Ruane, Cunniff & Goldfarb - Sequoia Fund 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Sequoia Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2025, the filing reported:

New Buys - Vanguard S&P 500 ETF, Vanguard Total International St

Increases - Vanguard Total Stock Market ETF

Reductions - Amentum, Berkshire Hathaway Inc. New, Credit Acceptance Corporation, Charter Communications, Inc., Capital One Financial Corporati, and 18 more

Complete Exits - Apple Inc., Sendas Distribuidora S A, iShares Morningstar Small-Cap V

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	AAPL Apple Inc.	Apple Inc.	Sell - Position Exit	-821	-100.0%	$0.00	-
Q1 2025	AMTM Amentum	Amentum	Sell	-43,255	-1.8%	$43.55M	2,393,039
Q1 2025	ASAI Sendas Distribuidora S A	Sendas Distribuidora S A	Sell - Position Exit	-152,478	-100.0%	$0.00	-
Q1 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-11,265	-3.2%	$179.47M	336,982
Q1 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell	-12,170	-1.9%	$332.07M	643,101
Q1 2025	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell	-13,662	-3.3%	$147.58M	400,460
Q1 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-46,742	-2.1%	$381.98M	2,130,414
Q1 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-21,033	-1.8%	$488.43M	1,122,920
Q1 2025	EQH Equitable Holdings, Inc.	Equitable Holdings, Inc.	Sell	-104	-0.3%	$2.12M	40,728
Q1 2025	FWONA Liberty Media Corporation - Ser	Liberty Media Corporation - Ser	Sell	-7,694	-1.0%	$60.39M	741,230
Q1 2025	FWONK Liberty Media Corporation - Ser	Liberty Media Corporation - Ser	Sell	-114,106	-1.9%	$518.03M	5,755,304
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-63,446	-4.6%	$207.55M	1,328,509
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-18,957	-0.8%	$366.94M	2,372,844
Q1 2025	GPI Group 1 Automotive, Inc.	Group 1 Automotive, Inc.	Sell	-8	-0.2%	$1.28M	3,361
Q1 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell	-2,012,886	-41.9%	$481.98M	2,794,096
Q1 2025	ICLR ICON	ICON	Sell	-11,190	-0.9%	$219.50M	1,254,350
Q1 2025	ISCV iShares Morningstar Small-Cap V	iShares Morningstar Small-Cap V	Sell - Position Exit	-6,380	-100.0%	$0.00	-
Q1 2025	J Jacobs Solutions Inc.	Jacobs Solutions Inc.	Sell	-34,171	-2.8%	$142.26M	1,176,743
Q1 2025	KMX CarMax Inc	CarMax Inc	Sell	-21,291	-77.2%	$489.34K	6,280
Q1 2025	LBRDA Liberty Broadband Corporation	Liberty Broadband Corporation	Sell	-9,339	-1.4%	$57.30M	674,067
Q1 2025	LBRDK Liberty Broadband Corporation	Liberty Broadband Corporation	Sell	-28,715	-1.2%	$202.71M	2,383,453
Q1 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-10,565	-2.0%	$294.50M	510,972
Q1 2025	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-142,105	-2.1%	$529.28M	6,761,375
Q1 2025	STLA Stellantis	Stellantis	Sell	-11,956	-23.2%	$444.78K	39,677
Q1 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-67,588	-3.5%	$309.80M	1,866,293
Q1 2025	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-15,828	-1.9%	$430.61M	822,168
Q1 2025	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Buy - Position Entry	+682	-	$350.49K	682
Q1 2025	VTI Vanguard Total Stock Market ETF	Vanguard Total Stock Market ETF	Buy	+567	+49.0%	$474.10K	1,725
Q1 2025	VXUS Vanguard Total International St	Vanguard Total International St	Buy - Position Entry	+4,121	-	$255.91K	4,121