PERFORMANCE + STATISTICS

Investment Comparison Growth of $10,000 over 45+ Years

$ 10,000

Sequoia Fund $ 4,843,255

S&P 500 $ 1,538,953

PERFORMANCE SUMMARY

As of March 31, 2019


Sequoia Fund
YEAR TO DATE

14.68%

1 YEAR

10.27%

5 YEARS*

4.10%

10 YEARS*

12.68%

SINCE INCEPTION*

13.53%

Standard & Poor’s 500

13.65%

9.50%

10.90%

15.90%

10.89%

*Average Annual Total Return through March 31, 2019

TOP 10 HOLDINGS

As of March 31, 2019


Alphabet, Inc.

11.4%


Berkshire Hathaway, Inc.

8.6%


CarMax, Inc.

7.4%


MasterCard, Inc.

6.6%


Constellation Software, Inc.

6.3%


Credit Acceptance Corp.

4.8%


Amazon, Inc.

4.2%


Jacobs Engineering Group, Inc.

4.2%


Liberty Media Corp.

4.2%


Rolls-Royce Holdings plc

3.8%

FEES AND EXPENSES

1.00%

Management Fees

0.07%

Other Expenses

1.07%

Total Fund
Operating Expenses*

*Does not reflect Ruane, Cunniff & Goldfarb L.P.’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, 2018, the Fund’s annual operating expenses and investment advisory fee, net of such reimbursement, were 1.00% and 0.94%, respectively.