Ruane, Cunniff

Sequoia Fund·quality·Retail & diversified funds

SEQUX

~13% since 1970

Portfolio value

$3.5B

Positions

Top 5 concentration

44%

New buys this quarter

Track record vs S&P 500

$SEQUX · total return since 2003

$10k grew to

$67k

CAGR

8.6%

vs S&P 500

-2.1%/yr

See the full comparison chart

Quarterly activity

What Ruane, Cunniff bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (4)

$UMG.ASAdded+10.8%$ICLRAdded+38.8%$TECHAdded+6.3%$SAPAdded+84.8%

Sold (8)

$LBRDKSold out$METASold out$CHTRSold out$AMTMSold out$CACCSold out$ELVTrimmed-27.3%$SUNBTrimmed-24.9%$GOOGLTrimmed-6.1%

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%

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

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$RR.L ROLLS-ROYCE HOLDINGS PLC	Held	12.9%	$19.16	$1489.40	+7672.7%
$GOOGL ALPHABET INC	Trimmed	9.6%	$357.37	$338.46	-5.3%
$FWONK LIBERTY MEDIA CORP	Held	7.5%	$95.14	$95.50	+0.4%
$UMG.AS UNIVERSAL MUSIC GROUP NV	Added	7%	$20.94	$14.25	-32%
$ERF.PA EUROFINS SCIENTIFIC SE	Held	6.6%	$78.34	$72.72	-7.2%
$TSM TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD	Held	5.6%	$477.57	$428.91	-10.2%
$COF CAPITAL ONE FINANCIAL CORP	Held	4.8%	$200.62	$219.60	+9.5%
$CSU.TO CONSTELLATION SOFTWARE INC	Held	4.5%	$1882.60	$3023.96	+60.6%
$SCHW CHARLES SCHWAB CORP (THE)	Held	4.5%	$92.27	$109.29	+18.4%
$ICLR ICON PLC	Added	4.4%	$173.71	$164.85	-5.1%
$ELV ELEVANCE HEALTH INC	Trimmed	4.3%	$386.73	$407.50	+5.4%
$ICE INTERCONTINENTAL EXCHANGE INC	Held	3.6%	$123.11	$161.26	+31%
$SUNB SUNBELT RENTALS HOLDINGS INC	Trimmed	3.5%	$74.81	$68.59	-8.3%
$MSA MSA SAFETY INC	Held	3.4%	$174.58	$188.69	+8.1%
$UNH UNITEDHEALTH GROUP INC	Held	3.3%	$415.63	$397.14	-4.4%
$TECH BIO-TECHNE CORP	Added	2.8%	$70.65	$72.43	+2.5%
$SAP.DE SAP SE	Held	2.3%	$153.11	$185.68	+21.3%
$ALGN ALIGN TECHNOLOGY INC	Held	2.2%	$168.66	$158.64	-5.9%
$SAP SAP SE	Added	2%	$154.11	$215.11	+39.6%
$ZTS ZOETIS INC	Held	1.9%	$71.86	$75.81	+5.5%
$ACN ACCENTURE PLC	Held	1.3%	$124.44	$186.72	+50%
$BRK-B BERKSHIRE HATHAWAY INC	Held	1.1%	$500.39	$506.03	+1.1%
$RYCEY ROLLS-ROYCE HOLDINGS PLC	Held	0.6%	$19.25	$20.12	+4.5%
$FWONA LIBERTY MEDIA CORP	Held	0.1%	$87.54	$88.38	+1%
$2299955D CONSTELLATION SOFTWARE INC	Held	<0.1%	$0.00	—	—

Notable sell-outs this quarter: $LBRDK, $META, $CHTR, $AMTM, $CACC

Track Ruane, Cunniff between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

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