13F-HR 1 dec10.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, 2010 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: James R. Berman Title: General Counsel Phone: 212-475-8335 Signature, place and date of signing: New York, New York February 14, 2011 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: 205 Form 13F Information Table Value Total: $ 6,023,543 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Co MMM COM 88579y101 9,053 104,900 SH CALL Sole 104,900 3M Co MMM COM 88579y101 7,448 86,300 SH CALL Defined 01 86,300 Abbott Laboratories abt COM 002824100 25,977 542,200 SH CALL Sole 542,200 Abbott Laboratories abt COM 002824100 21,377 446,200 SH CALL Defined 01 446,200 Ace Ltd. ACE SHS H0023R105 17,169 275,800 SH CALL Sole 275,800 Ace Ltd. ACE SHS H0023R105 14,125 226,900 SH CALL Defined 01 226,900 Altria Group Inc. mo COM 02209S103 44,552 1,809,600 SH CALL Sole 1,809,600 Altria Group Inc. mo COM 02209S103 36,664 1,489,200 SH CALL Defined 01 1,489,200 Amphenol Corporation CL A 032095101 67,808 1,284,724 SH Sole 1,284,724 Amphenol Corporation CL A 032095101 27,896 528,531 SH Defined 01 528,531 Apollo Group Inc CL A APOL CL A 037604105 22,695 574,690 SH Sole 559,600 15,090 Apollo Group Inc CL A APOL CL A 037604105 25,436 644,112 SH Defined 01 644,112 Archer-daniels-midland Company COM 039483102 10,393 345,500 SH CALL Sole 345,500 Archer-daniels-midland Company COM 039483102 8,552 284,300 SH CALL Defined 01 284,300 Atlantic Tele-Network INC ATNI COM NEW 049079205 2,599 67,734 SH Sole 67,734 Atlantic Tele-Network INC ATNI COM NEW 049079205 1,529 39,842 SH Defined 01 39,842 BMC Software INC BMC COM 055921100 43,675 926,500 SH CALL Sole 926,500 BMC Software INC BMC COM 055921100 36,746 779,500 SH CALL Defined 01 779,500 Banco Santander SA - SPON ADR ADR 05964H105 19,897 1,868,273 SH Sole 1,772,848 95,425 Banco Santander SA - SPON ADR ADR 05964H105 17,908 1,681,460 SH Defined 01 1,681,460 Baxter International Inc. COM 071813109 16,765 331,200 SH CALL Sole 331,200 Baxter International Inc. COM 071813109 13,799 272,600 SH CALL Defined 01 272,600 Blackrock Inc COM STK BLK COM 09247X101 30,258 158,766 SH Sole 152,486 6,280 Blackrock Inc COM STK BLK COM 09247X101 27,651 145,087 SH Defined 01 145,087 Blackstone Group The COM UNIT LTD 09253U108 55,537 3,924,900 SH CALL Sole 3,924,900 Blackstone Group The COM UNIT LTD 09253U108 46,570 3,291,200 SH CALL Defined 01 3,291,200 Blount International BLT COM 095180105 54,804 3,477,383 SH Sole 3,477,383 Blount International BLT COM 095180105 18,343 1,163,916 SH Defined 01 1,163,916 Brookfield Asset Management CL A LTD VT SH 112585104 192,859 5,793,294 SH Sole 5,793,294 Brookfield Asset Management CL A LTD VT SH 112585104 75,870 2,279,050 SH Defined 01 2,279,050 C.H. Robinson Worldwide Inc COM NEW 12541W209 5,571 69,477 SH Sole 69,477 C.H. Robinson Worldwide Inc COM NEW 12541W209 6,336 79,015 SH Defined 01 79,015 CA Inc CA COM 12673p105 49,464 2,023,900 SH CALL Sole 2,023,900 CA Inc CA COM 12673p105 41,460 1,696,400 SH CALL Defined 01 1,696,400 CB Richard Ellis Group Inc A CL A 12497T101 8,827 431,019 SH Sole 431,019 CB Richard Ellis Group Inc A CL A 12497T101 7,711 