April 11, 2022
Dear Sequoia Shareholders and Clients:
For the first quarter of 2022, Sequoia Fund generated a negative return of 12.57%1 net of fees, versus negative 4.60% for the Standard and Poor’s 500 Index.
During the quarter we exited the Fund’s stakes in Prosus (XAMS:PRX, Financial) and Walt Disney (DIS, Financial) and significantly increased our investment in Netflix (NFLX, Financial) with the proceeds. We also made minor incremental additions to our holdings in Facebook (FB, Financial), Universal Music Group (XAMS:UMG, Financial) and Wayfair (W, Financial). We discuss the Fund’s activity in more detail in our Q1 video commentary, which will be available shortly.
Our annual Investor Day will take place in person—finally!—on Friday, May 20, 2022 at 10am at The Times Center in New York. Clients who prefer to attend virtually can do so by live webcast. You can find further detail and also register on our website at www.ruanecunniff.com/events. We look forward to seeing many of you in person.
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 March 31, 2022 were 1.01%, 14.13% and 10.29%, 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 DST Systems, 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).
