13F-HR 1 sept2005.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, 2005 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, 2005 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: 209 Form 13F Information Table Value Total: $5,217,351 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Annaly Mortgage Management N COM 035710409 7544 582600 SH Sole 582600 Annaly Mortgage Management N COM 035710409 7773 600300 SH Defined 01 600300 Apollo Group Inc -CL A APOL CL A 037604105 17045 256745 SH Sole 256745 Apollo Group Inc -CL A APOL CL A 037604105 19578 294900 SH Defined 01 294900 Atlantic Coast Federal/Waycr COM 048425102 72 5200 SH Sole 5200 Atlantic Coast Federal/Waycr COM 048425102 104 7500 SH Defined 01 7500 Atwood Oceanics Inc ATW COM 050095108 2214 26300 SH Sole 26300 Atwood Oceanics Inc ATW COM 050095108 3014 35800 SH Defined 01 35800 Automatic Data Processing A COM 053015103 18445 428575 SH Sole 428575 Automatic Data Processing A COM 053015103 18812 437100 SH Defined 01 437100 Benjamin Franklin Bancorp Inc COM 082073107 2191 159300 SH Sole 159300 Benjamin Franklin Bancorp Inc COM 082073107 3005 218400 SH Defined 01 218400 Berkshire Hathaway Cl B CL B 084670207 294 108 SH Sole 108 Blackrock Inc CL-A BLK CL A 09247X101 181453 2047547 SH Sole 2047547 Blackrock Inc CL-A BLK CL A 09247X101 33157 374150 SH Defined 01 374150 Blount International BLT COM 095180105 54968 3116104 SH Sole 3116104 Blount International BLT COM 095180105 13899 787965 SH Defined 01 787965 Brascan Corporation BAM COM 10549P606 22326 479100 SH Sole 479100 Brascan Corporation BAM COM 10549P606 30243 649000 SH Defined 01 649000 Bristol-Myers Squibb Company COM 110122108 2769 115100 SH CALL Sole 115100 Bristol-Myers Squibb Company COM 110122108 2552 106100 SH CALL Sole 106100 Bristol-Myers Squibb Company COM 110122108 3257 135400 SH CALL Sole 135400 Bristol-Myers Squibb Company COM 110122108 11344 471500 SH CALL Defined 01 471500 Brown & Brown Inc BRO COM 115236101 177353 3569207 SH Sole 3569207 Brown & Brown Inc BRO COM 115236101 34506 694430 SH Defined 01 694430 C.H. Robinson Worldwide Inc COM 12541w209 146541 2285073 SH Sole 2285073 C.H. Robinson Worldwide Inc COM 12541w209 27723 432305 SH Defined 01 432305 CB Richard Ellis Group Inc-A CL A 12497t101 73982 1503700 SH Sole 1503700 CB Richard Ellis Group Inc-A CL A 12497t101 33032 671385 SH Defined 01 671385 Choicepoint Inc CPS COM 170388102 80769 1870961 SH Sole 1870961 Choicepoint Inc CPS COM 170388102 4072 94335 SH Defined 01 94335 Cintas Corp CTAS COM 172908105 122616 2987014 SH Sole 2987014 Cintas Corp CTAS COM 172908105 23035 561152 SH Defined 01 561152 Cobiz Inc COBZ COM 190897108 184 9900 SH Sole 9900 Cobiz Inc COBZ COM 190897108 253 13600 SH Defined 01 13600 Cox Radio Inc CL A CXR CL A 224051102 2128 140050 SH Sole 140050 Cox Radio Inc CL A CXR CL A 224051102 2902 190950 SH Defined 01 190950 Dade Behring Hlds DADE