13F-HR 1 jun06.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: June 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 August 11, 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: 177 Form 13F Information Table Value Total: $5,615,656 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Aber Diamond Corporation AB COM 002893105 4319 139095 SH Sole 139095 Aber Diamond Corporation AB COM 002893105 5764 185640 SH Defined 01 185640 Annaly Capital Management NL COM 035710409 4847 378400 SH Sole 378400 Annaly Capital Management NL COM 035710409 5104 398400 SH Defined 01 398400 Apollo Group Inc CL A APOL CL A 037604105 39561 765645 SH Sole 744400 21245 Apollo Group Inc CL A APOL CL A 037604105 1682 32555 SH Defined 01 32555 Atlantic Coast Federal/Waycr COM 048425102 770 51310 SH Sole 51310 Atlantic Coast Federal/Waycr COM 048425102 1024 68250 SH Defined 01 68250 Atwood Oceanics Inc ATW COM 050095108 1949 39300 SH Sole 39300 Atwood Oceanics Inc ATW COM 050095108 2604 52500 SH Defined 01 52500 Automatic Data Processing A COM 053015103 28478 627965 SH Sole 626890 1075 Automatic Data Processing A COM 053015103 30366 669600 SH Defined 01 669600 Benjamin Franklin Bancorp Inc COM 082073107 1997 145115 SH Sole 145115 Benjamin Franklin Bancorp Inc COM 082073107 2660 193290 SH Defined 01 193290 Blackrock Inc CL A BLK CL A 09247X101 105263 756364 SH Sole 737690 18674 Blackrock Inc CL A BLK CL A 09247X101 17365 124775 SH Defined 01 124775 Blount International BLT COM 095180105 25818 2147916 SH Sole 2098893 49023 Blount International BLT COM 095180105 5085 423005 SH Defined 01 423005 Bright Horizons Family Solutio COM 109195107 49176 1304757 SH Sole 1275022 29735 Bright Horizons Family Solutio COM 109195107 13644 362000 SH Defined 01 362000 Brookfield Asset Management BA CL A LTD VT SH 112585104 29996 738445 SH Sole 737790 655 Brookfield Asset Management BA CL A LTD VT SH 112585104 39596 974800 SH Defined 01 974800 Brown and Brown Inc BRO COM 115236101 187349 6411678 SH Sole 6258437 153241 Brown and Brown Inc BRO COM 115236101 33700 1153315 SH Defined 01 1153315 C.H. Robinson Worldwide Inc COM NEW 12541w209 104297 1956794 SH Sole 1908681 48113 C.H. Robinson Worldwide Inc COM NEW 12541w209 17060 320080 SH Defined 01 320080 CB Richard Ellis Group Inc A CL A 12497t101 147728 5932845 SH Sole 5812790 120055 CB Richard Ellis Group Inc A CL A 12497t101 49287 1979385 SH Defined 01 1979385 Choicepoint Inc CPS COM 170388102 11093 265580 SH Sole 243348 22232 Cintas Corp CTAS COM 172908105 55216 1388731 SH Sole 1354329 34402 Cintas Corp CTAS COM 172908105 3115 78345 SH Defined 01 78345 CitiGroup Inc C CALL 172967101 2770 57400 SH CALL Sole 57400 CitiGroup Inc C CALL 172967101 3228 66900 SH CALL Sole 66900 CitiGroup Inc C CALL 172967101 3696 76600 SH CALL Defined 01 76600 CitiGroup Inc C CALL 172967101 4309 89300 SH CALL Defined 01 89300 Dade Behring Hlds DADE COM 23342J206 358 8600 SH Sole 8600 Danaher Corporation COM 235851102 30168 469035 SH Sole 468459 576 Danaher Corporation COM 235851102 31562 490700 SH Defined 01 490700 Dell Incorporated CALL 24702R101 3774 154300 SH CALL Sole 154300 Dell Incorporated CALL 24702R101 5046 206300 SH CALL Defined 01 