Ruane, Cunniff & Goldfarb - Sequoia Fund 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 13, 2026, the Sequoia Fund portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - Accenture plc, Align Technology, Inc., Invesco S&P 500 Equal Weight Co, Vanguard Total World Stock Inde

Increases - Joint Stock Company Kaspi.kz - , Lithia Motors, Inc., MSA Safety Incorporated, Netflix, Inc., Vanguard Total Stock Market ETF, and 1 more

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

Complete Exits - BlackRock, CarMax Inc, Atai Life Sciences

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
Q4 2025	ACN Accenture plc	Accenture plc	Buy - Position Entry	+943,420	-	$253.12M	943,420
Q4 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy - Position Entry	+1,222,534	-	$190.90M	1,222,534
Q4 2025	AMTM Amentum	Amentum	Sell	-29,619	-1.2%	$69.43M	2,394,129
Q4 2025	BLK BlackRock	BlackRock	Sell - Position Exit	-186	-100.0%	$0.00	-
Q4 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-2	-1.7%	$86.80M	115
Q4 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-6,446	-2.0%	$158.89M	316,106
Q4 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell	-42,327	-7.3%	$237.75M	536,132
Q4 2025	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell	-11,432	-3.1%	$75.57M	362,000
Q4 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-30,101	-1.4%	$501.21M	2,068,023
Q4 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-25,777	-1.8%	$498.66M	1,422,506
Q4 2025	FWONA Liberty Media Corporation - Ser	Liberty Media Corporation - Ser	Sell	-3,430	-0.5%	$66.04M	738,880
Q4 2025	FWONK Liberty Media Corp Formula One Group	Liberty Media Corp Formula One Group	Sell	-77,871	-1.4%	$540.93M	5,491,118
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-112,218	-8.9%	$358.47M	1,142,353
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-181,898	-7.7%	$680.72M	2,174,821
Q4 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell	-39,384	-1.4%	$437.92M	2,703,907
Q4 2025	ICLR ICON	ICON	Sell	-21,404	-1.3%	$306.05M	1,679,590
Q4 2025	J Jacobs Solutions Inc.	Jacobs Solutions Inc.	Sell	-2,862	-30.6%	$859.27K	6,487
Q4 2025	KMX CarMax Inc	CarMax Inc	Sell - Position Exit	-4,469	-100.0%	$0.00	-
Q4 2025	KSPI Joint Stock Company Kaspi.kz -	Joint Stock Company Kaspi.kz -	Buy	+400	+10.8%	$321.27K	4,112
Q4 2025	LAD Lithia Motors, Inc.	Lithia Motors, Inc.	Buy	+333	+12.3%	$1.01M	3,049
Q4 2025	LBRDA Liberty Broadband Corporation	Liberty Broadband Corporation	Sell	-16,380	-2.4%	$31.52M	652,780
Q4 2025	LBRDK Liberty Broadband Corporation	Liberty Broadband Corporation	Sell	-32,613	-1.7%	$89.50M	1,841,624
Q4 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-5,003	-2.1%	$157.77M	239,018
Q4 2025	MSA MSA Safety Incorporated	MSA Safety Incorporated	Buy	+106,349	+6.2%	$290.12M	1,811,635
Q4 2025	N0731H103 Atai Life Sciences	Atai Life Sciences	Sell - Position Exit	-42,112	-100.0%	$0.00	-
Q4 2025	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+4,616	+764.2%	$489.43K	5,220
Q4 2025	RSPC Invesco S&P 500 Equal Weight Co	Invesco S&P 500 Equal Weight Co	Buy - Position Entry	+11,029	-	$439.32K	11,029
Q4 2025	SAP SAP SE	SAP SE	Sell	-73	-0.2%	$11.16M	45,927
Q4 2025	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-720,613	-11.4%	$558.99M	5,594,948
Q4 2025	STLA Stellantis	Stellantis	Sell	-1,732	-6.3%	$278.58K	25,581

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