Q1 2026 – Sequoia Fund Letter

Sequoia Fund posted a negative 11.04% total return net of fees in the first quarter of 2026, trailing the S&P 500 Index's negative 4.33% return. The fund made modest additions to SAP and Universal Music Group while building several new positions funded through tax-efficient trims of Amentum Holdings, Credit Acceptance Corp, Liberty Broadband, Meta, Rolls-Royce, and TSMC. Top holdings include Rolls-Royce at 11.1%, Alphabet at 8.6%, and Liberty Media Corp–Formula One at 7.1%. The fund's longer-term performance showed a 1-year return of 3.82%, 5-year average of 6.13%, and 10-year average of 11.07%.