206300 Doral Financial Corp DRL COM 25811p100 4074 635500 SH Sole 635500 Doral Financial Corp DRL COM 25811p100 5438 848400 SH Defined 01 848400 Dover Motorsports Inc. COM 260174107 254 43353 SH Sole 43353 Dover Motorsports Inc. COM 260174107 345 58762 SH Defined 01 58762 Eaton Vance EV COM NON VTG 278265103 9605 384800 SH Sole 384800 Eaton Vance EV COM NON VTG 278265103 10009 401000 SH Defined 01 401000 Ebay Inc EBAY COM 278642103 78 2675 SH Sole 2185 490 Ebay Inc EBAY COM 278642103 4071 139000 SH CALL Sole 139000 Ebay Inc EBAY COM 278642103 5427 185300 SH CALL Defined 01 185300 Electronic Arts Inc ERTS COM 285512109 271 6305 SH Sole 5150 1155 Entravision Communications C CL A 29382R107 5636 657620 SH Sole 657620 Entravision Communications C CL A 29382R107 7519 877400 SH Defined 01 877400 Fastenal Co FAST COM 311900104 128558 3190813 SH Sole 3110918 79895 Fastenal Co FAST COM 311900104 23083 572931 SH Defined 01 572931 First Republic Bank FRC COM 336158100 78916 1723065 SH Sole 1689905 33160 First Republic Bank FRC COM 336158100 33953 741325 SH Defined 01 741325 Fisher Scientific Intl FSH COM NEW 338032204 226569 3101563 SH Sole 3035721 65842 Fisher Scientific Intl FSH COM NEW 338032204 53143 727490 SH Defined 01 727490 Franklin Electric Co Inc FELE COM 353514102 146238 2831882 SH Sole 2763266 68616 Franklin Electric Co Inc FELE COM 353514102 26094 505312 SH Defined 01 505312 General Electric Company CALL 369604103 23164 947000 SH CALL Sole 947000 General Electric Company CALL 369604103 24396 997400 SH CALL Defined 01 997400 Glacier Bancorp Inc. GBCI COM 37637Q105 4285 146400 SH Sole 146400 Glacier Bancorp Inc. GBCI COM 37637Q105 5731 195800 SH Defined 01 195800 HCC Insurance Holdings HCC COM 404132102 103920 3529899 SH Sole 3452556 77343 HCC Insurance Holdings HCC COM 404132102 26553 901925 SH Defined 01 901925 Headwaters Inc HW COM 42210P102 2786 109000 SH PUT Sole 109000 Headwaters Inc HW COM 42210P102 979 38300 SH PUT Sole 38300 Headwaters Inc HW COM 42210P102 3719 145500 SH PUT Defined 01 145500 Headwaters Inc HW COM 42210P102 1304 51000 SH PUT Defined 01 51000 Henry Schein HSIC COM 806407102 26402 565000 SH Sole 565000 Henry Schein HSIC COM 806407102 27445 587300 SH Defined 01 587300 Heritage Financial Group HBOS COM 42725U109 517 38445 SH Sole 38445 Heritage Financial Group HBOS COM 42725U109 693 51500 SH Defined 01 51500 IDEXX Laboratories Inc. COM 45168D104 67533 898881 SH Sole 877988 20893 IDEXX Laboratories Inc. COM 45168D104 3176 42275 SH Defined 01 42275 IHS Inc Class A IHS CL A 451734107 3000 101260 SH Sole 101260 IHS Inc Class A IHS CL A 451734107 4009 135300 SH Defined 01 135300 ITT Educational Services ES COM 45068B109 7022 106700 SH Sole 106700 ITT Educational Services ES COM 45068B109 7390 112300 SH Defined 01 112300 Idex Corp. IEX COM 45167r104 125656 2662193 SH Sole 2590998 71195 Idex Corp. IEX COM 45167r104 27359 579636 SH Defined 01 579636 Intl Speedway Corp CL A ISCA CL A 460335201 121767 2625990 SH Sole 2567986 58004 Intl Speedway Corp CL A ISCA CL A 460335201 23118 498547 SH Defined 01 498547 Joy Global Inc JOYG PUT 481165108 3183 61100 SH PUT Sole 61100 Joy Global Inc JOYG PUT 481165108 4256 81700 SH PUT Defined 