Sequoia Fund's discussion of its 2025 performance
- From
- Ruane, Cunniff & Goldfarb
- Filed
- 26 Feb 2026
- Sector
- Global equities, concentrated quality portfolio
Read the original at sec.gov (opens in a new tab)
This is the view as filed on 26 Feb 2026, not a statement of what the author thinks today.
About this letter
Sequoia Fund, Inc. filed this annual certified shareholder report on form N-CSR with the SEC on 26 February 2026. It covers the year to 31 December 2025, and the fund is managed by Ruane, Cunniff & Goldfarb. Like the previous year's report, it is a regulatory document rather than a letter, with the managers' commentary confined to a brief Management's Discussion of Fund Performance.
The opening summary gives the cost of a hypothetical $10,000 investment, $111 or 1.00%, and average annual returns over one, five and ten years beside the S&P 500. Key statistics follow: net assets of about $3.8 billion, 26 holdings and a 10% turnover rate, then the top ten holdings and sector allocation. The report notes no material fund changes and no changes in or disagreements with accountants, and closes with the schedule of investments, financial statements, notes and the independent auditor's report.
Why read it
Read beside the 2024 report to see how one concentrated fund explains a year ahead of the index, and why it trims winners without doubting them.
What to notice
- 1
The fund returned 22.13% against 17.88% for the S&P 500, though its ten-year annual return of 11.04% still trails the index's 14.82%.
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…
“we expect the resulting portfolio to be resilient to market volatility”
Companies discussed
- Rolls-Royce Holdings
- Alphabet
- Taiwan Semiconductor Manufacturing
- Eurofins Scientific
- Constellation Software
- UnitedHealth Group
- Ashtead Group
- Accenture
Topics
- 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 2024 performance · 4 Mar 2025
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