Sequoia Fund

Ruane, Cunniff & Goldfarb

Long-running value fund

$6.40B

Portfolio Value

Holdings

Q4 '25

Period

2026-02-13

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+11.49%

Q1 '25 → Q4 '25

Annualized

+15.54%/yr

S&P: +26.24%/yr

Alpha (vs S&P)

-7.69%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

GOOGLREDUCED

10.6% of portfolio

-8% shares+1.1pp

SCHWREDUCED

8.7% of portfolio

-11% shares-1.3pp

FWONBREDUCED

8.4% of portfolio

-1% shares-1.2pp

COFREDUCED

7.8% of portfolio

-1% shares+0.4pp

ELVREDUCED

7.8% of portfolio

-2% shares+0.0pp

IEPREDUCED

6.8% of portfolio

-1% shares-0.8pp

TSMREDUCED

6.7% of portfolio

-24% shares-2.0pp

GOOGREDUCED

5.6% of portfolio

-9% shares+0.5pp

ICLRREDUCED

4.8% of portfolio

-1% shares-0.2pp

MSAINCREASED

4.5% of portfolio

+6% shares-0.3pp

ACNNEW

4.0% of portfolio

New position

UNHREDUCED

3.8% of portfolio

-2% shares-0.5pp

CACCREDUCED

3.7% of portfolio

-7% shares-0.8pp

ALGNNEW

3.0% of portfolio

New position

BRK.BREDUCED

2.5% of portfolio

-2% shares-0.2pp

METAREDUCED

2.5% of portfolio

-2% shares-0.5pp

LBRDPREDUCED

1.4% of portfolio

-2% shares-0.6pp

BRK.AREDUCED

1.4% of portfolio

-2% shares-0.1pp

TECHREDUCED

1.3% of portfolio

-1% shares-0.0pp

CHTRREDUCED

1.2% of portfolio

-3% shares-0.5pp

AMTMREDUCED

1.1% of portfolio

-1% shares+0.1pp

FWONAREDUCED

1.0% of portfolio

-0% shares-0.1pp

LBRDAREDUCED

0.5% of portfolio

-2% shares-0.2pp

GLIBKINCREASED

0.3% of portfolio

+44% shares+0.1pp

SAPGFREDUCED

0.2% of portfolio

-0% shares-0.0pp

GLIBAREDUCED

0.1% of portfolio

-2% shares

LADINCREASED

<0.1% of portfolio

+12% shares

VTIINCREASED

<0.1% of portfolio

+1% shares

JREDUCED

<0.1% of portfolio

-31% shares

NFLXREDUCED

<0.1% of portfolio

+764% shares

RSPCNEW

<0.1% of portfolio

New position

VXUSINCREASED

<0.1% of portfolio

+3% shares

KSPIINCREASED

<0.1% of portfolio

+11% shares

STLAREDUCED

<0.1% of portfolio

-6% shares

VTNEW

<0.1% of portfolio

New position

ATAISOLD

was <0.1%

Sold out position

Filing price: $5.29

BLKSOLD

was <0.1%

Sold out position

Filing price: $1165.87

KMXSOLD

was <0.1%

Sold out position

Filing price: $44.87

Sold Out (3)

SOLDBLKBLACKROCK INCwas 0.00%@$1165.87

SOLDKMXCARMAX INCwas 0.00%@$44.87

SOLDATAIATAI LIFE SCIENCES NVwas 0.00%@$5.29

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 41.3%Technology 25.5%Financials 20.4%Healthcare 11.6%Communication Services 1.2%

