The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
For the third quarter of 2026, Sequoia Fund generated a total return of 0.81% net of fees, underperforming the Standard and Poor's 500 Index benchmark return of 2.30%. On a year-to-date basis through September 30, 2026, the fund generated a total return of 0.16% net of fees compared to a 12.75% gain for the index. Longer-term net annualized performance through the quarter end reflects average annual total returns of 0.59% over one year, 7.02% over five years, and 12.24% over ten years. The portfolio remains structured as a high-conviction, non-diversified vehicle with an annual gross expense ratio of 0.99%. Strategically, the fund completed a corporate milestone by reorganizing into Sequoia ETF, an actively managed exchange-traded fund listed on the New York Stock Exchange under the ticker SEQ, effective October 19, 2026. The transition to the ETF structure is designed to optimize shareholder tax efficiency and liquidity while leaving the overarching multi-decade investment philosophy intact across leadership generations. During the third quarter, capital allocation activity included adding to the existing position in Universal Music Group alongside trimming stakes in Alphabet, Rolls-Royce Holdings, and SAP SE via redemptions in kind to maximize tax efficiency. At the close of the quarter, the fund's largest exposures were led by Rolls-Royce Holdings at 11.8%, Universal Music Group at 9.0%, and Liberty Media Corp at 7.4%.
Investors who buy a concentrated group of great businesses at reasonable prices and hold them patiently can reliably build wealth over the long term.
The investment committee intends to manage Sequoia ETF with the same disciplined, long-term philosophy that has guided the strategy for over fifty years, investing patiently in a concentrated portfolio of high-quality businesses.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
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