Ladies and gentlemen, gather ’round! Ruane Cunniff L.P. has just performed a financial slapstick routine with MSA Safety Incorporated, buying 756,219 shares in a third-quarter move that cost them a cool $134.43 million. Why? Because nothing says “trust me” like investing in a company whose name sounds like it was coined during a boardroom séance.
What happened
On Nov. 13, 2025, the SEC received a filing that could make a medieval scribe weep. Ruane Cunniff, our intrepid fund, added 756,219 shares of MSA Safety Incorporated (MSA +0.88%) to its portfolio. By Sept. 30, 2025, it held 1,705,286 shares valued at $293.43 million. Imagine a knight hoarding gold coins in a dragon’s lair-that’s the vibe here.
But wait! The shares are now 4.86% of the fund’s U.S. equity AUM. If money were a kingdom, MSA would be the castle’s moat.
What else to know
The fund’s top holdings post-filing? Let’s call it the “Who’s Who of Wall Street Nobility”:
- Alphabet (GOOGL 0.26%) (GOOG 0.22%): $878 million (14.6% of AUM)-the Google of Googles, if you will.
- Charles Schwab (SCHW +0.43%): $603 million (10% of AUM)-a brokerage that’s less “Schwab and Sabin” and more “Schwab and Schwab.”
- Formula One (FWON.K 1.02%): $582 million (9.6% of AUM)-because nothing says “growth” like racing cars in circles.
- Taiwan Semiconductor Manufacturing (TSM 1.45%): $526 million (8.7% of AUM)-a chip off the old semiconductor block.
- Elevance Health (ELV 1.90%): $468 million (7.8% of AUM)-a health company with a name that makes you ask, “Relevance? To whom?”
As of Nov. 13, 2025, shares were priced at $159.27, down 9% over the past year. If the S&P 500 were a horse race, MSA would be the one with the jockey who forgot to gallop.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-13) | $159.27 |
| Market Capitalization | $6.24 billion |
| Revenue (TTM) | $1.86 billion |
| Net Income (TTM) | $279.94 million |
Company Snapshot
MSA Safety: The company that sells helmets to firefighters and gas detectors to miners. It’s like a medieval blacksmith who also dabbles in alchemy. Their products include:
- Gas and flame detection instruments-because nothing says “safety” like a gadget that screams at you.
- Firefighter helmets-because even dragons need headgear.
- Protective apparel-because fashion and survival can coexist.
MSA operates in markets where safety is a “must-have,” not a “nice-to-have.” It’s the financial equivalent of a knight in shining armor, minus the existential dread.
Foolish take
Ruane Cunniff’s love affair with MSA Safety is the financial world’s version of a rom-com. The fund now owns 4.3% of MSA’s equity, making it the third-largest institutional shareholder. But let’s be honest: this is less “love at first sight” and more “investor at first panic.”
MSA’s dividend streak? A 55-year marathon of “increase it, increase it!” It’s like a medieval king who never runs out of gold-until he does. But here’s the kicker: the 1.3% yield uses just 29% of net income. That’s like a dragon guarding a hoard but only eating 30% of its treasure. What’s the point?
MSA’s business segments? Detection, fire services, and industrial PPE. It’s the trifecta of “don’t get killed today.” And at 22 times free cash flow, it’s trading like a “value” stock in a world of speculative tech darlings. For passive income seekers, it’s the financial equivalent of a hammock in a hurricane.
So, is this a buy? Well, if you believe in the legend of the Dividend King, then yes. But remember: even kings fall. Just ask the French.
Glossary
13F reportable assets under management (AUM): The SEC’s way of saying, “Hey, tell us where your gold is.”
Stake: Your ownership in a company, or as I like to call it, “the financial equivalent of a seat at the table.”
Fund AUM: Total assets managed-because numbers don’t lie, unless they’re on Wall Street.
Top holdings: The fund’s favorite investments, or “the stuff that dreams are made of.”
Direct and indirect sales: Selling straight to the customer or letting someone else do the heavy lifting.
Mission-critical applications: Things that, if they fail, will cause you to yell, “Why didn’t anyone tell me?!”
Distributor: A middleman who charges you 10% for passing the message.
TTM: Twelve months of data, because history is just a bunch of numbers.
Portfolio: Your investments, or “the stuff I hope doesn’t turn into bricks.”
Quarter: Three months of financial reporting, because nobody wants to wait for a year.
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2025-11-19 06:31