Q3 2025 – Sequoia Fund Letter

Sequoia Fund's investment committee rebalanced the portfolio in Q3 2025, trimming positions in Meta Platforms, Jacobs Engineering, Charles Schwab, and Taiwan Semiconductor Manufacturing. The proceeds funded a small addition to Elevance Health and two undisclosed new investments still being accumulated. The fund returned 1.63% net of fees in the quarter, trailing the S&P 500's 8.12%. Year-to-date through September, Sequoia generated 21.59% net of fees versus 14.83% for the Index. The fund's top holdings remained concentrated in Rolls-Royce Holdings (17.3% of assets), Liberty Media Formula One (7.5%), Alphabet (7.2%), Universal Music Group (6.5%), and Constellation Software (5.8%). The rebalancing reflects a shift in capital allocation away from large-cap technology and financial services names toward healthcare and two unnamed positions the committee will detail once purchases are complete.