13F-HR 1 mar12.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, 2012 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 May 15, 2012 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: 199 Form 13F Information Table Value Total: $ 7,963,023 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Abbott Laboratories abt COM 002824100 103,856 1,694,500 SH CALL Sole 1,543,000 151,500 Abbott Laboratories abt COM 002824100 93,498 1,525,500 SH CALL Defined 01 1,525,500 Ametek Inc. AME COM 031100100 121,062 2,495,613 SH Sole 2,495,613 Ametek Inc. AME COM 031100100 42,202 869,960 SH Defined 01 869,960 Amphenol Corporation CL A 032095101 63,169 1,056,876 SH Sole 1,056,876 Amphenol Corporation CL A 032095101 18,810 314,699 SH Defined 01 314,699 Autozone Inc AZO COM 053332102 1,850 4,975 SH Sole 4,975 Autozone Inc AZO COM 053332102 1,428 3,840 SH Defined 01 3,840 Banco Santander SA - SPON ADR ADR 05964H105 2,107 274,657 SH Sole 274,657 Blackstone Group The COM UNIT LTD 09253U108 22,347 1,401,939 SH Sole 1,401,939 Blackstone Group The COM UNIT LTD 09253U108 11,708 734,500 SH CALL Sole 579,500 155,000 Blackstone Group The COM UNIT LTD 09253U108 17,303 1,085,500 SH CALL Sole 1,085,500 Blackstone Group The COM UNIT LTD 09253U108 12,814 803,900 SH CALL Sole 803,900 Blackstone Group The COM UNIT LTD 09253U108 9,142 573,500 SH CALL Defined 01 573,500 Blackstone Group The COM UNIT LTD 09253U108 16,128 1,011,800 SH CALL Defined 01 1,011,800 Blackstone Group The COM UNIT LTD 09253U108 11,843 743,000 SH CALL Defined 01 743,000 Blount International BLT COM 095180105 52,231 3,131,325 SH Sole 3,131,325 Blount International BLT COM 095180105 18,917 1,134,132 SH Defined 01 1,134,132 Brookfield Asset Management CL A LTD VT SH 112585104 161,181 5,105,507 SH Sole 5,105,507 Brookfield Asset Management CL A LTD VT SH 112585104 62,265 1,972,291 SH Defined 01 1,972,291 Bruker Corporation BRKR COM 116794108 9,101 594,432 SH Sole 352,494 241,938 Bruker Corporation BRKR COM 116794108 5,373 350,958 SH Defined 01 350,958 C.H. Robinson Worldwide Inc COM NEW 12541W209 9,805 149,718 SH Sole 145,298 4,420 C.H. Robinson Worldwide Inc COM NEW 12541W209 7,951 121,406 SH Defined 01 121,406 CBRE Group Inc CBG CL A 12504L109 215,081 10,775,583 SH Sole 9,686,766 1,088,817 CBRE Group Inc CBG CL A 12504L109 129,123 6,469,075 SH Defined 01 6,469,075 CME Group Inc CME COM 12572Q105 13,864 47,918 SH Sole 39,573 8,345 CME Group Inc CME COM 12572Q105 10,876 37,590 SH Defined 01 37,590 Computer Services Inc CSVI COM 20539a105 213 6,440 SH Sole 6,440 Computer Services Inc CSVI COM 20539a105 204 6,191 SH Defined 01 6,191 Covidien Plc COV SHS G2554F113 244 4,471 SH Sole 4,471 Danaher Corporation DHR COM 235851102 53,031 946,977 SH Sole 761,314 185,663 Danaher Corporation DHR COM 235851102 39,928 713,003 SH Defined 01 713,003 Dentsply International Inc X COM 249030107 64,032 1,595,618 SH Sole 1,595,618 Dentsply International Inc X COM 249030107 20,619 513,795 SH Defined 01 513,795 Doral Financial Corp DRL COM NEW 25811P886 1,162 754,565 SH Sole 754,565 Doral Financial Corp DRL COM NEW 25811P886 1,117 725,061 