Here’s Why Sequoia Fund Sold Bank of America Corporation (BAC)

Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.31% compared to an 11.69% return for the S&P 500 Index. The fund generated a 27.83% return in 2023 compared to a 26.29% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Sequoia Fund featured stocks like Bank of America Corporation (NYSE:BAC) in the fourth quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Bank of America Corporation (NYSE:BAC) provides banking and financial products and services. On March 19, 2024, Bank of America Corporation (NYSE:BAC) stock closed at $36.03 per share. One-month return of Bank of America Corporation (NYSE:BAC) was 6.91%, and its shares gained 30.35% of their value over the last 52 weeks. Bank of America Corporation (NYSE:BAC) has a market capitalization of $284.3 billion.

Sequoia Fund stated the following regarding Bank of America Corporation (NYSE:BAC) in its fourth quarter 2023 investor letter:

“Exits last year included Netflix, Bank of America Corporation (NYSE:BAC) and Micron. As discussed in our Q1 shareholder letter, we exited our investment in Bank of America soon after making it, as our thesis was quickly undermined by the regional banking crisis and the regulatory developments that it catalyzed. We think both Bank of America and Micron were purchased at conservative prices given the facts at hand, but the facts changed and we moved on.”

A professional looking banker shaking hands with a client in a modern office with a view of a bustling city in the background.

Bank of America Corporation (NYSE:BAC) is in 28th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Bank of America Corporation (NYSE:BAC) was held by 96 hedge fund portfolios, up from 88 in the previous quarter, according to our database.

We discussed Bank of America Corporation (NYSE:BAC) in another article and shared the list of best diversified bank stocks to invest in. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.