Ruane, Cunniff

Sequoia Fund·quality·Retail & diversified funds

SEQUX

~13% since 1970

Portfolio value

$3.2B

Positions

Top 5 concentration

40%

New buys this quarter

Track record vs S&P 500

$SEQUX · total return since 2003

$10k grew to

$15k

CAGR

1.7%

vs S&P 500

-8.8%/yr

See the full comparison chart

Quarterly activity

What Ruane, Cunniff bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (5)

$SUNBNew buy4.4%$ZTSNew buy3.3%$TECHNew buy2.1%$UMG.ASAdded+19.6%$SAPAdded+434.8%

Sold (8)

$AHT.LSold out$LBRDATrimmed-80.7%$CACCTrimmed-65.4%$METATrimmed-25.4%$AMTMTrimmed-24.3%$RR.LTrimmed-23%$TSMTrimmed-18.4%$LBRDKTrimmed-11.4%

Dec 2025vs Sep 2025

Bought (4)

$MSANew buy3%$ACNNew buy2.6%$ALGNNew buy2%$GLIBKAdded+55.1%

Sold (5)

$SCHWTrimmed-27.5%$TSMTrimmed-26.7%$RR.LTrimmed-25.4%$GOOGLTrimmed-14.2%$CACCTrimmed-5.8%

Sep 2025vs Jun 2025

Bought (4)

$SAPNew buy0.3%$GLIBKNew buy0.1%$GLIBANew buy0.1%$ELVAdded+27.3%

Sold (5)

$JSold out$METATrimmed-64.3%$SCHWTrimmed-8.9%$SAP.DETrimmed-8%$CHTRTrimmed-6.7%

Jun 2025vs Mar 2025

Bought (3)

$RYCEYNew buy0.4%$UMG.ASAdded+21.9%$ICLRAdded+27.5%

Sold (3)

$LBRDKTrimmed-33.3%$CACCTrimmed-16.4%$UNHTrimmed-12.6%

Mar 2025vs Dec 2024

Bought (7)

$RR.LNew buy12.3%$UMG.ASNew buy5.9%$ELVNew buy5.5%$ERF.PANew buy4.7%$SAP.DENew buy4.6%$METANew buy3.5%$AHT.LNew buy3.5%

Sold (8)

$SAPSold out$RR/Sold out$FBSold out$AHTSold out$ERFSold out$ANTMSold out$UMGSold out$ICETrimmed-42.1%

Dec 2024vs Sep 2024

Bought (4)

$ICLRNew buy3.2%$UMGAdded+14.2%$ANTMAdded+25.6%$ERFAdded+17.7%

Sold (12)

$KMXSold out$JTrimmed-62.4%$BRK-BTrimmed-47.5%$TSMTrimmed-37.8%$COFTrimmed-19.9%$SAPTrimmed-19.4%$UNHTrimmed-15.5%$RR/Trimmed-15.1%$CHTRTrimmed-13.6%$GOOGLTrimmed-13%$FBTrimmed-10.8%$SCHWTrimmed-9.2%

Sep 2024vs Mar 2024

Bought (8)

$ANTMNew buy4.9%$SAPNew buy4.6%$UMGNew buy4.6%$ERFNew buy4.4%$FBNew buy3.6%$AHTNew buy3.3%$CHTRNew buy1.6%$AMTMNew buy0.9%

Sold (12)

$AHT.LSold out$ELVSold out$ERF.PASold out$METASold out$SAP.DESold out$UMG.ASSold out$KMXTrimmed-55.6%$TSMTrimmed-16.9%$LBRDKTrimmed-13.9%$CACCTrimmed-9.2%$SCHWTrimmed-6.5%$GOOGLTrimmed-5.3%

Quarter-over-quarter change in disclosed positions. Diversified book — only the larger sell-outs are shown.

Holdings

Stock	Move	% of portfolio	Reported px	Now	Since report
$RR.L Rolls-Royce Holdings PLC	Trimmed	10.8%	$14.98	$1422.80	+9396%
$GOOGL Alphabet Inc.	Held	8.8%	$287.56	$358.89	+24.8%
$FWONK LIBERTY MEDIA CORP	Held	7.2%	$85.02	$95.91	+12.8%
$ERF.PA Eurofins Scientific SE	Held	6.5%	$72.43	$69.56	-4%
$UMG.AS Universal Music Group N.V	Added	6.2%	$19.23	$18.82	-2.1%
$ICE Intercontinental Exchange Inc	Held	4.9%	$157.28	$135.11	-14.1%
$SCHW The Charles Schwab Corporation	Held	4.8%	$93.98	$101.91	+8.4%
$ELV Elevance Health Inc.	Held	4.8%	$292.75	$420.39	+43.6%
$COF Capital One Financial Corp.	Held	4.6%	$182.43	$200.10	+9.7%
$CSU.TO Constellation Software Inc.	Held	4.5%	$1755.44	$2735.47	+55.8%
$SUNB Sunbelt Rentals Holdings Inc.	New buy	4.4%	$65.09	$73.00	+12.2%
$TSM Taiwan Semiconductor Manufacturing Co., Ltd.	Trimmed	4.2%	$337.95	$436.96	+29.3%
$MSA MSA Safety Inc.	Held	3.4%	$163.95	$167.85	+2.4%
$ZTS Zoetis Inc.	New buy	3.3%	$118.21	$75.08	-36.5%
$SAP.DE SAP SE	Held	2.8%	$169.79	$138.68	-18.3%
$ALGN Align Technology Inc.	Held	2.4%	$171.43	$178.17	+3.9%
$UNH UnitedHealth Group Inc.	Held	2.3%	$270.59	$431.68	+59.5%
$ACN Accenture PLC	Held	2.2%	$198.29	$139.06	-29.9%
$ICLR Icon PLC	Held	2.2%	$110.66	$168.77	+52.5%
$TECH Bio-Techne Corp	New buy	2.1%	$52.26	$71.15	+36.1%
$SAP SAP SE	Added	1.3%	$171.21	$158.46	-7.4%
$BRK-B Berkshire Hathaway Inc.	Held	1.2%	$479.20	$495.45	+3.4%
$CACC CREDIT ACCEPTANCE CORP	Trimmed	0.9%	$423.46	$627.11	+48.1%
$META Meta Platforms Inc	Trimmed	0.9%	$572.13	$631.48	+10.4%
$CHTR Charter Communications, Inc.	Held	0.9%	$215.88	$134.35	-37.8%
$LBRDK Liberty Broadband Corporation	Trimmed	0.8%	$50.30	$31.59	-37.2%
$AMTM Amentum Holdings, Inc.	Trimmed	0.6%	$26.08	$21.30	-18.3%
$RYCEY Rolls-Royce Holdings PLC	Held	0.5%	$15.42	$19.31	+25.2%
$GLIBK GCI LIBERTY INC	Held	0.2%	$37.21	$22.28	-40.1%
$LBRDA Liberty Broadband Corporation	Trimmed	0.1%	$50.22	$31.55	-37.2%
$FWONA LIBERTY MEDIA CORP	Held	0.1%	$78.08	$88.36	+13.2%
$GLIBA GCI LIBERTY INC	Held	0.1%	$36.85	$22.48	-39%
$2299955D Constellation Software Inc.	Held	0%	$0.00	—	—

Notable sell-outs this quarter: $AHT.L

Source: SEC N-PORT via FMP · Mar 2026 report · monthly portfolio, public with a delay. Long equity positions only. Not financial advice.