Sequoia Fund

Sequoia Fund made its most visible moves in Q2 2026 on the trim side, cutting holdings across three sectors: Financials fell by a net $1.9B, Communication Services by $1.6B, and Health Care by $1.2B. No sector registered a net addition over the period. Within those shifts, the fund trimmed Sunbelt Rentals and Elevance Health — the latter contributing to the Health Care drawdown — while adding to Bio-Techne, SAP, and ICON, moves that partially offset the headline reductions in specific names even as sector-level weights declined. In total, $5.7B was reshuffled across the book during the quarter, a period in which Sequoia Fund underperformed the S&P 500 by 340 basis points. The common thread across Q2 2026 is a fund paring back its largest sector exposures while selectively building in life-sciences tools and enterprise software — a narrowing of the portfolio toward fewer, higher-conviction names.