI INT-FINL 81369Y605 2,381 190,200 SH PUT Sole 190,200 Financial Select Sector Spdr SBI INT-FINL 81369Y605 8,003 639,200 SH PUT Defined 01 639,200 Financial Select Sector Spdr SBI INT-FINL 81369Y605 4,745 379,000 SH PUT Defined 01 379,000 Financial Select Sector Spdr SBI INT-FINL 81369Y605 4,705 375,800 SH PUT Defined 01 375,800 Financial Select Sector Spdr SBI INT-FINL 81369Y605 2,927 233,800 SH PUT Defined 01 233,800 Focus Media Hldg Ltd FMCN SPONSORED ADR 34415V109 6,067 667,438 SH Sole 667,438 Focus Media Hldg Ltd FMCN SPONSORED ADR 34415V109 5,802 638,287 SH Defined 01 638,287 Franklin Electric Co Inc FELE COM 353514102 64,232 2,285,037 SH Sole 2,285,037 Franklin Electric Co Inc FELE COM 353514102 23,591 839,223 SH Defined 01 839,223 Franklin Res Inc BEN COM 354613101 6,033 94,587 SH Sole 94,587 Franklin Res Inc BEN COM 354613101 7,796 122,233 SH Defined 01 122,233 General Electric Co. ge COM 369604103 972 60,000 SH CALL Sole 60,000 General Electric Co. ge COM 369604103 41,226 2,544,800 SH CALL Sole 2,544,800 General Electric Co. ge COM 369604103 42,557 2,627,000 SH CALL Defined 01 2,627,000 General Electric Co. ge COM 369604103 1,045 64,500 SH CALL Defined 01 64,500 Google Inc GOOG CL A 38259P508 5,770 18,755 SH Sole 18,755 Google Inc GOOG CL A 38259P508 5,696 18,516 SH Defined 01 18,516 HCC Insurance Holdings HCC COM 404132102 70,364 2,630,427 SH Sole 2,630,427 HCC Insurance Holdings HCC COM 404132102 32,960 1,232,145 SH Defined 01 1,232,145 Henry Schein HSIC COM 806407102 2,492 67,930 SH Sole 67,930 Henry Schein HSIC COM 806407102 2,454 66,880 SH Defined 01 66,880 I Shares Russell 2000 IWM RUSSELL 2000 464287655 13,018 264,370 SH Sole 264,370 IAC/Interactive Corp IACI COM PAR $.001 44919P508 5,886 374,174 SH Sole 374,174 IAC/Interactive Corp IACI COM PAR $.001 44919P508 5,302 337,039 SH Defined 01 337,039 IDEXX Laboratories Inc. IDX COM 45168D104 34,735 962,710 SH Sole 962,710 IDEXX Laboratories Inc. IDX COM 45168D104 9,813 271,972 SH Defined 01 271,972 IHS Inc Class A IHS CL A 451734107 26,775 715,514 SH Sole 715,514 IHS Inc Class A IHS CL A 451734107 23,406 625,483 SH Defined 01 625,483 ITT Educational Services ESI COM 45068B109 14,121 148,672 SH Sole 148,672 ITT Educational Services ESI COM 45068B109 13,947 146,844 SH Defined 01 146,844 Icon PLC - Sponsered ADR ICL SPONSORED ADR 45103T107 42,578 2,162,411 SH Sole 2,162,411 Icon PLC - Sponsered ADR ICL SPONSORED ADR 45103T107 23,376 1,187,222 SH Defined 01 1,187,222 Intel Corp INTC COM 458140100 1,004 68,500 SH CALL Sole 68,500 Intel Corp INTC COM 458140100 1,078 73,500 SH CALL Defined 01 73,500 Ishares Russell 1000 Index I RUSSELL 1000 464287622 235 4,810 SH Sole 4,810 Ishares S&P Midcap 400 IJH S&P MIDCAP 400 464287507 7,573 142,000 SH Sole 142,000 Jarden Corp JAH COM 471109108 2,070 180,000 SH PUT Sole 180,000 Jarden Corp JAH COM 471109108 2,220 193,000 SH PUT Defined 01 193,000 Jones Lang Lasalle Inc JLL COM 48020Q107 10,144 366,216 SH Sole 366,216 Jones Lang Lasalle Inc JLL COM 48020Q107 10,035 362,292 SH Defined 01 362,292 Kirby Corp KEX COM 497266106 103,295 3,775,405 SH Sole 3,775,405 Kirby Corp KEX COM 497266106 41,239 1,507,268 SH Defined 01 1,507,268 Laboratory Corp of Amer Hldgs COM NEW 50540R409 73,310 1,138,180 SH Sole 1,138,180 Laboratory Corp of Amer Hldgs COM NEW 50540R409 31,143 483,513 SH Defined 01 483,513 Legg Mason Inc LM COM 524901105 800 36,500 SH CALL Sole 36,500 Legg Mason Inc LM COM 524901105 865 39,500 SH CALL Defined 01 39,500 Lehman Bros Holdings LEH COM 524908100 0 338,000 SH CALL Sole 338,000 Lehman Bros Holdings LEH COM 524908100 0 448,500 SH CALL Defined 01 448,500 Lender Processing Services L COM 52602E102 57,515 1,952,980 SH Sole 1,952,980 Lender Processing Services L COM 52602E102 22,820 