LBRDB - Sequoia Fund Q3 2021 Investor Letter

• The fund's investment objective is long-term growth of capital. In pursuing this objective, it focuses on investing in equity securities that the advisor believes are undervalued at the time of purchase and have the potential for growth.
• For the third quarter of 2021, Sequoia Fund generated a total return of 1.03%1 net of fees, versus 0.58% for the Standard and Poor’s 500 Index. For the year to date through September 30, the Fund generated a total return of 17.25%, versus 15.92% for the Index.
• During the quarter we opportunistically trimmed the Fund’s stake in Credit Acceptance and added to holdings in Carmax, Facebook, Prosus, TSMC and Wayfair.
• We also exited the Fund’s investments in Arista Networks, Fidelity National Information Systems, Hiscox and Vivendi. Universal Music Group was spun out of Vivendi at the end of September, and we have since added to our holdings in UMG.

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