Q2 2025 – Sequoia Fund Letter

Sequoia Fund delivered a second-quarter total return of 14.35% net of fees, outperforming the S&P 500 Index by 340 basis points. Year-to-date through June 30, the fund generated 19.65% in returns versus 6.20% for the index. The investment committee opportunistically added to positions in ICON and Universal Music Group while trimming Credit Acceptance, Liberty Broadband, Jacobs, Meta, and UnitedHealth to fund new investments to be disclosed later. Top holdings include Rolls-Royce Holdings (14.2% of assets), Constellation Software (7.8%), and Liberty Media Formula One (7.4%).