COM 23342J206 329 9000 SH Sole 9000 Danaher Corp DHR COM 235851102 9214 171170 SH Sole 171170 Danaher Corp DHR COM 235851102 9350 173700 SH Defined 01 173700 Dover Motorsports, Inc. COM 260174107 1814 265340 SH Sole 265340 Dover Motorsports, Inc. COM 260174107 2466 360568 SH Defined 01 360568 East West Bancorp Inc EWBC COM 27579r104 1245 36600 SH Sole 36600 East West Bancorp Inc EWBC COM 27579r104 1702 50000 SH Defined 01 50000 Eaton Vance EV COM 278265103 10694 430900 SH Sole 430900 Eaton Vance EV COM 278265103 10819 435900 SH Defined 01 435900 Education Management Corp ED COM 28139T101 11158 346100 SH Sole 346100 Education Management Corp ED COM 28139T101 11500 356700 SH Defined 01 356700 Emdeon Corp HLTH COM 290849108 1634 147500 SH Sole 147500 Emdeon Corp HLTH COM 290849108 2227 201000 SH Defined 01 201000 Entravision Communications - C CL A 29382R107 3781 480500 SH Sole 480500 Entravision Communications - C CL A 29382R107 5165 656400 SH Defined 01 656400 Falconbridge Ltd FAL COM 306104100 2474 92600 SH Sole 92600 Falconbridge Ltd FAL COM 306104100 3377 126400 SH Defined 01 126400 Fastenal Co FAST COM 311900104 127166 2081620 SH Sole 2081620 Fastenal Co FAST COM 311900104 28795 471360 SH Defined 01 471360 Fisher Scientific Intl FSH COM 338032204 216450 3488324 SH Sole 3488324 Fisher Scientific Intl FSH COM 338032204 55841 899940 SH Defined 01 899940 Franklin Electric Co Inc FELE COM 353514102 114281 2761081 SH Sole 2761081 Franklin Electric Co Inc FELE COM 353514102 22190 536132 SH Defined 01 536132 GTECH Holdings Corporation COM 400518106 7809 243600 SH Sole 243600 GTECH Holdings Corporation COM 400518106 10656 332400 SH Defined 01 332400 GUS PLC GUS.L COM 0384704 2066 137200 SH Sole 137200 GUS PLC GUS.L COM 0384704 2819 187200 SH Defined 01 187200 Glacier Bancorp Inc. GBCI COM 37637Q105 833 27000 SH Sole 27000 Glacier Bancorp Inc. GBCI COM 37637Q105 1132 36700 SH Defined 01 36700 HCC Insurance Holdings HCC COM 404132102 68852 2413346 SH Sole 2413346 HCC Insurance Holdings HCC COM 404132102 17816 624500 SH Defined 01 624500 Henry Schein HSIC COM 806407102 28627 671700 SH Sole 671700 Henry Schein HSIC COM 806407102 29190 684900 SH Defined 01 684900 Heritage Financial Group HBOS COM 42725U109 407 37000 SH Sole 37000 Heritage Financial Group HBOS COM 42725U109 560 50900 SH Defined 01 50900 IDEXX Laboratories, Inc. COM 45168D104 98684 1475552 SH Sole 1475552 IDEXX Laboratories, Inc. COM 45168D104 18428 275550 SH Defined 01 275550 ImClone Systems, Inc. COM 45245W109 2493 79300 SH Sole 79300 ImClone Systems, Inc. COM 45245W109 3402 108200 SH Defined 01 108200 Interactive Data Corporation COM 45840j107 5671 250400 SH Sole 250400 Interactive Data Corporation COM 45840j107 5873 259300 SH Defined 01 259300 International Game Technology COM 459902102 2405 89100 SH Sole 89100 International Game Technology COM 459902102 3277 121400 SH Defined 01 121400 Intl Speedway