Q1 2026 – Sequoia Fund Letter

Sequoia Fund declined 11.04% net of fees in the first quarter of 2026, trailing the S&P 500's negative 4.33% return. The investment committee rebalanced the portfolio by trimming positions in Meta, TSMC, Rolls-Royce, Credit Acceptance, Liberty Broadband, and Amentum Holdings. These sales funded modest additions to SAP and Universal Music Group, along with several new positions the team plans to disclose once purchases are complete. The fund's top holdings remain concentrated in Rolls-Royce (11.1%), Alphabet (8.6%), Liberty Media Formula One (7.1%), Universal Music Group (6.5%), and Eurofins Scientific (6.4%). The portfolio reflects a non-diversified strategy with exposure to industrial, technology, media, and financial services sectors. Over longer periods, the fund posted a 1-year return of 3.82%, a 5-year average of 6.13%, and a 10-year average of 11.07%.