Sequoia Fund
Sequoia Fund reshuffles Q2 2026 holdings: opens ROP position, trims tech/financials, lags S&P 500
- Trimmed GOOGL for a 7th consecutive quarter
- Trimmed UNH for a 7th consecutive quarter
- New $228.4M position in ROP
Sources & details
Windowpast 90 days · 21 events · ending Sep 27, 2026
DetailTrimmed GOOGL for a 7th consecutive quarter (−123.4k shares in 2026-Q2) · Trimmed UNH for a 7th consecutive quarter (−22.9k shares in 2026-Q2) · New $228.4M position in ROP — 4% of portfolio · Trimmed ZTS by $117.6M — 2% of portfolio, −3% QoQ · Trimmed UNH by $96.1M — 1% of portfolio, −3% QoQ
Full summary
Sequoia Fund disclosed a broad rebalancing in its Q2 2026 quarterly filing, marked by the opening of a $228.4M position in Roper Technologies (ROP)—representing 4% of the fund's disclosed book—alongside trimming across technology, financial services, and consumer names. The fund trimmed GOOGL for a 7th consecutive quarter (−123.4k shares in 2026-Q2) and UNH for a 7th consecutive quarter (−22.9k shares in 2026-Q2), while also reducing stakes in META (−23% QoQ), LBRDA (−74% QoQ), AMTM (−67% QoQ), SUNB (−22% QoQ), and ZTS (−3% QoQ, −$117.6M). Smaller additions included SAP (+65% QoQ, +$62.2M) and SDHC (+88% QoQ). In a contemporaneous letter, portfolio manager Ruane Cunniff acknowledged the fund's sharp underperformance versus the S&P 500 year-to-date, attributing the lag to a concentrated, industrial- and media-heavy positioning. Cunniff signaled a deliberate reallocation of capital away from cyclicals and financials into life sciences and research-oriented holdings. The ROP opening and the systematic trimming of financial and technology positions align with this stated pivot, though the fund's concentrated structure and sector bets have not yet reversed its relative weakness.
Underlying filings
- Institutional holdingSequoia FundJun 30, 2026Added to SAP · +486.6k shares · +$62.2M
- Institutional holdingSequoia FundJun 30, 2026Trimmed ALGN · −35.1k shares · −$9.3M
- Institutional holdingSequoia FundJun 30, 2026Trimmed BRK.A · −7 shares · −$1.9M
- Institutional holdingSequoia FundJun 30, 2026Trimmed LBRDA · −860.1k shares · −$48.4M
- Institutional holdingSequoia FundJun 30, 2026Trimmed META · −46.9k shares · −$28.2M
- Institutional holdingSequoia FundJun 30, 2026Opened position in ROP · 674.9k shares · $228.4M
- Institutional holdingSequoia FundJun 30, 2026Trimmed BRK.B · −9.7k shares · +$1.7M
- Institutional holdingSequoia FundJun 30, 2026Trimmed SCHW · −143.4k shares · −$21.3M
- Institutional holdingSequoia FundJun 30, 2026Added to GPI · +871 shares · +$95.3k
- Institutional holdingSequoia FundJun 30, 2026Trimmed AMTM · −1.1M shares · −$31.2M
- Institutional holdingSequoia FundJun 30, 2026Trimmed TECH · −43.2k shares · +$59.3M
- Institutional holdingSequoia FundJun 30, 2026Trimmed MSA · −54.9k shares · +$9.3M
- Institutional holdingSequoia FundJun 30, 2026Trimmed UNH · −22.9k shares · +$96.1M
- Institutional holdingSequoia FundJun 30, 2026Trimmed GOOG · −25.5k shares · +$54.2M
- Institutional holdingSequoia FundJun 30, 2026Opened position in HGV · 4.2k shares · $219.4k
- Institutional holdingSequoia FundJun 30, 2026Trimmed SUNB · −1.2M shares · −$38.5M
- Institutional holdingSequoia FundJun 30, 2026Added to SDHC · +12.8k shares · +$238.4k
- Institutional holdingSequoia FundJun 30, 2026Trimmed LBRDA · −149.8k shares · −$8.8M
- Institutional holdingSequoia FundJun 30, 2026Trimmed J · −44 shares · −$13.6k
- Institutional holdingSequoia FundJun 30, 2026Trimmed ZTS · −71.7k shares · −$117.6M
Source9 citations →
GeneratedSep 27, 2026
NoteAuto-generated summary · not investment advice · verify before acting.