Communication to Our Clients and Shareholders: 3rd Quarter 2016 Update
October 10, 2016

The Fund is Now Available via Schwab's Mutual Fund Marketplace
Effective August 23, 2016 the Fund is available via certain intermediary platforms.

Communication to Our Clients and Shareholders: 2nd Quarter 2016 Update
July 12th, 2016

Long-Term Capital Gains Distribution of $17.24: Ex/Pay Date June 13, 2016
The Sequoia Fund paid a long-term capital gains distribution of $17.24 on June 13, 2016. 

Communication to Our Clients and Shareholders: May 28th, 2016
The following announcement was made to the clients and shareholders of Ruane, Cunniff & Goldfarb Inc. 
and Sequoia Fund, Inc. on May 20, 2016.

Reopened to New Investors on April 29, 2016
The Fund’s Board of Directors decided at its meeting on April 19, 2016 to reopen the Fund to new investors effective
April 29, 2016.


The Fund’s investment objective is long-term growth of capital. In pursuing this objective the Fund focuses on investing in equity securities that it believes are undervalued at the time of purchase and have the potential for growth. A guiding principle is the consideration of equity securities, such as common stock, as units of ownership of a business and the purchase of them when the price appears low in relation to the value of the total enterprise. No weight is given to technical stock market studies. The balance sheet and earnings history and prospects of each company are extensively studied to appraise fundamental value. The Fund normally invests in equity securities of U.S. and non-U.S. companies. The Fund may invest in securities of issuers with any market capitalization. The Fund typically sells the equity security of a company when the company shows deteriorating fundamentals, its earnings progress falls short of the investment adviser’s expectations or its valuation appears excessive relative to its expected future earnings.

Ordinarily, the Fund’s portfolio is invested in equity securities of U.S. and non-U.S. companies. The Fund is not required, however, to be fully invested in equity securities and, in fact, usually maintains a portion of its total assets in cash and securities generally considered to be cash equivalents, including, but not limited to, short-term U.S. Government securities. Depending upon market conditions, cash reserves may be a significant percentage of the Fund’s net assets. The Fund usually invests its cash reserves principally in U.S. Government securities.

  SEQUOIA FUND, INC. | 9 West 57th Street, Suite 5000 | New York, NY | 10019
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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.