💼 Holdings

🔍

48 of 48 positions · $6.40B

This quarter: 4 new positions, increased 6, reduced 25, sold 3. Net seller.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High	SEC
1	GOOGLALPHABET INC	10.6%	Reduce 7.72%	2174821	$313.00	$680.7M	—	—	—	—	📄
2	SCHWSCHWAB CHARLES CORP	8.7%	Reduce 11.41%	5594948	$99.91	$559.0M	—	—	—	—	📄
3	FWONBLIBERTY MEDIA CORP DEL	8.4%	Reduce 1.40%	5491118	$98.51	$540.9M	—	—	—	—	📄
4	COFCapital One Financial	7.8%	Reduce 1.43%	2068023	$242.36	$501.2M	—	—	—	—	📄
5	ELVELEVANCE HEALTH INC FORMERLY	7.8%	Reduce 1.78%	1422506	$350.55	$498.7M	—	—	—	—	📄
6	IEPINTERCONTINENTAL EXCHANGE IN	6.8%	Reduce 1.44%	2703907	$161.96	$437.9M	—	—	—	—	📄
7	TSMTAIWAN SEMICONDUCTOR MFG LTD	6.7%	Reduce 24.45%	1421721	$303.89	$432.0M	—	—	—	—	📄
8	GOOGALPHABET INC	5.6%	Reduce 8.94%	1142353	$313.80	$358.5M	—	—	—	—	📄
9	ICLRICON PLC	4.8%	Reduce 1.26%	1679590	$182.22	$306.1M	—	—	—	—	📄
10	MSAMSA SAFETY INC	4.5%	Add 6.24%	1811635	$160.14	$290.1M	—	—	—	—	📄
11	ACNACCENTURE PLC IRELAND	4.0%	Buy	943420	$268.30	$253.1M	—	—	—	—	📄
12	UNHUNITEDHEALTH GROUP INC	3.8%	Reduce 1.61%	745999	$330.11	$246.3M	—	—	—	—	📄
13	CACCCREDIT ACCEP CORP MICH	3.7%	Reduce 7.32%	536132	$443.46	$237.8M	—	—	—	—	📄
14	ALGNALIGN TECHNOLOGY INC	3.0%	Buy	1222534	$156.15	$190.9M	—	—	—	—	📄
15	BRK.BBerkshire Hathaway Inc. Class B	2.5%	Reduce 2.00%	316106	$502.65	$158.9M	—	—	—	—	📄
16	METAMETA PLATFORMS INC	2.5%	Reduce 2.05%	239018	$660.09	$157.8M	—	—	—	—	📄
17	LBRDPLIBERTY BROADBAND CORP	1.4%	Reduce 1.74%	1841624	$48.60	$89.5M	—	—	—	—	📄
18	BRK.ABerkshire Hathaway Inc. Class A	1.4%	Reduce 1.71%	115	$754800.00	$86.8M	—	—	—	—	📄
19	TECHBIO-TECHNE CORP	1.3%	Reduce 0.53%	1465935	$58.81	$86.2M	—	—	—	—	📄
20	CHTRCharter Communications	1.2%	Reduce 3.06%	362000	$208.75	$75.6M	—	—	—	—	📄
21	AMTMAMENTUM HOLDINGS INC	1.1%	Reduce 1.22%	2394129	$29.00	$69.4M	—	—	—	—	📄
