We sold our few shares of Trimble Navigation (NASDAQ:TRMB). While Trimble is an interesting business, it has diversified away from its core GPS offerings for agricultural and construction machinery into a host of new areas, few of which have borne fruit. As Trimble amounted to less than 1% of the Fund’s holdings and we weren’t excited about its diversification efforts, we exited. Over our six-year holding period, Trimble generated a positive return but underperformed the Index.
From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund third quarter 2016 letter to shareholders.