Corp CL-A ISCA CL A 460335201 182649 3481026 SH Sole 3481026 Intl Speedway Corp CL-A ISCA CL A 460335201 36636 698230 SH Defined 01 698230 Kirby Corp KEX COM 497266106 20641 417600 SH Sole 417600 Kirby Corp KEX COM 497266106 28145 569400 SH Defined 01 569400 Kuehne & Nagel Intl AG-REG COM 7156746 11832 47903 SH Sole 47903 Kuehne & Nagel Intl AG-REG COM 7156746 13383 54182 SH Defined 01 54182 Laboratory Corp of Amer Hldgs COM 50540r409 86324 1772221 SH Sole 1772221 Laboratory Corp of Amer Hldgs COM 50540r409 8244 169255 SH Defined 01 169255 Laureate Education Inc. LAU COM 518613104 66795 1364000 SH Sole 1364000 Laureate Education Inc. LAU COM 518613104 76616 1564550 SH Defined 01 1564550 Li & Fung Ltd HK COM 6286257 11237 4856500 SH Sole 4856500 Li & Fung Ltd HK COM 6286257 13738 5937500 SH Defined 01 5937500 Markel Corp MKL COM 570535104 92519 279937 SH Sole 279937 Markel Corp MKL COM 570535104 7458 22567 SH Defined 01 22567 Marsh & McLennan Co Inc MM COM 571748102 186 6135 SH Sole 6135 Marsh & McLennan Co Inc MM COM 571748102 1783 58700 SH CALL Sole 58700 Marsh & McLennan Co Inc MM COM 571748102 1780 58600 SH CALL Sole 58600 Marsh & McLennan Co Inc MM COM 571748102 2194 72200 SH CALL Sole 72200 Marsh & McLennan Co Inc MM COM 571748102 7764 255500 SH CALL Defined 01 255500 Matthews International CL-A CL A 577128101 14638 387259 SH Sole 387259 Matthews International CL-A CL A 577128101 842 22295 SH Defined 01 22295 Mercantile Bankshares Corp COM 587405101 2047 38000 SH Sole 38000 Mercantile Bankshares Corp COM 587405101 2790 51800 SH Defined 01 51800 Merck & Co., Inc. COM 589331107 310 11400 SH CALL Sole 11400 Merck & Co., Inc. COM 589331107 299 11000 SH CALL Sole 11000 Merck & Co., Inc. COM 589331107 364 13400 SH CALL Sole 13400 Merck & Co., Inc. COM 589331107 1270 46700 SH CALL Defined 01 46700 Meredith Corp MDP COM 589433101 172954 3466718 SH Sole 3466718 Meredith Corp MDP COM 589433101 48732 976795 SH Defined 01 976795 Microsoft Corp MSFT COM 594918104 14868 577885 SH Sole 577885 Microsoft Corp MSFT COM 594918104 15242 592400 SH Defined 01 592400 Microsoft Corp MSFT COM 594918104 2225 86500 SH CALL Sole 86500 Microsoft Corp MSFT COM 594918104 4129 160500 SH CALL Sole 160500 Microsoft Corp MSFT COM 594918104 2115 82200 SH CALL Sole 82200 Microsoft Corp MSFT COM 594918104 4124 160300 SH CALL Sole 160300 Microsoft Corp MSFT COM 594918104 2616 101700 SH CALL Sole 101700 Microsoft Corp MSFT COM 594918104 5081 197500 SH CALL Sole 197500 Microsoft Corp MSFT COM 594918104 9167 356300 SH CALL Defined 01 356300 Microsoft Corp MSFT COM 594918104 17982 698900 SH CALL Defined 01 698900 Millipore Corporation COM 601073109 1679 26700 SH Sole 26700 Millipore Corporation COM 601073109 2289 36400 SH Defined 01 36400 Mohawk Industries Inc MHK COM 608190104 130176 1622136 SH Sole 1622136 Mohawk Industries Inc MHK COM 608190104 26732 333120 SH Defined 01 333120 Moody's