22	FWONALIBERTY MEDIA CORP DEL	1.0%	Reduce 0.46%	738880	$89.38	$66.0M	—	—	—	—	📄
23	LBRDALIBERTY BROADBAND CORP	0.5%	Reduce 2.45%	652780	$48.28	$31.5M	—	—	—	—	📄
24	GLIBKGCI LIBERTY INC	0.3%	Add 43.88%	539071	$37.21	$20.1M	—	—	—	—	📄
25	SAPGFSAP SE	0.2%	Reduce 0.16%	45927	$242.91	$11.2M	—	—	—	—	📄
26	GLIBAGCI LIBERTY INC	0.1%	Reduce 1.53%	131168	$36.87	$4.8M	—	—	—	—	📄
27	EQH-PCEQUITABLE HLDGS INC	<0.1%	Held	40636	$47.65	$1.9M	—	—	—	—	📄
28	GPIGROUP 1 AUTOMOTIVE INC	<0.1%	Held	3610	$393.30	$1.4M	—	—	—	—	📄
29	LADLITHIA MTRS INC	<0.1%	Add 12.26%	3049	$332.33	$1.0M	—	—	—	—	📄
30	VTIVanguard Total Stock Market ETF	<0.1%	Add 1.17%	2678	$335.27	$898K	—	—	—	—	📄
31	JJACOBS SOLUTIONS INC	<0.1%	Reduce 30.61%	6487	$132.46	$859K	—	—	—	—	📄
32	MUMICRON TECHNOLOGY INC	<0.1%	Held	2162	$285.41	$617K	—	—	—	—	📄
33	NFLXNETFLIX INC	<0.1%	Reduce 764.24%	5220	$93.76	$489K	—	—	—	—	📄
34	RSPCINVESCO EXCHANGE TRADED FD T	<0.1%	Buy	11029	$39.83	$439K	—	—	—	—	📄
35	VXUSVANGUARD STAR FDS	<0.1%	Add 2.58%	5438	$75.44	$410K	—	—	—	—	📄
36	AXPAMERICAN EXPRESS CO	<0.1%	Held	932	$369.95	$345K	—	—	—	—	📄
37	MSFTMICROSOFT CORP	<0.1%	Held	689	$483.62	$333K	—	—	—	—	📄
38	KSPIKASPI KZ JSC	<0.1%	Add 10.78%	4112	$78.13	$321K	—	—	—	—	📄
39	CPACOPA HOLDINGS SA	<0.1%	Held	2555	$120.61	$308K	—	—	—	—	📄
40	DGDOLLAR GEN CORP NEW	<0.1%	Held	2170	$132.77	$288K	—	—	—	—	📄
41	STLASTELLANTIS N.V	<0.1%	Reduce 6.34%	25581	$10.89	$279K	—	—	—	—	📄
42	SPGIS&P GLOBAL INC	<0.1%	Held	531	$522.59	$277K	—	—	—	—	📄
43	SBGISINCLAIR INC	<0.1%	Held	17959	$15.30	$275K	—	—	—	—	📄
44	AAPLAPPLE INC	<0.1%	Held	891	$271.86	$242K	—	—	—	—	📄
45	FERGFERGUSON ENTERPRISES INC	<0.1%	Held	1000	$222.63	$223K	—	—	—	—	📄
46	SDHCSMITH DOUGLAS HOMES CORP	<0.1%	Held	12209	$16.77	$205K	—	—	—	—	📄
47	VTVANGUARD INTL EQUITY INDEX F	<0.1%	Buy	1426	$141.06	$201K	—	—	—	—	📄
48	RMNIRIMINI STR INC DEL	<0.1%	Held	37141	$3.88	$144K	—	—	—	—	📄

