UNH - Sequoia Fund exits Mastercard adds to positions in Netflix and Micron

Sequoia Fund disclosed in an investor letter that it exited its remaining holdings in Mastercard (NYSE:MA), as the stock became expensive in the light of competing fintech companies. At the same time, the mutual fund added to its investments in Anthem (NYSE:ANTM), Micron (NASDAQ:MU), Netflix (NASDAQ:NFLX) and UnitedHealth (NYSE:UNH). On MA, the fund, which is run by Ruane, Cunniff & Goldfarb L.P., said the credit-card firm's business remains "fantastic," but the sector provided other, more attractive options. "Mastercard ... remains the same fantastic business that it has always been," Sequoia Fund said in a fund letter released in the past week. It added: "Weighing this important fact against the increasing pace of innovation in financial technology, we simply concluded that the valuation of the company had become unattractive relative to alternatives." MA rose from late January through the end of April, reaching a 52-week high of $401.50. Shares generally moved

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Sequoia Fund exits Mastercard, adds to positions in Netflix and Micron