Value investing firm Ruane, Cunniff & Goldfarb, adviser to the Sequoia Fund, sold 74% of its stake in Liberty Broadband during the second quarter of 2026, reducing its position from 1.16 million shares to just 303,310. The sale decreased the position's weight in the firm's 13F portfolio from 0.97% to 0.16%, with the remaining holding valued at approximately $10.1 million as of June 30.
According to its quarterly letter, the firm exited the last of its holdings in Liberty Broadband and another company to fund new purchases and trims in other investments. [7, 12] The letter also noted the sales were executed as tax-efficiently as possible ahead of the fund's planned conversion into an ETF. [7] Investors are seeing this information with a delay, as the trades occurred during the second quarter and were reported to the SEC on August 14.