PERFORMANCE + STATISTICS

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

$ 10,000

Sequoia Fund $ 4,833,523

S&P 500 $ 1,565,688

PERFORMANCE SUMMARY

As of September 30, 2018

Sequoia Fund
YEAR TO DATE

11.45%

1 YEAR

17.66%

5 YEARS*

6.26%

10 YEARS*

9.22%

SINCE INCEPTION*

13.68%

Standard & Poor’s 500

10.56%

17.91%

13.95%

11.97%

11.05%

*Average Annual Total Return through September 30, 2018

TOP 10 HOLDINGS

As of September 30, 2018

Alphabet, Inc.

11.6%

Berkshire Hathaway, Inc.

9.1%

CarMax, Inc.

7.4%

MasterCard, Inc.

5.8%

Constellation Software, Inc.

4.7%

Amazon, Inc.

4.5%

Credit Acceptance Corp

4.1%

Rolls-Royce Holdings plc

3.9%

Liberty Media Corp.

3.8%

Jacobs Engineering Group

3.7%

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, 2017, the Fund’s annual operating expenses and investment advisory fee, net of such reimbursement, were 1.00% and .93%, respectively.