13F-HR 1 mar05.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: March 31, 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 May 16, 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: 202 Form 13F Information Table Value Total: $4,948,815 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 99 Cents Only Stores NDN COM 65440k106 2475 188000 SH Sole 188000 99 Cents Only Stores NDN COM 65440k106 3260 247600 SH Defined 01 247600 Activision Inc ATVI COM 004930202 1057 71421 SH CALL Sole 71421 Activision Inc ATVI COM 004930202 1072 72485 SH CALL Sole 72485 Activision Inc ATVI COM 004930202 1244 84056 SH CALL Sole 84056 Activision Inc ATVI COM 004930202 4334 292866 SH CALL Defined 01 292866 Advisory Board Co. ABCO COM 00762W107 8735 199900 SH Sole 199900 Advisory Board Co. ABCO COM 00762W107 11506 263300 SH Defined 01 263300 Apollo Group Inc -CL A APOL COM 037604105 6152 83070 SH Sole 83070 Apollo Group Inc -CL A APOL COM 037604105 7954 107400 SH Defined 01 107400 Apple Computer Inc AAPL COM 037833100 4667 112000 SH PUT Sole 112000 Apple Computer Inc AAPL COM 037833100 4433 106400 SH PUT Sole 106400 Apple Computer Inc AAPL COM 037833100 5487 131700 SH PUT Sole 131700 Apple Computer Inc AAPL COM 037833100 19218 461200 SH PUT Defined 01 461200 Automatic Data Processing A COM 053015103 7052 156905 SH Sole 156905 Automatic Data Processing A COM 053015103 7443 165600 SH Defined 01 165600 Berkshire Hathaway Cl B CL B 084670207 279 98 SH Sole 98 Blackrock Inc CL-A BLK CL A 09247X101 152673 2037554 SH Sole 2037554 Blackrock Inc CL-A BLK CL A 09247X101 28259 377150 SH Defined 01 377150 Blount International BLT COM 095180105 49479 2914002 SH Sole 2914002 Blount International BLT COM 095180105 18413 1084410 SH Defined 01 1084410 Brascan Corporation BNN Cl A 10549P606 19161 507600 SH Sole 507600 Brascan Corporation BNN CL A 10549P606 25239 668600 SH Defined 01 668600 Bristol-Myers Squibb Company COM 110122108 6591 258900 SH CALL Sole 258900 Bristol-Myers Squibb Company COM 110122108 6074 238600 SH CALL Sole 238600 Bristol-Myers Squibb Company COM 110122108 7755 304600 SH CALL Sole 304600 Bristol-Myers Squibb Company COM 110122108 27013 1061000 SH CALL Defined 01 1061000 Brown & Brown Inc BRO COM 115236101 162038 3515693 SH Sole 3515693 Brown & Brown Inc BRO COM 115236101 30785 667950 SH Defined 01 667950 C.H. Robinson Worldwide Inc COM 12541w100 144922 2812398 SH Sole 2812398 C.H. Robinson Worldwide Inc COM 12541w100 28579 554625 SH Defined 01 554625 CB Richard Ellis Group Inc-A COM 12497t101 4905 140200 SH Sole 140200 CB Richard Ellis Group Inc-A COM 12497t101 5307 151700 SH Defined 01 151700 Caremark Rx Inc CMX COM 141705103 5696 143200 SH Sole 143200 Caremark Rx Inc CMX COM 141705103 6157 154800 SH Defined 01 154800 Carnival Corporation, Inc. COM 143658300 2082 40200 SH PUT Sole 40200 Carnival Corporation, Inc. COM 143658300 1979 38200 SH PUT Sole 38200 Carnival Corporation, Inc. COM 143658300 2445 47200 SH PUT Sole 47200 Carnival Corporation, Inc. COM 143658300 8569 165400 SH PUT Defined 01 165400 Ceridian CEN COM 156779100 37491 2198933 SH Sole 2198933 Ceridian CEN COM 156779100 7931 465185 SH Defined 01 465185 Choicepoint Inc CPS COM 170388102 77663 1936252 SH Sole 1936252 Choicepoint Inc CPS COM 170388102 6767 168735 SH Defined 01 168735 Churchill Downs, Inc. COM 171484108 1262 31900 SH Sole 31900 Churchill Downs, Inc. COM 171484108 1662 42000 SH Defined 01 42000 Cintas Corp CTAS COM 172908105 70175 1698755 SH Sole 1698755 Cintas Corp CTAS COM 172908105 14194 343600 SH