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Sequoia Fund’s Q2 2019 Investor Letter

A mutual fund advised by Ruane, Cunniff & Goldfarb L.p., Sequoia Fund, recently released its Q2 2019 Investor Letter, a copy of which you can track down below. The fund was launched back in 1970, and it utilizes a long-only investment strategy, focusing on mid and large-cap stocks. As per the letter, Sequoia fund returned 5.51% net of fees in Q2 2019 outperforming the S&P 500 Index, which delivered 4.30% in the same period. It also reported its year-to-date (June 30) total return of 20.99%, also beating The S&P 500, which brought back 18.54%.

“Dear Sequoia Shareholders and Clients:

For the second quarter of 2019, Sequoia Fund generated a total return of 5.51%1, net of fees, versus a 4.30% return for the Standard & Poor’s 500 Index. The Fund generated a 20.99% total return year-to-date through June 30, 2019 versus a 18.54% return for the Index

June 30 marks our three-year track record, a milestone for the investment committee. Since June 30, 2016, the first full quarter under committee management, Sequoia Fund generated a total return of 51.70%, net of fees, versus 48.89% for the S&P 500.This is a result with which we are pleased, but not satisfied. Outperformance is our expectation, and our definition of a meaningful long-term investment horizon stretches far beyond three years. So while we are encouraged by what we have accomplished over the last three years, we have much left to prove. Meeting the very high standard of performance that the Fund has achieved over what will soon be fifty years is a considerable challenge, but onewe relish. Having invested liberally in our team and research resources over the past few years, we think we are well-equipped to tackle itand thus look forward to the Fund’s next several years with optimism.”

You can download a copy of Sequoia Fund’s Q2 2019 Investor Letter here:


You can also see the list of our 2019 Q2 investor letters and download them on this page.

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