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Sequoia Fund

Dec 2024 → Jun 2026 · Publishes twice a year · 2 funds

Our archive holds 3 letters from Sequoia Fund, behind 17 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.

Sequoia Fund’s own letters page
3
Letters
17
Companies
8
Moves
17
Theses

What they bought and sold · 8 moves

  • AddedBio-Techne
    June 2026
    “During the quarter, we added modestly to our investments in Bio-Techne, SAP, and ICON Plc,”
    Read the letter
  • AddedICON Plc
    June 2026
    “During the quarter, we added modestly to our investments in Bio-Techne, SAP, and ICON Plc,”
    Read the letter
  • ExitedAmentum Holdings
    June 2026
    “We funded these purchases by trimming our investments in Sunbelt Rentals and Elevance Health and exiting the last of our holdings in Amentum Holdings, Liberty Broadband, and Credit Acceptance Corp.”
    Read the letter
  • TrimmedSunbelt Rentals
    June 2026
    “We funded these purchases by trimming our investments in Sunbelt Rentals and Elevance Health and exiting the last of our holdings in Amentum Holdings, Liberty Broadband, and Credit Acceptance Corp.”
    Read the letter
  • AddedSAP
    June 2026
    “During the quarter, we added modestly to our investments in Bio-Techne, SAP, and ICON Plc,”
    Read the letter
  • TrimmedElevance Health
    June 2026
    “We funded these purchases by trimming our investments in Sunbelt Rentals and Elevance Health and exiting the last of our holdings in Amentum Holdings, Liberty Broadband, and Credit Acceptance Corp.”
    Read the letter
  • ExitedLiberty Broadband
    June 2026
    “We funded these purchases by trimming our investments in Sunbelt Rentals and Elevance Health and exiting the last of our holdings in Amentum Holdings, Liberty Broadband, and Credit Acceptance Corp.”
    Read the letter
  • ExitedCredit Acceptance Corp.
    June 2026
    “We funded these purchases by trimming our investments in Sunbelt Rentals and Elevance Health and exiting the last of our holdings in Amentum Holdings, Liberty Broadband, and Credit Acceptance Corp.”
    Read the letter

Companies held · 17

Every company Sequoia Fund has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 17

  • UnitedHealth Group Inc.
    December 2025

    UnitedHealth Group is a core managed care holding bought opportunistically, with cyclical under-earning and policy risks but long-term attractiveness at current levels.

    Read the full thesis
  • Constellation Software, Inc.
    December 2025

    Constellation Software remains a disciplined acquirer of mission-critical niche software with resilient customer moats, new AI-driven opportunities, and a compelling high-teens P/E.

    Read the full thesis
  • Universal Music Group N.V.
    December 2025

    Universal Music Group controls premier music IP with long runway in paid streaming, pricing power, and strategic expansion, trading at an attractive ~20x forward earnings.

    Read the full thesis
  • Alphabet Inc.
    December 2025

    Alphabet is leveraging leading AI models and vertical integration to reinforce Search, accelerate Cloud, and monetize TPUs, supporting teens-level revenue growth at a justified premium.

    Read the full thesis
  • Capital One Financial Corp
    December 2025

    Capital One benefits strategically and financially from acquiring Discover, enhancing scale and network economics, with attractive valuation at a low double-digit P/E.

    Read the full thesis
  • Intercontinental Exchange, Inc.
    December 2025

    Intercontinental Exchange has durable exchange moats, a fast-growing global natural gas benchmark, stabilizing mortgage tech, and attractive risk-reward at a low-20s P/E.

    Read the full thesis
  • Eurofins Scientific SE
    December 2025

    Eurofins Scientific is improving margins and governance while cyclical headwinds abate, positioning for stronger FCF and attractive returns at just over 20x forward earnings.

    Read the full thesis
  • Accenture Plc
    December 2025

    Accenture is the leading IT services firm with deep client moats and adaptability to AI transitions, acquired at an attractive mid-teens earnings multiple.

    Read the full thesis
  • Rolls-Royce Holdings plc
    December 2025

    Rolls-Royce is benefiting from maturing high-margin Civil Aerospace programs with decades-long annuities and multiple growth vectors in Defense, Power Systems, and Small Modular Reactors.

    Read the full thesis
  • MSA Safety, Inc.
    December 2025

    MSA Safety is a leading workplace safety equipment provider with strong brand, subscription-driven 'connected' products, and attractive valuation supporting long-term growth.

    Read the full thesis
  • Elevance Health, Inc.
    December 2025

    Elevance Health is a deeply entrenched insurer with cyclical margin headwinds in government lines that should normalize, trading at a single-digit multiple of normalized earnings.

    Read the full thesis
  • The Charles Schwab Corp.
    December 2025

    Charles Schwab operates a durable, scale-driven wealth platform with recovering NIM and asset growth, supporting earnings at a high-teens forward P/E.

    Read the full thesis

Letter archive · 3

2026

2025

2024

Funds · 2

  • Sequoia Fund2
  • Sequoia Fund (Ruane Cunniff LP)1

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