Defined 01 343600 Countrywide Financial Corp COM 222372104 5560 171296 SH Sole 171296 Countrywide Financial Corp COM 222372104 6021 185500 SH Defined 01 185500 Cox Radio Inc CL A CXR CL A 224051102 14032 834800 SH Sole 834800 Cox Radio Inc CL A CXR CL A 224051102 18496 1100300 SH Defined 01 1100300 Dade Behring Hlds DADE COM 23342J206 265 4500 SH Sole 4500 Dover Motorsports, Inc. COM 260174107 3442 681653 SH Sole 681653 Dover Motorsports, Inc. COM 260174107 4556 902347 SH Defined 01 902347 Eaton Vance EV COM NON VTG 278265103 11527 491800 SH Sole 491800 Eaton Vance EV COM NON VTG 278265103 12275 523700 SH Defined 01 523700 Education Management Corp ED COM 28139T101 13871 496300 SH Sole 496300 Education Management Corp ED COM 28139T101 15006 536900 SH Defined 01 536900 Entravision Communications - C CL A 29382R107 4451 501900 SH Sole 501900 Entravision Communications - C CL A 29382R107 5863 661100 SH Defined 01 661100 Ethan Allen Interiors Inc ETH COM 297602104 34214 1069204 SH Sole 1069204 Ethan Allen Interiors Inc ETH COM 297602104 5703 178230 SH Defined 01 178230 Express Scripts Inc ESRX COM 302182100 2014 23100 SH Sole 23100 Express Scripts Inc ESRX COM 302182100 2659 30500 SH Defined 01 30500 Fastenal Co FAST COM 311900104 52284 945475 SH Sole 945475 Fastenal Co FAST COM 311900104 28073 507665 SH Defined 01 507665 First Horizon National Corp. COM 320517105 1321 32400 SH PUT Sole 32400 First Horizon National Corp. COM 320517105 1333 32700 SH PUT Sole 32700 First Horizon National Corp. COM 320517105 1554 38100 SH PUT Sole 38100 First Horizon National Corp. COM 320517105 5408 132600 SH PUT Defined 01 132600 Fiserv Inc FISV COM 337738108 14601 366880 SH Sole 366880 Fiserv Inc FISV COM 337738108 15649 393200 SH Defined 01 393200 Fisher Scientific Intl FSH COM 338032204 129450 2274260 SH Sole 2274260 Fisher Scientific Intl FSH COM 338032204 40537 712185 SH Defined 01 712185 Franklin Electric Co Inc FELE COM 353514102 107133 2839483 SH Sole 2839483 Franklin Electric Co Inc FELE COM 353514102 20315 538432 SH Defined 01 538432 HCC Insurance Holdings HCC COM 404132102 84432 2334972 SH Sole 2334972 HCC Insurance Holdings HCC COM 404132102 21476 593935 SH Defined 01 593935 Hanmi Financial Corp. HAFC COM 410495105 4107 248200 SH Sole 248200 Hanmi Financial Corp. HAFC COM 410495105 5410 326900 SH Defined 01 326900 Henry Schein HSIC COM 806407102 26962 752300 SH Sole 752300 Henry Schein HSIC COM 806407102 28858 805200 SH Defined 01 805200 IDEXX Laboratories, Inc. COM 45168D104 78888 1456584 SH Sole 1456584 IDEXX Laboratories, Inc. COM 45168D104 15422 284750 SH Defined 01 284750 Interactive Data Corporation COM 45840j107 5380 259300 SH Sole 259300 Interactive Data Corporation COM 45840j107 5824 280700 SH Defined 01 280700 Intl Speedway Corp CL-A ISCA COM 460335201 181569 3346906 SH Sole 3346906 Intl Speedway Corp CL-A ISCA COM 460335201 35712 658290 SH Defined 01 658290 Kirby Corp KEX COM 497266106 12793 304400 SH Sole 304400 Kirby Corp KEX COM 497266106 16845 400800 SH Defined 01 400800 Laboratory Corp of Amer Hldgs COM 50540r409 96790 2008096 SH Sole 2008096 Laboratory Corp of Amer Hldgs COM 50540r409 13332 276610 SH Defined 01 276610 Laureate Education Inc. LAU COM 518613104 41715 974900 SH Sole 974900 Laureate Education Inc. LAU COM 518613104 48412 1131400 SH Defined 01 1131400 Legg Mason Inc LM COM 524901105 5560 71156 SH Sole 71156 Legg Mason Inc LM COM 524901105 5899 75500 SH Defined 01 75500 Markel Corp MKL COM 570535104 143513 415729 SH Sole 415729 Markel Corp MKL COM 570535104 