April 9, 2024
Dear Sequoia Fund Shareholders:
For the first quarter of 2024, Sequoia Fund generated a total return of 10.00%1 net of fees, versus 10.56% for the Standard and Poor's 500 Index.
There was little activity in the portfolio this past quarter save for trims in our holdings in SAP (SAP, Financial) and to a lesser extent Taiwan Semiconductor (TSM, Financial) and Capital One Financial (COF, Financial). We discuss our portfolio in more detail in our Q1 video commentary, available shortly on our website.
Our annual Investor Day will take place entirely in-person this year at The Times Center in New York on Thursday, May 16, 2024 at 10am. A recording will be available on our password-protected content library shortly after our meeting. You can find further details and also register on our website at www.ruanecunniff.com/events. We look forward to seeing many of you in May.
Sincerely,
The Ruane Cunniff (Trades, Portfolio) Investment Committee
Arman Gokgol-Kline
John Harris
Trevor Magyar
D. Chase Sheridan
1The performance data for the Fund shown above represents past performance and assumes reinvestment of dividends. Past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's 1-year, 5-year and 10-year average annual total returns through March 31, 2024 were 32.75%, 11.23% and 7.61%, respectively. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end can be obtained by calling SS&C GIDS, Inc. at (800) 686-6884.
Please consider the investment objectives, risks and charges and expenses of Sequoia Fund Inc. (the “Fund”) carefully before investing. The Fund's prospectus and summary prospectus contain this and other information about the Fund and are available at www.sequoiafund.com or by calling 1-800-686-6884. Please read the prospectus and summary prospectus carefully before investing. Shares of the Fund are distributed by Foreside Financial Services, LLC (Member FINRA).