GOOGLREDUCED

10.6%

10.6% of portfolio (was 9.5%, trimmed)

Filed ~$313

—📄

SCHWREDUCED

8.7%

8.7% of portfolio (was 10.0%, trimmed)

Filed ~$100

—📄

FWONBREDUCED

8.4%

8.4% of portfolio (was 9.6%, trimmed)

Filed ~$99

—📄

COFREDUCED

7.8%

7.8% of portfolio (was 7.4%, trimmed)

Filed ~$242

—📄

ELVREDUCED

7.8%

7.8% of portfolio (was 7.8%, trimmed)

Filed ~$351

—📄

IEPREDUCED

6.8%

6.8% of portfolio (was 7.7%, trimmed)

Filed ~$162

—📄

TSMREDUCED

6.7%

6.7% of portfolio (was 8.7%, trimmed)

Filed ~$304

—📄

GOOGREDUCED

5.6%

5.6% of portfolio (was 5.1%, trimmed)

Filed ~$314

—📄

ICLRREDUCED

4.8%

4.8% of portfolio (was 4.9%, trimmed)

Filed ~$182

—📄

MSAINCREASED

4.5%

4.5% of portfolio (was 4.9%, added)

Filed ~$160

—📄

ACNNEW

4.0%

4.0% of portfolio (new position)

Filed ~$268

—📄

UNHREDUCED

3.8%

3.8% of portfolio (was 4.3%, trimmed)

Filed ~$330

—📄

CACCREDUCED

3.7%

3.7% of portfolio (was 4.5%, trimmed)

Filed ~$443

—📄

ALGNNEW

3.0%

3.0% of portfolio (new position)

Filed ~$156

—📄

BRK.BREDUCED

2.5%

2.5% of portfolio (was 2.7%, trimmed)

Filed ~$503

—📄

METAREDUCED

2.5%

2.5% of portfolio (was 3.0%, trimmed)

Filed ~$660

—📄

LBRDPREDUCED

1.4%

1.4% of portfolio (was 2.0%, trimmed)

Filed ~$49

—📄

BRK.AREDUCED

1.4%

1.4% of portfolio (was 1.5%, trimmed)

Filed ~$754800

—📄

TECHREDUCED

1.3%

1.3% of portfolio (was 1.4%, trimmed)

Filed ~$59

—📄

CHTRREDUCED

1.2%

1.2% of portfolio (was 1.7%, trimmed)

Filed ~$209

—📄

AMTMREDUCED

1.1%

1.1% of portfolio (was 1.0%, trimmed)

Filed ~$29

—📄

FWONAREDUCED

1.0%

1.0% of portfolio (was 1.2%, trimmed)

Filed ~$89

—📄

LBRDAREDUCED

0.5%

0.5% of portfolio (was 0.7%, trimmed)

Filed ~$48

—📄

GLIBKINCREASED

0.3%

0.3% of portfolio (was 0.2%, added)

Filed ~$37

—📄

SAPGFREDUCED

0.2%

0.2% of portfolio (was 0.2%, trimmed)

Filed ~$243

—📄

GLIBAREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$37

—📄

EQH-PC

<0.1%

<0.1% of portfolio

Filed ~$48

—📄

GPI

<0.1%

<0.1% of portfolio

Filed ~$393

—📄

LADINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$332

—📄

VTIINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$335

—📄

JREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$132

—📄

<0.1%

<0.1% of portfolio

Filed ~$285

—📄

NFLXREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$94

—📄

RSPCNEW

<0.1%

<0.1% of portfolio (new position)

Filed ~$40

—📄

VXUSINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$75

—📄

AXP

<0.1%

<0.1% of portfolio

Filed ~$370

—📄

MSFT

<0.1%

<0.1% of portfolio

Filed ~$484

—📄

KSPIINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$78

—📄

CPA

<0.1%

<0.1% of portfolio

Filed ~$121

—📄

<0.1%

<0.1% of portfolio

Filed ~$133

—📄

STLAREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$11

—📄

SPGI

<0.1%

<0.1% of portfolio

Filed ~$523

—📄

SBGI

<0.1%

<0.1% of portfolio

Filed ~$15

—📄

AAPL

<0.1%

<0.1% of portfolio

Filed ~$272

—📄

FERG

<0.1%

<0.1% of portfolio

Filed ~$223

—📄

SDHC

<0.1%

<0.1% of portfolio

Filed ~$17

—📄

VTNEW

<0.1%

<0.1% of portfolio (new position)

Filed ~$141

—📄

RMNI

<0.1%

<0.1% of portfolio

Filed ~$4

—📄

🚫 Sold Out (3 positions)

SOLDBLKBLACKROCK INCwas 0.00%@$1165.87186 shares · $217K

SOLDKMXCARMAX INCwas 0.00%@$44.874469 shares · $201K

SOLDATAIATAI LIFE SCIENCES NVwas 0.00%@$5.2942112 shares · $223K