19954 57805 SH Defined 01 57805 Marsh & McLennan Co Inc MM COM 571748102 166 5485 SH Sole 5485 Marsh & McLennan Co Inc MM COM 571748102 4124 135600 SH CALL Sole 135600 Marsh & McLennan Co Inc MM COM 571748102 3729 122600 SH CALL Sole 122600 Marsh & McLennan Co Inc MM COM 571748102 4851 159500 SH CALL Sole 159500 Marsh & McLennan Co Inc MM COM 571748102 16907 555800 SH CALL Defined 01 555800 Matthews International CL-A CL A 577128101 56843 1735145 SH Sole 1735145 Matthews International CL-A CL A 577128101 8552 261066 SH Defined 01 261066 McClatchy Co-CL A MNI COM 579489105 1438 19400 SH Sole 19400 McClatchy Co-CL A MNI COM 579489105 1898 25600 SH Defined 01 25600 Mercantile Bankshares Corp COM 587405101 4119 81000 SH Sole 81000 Mercantile Bankshares Corp COM 587405101 5421 106600 SH Defined 01 106600 Merck & Co. MRK COM 589331107 1246 38500 SH CALL Sole 38500 Merck & Co. MRK COM 589331107 1213 37500 SH CALL Sole 37500 Merck & Co. MRK COM 589331107 1466 45300 SH CALL Sole 45300 Merck & Co. MRK COM 589331107 5104 157700 SH CALL Defined 01 157700 Meredith Corp MDP COM 589433101 118529 2535395 SH Sole 2535395 Meredith Corp MDP COM 589433101 23045 492945 SH Defined 01 492945 Microsoft Corp MSFT COM 594918104 2090 86500 SH CALL Sole 86500 Microsoft Corp MSFT COM 594918104 1986 82200 SH CALL Sole 82200 Microsoft Corp MSFT COM 594918104 2458 101700 SH CALL Sole 101700 Microsoft Corp MSFT COM 594918104 8611 356300 SH CALL Defined 01 356300 Mohawk Industries Inc MHK COM 608190104 171351 2032644 SH Sole 2032644 Mohawk Industries Inc MHK COM 608190104 41439 491575 SH Defined 01 491575 Moody's Investors Service M COM 615369105 86945 1075260 SH Sole 1075260 Moody's Investors Service M COM 615369105 4316 53380 SH Defined 01 53380 Nastech Pharmaceutical Co. NS COM 631728409 1755 177700 SH Sole 177700 Nastech Pharmaceutical Co. NS COM 631728409 1900 192400 SH Defined 01 192400 O'Reilly Automotive ORLY COM 686091109 165422 3339837 SH Sole 3339837 O'Reilly Automotive ORLY COM 686091109 40196 811555 SH Defined 01 811555 Petsmart Inc PETM COM 716768106 1259 43800 SH Sole 43800 Petsmart Inc PETM COM 716768106 1658 57700 SH Defined 01 57700 Pfizer Inc. PFE COM 717081103 2818 107300 SH CALL Sole 107300 Pfizer Inc. PFE COM 717081103 2803 106700 SH CALL Sole 106700 Pfizer Inc. PFE COM 717081103 3317 126300 SH CALL Sole 126300 Pfizer Inc. PFE COM 717081103 11556 439900 SH CALL Defined 01 439900 Procter & Gamble Co PG COM 742718109 4626 87300 SH CALL Sole 87300 Procter & Gamble Co PG COM 742718109 4399 83000 SH CALL Sole 83000 Procter & Gamble Co PG COM 742718109 5443 102700 SH CALL Sole 102700 Procter & Gamble Co PG COM 742718109 19064 359700 SH CALL Defined 01 359700 Qiagen NV QGEN(F) COM n72482107 14841 1243000 SH Sole 1243000 Qiagen NV QGEN(F) COM n72482107 16855 1411700 SH Defined 01 1411700 Roper Industries ROP COM 776696106 45851 700021 SH Sole 700021 Roper Industries ROP COM 776696106 14803 226000 SH Defined 01 226000 SCP Pool Corp POOL COM 784028102 100214 3145455 SH Sole 3145455 SCP Pool Corp POOL COM 784028102 19045 597775 SH Defined 01 597775 SEI Investments Company SEI COM 784117103 310 8600 SH Sole 8600 Sirva Inc. SIR COM 82967y104 2339 329100 SH Sole 329100 Sirva Inc. SIR COM 82967y104 2532 356200 SH Defined 01 356200 Suncor Energy SU COM 867229106 11946 297100 SH Sole 297100 Suncor Energy SU COM 867229106 14029 348900 SH Defined 01 348900 T. Rowe Price TROW COM 74144T108 154776 2606548 SH Sole 2606548 T. Rowe Price TROW COM 74144T108 26352 443800 SH Defined 01 443800 TCF Financial