Value investor Ruane, Cunniff & Goldfarb, adviser to the Sequoia Fund, eliminated its position in Amentum Holdings Inc. (AMTM) during the second quarter of 2026. A quarterly letter to fund shareholders confirmed the move, stating the firm exited the last of its holdings in Amentum to help fund other purchases. According to a delayed quarterly SEC disclosure, the fund sold or trimmed approximately 1.08 million shares, reducing its reported stake by nearly 67%.
The filing, which reflects trades made between March 31 and June 30, 2026, showed the position's value fell from $42.33 million to $11.10 million. The sale came during a period when Amentum's stock faced pressure due to concerns over revenue guidance, despite the company reporting record margins and significant new contract wins. The complete exit was part of a portfolio reshuffle that also saw the fund trim other holdings.