Sequoia Fund Q1 2025 Shareholder Letter

2025-04-22 13:37:00 ET

Summary

• For the first quarter of 2025, Sequoia Fund generated a total return of 4.64% 1 net of fees, versus negative 4.27% for the Standard and Poor’s 500 Index.
• There was very little activity in the portfolio this past quarter.
• We trimmed our holdings in Intercontinental Exchange and added opportunistically to Ashtead Group.

Dear Sequoia Fund Shareholders:

For the first quarter of 2025, Sequoia Fund generated a total return of 4.64% ¹ net of fees, versus negative 4.27% for the Standard and Poor’s 500 Index (SPX)(SP500)....

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