Corp T COM 872275102 102006 3757133 SH Sole 3757133 TCF Financial Corp T COM 872275102 20149 742155 SH Defined 01 742155 Techne TECH COM 878377100 108215 2693276 SH Sole 2693276 Techne TECH COM 878377100 14614 363735 SH Defined 01 363735 The PMI Group Inc PMI COM 69344M101 2706 71200 SH PUT Sole 71200 The PMI Group Inc PMI COM 69344M101 3937 103600 SH PUT Sole 103600 The PMI Group Inc PMI COM 69344M101 2531 66600 SH PUT Sole 66600 The PMI Group Inc PMI COM 69344M101 3880 102100 SH PUT Sole 102100 The PMI Group Inc PMI COM 69344M101 3185 83800 SH PUT Sole 83800 The PMI Group Inc PMI COM 69344M101 4629 121800 SH PUT Sole 121800 The PMI Group Inc PMI COM 69344M101 11091 291800 SH PUT Defined 01 291800 The PMI Group Inc PMI COM 69344M101 16131 424400 SH PUT Defined 01 424400 Tiffany & Co TIF COM 886547108 72919 2112382 SH Sole 2112382 Tiffany & Co TIF COM 886547108 8153 236200 SH Defined 01 236200 Unisys Corp UIS COM 909214108 605 85800 SH CALL Sole 85800 Unisys Corp UIS COM 909214108 576 81600 SH CALL Sole 81600 Unisys Corp UIS COM 909214108 713 101000 SH CALL Sole 101000 Unisys Corp UIS COM 909214108 2496 353600 SH CALL Defined 01 353600 Univision Communications-A UV CL A 914906102 14656 529300 SH Sole 529300 Univision Communications-A UV CL A 914906102 19302 697100 SH Defined 01 697100 VCA Antech Inc. WOOF COM 918194101 128707 6362214 SH Sole 6362214 VCA Antech Inc. WOOF COM 918194101 33878 1674665 SH Defined 01 1674665 Verizon Communications Inc V COM 92343V104 915 25800 SH PUT Sole 25800 Verizon Communications Inc V COM 92343V104 2296 64700 SH PUT Sole 64700 Verizon Communications Inc V COM 92343V104 3677 103600 SH PUT Sole 103600 Verizon Communications Inc V COM 92343V104 869 24500 SH PUT Sole 24500 Verizon Communications Inc V COM 92343V104 2094 59000 SH PUT Sole 59000 Verizon Communications Inc V COM 92343V104 3432 96700 SH PUT Sole 96700 Verizon Communications Inc V COM 92343V104 1079 30400 SH PUT Sole 30400 Verizon Communications Inc V COM 92343V104 2701 76100 SH PUT Sole 76100 Verizon Communications Inc V COM 92343V104 4323 121800 SH PUT Sole 121800 Verizon Communications Inc V COM 92343V104 3791 106800 SH PUT Defined 01 106800 Verizon Communications Inc V COM 92343V104 9418 265300 SH PUT Defined 01 265300 Verizon Communications Inc V COM 92343V104 15066 424400 SH PUT Defined 01 424400 WR Berkley Corp BER COM 084423102 6926 139650 SH Sole 139650 WR Berkley Corp BER COM 084423102 7499 151200 SH Defined 01 151200 Wal-Mart Stores Inc. COM 009722637 942 18800 SH CALL Sole 18800 Wal-Mart Stores Inc. COM 009722637 891 17800 SH CALL Sole 17800 Wal-Mart Stores Inc. COM 009722637 1107 22100 SH CALL Sole 22100 Wal-Mart Stores Inc. COM 009722637 3873 77300 SH CALL Defined 01 77300 Washington Post -Cl B WPO CL B 939640108 234642 262464 SH Sole 262464 Washington Post -Cl B WPO CL B 939640108 47179 52774 SH Defined 01 52774 Waters Corp WAT COM 941848103 68632 1917652 SH Sole 1917652 Waters Corp WAT COM 941848103 15533 434020 SH Defined 01 434020 Weight Watchers Intl Inc WT COM 948626106 85884 1998255 SH Sole 1998255 Weight Watchers Intl Inc WT COM 948626106 15398 358260 SH Defined 01 358260 Westwood One Inc WON COM 961815107 11758 577800 SH Sole 577800 Westwood One Inc WON COM 961815107 12726 625400 SH Defined 01 625400 White Mountains Insurance GP COM g9618e107 3556 5845 SH Sole 5845 White Mountains Insurance GP COM g9618e107 4651 7645 SH Defined 01 7645 Zebra Technologies ZBRA COM 989207105 308 6500 SH Sole 6500 Zebra Technologies ZBRA COM 989207105 403 8500 SH Defined 01 8500