SH Defined 01 725,061 Expeditors Intl Wash Inc EXP COM 302130109 120,997 2,601,521 SH Sole 2,601,521 Expeditors Intl Wash Inc EXP COM 302130109 45,851 985,822 SH Defined 01 985,822 Expeditors Intl Wash Inc EXP COM 302130109 15,916 342,200 SH CALL Sole 311,300 30,900 Expeditors Intl Wash Inc EXP COM 302130109 14,060 302,300 SH CALL Defined 01 302,300 First Republic Bank FRC COM 33616C100 74,179 2,251,934 SH Sole 2,251,934 First Republic Bank FRC COM 33616C100 34,886 1,059,089 SH Defined 01 1,059,089 Firstservice Corporation-VTG SUB VTG SH 33761N109 20,528 669,984 SH Sole 669,984 Firstservice Corporation-VTG SUB VTG SH 33761N109 15,661 511,139 SH Defined 01 511,139 Franklin Electric Co Inc FELE COM 353514102 7,486 152,550 SH Sole 152,550 Franklin Electric Co Inc FELE COM 353514102 6,947 141,575 SH Defined 01 141,575 Garmin Ltd GRMN SHS h2906t109 98,275 2,091,841 SH Sole 2,091,841 Garmin Ltd GRMN SHS h2906t109 36,375 774,257 SH Defined 01 774,257 Google Inc GOOG CL A 38259P508 40,243 62,758 SH Sole 50,941 11,817 Google Inc GOOG CL A 38259P508 32,588 50,820 SH Defined 01 50,820 Graco Inc GGG COM 384109104 24,121 454,601 SH Sole 454,601 Graco Inc GGG COM 384109104 8,296 156,350 SH Defined 01 156,350 Harry Winston Diamond Corp H COM 41587B100 32,004 2,178,616 SH Sole 2,178,616 Harry Winston Diamond Corp H COM 41587B100 18,852 1,283,329 SH Defined 01 1,283,329 Henry Schein HSIC COM 806407102 106,324 1,404,911 SH Sole 1,109,994 294,917 Henry Schein HSIC COM 806407102 83,636 1,105,131 SH Defined 01 1,105,131 I Shares Russell 2000 IWM RUSSELL 2000 464287655 3,063 36,988 SH Sole 36,988 IDEXX Laboratories Inc. IDX COM 45168D104 75,285 860,897 SH Sole 860,897 IDEXX Laboratories Inc. IDX COM 45168D104 28,356 324,256 SH Defined 01 324,256 IHS Inc Class A IHS CL A 451734107 99,840 1,066,098 SH Sole 1,066,098 IHS Inc Class A IHS CL A 451734107 35,571 379,831 SH Defined 01 379,831 ITT Educational Services ESI COM 45068B109 148,168 2,240,211 SH Sole 1,890,963 349,248 ITT Educational Services ESI COM 45068B109 98,911 1,495,474 SH Defined 01 1,495,474 ITT Educational Services ESI COM 45068B109 6,581 99,500 SH CALL Sole 90,700 8,800 ITT Educational Services ESI COM 45068B109 8,367 126,500 SH CALL Sole 115,000 11,500 ITT Educational Services ESI COM 45068B109 8,942 135,200 SH CALL Sole 123,700 11,500 ITT Educational Services ESI COM 45068B109 7,838 118,500 SH CALL Sole 108,000 10,500 ITT Educational Services ESI COM 45068B109 9,160 138,500 SH CALL Sole 126,500 12,000 ITT Educational Services ESI COM 45068B109 10,450 158,000 SH CALL Sole 144,000 14,000 ITT Educational Services ESI COM 45068B109 5,986 90,500 SH CALL Defined 01 90,500 ITT Educational Services ESI COM 45068B109 7,507 113,500 SH CALL Defined 01 113,500 ITT Educational Services ESI COM 45068B109 7,507 113,500 SH CALL Defined 01 113,500 ITT Educational Services ESI COM 45068B109 7,110 107,500 SH CALL Defined 01 107,500 ITT Educational Services ESI COM 45068B109 8,301 125,500 SH CALL Defined 01 125,500 ITT Educational Services ESI COM 45068B109 9,392 142,000 SH CALL Defined 01 142,000 Iberiabank Corp IBKC COM 450828108 