376,493 SH Defined 01 376,493 Campbell Soup Co CPB COM 134429109 17,055 490,800 SH CALL Sole 490,800 Campbell Soup Co CPB COM 134429109 14,032 403,800 SH CALL Defined 01 403,800 Chubb Corp CB COM 171232101 25,323 424,600 SH CALL Sole 424,600 Chubb Corp CB COM 171232101 20,838 349,400 SH CALL Defined 01 349,400 Cisco Systems Inc CSCO COM 17275r102 4,382 216,600 SH CALL Sole 216,600 Cisco Systems Inc CSCO COM 17275r102 3,609 178,400 SH CALL Defined 01 178,400 Clorox Company CLX COM 189054109 27,767 438,800 SH CALL Sole 438,800 Clorox Company CLX COM 189054109 22,844 361,000 SH CALL Defined 01 361,000 Colgate-Palmolive Co CL COM 194162103 10,537 131,100 SH CALL Sole 131,100 Colgate-Palmolive Co CL COM 194162103 8,672 107,900 SH CALL Defined 01 107,900 Conagra Foods Inc CAG COM 205887102 16,680 738,700 SH CALL Sole 738,700 Conagra Foods Inc CAG COM 205887102 13,724 607,800 SH CALL Defined 01 607,800 Corelogic Inc CLGX COM 21871d103 33,413 1,804,164 SH Sole 1,804,164 Corelogic Inc CLGX COM 21871d103 11,438 617,606 SH Defined 01 617,606 Dentsply International Inc X COM 249030107 122,573 3,587,166 SH Sole 3,587,166 Dentsply International Inc X COM 249030107 38,509 1,126,992 SH Defined 01 1,126,992 Doral Financial Corp DRL COM NEW 25811P886 1,135 822,298 SH Sole 822,298 Doral Financial Corp DRL COM NEW 25811P886 995 721,301 SH Defined 01 721,301 Du Pont E. I. De Nemours DD COM 263534109 14,555 291,800 SH CALL Sole 291,800 Du Pont E. I. De Nemours DD COM 263534109 11,981 240,200 SH CALL Defined 01 240,200 Education Management Corp ED COM 28140M103 65,748 3,632,487 SH Sole 3,360,752 271,735 Education Management Corp ED COM 28140M103 56,787 3,137,376 SH Defined 01 3,137,376 Emerson Electric Co EMR COM 291011104 7,735 135,300 SH CALL Sole 135,300 Emerson Electric Co EMR COM 291011104 6,363 111,300 SH CALL Defined 01 111,300 Financial Select Sector Spdr SBI INT-FINL 81369Y605 36,031 2,259,000 SH PUT Sole 2,259,000 Financial Select Sector Spdr SBI INT-FINL 81369Y605 28,227 1,769,700 SH PUT Defined 01 1,769,700 Firstservice Corporation-VTG SUB VTG SH 33761N109 26,178 867,409 SH Sole 867,409 Firstservice Corporation-VTG SUB VTG SH 33761N109 17,991 596,128 SH Defined 01 596,128 Garmin Ltd GRMN SHS h2906t109 85,286 2,752,063 SH Sole 2,752,063 Garmin Ltd GRMN SHS h2906t109 27,761 895,803 SH Defined 01 895,803 General Dynamics Corporation COM 369550108 8,934 125,900 SH CALL Sole 125,900 General Dynamics Corporation COM 369550108 7,351 103,600 SH CALL Defined 01 103,600 Goldman Sachs Group Inc GS COM 38141g104 22,777 135,446 SH Sole 127,146 8,300 Goldman Sachs Group Inc GS COM 38141g104 16,106 95,780 SH Defined 01 95,780 Google Inc GOOG CL A 38259P508 10,400 17,510 SH Sole 16,250 1,260 Google Inc GOOG CL A 38259P508 8,621 14,515 SH Defined 01 14,515 Graco Inc GGG COM 384109104 53,895 1,366,150 SH Sole 1,366,150 Graco Inc GGG COM 384109104 16,139 409,105 SH Defined 01 409,105 HJ Heinz Co HNZ COM 423074103 39,776 804,200 SH CALL Sole 804,200 HJ Heinz Co HNZ COM 423074103 32,738 661,900 SH CALL Defined 01 661,900 HandR Block Inc HRB COM 093671105 2,926 245,700 SH CALL Sole 245,700 HandR Block Inc HRB COM 093671105 6,360 534,000 SH CALL Sole 