PERFORMANCE + STATISTICS

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

$ 10,000

Sequoia Fund $ 4,223,193

S&P 500 $ 1,354,116

PERFORMANCE SUMMARY

As of December 31, 2018

Sequoia Fund
YEAR TO DATE

-2.62%

1 YEAR

-2.62%

5 YEARS*

1.65%

10 YEARS*

10.18%

SINCE INCEPTION*

13.29%

Standard & Poor’s 500

-4.38%

-4.38%

8.49%

13.12%

10.66%

*Average Annual Total Return through December 31, 2018

TOP 10 HOLDINGS

As of December 31, 2018

Alphabet, Inc.

12.1%

Berkshire Hathaway, Inc.

10.0%

CarMax, Inc.

8.0%

MasterCard, Inc.

6.1%

Constellation Software, Inc.

5.3%

Credit Acceptance Corp.

4.6%

Liberty Media Corp.

4.1%

Rolls-Royce Holdings plc

4.1%

Amazon, Inc.

4.0%

The 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.