774,881 SH Defined 01 774,881 MSCI Inc-A MXB CL A 55354G100 1,234 69,499 SH Sole 69,499 MSCI Inc-A MXB CL A 55354G100 1,216 68,474 SH Defined 01 68,474 Meredith Corp. mdp COM 589433101 60,280 3,521,007 SH Sole 3,521,007 Meredith Corp. mdp COM 589433101 23,431 1,368,643 SH Defined 01 1,368,643 Microsoft Corp MSFT COM 594918104 17,468 898,563 SH Sole 898,563 Microsoft Corp MSFT COM 594918104 18,543 953,855 SH Defined 01 953,855 Microsoft Corp MSFT COM 594918104 2,712 139,500 SH CALL Sole 139,500 Microsoft Corp MSFT COM 594918104 26,491 1,362,700 SH CALL Sole 1,362,700 Microsoft Corp MSFT COM 594918104 26,672 1,372,000 SH CALL Defined 01 1,372,000 Microsoft Corp MSFT COM 594918104 2,926 150,500 SH CALL Defined 01 150,500 Midcap SPDR Trust Series 1 M UNIT SER 1 595635103 19,609 201,821 SH Sole 201,821 Midcap SPDR Trust Series 1 M UNIT SER 1 595635103 88,178 907,558 SH Defined 01 907,558 Millipore Corporation MIL COM 601073109 78,253 1,518,893 SH Sole 1,518,893 Millipore Corporation MIL COM 601073109 27,244 528,810 SH Defined 01 528,810 Mohawk Industries Inc MHK COM 608190104 78,464 1,826,015 SH Sole 1,826,015 Mohawk Industries Inc MHK COM 608190104 36,093 839,951 SH Defined 01 839,951 Moodys Investors Service MC COM 615369105 76,338 3,799,777 SH Sole 3,799,777 Moodys Investors Service MC COM 615369105 30,646 1,525,430 SH Defined 01 1,525,430 OReilly Automotive ORLY COM 686091109 82,196 2,673,901 SH Sole 2,673,901 OReilly Automotive ORLY COM 686091109 29,766 968,302 SH Defined 01 968,302 Patterson Cos Inc PDCO COM 703395103 44,407 2,368,361 SH Sole 2,368,361 Patterson Cos Inc PDCO COM 703395103 16,441 876,858 SH Defined 01 876,858 Paychex PAYX COM 704326107 51,125 1,945,390 SH Sole 1,945,390 Paychex PAYX COM 704326107 26,119 993,855 SH Defined 01 993,855 Perkinelmer Inc PKI COM 714046109 103,205 7,419,496 SH Sole 7,419,496 Perkinelmer Inc PKI COM 714046109 48,982 3,521,371 SH Defined 01 3,521,371 Qiagen NV QGEN(F) ORD n72482107 494 28,110 SH Sole 28,110 S&P Depository Receipts Tr Uni UNIT SER 1 78462F103 8,651 95,865 SH Sole 95,865 S&P Depository Receipts Tr Uni UNIT SER 1 78462F103 31,359 347,502 SH Defined 01 347,502 SEI Investments Company SEI COM 784117103 53,427 3,400,808 SH Sole 3,400,808 SEI Investments Company SEI COM 784117103 21,478 1,367,181 SH Defined 01 1,367,181 Stryker Corp. SYK COM 863667101 2,003 50,138 SH Sole 50,138 Stryker Corp. SYK COM 863667101 2,248 56,282 SH Defined 01 56,282 T. Rowe Price TROW COM 74144t108 31,425 886,723 SH Sole 886,723 T. Rowe Price TROW COM 74144t108 13,342 376,467 SH Defined 01 376,467 Texas Pacific Land Trust TPL SUB CTF PROP I T 882610108 11,121 481,445 SH Sole 481,445 Texas Pacific Land Trust TPL SUB CTF PROP I T 882610108 10,891 471,461 SH Defined 01 471,461 The Washington Post Co. wpo CL B 939640108 71,352 182,836 SH Sole 182,836 The Washington Post Co. wpo CL B 939640108 27,792 71,215 SH Defined 01 71,215 Thermo Fisher Scientic Inc. COM 883556102 127,132 3,731,492 SH Sole 3,731,492 Thermo Fisher Scientic Inc. COM 883556102 76,597 2,248,232 SH Defined 01 2,248,232 Umpqua Holdings Corp UMPQ COM 904214103 19,688 1,360,578 SH Sole 1,360,578 Umpqua Holdings Corp UMPQ COM 904214103 7,540 521,066 SH Defined 01 521,066 VCA Antech Inc. WOOF COM 918194101 57,177 2,876,114 SH Sole 2,876,114 VCA Antech Inc. WOOF COM 918194101 21,820 1,097,574 SH Defined 01 1,097,574 Valmont Industries VMI COM 920253101 5,325 86,775 SH Sole 86,775 Valmont Industries VMI COM 920253101 4,557 74,265 SH Defined 01 74,265 Wabtec Corp WAB COM 929740108 1,571 39,530 SH Sole 39,530 Wabtec Corp WAB COM 929740108 1,332 33,511 SH Defined 01 33,511 Williams Sonoma Inc WSM COM 969904101 6,131 779,995 SH Sole 779,995 Williams Sonoma Inc WSM COM 969904101 5,141 654,100 SH Defined 01 654,100