PERFORMANCE + STATISTICS

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

$ 10,000

Sequoia Fund $ 4,647,105

S&P 500 $ 1,453,671

PERFORMANCE SUMMARY

As of June 30, 2018

Sequoia Fund
YEAR TO DATE

7.16%

1 YEAR

17.31%

5 YEARS*

6.98%

10 YEARS*

8.80%

SINCE INCEPTION*

13.66%

Standard & Poor’s 500

2.65%

14.37%

13.42%

10.17%

10.94%

*Average Annual Total Return through June 30, 2018

TOP 10 HOLDINGS

As of June 30, 2018

Alphabet, Inc.

11.4%

Berkshire Hathaway, Inc.

8.3%

CarMax, Inc.

7.6%

MasterCard, Inc.

7.1%

Constellation Software, Inc.

5.9%

Rolls-Royce Holdings plc

5.1%

TJX Companies, Inc.

4.8%

Amazon, Inc.

4.3%

Liberty Media Corp.

4.0%

Charles Schwab Corp.

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