13F-HR 1 sep2006.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: September 30, 2006 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 November 14, 2006 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: 173 Form 13F Information Table Value Total: $6,006,458 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Align Technology Inc ALGN COM 016255101 5128 450640 SH Sole 450640 Align Technology Inc ALGN COM 016255101 5606 492600 SH Defined 01 492600 Annaly Capital Management NL COM 035710409 13254 1008700 SH Sole 1008700 Annaly Capital Management NL COM 035710409 13965 1062800 SH Defined 01 1062800 Apollo Group Inc CL A APOL CL A 037604105 92206 1872590 SH Sole 1833955 38635 Apollo Group Inc CL A APOL CL A 037604105 25749 522935 SH Defined 01 522935 Atlantic Tele-Network INC ATNI COM NEW 049079205 2794 151200 SH Sole 151200 Atlantic Tele-Network INC ATNI COM NEW 049079205 3892 210600 SH Defined 01 210600 Automatic Data Processing A COM 053015103 278 5865 SH Sole 4790 1075 Benjamin Franklin Bancorp Inc COM 082073107 469 33630 SH Sole 33630 Benjamin Franklin Bancorp Inc COM 082073107 645 46284 SH Defined 01 46284 Blackrock Inc NEW BLK CL A 09247X101 105919 710865 SH Sole 693341 17524 Blackrock Inc NEW BLK CL A 09247X101 14921 100140 SH Defined 01 100140 Blount International BLT COM 095180105 4633 462333 SH Sole 457248 5085 Blount International BLT COM 095180105 1643 163956 SH Defined 01 163956 Bright Horizons Family Solutio COM 109195107 47439 1136813 SH Sole 1108988 27825 Bright Horizons Family Solutio COM 109195107 8104 194210 SH Defined 01 194210 Brookfield Asset Management BA CL A LTD VT SH 112585104 25368 572125 SH Sole 571470 655 Brookfield Asset Management BA CL A LTD VT SH 112585104 34952 788268 SH Defined 01 788268 Brown and Brown Inc BRO COM 115236101 193897 6344798 SH Sole 6194652 150146 Brown and Brown Inc BRO COM 115236101 35606 1165115 SH Defined 01 1165115 C.H. Robinson Worldwide Inc COM NEW 12541w209 81929 1837797 SH Sole 1792669 45128 C.H. Robinson Worldwide Inc COM NEW 12541w209 11448 256805 SH Defined 01 256805 CB Richard Ellis Group Inc A CL A 12497t101 225041 9148012 SH Sole 8973092 174920 CB Richard Ellis Group Inc A CL A 12497t101 78637 3196610 SH Defined 01 3196610 Carbo Ceramics Inc CRR COM 140781105 7743 214900 SH Sole 214900 Carbo Ceramics Inc CRR COM 140781105 10733 297900 SH Defined 01 297900 CitiGroup Inc C CALL 172967101 8523 171600 SH CALL Sole 171600 CitiGroup Inc C CALL 172967101 11821 238000 SH CALL Defined 01 238000 Danaher Corporation COM 235851102 6994 101850 SH Sole 101454 396 Danaher Corporation COM 235851102 7210 105000 SH Defined 01 105000 Dell Incorporated CALL 24702R101 5539 242500 SH CALL Sole 242500 Dell Incorporated CALL 24702R101 7677 336100 SH CALL Defined 01 336100 Doral Financial Corp DRL COM 25811p100 9496 1441000 SH Sole 1441000 Doral Financial Corp DRL COM 25811p100 13177 1999500 SH Defined 01 1999500 Ebay Inc EBAY COM 278642103 114 4015 SH Sole 3280 735 Ebay Inc EBAY COM 278642103 5281 186200 SH CALL Sole 186200 Ebay Inc EBAY COM 278642103 7325 258300 SH CALL Defined 01 258300 Electronic Arts Inc ERTS COM 285512109 364 6515 SH