3,821 71,455 SH Sole 71,455 Iberiabank Corp IBKC COM 450828108 3,546 66,315 SH Defined 01 66,315 Interface Inc CL A IFSIA CL A 458665106 35,652 2,555,692 SH Sole 2,555,692 Interface Inc CL A IFSIA CL A 458665106 12,576 901,481 SH Defined 01 901,481 Intuit Inc INTU COM 461202103 54,485 905,668 SH Sole 905,668 Intuit Inc INTU COM 461202103 44,725 743,437 SH Defined 01 743,437 Itt Corporation ITT COM NEW 450911201 61,542 2,682,740 SH Sole 2,682,740 Itt Corporation ITT COM NEW 450911201 24,590 1,071,924 SH Defined 01 1,071,924 Jones Lang Lasalle Inc JLL COM 48020Q107 3,280 39,370 SH Sole 35,817 3,553 Jones Lang Lasalle Inc JLL COM 48020Q107 2,951 35,420 SH Defined 01 35,420 K Swiss Inc CL A KSWS CL A 482686102 4,032 983,431 SH Sole 983,431 K Swiss Inc CL A KSWS CL A 482686102 3,874 944,973 SH Defined 01 944,973 KKR & Co Lp KKR COM UNITS 48248M102 17,323 1,168,100 SH CALL Sole 1,022,500 145,600 KKR & Co Lp KKR COM UNITS 48248M102 2,469 166,500 SH CALL Sole 166,500 KKR & Co Lp KKR COM UNITS 48248M102 14,993 1,011,000 SH CALL Defined 01 1,011,000 Kirby Corp KEX COM 497266106 147,775 2,246,155 SH Sole 2,246,155 Kirby Corp KEX COM 497266106 55,047 836,705 SH Defined 01 836,705 Laboratory Corp of Amer Hldgs COM NEW 50540R409 44,363 484,627 SH Sole 484,627 Laboratory Corp of Amer Hldgs COM NEW 50540R409 15,970 174,455 SH Defined 01 174,455 Lender Processing Services L COM 52602E102 3,900 150,000 SH CALL Sole 150,000 Lender Processing Services L COM 52602E102 4,134 159,000 SH CALL Defined 01 159,000 Lowe's Companies, Inc. LOW COM 548661107 18,389 586,001 SH Sole 480,720 105,281 Lowe's Companies, Inc. LOW COM 548661107 13,973 445,285 SH Defined 01 445,285 MGIC Investment Corp MTG COM 552848103 3,228 650,900 SH CALL Sole 650,900 MGIC Investment Corp MTG COM 552848103 6,619 1,334,500 SH CALL Sole 1,334,500 MGIC Investment Corp MTG COM 552848103 3,105 626,000 SH CALL Defined 01 626,000 MGIC Investment Corp MTG COM 552848103 5,878 1,185,000 SH CALL Defined 01 1,185,000 Markel Corp MKL COM 570535104 112,235 250,001 SH Sole 250,001 Markel Corp MKL COM 570535104 40,116 89,357 SH Defined 01 89,357 Materials Select Sector Spdr - SBI MATERIALS 81369y100 95,516 2,583,600 SH PUT Sole 2,583,600 Materials Select Sector Spdr - SBI MATERIALS 81369y100 56,760 1,535,300 SH PUT Sole 1,535,300 Materials Select Sector Spdr - SBI MATERIALS 81369y100 56,431 1,526,400 SH PUT Sole 1,526,400 Materials Select Sector Spdr - SBI MATERIALS 81369y100 87,190 2,358,400 SH PUT Defined 01 2,358,400 Materials Select Sector Spdr - SBI MATERIALS 81369y100 51,107 1,382,400 SH PUT Defined 01 1,382,400 Materials Select Sector Spdr - SBI MATERIALS 81369y100 51,603 1,395,800 SH PUT Defined 01 1,395,800 Mistras Group Inc MG COM 60649T107 4,240 177,985 SH Sole 177,985 Mistras Group Inc MG COM 60649T107 3,004 126,129 SH Defined 01 126,129 Moodys Investors Service MC COM 615369105 29,419 698,800 SH CALL Sole 698,800 Moodys Investors Service MC COM 615369105 27,146 644,800 SH CALL Defined 01 644,800 Nationstar Mortgage Holdings COM 63861C109 5,798 403,735 SH Sole 330,700 73,035 Nationstar Mortgage Holdings COM 63861C109 