534,000 HandR Block Inc HRB COM 093671105 1,390 116,700 SH CALL Sole 116,700 HandR Block Inc HRB COM 093671105 2,411 202,400 SH CALL Defined 01 202,400 HandR Block Inc HRB COM 093671105 4,946 415,300 SH CALL Defined 01 415,300 HandR Block Inc HRB COM 093671105 1,145 96,100 SH CALL Defined 01 96,100 Harry Winston Diamond Corp H COM 41587B100 16,131 1,378,680 SH Sole 1,378,680 Harry Winston Diamond Corp H COM 41587B100 11,031 942,791 SH Defined 01 942,791 Henry Schein HSIC COM 806407102 56,975 928,084 SH Sole 861,524 66,560 Henry Schein HSIC COM 806407102 47,153 768,090 SH Defined 01 768,090 Hewlett-packard Company hpq COM 428236103 34,339 815,657 SH Sole 758,202 57,455 Hewlett-packard Company hpq COM 428236103 27,911 662,973 SH Defined 01 662,973 I Shares Russell 2000 IWM RUSSELL 2000 464287655 4,049 51,750 SH Sole 51,750 IDEXX Laboratories Inc. IDX COM 45168D104 81,158 1,172,467 SH Sole 1,172,467 IDEXX Laboratories Inc. IDX COM 45168D104 21,373 308,770 SH Defined 01 308,770 IHS Inc Class A IHS CL A 451734107 99,113 1,232,902 SH Sole 1,232,902 IHS Inc Class A IHS CL A 451734107 23,046 286,676 SH Defined 01 286,676 ITT Educational Services ESI COM 45068B109 21,074 330,877 SH Sole 307,597 23,280 ITT Educational Services ESI COM 45068B109 17,566 275,810 SH Defined 01 275,810 Iberiabank Corp IBKC COM 450828108 6,791 114,849 SH Sole 114,849 Iberiabank Corp IBKC COM 450828108 4,721 79,833 SH Defined 01 79,833 Illinois Tools Works ITW COM 452308109 7,887 147,700 SH CALL Sole 147,700 Illinois Tools Works ITW COM 452308109 6,493 121,600 SH CALL Defined 01 121,600 Interface Inc CL A IFSIA CL A 458665106 37,779 2,409,354 SH Sole 2,409,354 Interface Inc CL A IFSIA CL A 458665106 12,006 765,703 SH Defined 01 765,703 Johnson Johnson jnj COM 478160104 1,144 18,500 SH CALL Sole 18,500 Johnson Johnson jnj COM 478160104 1,113 18,000 SH CALL Sole 18,000 Johnson Johnson jnj COM 478160104 15,543 251,300 SH CALL Sole 251,300 Johnson Johnson jnj COM 478160104 897 14,500 SH CALL Defined 01 14,500 Johnson Johnson jnj COM 478160104 928 15,000 SH CALL Defined 01 15,000 Johnson Johnson jnj COM 478160104 12,791 206,800 SH CALL Defined 01 206,800 Jones Lang Lasalle Inc JLL COM 48020Q107 20,677 246,385 SH Sole 229,088 17,297 Jones Lang Lasalle Inc JLL COM 48020Q107 17,169 204,589 SH Defined 01 204,589 K Swiss Inc CL A KSWS CL A 482686102 1,328 106,532 SH Sole 106,532 K Swiss Inc CL A KSWS CL A 482686102 1,073 86,061 SH Defined 01 86,061 Kellogg Co K COM 487836108 18,961 371,200 SH CALL Sole 371,200 Kellogg Co K COM 487836108 15,605 305,500 SH CALL Defined 01 305,500 Kirby Corp KEX COM 497266106 87,385 1,983,778 SH Sole 1,983,778 Kirby Corp KEX COM 497266106 25,072 569,174 SH Defined 01 569,174 Laboratory Corp of Amer Hldgs COM NEW 50540R409 114,370 1,300,841 SH Sole 1,296,531 4,310 Laboratory Corp of Amer Hldgs COM NEW 50540R409 30,704 349,226 SH Defined 01 349,226 MGIC Investment Corp MTG COM 552848103 10,167 997,700 SH CALL Sole 997,700 MGIC Investment Corp MTG COM 552848103 8,374 821,800 SH CALL Defined 01 821,800 Manitowo Inc MTW COM 563571108 1,422 108,500 SH CALL Sole 108,500 Manitowo Inc MTW COM 563571108 1,167 89,000 SH CALL Defined 01 89,000 