Since 1970 We Have Built An Enviable Track Record

Net Asset Value

Shareholders of record as of Friday, November 15, received a distribution of $9.1122 per share on Monday, November 18.  The net asset value per share of the fund was adjusted down accordingly.

Investment Comparison

Growth of $10,000 since inception (July 15, 1970) and as of December 31, 2024

The performance data for the Fund 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. Performance data current to the most recent month-end can be obtained by calling SS&C GIDS, Inc. at (800) 686-6884. The S&P 500 Index is an unmanaged capitalization-weighted index of the common stocks of 500 major US companies. The Index does not incur expenses. It is not possible to invest directly in the Index. The performance data is as of December 31, 2024.

Performance Summary

Net Returns as of December 31, 2024

YEAR TO DATE1 YEAR5 YEARS*10 YEARS*SINCE INCEPTION*
Sequoia Fund20.79%20.79%10.67%8.02%13.32%
Standard & Poor’s 50025.02%25.02%14.51%13.09%11.36%

*Average Annual Total Return. Inception Date is July 15, 1970. The performance data for the Fund 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. Performance data current to the most recent month-end can be obtained by calling SS&C GIDS, Inc. at (800) 686-6884. The S&P 500 Index is an unmanaged capitalization-weighted index of the common stocks of 500 major US companies. The Index does not incur expenses. It is not possible to invest directly in the Index.

Calendar Year Returns

Top 10 Holdings

As of December 31, 2024

8.9%

7.8%

7.7%

7.6%

6.5%

5.6%

5.4%

4.8%

4.6%

4.4%

The top ten positions are calculated as a percentage of total net assets and exclude cash and cash equivalents. The Fund’s holdings are subject to change and are not recommendations to buy or sell any security.

Fees and Expenses

Management
Fees

1.00%

Other
Expenses

0.11%

Total Fund
Operating Expenses*

1.11%

Reimbursed
Operating Expenses

0.11%

Total Fees and Expenses Net of Reimbursement

1.00%

* It is the intention of Ruane Cunniff L.P. (the “Adviser”) to ensure the Fund does not pay in excess of 1.00% in Net Annual Fund Operating Expenses. This reimbursement obligation is a provision of the Adviser’s investment advisory contract with the Fund and the reimbursement obligation will be in effect only so long as that investment advisory contract is in effect. The expense ratio presented is from the Fund’s prospectus dated May 1, 2024. For the year ended December 31, 2023, the Fund’s annual operating expenses and investment advisory fee, net of such reimbursement, were 1.00% and 0.89%, respectively.

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