Investors Service M COM 615369105 109944 2152401 SH Sole 2152401 Moody's Investors Service M COM 615369105 5540 108460 SH Defined 01 108460 Nastech Pharmaceutical Company COM 631728409 2467 174500 SH Sole 174500 Nastech Pharmaceutical Company COM 631728409 2555 180700 SH Defined 01 180700 Nobel Biocare Holding AG COM 7385722 8157 34648 SH Sole 34648 Nobel Biocare Holding AG COM 7385722 9106 38682 SH Defined 01 38682 Nobel Biocare Holding AG NB COM h5783q106 223 950 SH Sole 950 O'Reilly Automotive ORLY COM 686091109 181870 6453874 SH Sole 6453874 O'Reilly Automotive ORLY COM 686091109 36704 1302510 SH Defined 01 1302510 Omnicom GP Inc OMC COM 681919106 14931 178540 SH Sole 178540 Omnicom GP Inc OMC COM 681919106 20305 242800 SH Defined 01 242800 Patterson Cos Inc PDCO COM 703395103 43989 1098910 SH Sole 1098910 Patterson Cos Inc PDCO COM 703395103 13313 332580 SH Defined 01 332580 Pfizer, Inc. COM 717081103 1116 44700 SH CALL Sole 44700 Pfizer, Inc. COM 717081103 1106 44300 SH CALL Sole 44300 Pfizer, Inc. COM 717081103 4577 183300 SH CALL Defined 01 183300 Procter & Gamble Co PG COM 742718109 3894 65500 SH CALL Sole 65500 Procter & Gamble Co PG COM 742718109 3698 62200 SH CALL Sole 62200 Procter & Gamble Co PG COM 742718109 4578 77000 SH CALL Sole 77000 Procter & Gamble Co PG COM 742718109 16042 269800 SH CALL Defined 01 269800 Qiagen NV QGEN(F) COM n72482107 10249 786000 SH Sole 786000 Qiagen NV QGEN(F) COM n72482107 10456 801900 SH Defined 01 801900 R & G Financial Corp Cl B RGF CL B 749136107 1028 74800 SH Sole 74800 R & G Financial Corp Cl B RGF CL B 749136107 1403 102100 SH Defined 01 102100 Red Robin Gourmet Burgers RRG COM 75689m101 20614 449700 SH Sole 449700 Red Robin Gourmet Burgers RRG COM 75689m101 28104 613100 SH Defined 01 613100 Roper Industries ROP COM 776696106 48854 1243434 SH Sole 1243434 Roper Industries ROP COM 776696106 5847 148830 SH Defined 01 148830 SCP Pool Corp POOL COM 784028102 110256 3156493 SH Sole 3156493 SCP Pool Corp POOL COM 784028102 21002 601275 SH Defined 01 601275 Smith & Nephew PLC SN/ COM 0922320 5835 695600 SH Sole 695600 Smith & Nephew PLC SN/ COM 0922320 6014 717000 SH Defined 01 717000 Smith & Nephew PLC ADS SNN COM 83175m205 212 5000 SH Sole 5000 Strayer Education STRA COM 863236105 39595 418915 SH Sole 418915 Strayer Education STRA COM 863236105 1996 21120 SH Defined 01 21120 T. Rowe Price TROW COM 74144T108 143443 2196689 SH Sole 2196689 T. Rowe Price TROW COM 74144T108 18481 283030 SH Defined 01 283030 TCF Financial Corp T COM 872275102 34614 1294000 SH Sole 1294000 TCF Financial Corp T COM 872275102 1750 65445 SH Defined 01 65445 Techne TECH COM 878377100 50299 882758 SH Sole 882758 Techne TECH COM 878377100 2558 44895 SH Defined 01 44895 The PMI Group Inc PMI COM 69344M101 4884 122500 SH PUT Sole 122500 The PMI Group Inc PMI COM 69344M101 1642 41200 SH PUT Sole 41200 The PMI Group Inc PMI COM 69344M101 4656 