August 7, 2020
Dear Sequoia Shareholders and Clients:
For the second quarter of 2020, Sequoia Fund generated a total return of 27.21% net of fees,1 versus a 20.54% return for the Standard & Poor's 500 Index. The Fund generated a total return of -0.99% year-to-date through June 30, 2020, versus a -3.08% return for the Index.
We've appended our annual investor day remarks to this letter, with information on many of the Fund's holdings and portfolio activity year-to-date. You can also find the slides referenced during our meeting on our website at www.ruanecunniff.com. Mark your calendars: next year's annual investor day will take place on Friday, May 21, 2021. We very much look forward to seeing you in person for our meeting and hopefully we will have an opportunity to see you before then.
Sincerely,
The Ruane Cunniff (Trades, Portfolio) Investment Committee
Arman Gokgol-Kline
John Harris
Trevor Magyar
D. Chase Sheridan
- The performance data for the Fund shown above represents past performance and assumes reinvestment of dividends. Past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's 1-year, 5-year and 10-year average annual total returns through June 30, 2020 were 5.69%, 3.28% and 10.88%, respectively. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end can be obtained by calling DST Systems, Inc. at (800) 686-6884.
Disclosures
Please consider the investment objectives, risks and charges and expenses of Sequoia Fund Inc. (the "Fund") carefully before investing. The Fund's prospectus and summary prospectus contain this and other information about the Fund and are available at www.sequoiafund.com or by calling 1-800-686 -6884. Please read the prospectus and summary prospectus carefully before investing. Shares of the Fund are distributed by Foreside Financial Services, LLC (Member FINRA).