01 81700 Kirby Corp KEX COM 497266106 89375 2262647 SH Sole 2217987 44660 Kirby Corp KEX COM 497266106 35602 901320 SH Defined 01 901320 Laboratory Corp of Amer Hldgs COM NEW 50540r409 97870 1572720 SH Sole 1535579 37141 Laboratory Corp of Amer Hldgs COM NEW 50540r409 20950 336648 SH Defined 01 336648 Laureate Education Inc. LAU COM 518613104 36089 846575 SH Sole 846575 Laureate Education Inc. LAU COM 518613104 40232 943750 SH Defined 01 943750 Lincoln Electric Holdings L COM 533900106 4999 79785 SH Sole 79785 Lincoln Electric Holdings L COM 533900106 6672 106500 SH Defined 01 106500 MGIC Investment Corp MTG COM 552848103 21515 331000 SH PUT Sole 331000 MGIC Investment Corp MTG COM 552848103 28821 443400 SH PUT Defined 01 443400 Markel Corp MKL COM 570535104 80689 232534 SH Sole 226215 6319 Markel Corp MKL COM 570535104 3459 9969 SH Defined 01 9969 McGraw Hill Companies Inc. MH COM 580645109 399 7945 SH Sole 7395 550 Meredith Corp MDP COM 589433101 133130 2687329 SH Sole 2622615 64714 Meredith Corp MDP COM 589433101 24636 497300 SH Defined 01 497300 Mettler Toledo International COM 592688105 249 4115 SH Sole 4115 Microsoft Corp MSFT COM 594918104 90 3865 SH Sole 3155 710 Microsoft Corp MSFT COM 594918104 3094 132800 SH CALL Sole 132800 Microsoft Corp MSFT COM 594918104 6645 285200 SH CALL Sole 285200 Microsoft Corp MSFT COM 594918104 4131 177300 SH CALL Defined 01 177300 Microsoft Corp MSFT COM 594918104 8936 383500 SH CALL Defined 01 383500 Millipore Corporation COM 601073109 159917 2538769 SH Sole 2484654 54115 Millipore Corporation COM 601073109 47121 748070 SH Defined 01 748070 Mohawk Industries Inc MHK COM 608190104 225497 3205363 SH Sole 3133853 71510 Mohawk Industries Inc MHK COM 608190104 56766 806915 SH Defined 01 806915 Moodys Investors Service MC COM 615369105 75019 1377506 SH Sole 1339844 37662 Moodys Investors Service MC COM 615369105 3225 59220 SH Defined 01 59220 Nastech Pharmaceutical Company COM PAR $0.006 631728409 2604 164800 SH Sole 164800 Nastech Pharmaceutical Company COM PAR $0.006 631728409 2748 173900 SH Defined 01 173900 Nuveen Investments JNC CL A 67090f106 125775 2921600 SH Sole 2856170 65430 Nuveen Investments JNC CL A 67090f106 33690 782590 SH Defined 01 782590 OReilly Automotive ORLY COM 686091109 200983 6443817 SH Sole 6300313 143504 OReilly Automotive ORLY COM 686091109 51022 1635840 SH Defined 01 1635840 Patterson Cos Inc PDCO COM 703395103 3119 89295 SH Sole 89295 Patterson Cos Inc PDCO COM 703395103 4167 119300 SH Defined 01 119300 Pfizer Inc. CALL 717081103 5253 223800 SH CALL Sole 223800 Pfizer Inc. CALL 717081103 7015 298900 SH CALL Defined 01 298900 Pool Corporation POOL COM 73278L105 140878 3228933 SH Sole 3150735 78198 Pool Corporation POOL COM 73278L105 25452 583360 SH Defined 01 583360 Qiagen NV QGEN(F) ORD n72482107 6166 449440 SH Sole 449440 Qiagen NV QGEN(F) ORD n72482107 6285 458100 SH Defined 01 458100 R and G Financial Corp Cl B R CL B 749136107 1437 167292 SH Sole 167292 R and G Financial Corp Cl B R CL B 749136107 1918 223230 SH Defined 01 223230 Radian Group Inc RDN COM 750236101 7253 117400 SH PUT Sole 117400 Radian Group Inc RDN COM 750236101 9675 156600 SH PUT Defined 01 156600 Roper