4,738 329,933 SH Defined 01 329,933 OReilly Automotive ORLY COM 67103H107 144,942 1,586,662 SH Sole 1,586,662 OReilly Automotive ORLY COM 67103H107 51,362 562,253 SH Defined 01 562,253 Paccar Inc. PCAR COM 693718108 15,031 320,980 SH Sole 320,980 Paccar Inc. PCAR COM 693718108 13,948 297,840 SH Defined 01 297,840 Patterson Cos Inc PDCO COM 703395103 81,063 2,427,044 SH Sole 2,427,044 Patterson Cos Inc PDCO COM 703395103 24,702 739,587 SH Defined 01 739,587 Paychex PAYX COM 704326107 45,581 1,470,815 SH Sole 1,470,815 Paychex PAYX COM 704326107 14,927 481,682 SH Defined 01 481,682 Pepsico Inc. pep COM 713448108 1,456 21,940 SH Sole 21,940 Pepsico Inc. pep COM 713448108 1,100 16,580 SH Defined 01 16,580 Perkinelmer Inc PKI COM 714046109 108,028 3,905,571 SH Sole 3,905,571 Perkinelmer Inc PKI COM 714046109 39,909 1,442,859 SH Defined 01 1,442,859 Perrigo Co. prgo COM 714290103 80,662 780,776 SH Sole 780,776 Perrigo Co. prgo COM 714290103 29,654 287,042 SH Defined 01 287,042 Rexnord Holdings, Inc. RXN COM 76169B102 20,636 978,000 SH Sole 773,820 204,180 Rexnord Holdings, Inc. RXN COM 76169B102 16,289 772,000 SH Defined 01 772,000 SPDR Gold Trust ETF GLD GOLD SHS 78463v107 170,064 1,049,000 SH PUT Sole 1,049,000 SPDR Gold Trust ETF GLD GOLD SHS 78463v107 147,691 911,000 SH PUT Sole 911,000 SPDR Gold Trust ETF GLD GOLD SHS 78463v107 153,933 949,500 SH PUT Defined 01 949,500 SPDR Gold Trust ETF GLD GOLD SHS 78463v107 133,344 822,500 SH PUT Defined 01 822,500 SPDR Metals & Mining ETF XME S&P METALS MNG 78464A755 136,447 2,744,300 SH PUT Sole 2,744,300 SPDR Metals & Mining ETF XME S&P METALS MNG 78464A755 34,058 685,000 SH PUT Sole 685,000 SPDR Metals & Mining ETF XME S&P METALS MNG 78464A755 124,683 2,507,700 SH PUT Defined 01 2,507,700 SPDR Metals & Mining ETF XME S&P METALS MNG 78464A755 31,100 625,500 SH PUT Defined 01 625,500 SPDR S&P Oil & Gas Exp & Pr ET S&P OILGAS EXP 78464A730 165,938 2,915,800 SH PUT Sole 2,915,800 SPDR S&P Oil & Gas Exp & Pr ET S&P OILGAS EXP 78464A730 21,882 384,500 SH PUT Sole 384,500 SPDR S&P Oil & Gas Exp & Pr ET S&P OILGAS EXP 78464A730 151,477 2,661,700 SH PUT Defined 01 2,661,700 SPDR S&P Oil & Gas Exp & Pr ET S&P OILGAS EXP 78464A730 20,004 351,500 SH PUT Defined 01 351,500 Select Sector Spdr Tr SBI Int- SBI INT-INDS 81369Y704 52,287 1,397,500 SH PUT Sole 1,397,500 Select Sector Spdr Tr SBI Int- SBI INT-INDS 81369Y704 47,914 1,280,600 SH PUT Defined 01 1,280,600 Sherwin Williams Co SHW COM 824348106 153,908 1,416,291 SH Sole 1,416,291 Sherwin Williams Co SHW COM 824348106 52,807 485,936 SH Defined 01 485,936 Sigma-Aldrich Corporation SI COM 826552101 150,869 2,064,999 SH Sole 2,064,999 Sigma-Aldrich Corporation SI COM 826552101 52,369 716,798 SH Defined 01 716,798 Signet Jewlers Ltd SIG SHS G81276100 140,519 2,972,057 SH Sole 2,972,057 Signet Jewlers Ltd SIG SHS G81276100 50,705 1,072,450 SH Defined 01 1,072,450 Snap-On Inc. SNA COM 833034101 30,766 504,613 SH Sole 412,126 92,487 Snap-On Inc. SNA COM 833034101 24,926 408,818 SH Defined 01 408,818 Staples Inc SPLS COM 855030102 11,091 685,025 SH Sole 685,025 Staples Inc SPLS COM 