Sole 5320 1195 Entravision Communications C CL A 29382R107 4875 655220 SH Sole 655220 Entravision Communications C CL A 29382R107 6754 907800 SH Defined 01 907800 Fastenal Co FAST COM 311900104 145050 3758744 SH Sole 3669389 89355 Fastenal Co FAST COM 311900104 25595 663246 SH Defined 01 663246 First Republic Bank FRC COM 336158100 100072 2351320 SH Sole 2306070 45250 First Republic Bank FRC COM 336158100 31638 743375 SH Defined 01 743375 Fisher Scientific Intl FSH COM NEW 338032204 182703 2335160 SH Sole 2285673 49487 Fisher Scientific Intl FSH COM NEW 338032204 49565 633505 SH Defined 01 633505 Fortune Brands Inc. COM 349631101 2501 33300 SH Sole 33300 Fortune Brands Inc. COM 349631101 3455 46000 SH Defined 01 46000 Franklin Electric Co Inc FELE COM 353514102 150523 2832576 SH Sole 2766205 66371 Franklin Electric Co Inc FELE COM 353514102 29510 555334 SH Defined 01 555334 General Electric Company CALL 369604103 33182 940000 SH CALL Sole 940000 General Electric Company CALL 369604103 35208 997400 SH CALL Defined 01 997400 Glacier Bancorp Inc. GBCI COM 37637Q105 4271 125000 SH Sole 125000 Glacier Bancorp Inc. GBCI COM 37637Q105 5901 172700 SH Defined 01 172700 Global Payments Inc. GPN COM 37940X102 2539 57700 SH Sole 57700 Global Payments Inc. GPN COM 37940X102 3525 80100 SH Defined 01 80100 HCC Insurance Holdings HCC COM 404132102 125821 3826663 SH Sole 3754073 72590 HCC Insurance Holdings HCC COM 404132102 43933 1336175 SH Defined 01 1336175 Henry Schein HSIC COM 806407102 13586 270952 SH Sole 270952 Henry Schein HSIC COM 806407102 14145 282106 SH Defined 01 282106 IAC/Interactive Corp IACI CALL 44919p102 5591 194400 SH CALL Sole 194400 IAC/Interactive Corp IACI CALL 44919p102 7751 269500 SH CALL Defined 01 269500 IDEXX Laboratories Inc. IDXX COM 45168D104 46538 510622 SH Sole 497524 13098 IDEXX Laboratories Inc. IDXX COM 45168D104 2359 25885 SH Defined 01 25885 IHS Inc Class A IHS CL A 451734107 4192 130660 SH Sole 130660 IHS Inc Class A IHS CL A 451734107 5810 181100 SH Defined 01 181100 Idex Corp. IEX COM 45167r104 149437 3471249 SH Sole 3390089 81160 Idex Corp. IEX COM 45167r104 33765 784312 SH Defined 01 784312 Intl Speedway Corp CL A ISCA CL A 460335201 102993 2066477 SH Sole 2018603 47874 Intl Speedway Corp CL A ISCA CL A 460335201 21165 424658 SH Defined 01 424658 Joy Global Inc JOYG PUT 481165108 2269 60400 SH PUT Sole 60400 Joy Global Inc JOYG PUT 481165108 3069 81700 SH PUT Defined 01 81700 Kirby Corp KEX COM 497266106 119783 3823278 SH Sole 3743798 79480 Kirby Corp KEX COM 497266106 39331 1255380 SH Defined 01 1255380 Laboratory Corp of Amer Hldgs COM NEW 50540r409 77436 1180971 SH Sole 1151295 29676 Laboratory Corp of Amer Hldgs COM NEW 50540r409 8819 134492 SH Defined 01 134492 Laureate Education Inc. LAU COM 518613104 52762 1102432 SH Sole 1102432 Laureate Education Inc. LAU COM 518613104 60832 1271037 SH Defined 01 1271037 Layne Christensen Company LA COM 521050104 3430 120060 SH Sole 120060 Layne Christensen Company LA COM 521050104 4754 166407 SH Defined 01 166407 MGIC Investment Corp MTG COM 552848103 21037 350800 SH PUT Sole 350800 MGIC Investment Corp MTG COM 552848103 