July 9, 2024
Dear Sequoia Fund Shareholders:
For the second quarter of 2024, Sequoia Fund generated a total return of 2.56%1 net of fees, versus 4.28% for the Standard and Poor's 500 Index. For the year to date through June 30, Sequoia Fund generated a total return of 12.81% net of fees, versus 15.29% for the Index.
There was little activity in the portfolio this past quarter. We trimmed our holdings in Taiwan Semiconductor (TSM, Financial) and added opportunistically to Charter Communications (CHTR, Financial), a company we've owned for several years indirectly through our holdings in Liberty Broadband (LBRDA, Financial). We discuss our portfolio in more detail in our Q2 video commentary, available shortly on our website.
Sincerely,
The Ruane Cunniff (Trades, Portfolio) Investment Committee
Arman Gokgol-Kline
John Harris
Trevor Magyar
D. Chase Sheridan
1 The 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 June 30, 2024 were 27.72%, 10.60% and 7.97%, 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.
Disclosures
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).