855030102 10,290 635,555 SH Defined 01 635,555 Staples Inc SPLS COM 855030102 23,467 1,449,500 SH CALL Sole 1,449,500 Staples Inc SPLS COM 855030102 22,213 1,372,000 SH CALL Defined 01 1,372,000 Steiner Leisure LTD STNR ORD P8744Y102 13,688 280,319 SH Sole 280,319 Steiner Leisure LTD STNR ORD P8744Y102 11,437 234,223 SH Defined 01 234,223 Symantec Corp SYMC COM 871503108 17,887 956,500 SH CALL Sole 956,500 Symantec Corp SYMC COM 871503108 16,671 891,500 SH CALL Defined 01 891,500 Syneron Medical Ltd ELOS ORD SHS M87245102 710 66,261 SH Sole 66,261 Syneron Medical Ltd ELOS ORD SHS M87245102 683 63,670 SH Defined 01 63,670 Texas Pacific Land Trust TPL SUB CTF PROP I T 882610108 22,514 477,599 SH Sole 477,599 Texas Pacific Land Trust TPL SUB CTF PROP I T 882610108 19,884 421,815 SH Defined 01 421,815 The Interpublic Group Of Compa COM 460690100 74,937 6,567,697 SH Sole 6,567,697 The Interpublic Group Of Compa COM 460690100 26,022 2,280,600 SH Defined 01 2,280,600 Thermo Fisher Scientic Inc. COM 883556102 10,395 184,374 SH Sole 184,374 Thermo Fisher Scientic Inc. COM 883556102 7,887 139,895 SH Defined 01 139,895 Thomson Reuters Corporation TR COM 884903105 379 13,111 SH Sole 11,948 1,163 Thomson Reuters Corporation TR COM 884903105 344 11,916 SH Defined 01 11,916 TransDigm Group Inc. TDG COM 893641100 110,512 954,666 SH Sole 954,666 TransDigm Group Inc. TDG COM 893641100 47,518 410,484 SH Defined 01 410,484 Tyco International Ltd TYC SHS H89128104 652 11,601 SH Sole 11,601 Tyco International Ltd TYC SHS H89128104 32,523 578,900 SH CALL Sole 527,100 51,800 Tyco International Ltd TYC SHS H89128104 29,275 521,100 SH CALL Defined 01 521,100 Umpqua Holdings Corp UMPQ COM 904214103 3,999 294,910 SH Sole 294,910 Umpqua Holdings Corp UMPQ COM 904214103 3,711 273,700 SH Defined 01 273,700 VeriSign, Inc VRSN COM 92343E102 4,314 112,503 SH Sole 112,503 VeriSign, Inc VRSN COM 92343E102 4,004 104,395 SH Defined 01 104,395 Wabtec Corp WAB COM 929740108 150,954 2,002,839 SH Sole 2,002,839 Wabtec Corp WAB COM 929740108 52,825 700,870 SH Defined 01 700,870 Wal Mart Stores Inc. WMT COM 931142103 1,438 23,495 SH Sole 23,495 Wal Mart Stores Inc. WMT COM 931142103 1,064 17,385 SH Defined 01 17,385 Wal Mart Stores Inc. WMT COM 931142103 14,015 229,000 SH CALL Sole 206,500 22,500 Wal Mart Stores Inc. WMT COM 931142103 13,525 221,000 SH CALL Defined 01 221,000 Waters Corp WAT COM 941848103 122,564 1,322,729 SH Sole 1,322,729 Waters Corp WAT COM 941848103 50,675 546,887 SH Defined 01 546,887 Watts Industries CL A 942749102 7,712 189,240 SH Sole 189,240 Watts Industries CL A 942749102 7,157 175,625 SH Defined 01 175,625 West Marine Inc COM 954235107 10,240 854,743 SH Sole 854,743 West Marine Inc COM 954235107 8,173 682,195 SH Defined 01 682,195 Williams Sonoma Inc WSM COM 969904101 66,866 1,784,037 SH Sole 1,784,037 Williams Sonoma Inc WSM COM 969904101 33,912 904,810 SH Defined 01 904,810 Xylem Inc XYL COM 98419M100 52,592 1,895,201 SH Sole 1,895,201 Xylem Inc XYL COM 98419M100 18,170 654,777 SH Defined 01 654,777 FirstService Corporation 23 SUB VTG SH 33761N109 473 15,440 SH Sole 15,440