28936 482500 SH PUT Defined 01 482500 Markel Corp MKL COM 570535104 60698 147806 SH Sole 143569 4237 Markel Corp MKL COM 570535104 2997 7299 SH Defined 01 7299 Mastercard Inc. Class A COM 57636Q104 8217 116800 SH Sole 116800 Mastercard Inc. Class A COM 57636Q104 11397 162000 SH Defined 01 162000 McGraw Hill Companies Inc. MH COM 580645109 461 7945 SH Sole 7395 550 Meredith Corp MDP COM 589433101 131761 2671004 SH Sole 2610385 60619 Meredith Corp MDP COM 589433101 29532 598655 SH Defined 01 598655 Mettler Toledo International COM 592688105 272 4115 SH Sole 4115 Microsoft Corp MSFT COM 594918104 106 3865 SH Sole 3155 710 Microsoft Corp MSFT COM 594918104 3979 145500 SH CALL Sole 145500 Microsoft Corp MSFT COM 594918104 7130 260700 SH CALL Sole 260700 Microsoft Corp MSFT COM 594918104 60061 2196000 SH CALL Sole 2196000 Microsoft Corp MSFT COM 594918104 63288 2314000 SH CALL Defined 01 2314000 Microsoft Corp MSFT COM 594918104 5514 201600 SH CALL Defined 01 201600 Microsoft Corp MSFT COM 594918104 9887 361500 SH CALL Defined 01 361500 Millipore Corporation COM 601073109 199935 3261589 SH Sole 3195499 66090 Millipore Corporation COM 601073109 58734 958136 SH Defined 01 958136 Mohawk Industries Inc MHK COM 608190104 278277 3737772 SH Sole 3653303 84469 Mohawk Industries Inc MHK COM 608190104 66824 897568 SH Defined 01 897568 Monster Worldwide Inc MNST CALL 611742107 4607 127300 SH CALL Sole 127300 Monster Worldwide Inc MNST CALL 611742107 6384 176400 SH CALL Defined 01 176400 Moodys Investors Service MC COM 615369105 115814 1771403 SH Sole 1725306 46097 Moodys Investors Service MC COM 615369105 8589 131370 SH Defined 01 131370 Nastech Pharmaceutical Company COM PAR $0.006 631728409 2483 162700 SH Sole 162700 Nastech Pharmaceutical Company COM PAR $0.006 631728409 2614 171300 SH Defined 01 171300 Nuveen Investments JNC CL A 67090f106 143062 2792552 SH Sole 2731157 61395 Nuveen Investments JNC CL A 67090f106 38449 750520 SH Defined 01 750520 OReilly Automotive ORLY COM 686091109 244110 7350486 SH Sole 7188107 162379 OReilly Automotive ORLY COM 686091109 64920 1954827 SH Defined 01 1954827 PSS World Medical Inc PSSI COM 69366a100 329 16435 SH Sole 16435 Patterson Cos Inc PDCO COM 703395103 44520 1324610 SH Sole 1293765 30845 Patterson Cos Inc PDCO COM 703395103 8981 267220 SH Defined 01 267220 Pfizer Inc. CALL 717081103 8066 284400 SH CALL Sole 284400 Pfizer Inc. CALL 717081103 11180 394200 SH CALL Defined 01 394200 Pool Corporation POOL COM 73278L105 77928 2024109 SH Sole 1977346 46763 Pool Corporation POOL COM 73278L105 16258 422285 SH Defined 01 422285 Progressive Corp PGR COM 743315103 4874 198600 SH CALL Sole 198600 Progressive Corp PGR COM 743315103 6751 275100 SH CALL Defined 01 275100 Qiagen NV QGEN(F) ORD n72482107 6727 424667 SH Sole 424667 Qiagen NV QGEN(F) ORD n72482107 7025 443522 SH Defined 01 443522 Radian Group Inc RDN COM 750236101 17610 293500 SH PUT Sole 293500 Radian Group Inc RDN COM 750236101 7044 117400 SH PUT Sole 117400 Radian Group Inc RDN COM 750236101 23574 392900 SH PUT Defined 01 392900 Radian Group Inc RDN COM 750236101 9396 156600 SH PUT Defined 01 156600 Roper Industries