Q3 2025 – Sequoia Fund Letter

Citations · 5

• “Sequoia Fund generated a total return of 1.63% net of fees, versus 8.12% for the Standard and Poor's 500 Index.”

  p#1 · confidence 98%

• “For the year to date through September 30, Sequoia Fund generated a total return of 21.59% net of fees, versus 14.83% for the Index.”

  p#1 · confidence 98%

• “we trimmed our holdings in Meta Platforms, Jacobs Engineering, Charles Schwab, and to a lesser extent Taiwan Semiconductor.”

  p#1 · confidence 95%

• “These proceeds went toward funding a small addition to Elevance Health and two new investments that we will disclose at a later date when our purchases are complete.”

  p#1 · confidence 95%

• “Rolls-Royce Holdings PLC 17.3”

  p#1 · confidence 96%