Markel Corp MKL COM 570535104 54,546 144,252 SH Sole 144,252 Markel Corp MKL COM 570535104 16,933 44,780 SH Defined 01 44,780 Medtronic Inc MDT COM 585055106 14,717 396,800 SH CALL Sole 396,800 Medtronic Inc MDT COM 585055106 12,114 326,600 SH CALL Defined 01 326,600 Meredith Corporation mdp COM 589433101 56,562 1,632,375 SH Sole 1,632,375 Meredith Corporation mdp COM 589433101 17,591 507,671 SH Defined 01 507,671 Microsoft Corp MSFT COM 594918104 37,861 1,356,521 SH Sole 1,285,851 70,670 Microsoft Corp MSFT COM 594918104 33,747 1,209,122 SH Defined 01 1,209,122 Microsoft Corp MSFT COM 594918104 8,708 312,000 SH CALL Sole 312,000 Microsoft Corp MSFT COM 594918104 7,167 256,800 SH CALL Defined 01 256,800 Midcap SPDR Trust Series 1 M UTSER1 S&PDCRP 78467Y107 1,382 8,395 SH Sole 8,395 Moodys Investors Service MC COM 615369105 933 35,150 SH Sole 35,150 Moodys Investors Service MC COM 615369105 37,493 1,412,700 SH CALL Sole 1,412,700 Moodys Investors Service MC COM 615369105 30,885 1,163,700 SH CALL Defined 01 1,163,700 Nalco Holdings Co NLC COM 62985Q101 14,902 466,548 SH Sole 466,548 Nalco Holdings Co NLC COM 62985Q101 9,692 303,453 SH Defined 01 303,453 Neustar Inc CL A NSR CL A 64126x201 32,636 1,252,830 SH Sole 1,186,655 66,175 Neustar Inc CL A NSR CL A 64126x201 25,887 993,752 SH Defined 01 993,752 Patterson Cos Inc PDCO COM 703395103 128,907 4,208,506 SH Sole 4,208,506 Patterson Cos Inc PDCO COM 703395103 43,360 1,415,612 SH Defined 01 1,415,612 Patterson Cos Inc PDCO COM 703395103 5,183 169,200 SH CALL Sole 169,200 Patterson Cos Inc PDCO COM 703395103 3,807 124,300 SH CALL Defined 01 124,300 Paychex PAYX COM 704326107 69,829 2,259,100 SH Sole 2,259,100 Paychex PAYX COM 704326107 20,204 653,640 SH Defined 01 653,640 Paychex PAYX COM 704326107 4,748 153,600 SH CALL Sole 153,600 Paychex PAYX COM 704326107 3,845 124,400 SH CALL Defined 01 124,400 Pepsico Inc. pep COM 713448108 19,383 296,700 SH CALL Sole 296,700 Pepsico Inc. pep COM 713448108 15,947 244,100 SH CALL Defined 01 244,100 Perkinelmer Inc PKI COM 714046109 131,138 5,078,932 SH Sole 5,001,162 77,770 Perkinelmer Inc PKI COM 714046109 54,052 2,093,433 SH Defined 01 2,093,433 Perrigo Co. prgo COM 714290103 33,003 521,128 SH Sole 521,128 Perrigo Co. prgo COM 714290103 5,199 82,093 SH Defined 01 82,093 Pfizer Inc. pfe COM 717081103 10,809 617,300 SH CALL Sole 617,300 Pfizer Inc. pfe COM 717081103 8,902 508,400 SH CALL Defined 01 508,400 Polo Ralph Lauren RL CL A 731572103 86,666 781,339 SH Sole 781,339 Polo Ralph Lauren RL CL A 731572103 25,755 232,194 SH Defined 01 232,194 Pool Corporation POOL COM 73278L105 25,759 1,142,795 SH Sole 1,142,795 Pool Corporation POOL COM 73278L105 7,268 322,467 SH Defined 01 322,467 SPDR Metals & Mining ETF XME S&P METALS MNG 78464A755 121,218 1,762,400 SH PUT Sole 1,762,400 SPDR Metals & Mining ETF XME S&P METALS MNG 78464A755 95,315 1,385,800 SH PUT Defined 01 1,385,800 SPDR S&P Oil & Gas Exp & Pr ET S&P OILGAS EXP 78464A730 37,758 715,800 SH PUT Sole 715,800 SPDR S&P Oil & Gas Exp & Pr ET S&P OILGAS EXP 78464A730 29,656 562,200 SH PUT Defined 01 562,200 Select Sector Spdr Tr SBI Cons SBI CONS DISCR 81369Y407 60,264 1,610,900 SH