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Like Buffett, Sequoia’s managers look for high-quality companies with competitive advantages, and they hold their investments for long periods. One crucial difference: While the scale of Buffett’s $68 billion stock portfolio forces him to buy mainly the largest companies, Sequoia is small enough to benefit from investments in midsize businesses. The fund beat 97 percent of peers over the past 10 and 15 years, according to research firm . From 1970 to 2010, the fund returned 14 percent annually, compared with 11 percent for the Standard & Poor’s 500-stock index. “They have the kind of portfolio Buffett might have if he ran a mutual fund,” says Steven Rogé, a portfolio manager with Bohemia (N.Y.)-based R.W. Rogé, which holds shares in Sequoia.
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