Industries ROP COM 776696106 112692 2410528 SH Sole 2355432 55096 Roper Industries ROP COM 776696106 22507 481440 SH Defined 01 481440 SEI Investments Company SEI COM 784117103 26885 550012 SH Sole 546627 3385 SEI Investments Company SEI COM 784117103 16037 328097 SH Defined 01 328097 Sherwin Williams Co SHW COM 824348106 117976 2484743 SH Sole 2431103 53640 Sherwin Williams Co SHW COM 824348106 35710 752105 SH Defined 01 752105 Simpson Manufacturing Co Inc COM 829073105 3035 84200 SH Sole 84200 Simpson Manufacturing Co Inc COM 829073105 4056 112500 SH Defined 01 112500 Southcoast Financial Corp SO COM 84129R100 1264 59202 SH Sole 59202 Southcoast Financial Corp SO COM 84129R100 1691 79200 SH Defined 01 79200 Strayer Education STRA COM 863236105 39278 404424 SH Sole 393444 10980 Strayer Education STRA COM 863236105 1688 17380 SH Defined 01 17380 Sysco Corp SYY COM 871829107 242 7930 SH Sole 6475 1455 T. Rowe Price TROW COM 74144T108 64351 1701945 SH Sole 1665198 36747 T. Rowe Price TROW COM 74144T108 6279 166080 SH Defined 01 166080 Techne TECH COM 878377100 43436 853029 SH Sole 829868 23161 Techne TECH COM 878377100 1863 36585 SH Defined 01 36585 Texas Pacific Land Trust TP SUB CTF PROP I T 882610108 3668 24660 SH Sole 24660 Texas Pacific Land Trust TP SUB CTF PROP I T 882610108 4879 32800 SH Defined 01 32800 The PMI Group Inc PMI COM 69344M101 13851 310700 SH PUT Sole 310700 The PMI Group Inc PMI COM 69344M101 18492 414800 SH PUT Defined 01 414800 Tiffany and Co TIF COM 886547108 64115 1941690 SH Sole 1888923 52767 Tiffany and Co TIF COM 886547108 2754 83410 SH Defined 01 83410 Tractor Supply Co. TSCO COM 892356106 14106 255217 SH Sole 255217 Tractor Supply Co. TSCO COM 892356106 18823 340572 SH Defined 01 340572 Trammell Crow Co TCC COM 89288R106 16516 469600 SH Sole 469600 Trammell Crow Co TCC COM 89288R106 17810 506400 SH Defined 01 506400 Umpqua Holdings Corp UMPQ COM 904214103 86579 3375403 SH Sole 3301383 74020 Umpqua Holdings Corp UMPQ COM 904214103 24914 971325 SH Defined 01 971325 United Financial Bancorp Inc COM 91030r103 890 66895 SH Sole 66895 United Financial Bancorp Inc COM 91030r103 1179 88600 SH Defined 01 88600 VCA Antech Inc. WOOF COM 918194101 131977 4133335 SH Sole 4031624 101711 VCA Antech Inc. WOOF COM 918194101 21321 667750 SH Defined 01 667750 Wachovia Corp WB COM 929903102 13141 243000 SH Sole 243000 Wachovia Corp WB COM 929903102 13839 255900 SH Defined 01 255900 Wal Mart Stores Inc. COM 931142103 200 4155 SH Sole 3390 765 Wal Mart Stores Inc. COM 931142103 4253 88300 SH CALL Sole 88300 Wal Mart Stores Inc. COM 931142103 5679 117900 SH CALL Defined 01 117900 Washington Post Cl B WPO CL B 939640108 95571 122525 SH Sole 119127 3398 Washington Post Cl B WPO CL B 939640108 4196 5379 SH Defined 01 5379 Weight Watchers Intl Inc WT COM 948626106 40813 998110 SH Sole 972777 25333 Weight Watchers Intl Inc WT COM 948626106 3103 75885 SH Defined 01 75885 Wesco International Inc WCC COM 95082P105 10847 157200 SH Sole 157200 Wesco International Inc WCC COM 95082P105 14476 209800 SH Defined 01 209800 Yahoo! Inc. CALL 984332106 4934 149500 SH CALL Sole 149500 Yahoo! Inc. CALL 984332106 6577 199300 SH CALL Defined 01 199300