Ruane, Cunniff & Goldfarb Reduces Several Positions, AUM Down 24%

Wikipedia: “In 2016, the fund lost $1.26 billion in a single day when Valeant Pharmaceuticals stock, which made up 19% of Sequoia Fund holdings, lost a significant portion of its value.[17] Goldfarb and Poppe responded by saying that their “credibility as investors has been damaged by this saga.”[17] The Valeant Pharmaceuticals position accounted for over 30% of Sequoia Fund’s assets in mid-2015, and declined 87% from a high of $265.52 in August 2015 to $33.43 in March 2016.[2] Over this time period Sequoia fell by 22%, performing worse than 99% of rival funds.[18] At one point, over 30 percent of the fund’s assets was invested in Valeant”. Read more

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