ROP COM 776696106 108646 2428380 SH Sole 2376664 51716 Roper Industries ROP COM 776696106 25863 578080 SH Defined 01 578080 SEI Investments Company SEI COM 784117103 14412 256493 SH Sole 256493 SEI Investments Company SEI COM 784117103 14952 266097 SH Defined 01 266097 Sherwin Williams Co SHW COM 824348106 138896 2490062 SH Sole 2433887 56175 Sherwin Williams Co SHW COM 824348106 33039 592305 SH Defined 01 592305 Southcoast Financial Corp SO COM 84129R100 1252 58902 SH Sole 58902 Southcoast Financial Corp SO COM 84129R100 1738 81800 SH Defined 01 81800 Strayer Education STRA COM 863236105 42164 389653 SH Sole 379358 10295 Strayer Education STRA COM 863236105 1869 17270 SH Defined 01 17270 Sysco Corp SYY COM 871829107 306 9150 SH Sole 7475 1675 Techne TECH COM 878377100 53947 1060693 SH Sole 1032707 27986 Techne TECH COM 878377100 2414 47460 SH Defined 01 47460 Texas Pacific Land Trust TP SUB CTF PROP I T 882610108 3983 24660 SH Sole 24660 Texas Pacific Land Trust TP SUB CTF PROP I T 882610108 5507 34100 SH Defined 01 34100 The PMI Group Inc PMI COM 69344M101 26974 615700 SH PUT Sole 615700 The PMI Group Inc PMI COM 69344M101 37387 853400 SH PUT Defined 01 853400 Tiffany and Co TIF COM 886547108 62115 1870932 SH Sole 1821450 49482 Tiffany and Co TIF COM 886547108 2760 83135 SH Defined 01 83135 Tractor Supply Co. TSCO COM 892356106 21682 449267 SH Sole 449267 Tractor Supply Co. TSCO COM 892356106 30057 622822 SH Defined 01 622822 Trammell Crow Co TCC COM 89288R106 15498 424500 SH Sole 424500 Trammell Crow Co TCC COM 89288R106 16327 447200 SH Defined 01 447200 Umpqua Holdings Corp UMPQ COM 904214103 94063 3288932 SH Sole 3219512 69420 Umpqua Holdings Corp UMPQ COM 904214103 29288 1024070 SH Defined 01 1024070 United Financial Bancorp Inc COM 91030r103 120 9312 SH Sole 9312 United Financial Bancorp Inc COM 91030r103 168 12993 SH Defined 01 12993 VCA Antech Inc. WOOF COM 918194101 127211 3527746 SH Sole 3440380 87366 VCA Antech Inc. WOOF COM 918194101 20495 568365 SH Defined 01 568365 Wal Mart Stores Inc. COM 931142103 205 4155 SH Sole 3390 765 Wal Mart Stores Inc. COM 931142103 4562 92500 SH CALL Sole 92500 Wal Mart Stores Inc. COM 931142103 6328 128300 SH CALL Defined 01 128300 Washington Post Cl B WPO CL B 939640108 86290 117083 SH Sole 113950 3133 Washington Post Cl B WPO CL B 939640108 3474 4714 SH Defined 01 4714 Yahoo! Inc. CALL 984332106 4897 193700 SH CALL Sole 193700 Yahoo! Inc. CALL 984332106 6790 268600 SH CALL Defined 01 268600 AG Growth Income Fund B013YP INTL B013YP0 158 11950 SH Sole 11950 Kuehne and Nagel Intl AG REG INTL B142S60 19356 280600 SH Sole 279800 800 Kuehne and Nagel Intl AG REG INTL B142S60 20531 297630 SH Defined 01 297630 Li and Fung Ltd HK INTL 6286257 19035 7661530 SH Sole 7661530 Li and Fung Ltd HK INTL 6286257 23456 9440850 SH Defined 01 9440850 Nobel Biocare Holding AG INTL 7385722 15727 64081 SH Sole 64081 Nobel Biocare Holding AG INTL 7385722 17050 69472 SH Defined 01 69472 Orascom Telecom 4007739 INTL 4007739 5371 94000 SH Sole 94000 Orascom Telecom 4007739 INTL 4007739 7445 130300 SH Defined 01 130300 Straumann Holding AG REG INTL 7156832 350 1630 SH Sole 1630