PERFORMANCE SUMMARY

Average Annual
Total Returns as of
December 31, 2016

Year to Date 1 Year 5 Years* 10 Years*
Sequoia Fund -6.90% -6.90% 7.64% 5.96%
Standard & Poor's 500 11.96% 11.96% 14.66% 6.95%

* Average Annual Total Return

The S&P 500 Index is an unmanaged, capitalization-weighted index of the common stocks of 500 major US corporations. The Dow Jones Industrial Average is an unmanaged, price-weighted index of 30 actively traded blue chip stocks. 

The performance data shown 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. Current performance may be lower or higher than the performance data quoted.

As reflected in the current prospectus, the Fund's Annual Fund Operating Expenses for 2014 were 1.03%. Ruane, Cunniff & Goldfarb, the Fund's investment adviser, has agreed to reimburse a portion of the Fund's operating expenses. This reimbursement is a provision of Ruane, Cunniff & Goldfarb's investment advisory agreement with the Fund and will be in effect only so long as that investment advisory agreement is in effect.

Year to date performance as of the most recent month end can be obtained by calling DST Systems, Inc. at (800) 686-6884.

Any sector focuses of the Fund are subject to change, and past returns are not indicative of future returns. The cash generation of a company in which the Fund invests may not continue given market or other conditions, and portfolio turnover may change depending on future circumstances.

Investing in the Fund involves risk. Investors should carefully review the risks associated with an investment in the Fund by clicking here, and understand those risks before investing.

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Please consider the investment objectives, risks and charges and expenses of the Fund carefully before investing. The Fund's prospectus contains this and other information about the Fund. You may obtain a copy of the prospectus by clicking here or by calling 1-800-686-6884. Please read the prospectus carefully before investing.

Shares of the Fund are offered through the Fund’s distributor, Ruane, Cunniff & Goldfarb LLC. Ruane, Cunniff & Goldfarb LLC is an affiliate of Ruane, Cunniff & Goldfarb Inc. and is a member of FINRA. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any product or service to investors residing outside of the United States.