PERFORMANCE + STATISTICS

PERFORMANCE SUMMARY

  Sequoia Fund
Standard & Poor’s 500
Year to Date

13.73%

14.24%

1 Year

17.76%

18.61%

5 Years*

7.95%

14.22%

10 Years*

6.53%

7.44%

Since Inception*

13.60%

10.91%

*Average Annual Total Return through September 30, 2017

TOP 10 HOLDINGS

As of September 30, 2017


Berkshire Hathaway, Inc.

11.8%


Alphabet, Inc.

9.4%


MasterCard, Inc.

7.5%


CarMax, Inc.

6.0%


TJX Companies, Inc.

5.0%


Constellation Software, Inc.

5.0%


Dentsply Sirona, Inc.

4.8%


Rolls-Royce Holdings plc, Inc.

4.8%


Liberty Media Corporation

4.2%


Charles Schwab Corp.

3.3%

FEES AND EXPENSES

1.00%

Management Fees

0.07%

Other Expenses

1.07%

Total Fund
Operating Expenses*

*Does not reflect Ruane, Cunniff & Goldfarb Inc.’s (“Ruane, Cunniff & Goldfarb”) contractual reimbursement of a portion of the Fund’s operating expenses. This reimbursement is a provision of Ruane, Cunniff & Goldfarb’s investment advisory contract with the Fund and the reimbursement will be in effect only so long as that investment advisory contract is in effect. For the year ended December 31, 2016, the Fund’s annual operating expenses and investment advisory fee, net of such reimbursement, were 1.00% and .93%, respectively.