PUT Sole 1,610,900 Select Sector Spdr Tr SBI Cons SBI CONS DISCR 81369Y407 47,215 1,262,100 SH PUT Defined 01 1,262,100 Select Sector Spdr Tr SBI Int- SBI INT-INDS 81369Y704 37,660 1,080,000 SH PUT Sole 1,080,000 Select Sector Spdr Tr SBI Int- SBI INT-INDS 81369Y704 29,598 848,800 SH PUT Defined 01 848,800 Sherwin Williams Co SHW COM 824348106 137,018 1,636,037 SH Sole 1,636,037 Sherwin Williams Co SHW COM 824348106 40,984 489,358 SH Defined 01 489,358 Sigma-Aldrich Corporation SI COM 826552101 111,160 1,670,071 SH Sole 1,670,071 Sigma-Aldrich Corporation SI COM 826552101 35,229 529,276 SH Defined 01 529,276 Signet Jewlers Ltd SIG SHS G81276100 171,505 3,951,722 SH Sole 3,951,722 Signet Jewlers Ltd SIG SHS G81276100 51,368 1,183,591 SH Defined 01 1,183,591 Sirona Dental Systems Inc. S COM 82966c103 33,649 805,388 SH Sole 747,593 57,795 Sirona Dental Systems Inc. S COM 82966c103 27,863 666,898 SH Defined 01 666,898 Steiner Leisure LTD STNR ORD P8744Y102 3,778 80,898 SH Sole 80,898 Steiner Leisure LTD STNR ORD P8744Y102 3,113 66,656 SH Defined 01 66,656 Strayer Education STRA COM 863236105 97,417 639,975 SH Sole 639,975 Strayer Education STRA COM 863236105 22,458 147,539 SH Defined 01 147,539 Stryker Corp. SYK COM 863667101 3,787 70,530 SH Sole 70,530 Stryker Corp. SYK COM 863667101 4,058 75,572 SH Defined 01 75,572 Symantec Corp SYMC COM 871503108 7,332 438,000 SH CALL Sole 438,000 Symantec Corp SYMC COM 871503108 5,824 347,900 SH CALL Defined 01 347,900 Texas Pacific Land Trust TPL SUB CTF PROP I T 882610108 19,380 531,258 SH Sole 531,258 Texas Pacific Land Trust TPL SUB CTF PROP I T 882610108 14,086 386,121 SH Defined 01 386,121 The Coca-cola Company ko COM 191216100 9,412 143,100 SH CALL Sole 143,100 The Coca-cola Company ko COM 191216100 7,741 117,700 SH CALL Defined 01 117,700 The Interpublic Group Of Compa COM 460690100 103,747 9,769,043 SH Sole 9,769,043 The Interpublic Group Of Compa COM 460690100 32,184 3,030,469 SH Defined 01 3,030,469 The Procter Gamble Company COM 742718109 23,049 358,300 SH CALL Sole 358,300 The Procter Gamble Company COM 742718109 18,971 294,900 SH CALL Defined 01 294,900 Thermo Fisher Scientic Inc. COM 883556102 25,939 468,555 SH Sole 454,307 14,248 Thermo Fisher Scientic Inc. COM 883556102 24,558 443,606 SH Defined 01 443,606 Tyco International Ltd TYC SHS H89128104 28,121 678,600 SH CALL Sole 678,600 Tyco International Ltd TYC SHS H89128104 23,140 558,400 SH CALL Defined 01 558,400 Wabtec Corp WAB COM 929740108 114,253 2,160,199 SH Sole 2,160,199 Wabtec Corp WAB COM 929740108 34,711 656,280 SH Defined 01 656,280 Wal Mart Stores Inc. WMT COM 931142103 13,267 246,000 SH CALL Sole 228,500 17,500 Wal Mart Stores Inc. WMT COM 931142103 11,002 204,000 SH CALL Defined 01 204,000 West Marine Inc COM 954235107 7,364 696,000 SH Sole 696,000 West Marine Inc COM 954235107 5,241 495,403 SH Defined 01 495,403 Whirlpool Corp. WHR COM 963320106 29,625 333,500 SH CALL Sole 333,500 Whirlpool Corp. WHR COM 963320106 24,384 274,500 SH CALL Defined 01 274,500 Wright Express Corp WXS COM 98233Q105 57,440 1,248,699 SH Sole 1,248,699 Wright Express Corp WXS COM 98233Q105 13,290 288,903 SH Defined 01 288,903