Ruane, Cunniff & Goldfarb - Sequoia Fund 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Sequoia Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 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 Q3 2025, the filing reported:

New Buys - Apple Inc., BlackRock, Joint Stock Company Kaspi.kz - , SAP SE, Smith Douglas Homes Corp.

Increases - Dollar General Corporation, Elevance Health, Inc., Group 1 Automotive, Inc., Liberty Broadband Corporation, MSA Safety Incorporated, and 3 more

Reductions - Amentum, Berkshire Hathaway Inc. New, Credit Acceptance Corporation, Charter Communications, Inc., Capital One Financial Corporati, and 17 more

Complete Exits - Expeditors International of Was, Republic Services, Inc., Vanguard S&P 500 ETF

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
Q3 2025	AAPL Apple Inc.	Apple Inc.	Buy - Position Entry	+891	-	$226.88K	891
Q3 2025	AMTM Amentum	Amentum	Sell	-17,995	-0.7%	$58.05M	2,423,748
Q3 2025	BLK BlackRock	BlackRock	Buy - Position Entry	+186	-	$216.85K	186
Q3 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-4,289	-1.3%	$162.16M	322,552
Q3 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell	-5,566	-1.0%	$270.10M	578,459
Q3 2025	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell	-13,182	-3.4%	$102.73M	373,432
Q3 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-18,892	-0.9%	$446.02M	2,098,124
Q3 2025	DG Dollar General Corporation	Dollar General Corporation	Buy	+26	+1.2%	$224.27K	2,170
Q3 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy	+352,628	+32.2%	$467.97M	1,448,283
Q3 2025	EQH Equitable Holdings, Inc.	Equitable Holdings, Inc.	Sell	-92	-0.2%	$2.06M	40,636
Q3 2025	EXPD Expeditors International of Was	Expeditors International of Was	Sell - Position Exit	-21,902	-100.0%	$0.00	-
Q3 2025	FWONA Liberty Media Corporation - Ser	Liberty Media Corporation - Ser	Sell	-6,033	-0.8%	$70.68M	742,310
Q3 2025	FWONK Liberty Media Corp Formula One Group	Liberty Media Corp Formula One Group	Sell	-41,994	-0.7%	$581.68M	5,568,989
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-31,550	-2.5%	$305.55M	1,254,571
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-9,600	-0.4%	$572.92M	2,356,719
Q3 2025	GPI Group 1 Automotive, Inc.	Group 1 Automotive, Inc.	Buy	+260	+7.8%	$1.58M	3,610
Q3 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell	-25,686	-0.9%	$462.19M	2,743,291
Q3 2025	ICLR ICON	ICON	Sell	-7,189	-0.4%	$297.67M	1,700,994
Q3 2025	J Jacobs Solutions Inc.	Jacobs Solutions Inc.	Sell	-1,062,775	-99.1%	$1.40M	9,349
Q3 2025	KMX CarMax Inc	CarMax Inc	Sell	-1,811	-28.8%	$200.52K	4,469
Q3 2025	KSPI Joint Stock Company Kaspi.kz -	Joint Stock Company Kaspi.kz -	Buy - Position Entry	+3,712	-	$303.20K	3,712
Q3 2025	LBRDA Liberty Broadband Corporation	Liberty Broadband Corporation	Buy	+353	+0.1%	$42.38M	669,160
Q3 2025	LBRDK Liberty Broadband Corporation	Liberty Broadband Corporation	Sell	-15,050	-0.8%	$119.09M	1,874,237
Q3 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-153,537	-38.6%	$179.20M	244,021
Q3 2025	MSA MSA Safety Incorporated	MSA Safety Incorporated	Buy	+756,219	+79.7%	$293.43M	1,705,286
Q3 2025	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-2	-0.3%	$724.15K	604
Q3 2025	RMNI Rimini Street, Inc.	Rimini Street, Inc.	Sell	-814	-2.1%	$173.82K	37,141
Q3 2025	RSG Republic Services, Inc.	Republic Services, Inc.	Sell - Position Exit	-817	-100.0%	$0.00	-
Q3 2025	SAP SAP SE	SAP SE	Buy - Position Entry	+46,000	-	$12.29M	46,000
Q3 2025	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-283,261	-4.3%	$602.95M	6,315,561

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