116800 SH PUT Sole 116800 The PMI Group Inc PMI COM 69344M101 1666 41800 SH PUT Sole 41800 The PMI Group Inc PMI COM 69344M101 5817 145900 SH PUT Sole 145900 The PMI Group Inc PMI COM 69344M101 2041 51200 SH PUT Sole 51200 The PMI Group Inc PMI COM 69344M101 20401 511700 SH PUT Defined 01 511700 The PMI Group Inc PMI COM 69344M101 7296 183000 SH PUT Defined 01 183000 Tiffany & Co TIF COM 886547108 79917 2009487 SH Sole 2009487 Tiffany & Co TIF COM 886547108 4024 101200 SH Defined 01 101200 Umpqua Holdings Corp UMPQ COM 904214103 12262 504200 SH Sole 504200 Umpqua Holdings Corp UMPQ COM 904214103 16722 687600 SH Defined 01 687600 United Financial Bancorp Inc COM 91030r103 761 68500 SH Sole 68500 United Financial Bancorp Inc COM 91030r103 1033 93000 SH Defined 01 93000 Univision Communications-A UV CL A 914906102 50861 1917125 SH Sole 1917125 Univision Communications-A UV CL A 914906102 2562 96605 SH Defined 01 96605 VCA Antech Inc. WOOF COM 918194101 151652 5942505 SH Sole 5942505 VCA Antech Inc. WOOF COM 918194101 29492 1155665 SH Defined 01 1155665 VNU N.V. COM 4970950 2252 71700 SH Sole 71700 VNU N.V. COM 4970950 3071 97800 SH Defined 01 97800 Verizon Communications Inc V COM 92343V104 1686 51600 SH PUT Sole 51600 Verizon Communications Inc V COM 92343V104 6773 207200 SH PUT Sole 207200 Verizon Communications Inc V COM 92343V104 1601 49000 SH PUT Sole 49000 Verizon Communications Inc V COM 92343V104 6322 193400 SH PUT Sole 193400 Verizon Communications Inc V COM 92343V104 1987 60800 SH PUT Sole 60800 Verizon Communications Inc V COM 92343V104 7963 243600 SH PUT Sole 243600 Verizon Communications Inc V COM 92343V104 6982 213600 SH PUT Defined 01 213600 Verizon Communications Inc V COM 92343V104 27747 848800 SH PUT Defined 01 848800 W Holding Company Inc WHI COM 2527110 1694 177290 SH Sole 177290 W Holding Company Inc WHI COM 2527110 2310 241710 SH Defined 01 241710 WR Berkley Corp BER COM 084423102 6605 167325 SH Sole 167325 WR Berkley Corp BER COM 084423102 6794 172100 SH Defined 01 172100 Wal-Mart Stores Inc. COM 009722637 87 2005 SH Sole 2005 Wal-Mart Stores Inc. COM 009722637 736 16800 SH CALL Sole 16800 Wal-Mart Stores Inc. COM 009722637 692 15800 SH CALL Sole 15800 Wal-Mart Stores Inc. COM 009722637 858 19600 SH CALL Sole 19600 Wal-Mart Stores Inc. COM 009722637 3006 68600 SH CALL Defined 01 68600 Washington Post -Cl B WPO CL B 939640108 189219 235788 SH Sole 235788 Washington Post -Cl B WPO CL B 939640108 32977 41094 SH Defined 01 41094 Weight Watchers Intl Inc WT COM 948626106 111289 2157616 SH Sole 2157616 Weight Watchers Intl Inc WT COM 948626106 22232 431025 SH Defined 01 431025 Westwood One Inc WON COM 961815107 9157 460400 SH Sole 460400 Westwood One Inc WON COM 961815107 9437 474500 SH Defined 01 474500 White Mountains Insurance GP COM g9618e107 2934 4859 SH Sole 4859 White Mountains Insurance GP COM g9618e107 3999 6622 SH Defined 01 6622