Our European holdings continued to turn in poor performance. Rolls-Royce (LSE:RR.) fired its CEO John Rishton and replaced him with a board member, Warren East, who had great success leading the semiconductor company ARM Holdings. Mr. East knows what he is doing but he’s got his work cut out for him as he tries to improve operating discipline at this inefficient manufacturer. Rolls and our UK holding IMI plc were the two worst-performing stocks in Sequoia, each declining about 35% in dollars.
From Sequoia Fund's 4th quarter 2015 shareholder letter.