Sequoia Fund

Sequoia Fund reshuffles $2.1B in largest single-quarter rebalance on record, opening 30+ positions while trimming legacy holdings.

Sequoia Fund executed its largest single-quarter reshuffle on record with us — $2.1B (since 2024-Q2) — in the March 2026 quarter, fundamentally rebalancing its portfolio across technology, healthcare, and financial services. The fund fell 11.04% in Q1 2026, underperforming the S&P 500, while trimming Meta, TSMC, and others to fund the new positions. The reshuffle centered on five anchor additions: opened a $608.9M position in GOOGL (≈10% of disclosed book), a $443.1M position in SCHW (≈7% of disclosed book), a $357.2M position in SUNB (≈6% of disclosed book), a $286.7M position in ZTS (≈5% of disclosed book), and a $291.2M position in MSA (≈5% of disclosed book). Alongside these core moves, Sequoia opened positions in BRK.B ($148.7M, ≈2% of portfolio), SAP ($128.4M, ≈2% of portfolio), META ($115.1M, ≈2% of portfolio), ICLR ($180.9M, ≈3% of portfolio), TECH ($177.3M, ≈3% of portfolio), UNH ($197.1M, ≈3% of portfolio), and ALGN ($206.8M, ≈3% of portfolio). The fund also initiated smaller positions across 20+ additional names including BRK.A, LBRDA, AMTM, and ATAI. Concurrently, Sequoia continued its multi-year trimming of legacy holdings: trimmed SCHW for a 7th consecutive quarter (−880.2k shares in 2026-Q1) and trimmed GOOG for a 7th consecutive quarter (−192.0k shares in 2026-Q1). The fund also executed its largest reduction in ICLR on record with us — −$125.2M (since 2024-Q2) — signaling a material shift away from prior concentration. The breadth and scale of the reshuffle suggest a comprehensive portfolio repositioning rather than tactical adjustments.