Sequoia Fund's discussion of its 2024 performance
- From
- Ruane, Cunniff & Goldfarb
- Filed
- 4 Mar 2025
- Sector
- Global equities, concentrated quality portfolio
Read the original at sec.gov (opens in a new tab)
This is the view as filed on 4 Mar 2025, not a statement of what the author thinks today.
About this letter
This is Sequoia Fund, Inc.'s annual certified shareholder report on form N-CSR, filed with the SEC on 4 March 2025 and covering the calendar year from 1 January to 31 December 2024. The fund is managed by Ruane, Cunniff & Goldfarb, and the filing names Ruane Cunniff L.P. as agent for service. It is not a letter: the managers' own words come in a short section headed Management's Discussion of Fund Performance.
Around that discussion sit the standard disclosures. The report states the cost of a hypothetical $10,000 investment, at $110 or 1.00%, and shows average annual returns over one, five and ten years against the S&P 500, along with a ten-year growth chart. It lists net assets of about $3.4 billion, the top ten holdings and the sector allocation, then the full schedule of investments, the financial statements and notes, and the independent auditor's report.
Why read it
A compact case of a concentrated quality fund explaining a year behind the index, with the holdings count, turnover and position sizes to back it.
What to notice
- 1
The fund returned 20.79% against 25.02% for the S&P 500, and the managers point to how concentrated and narrow the index's gains had become.
Continue the investment thesis
See the 4 remaining takeaways on what this investor is arguing and why, and every analysis across the Letters & Theses library.
Checking what you can open…
“a concentrated portfolio of exhaustively researched high-quality businesses purchased at prudent prices”
Companies discussed
- Rolls-Royce Holdings
- Taiwan Semiconductor Manufacturing
- SAP
- Liberty Media Formula One
- Alphabet
- Eurofins Scientific
- Elevance Health
- ICON
Topics
- concentration
- market concentration
- long term ownership
L3VLUP does not host this document. It belongs to Ruane, Cunniff & Goldfarb and is a public SEC filing; the notes above are L3VLUP’s reading of it.
More from Ruane, Cunniff & Goldfarb
- Sequoia Fund's discussion of its 2025 performance · 26 Feb 2026
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