In the second quarter of 2026, Ruane, Cunniff & Goldfarb's Sequoia Fund reported a portfolio value of $6.43 billion, a slight increase from the previous quarter. The fund's activity was highlighted by the establishment of a significant new position in industrial technology company Roper Technologies (ROP), which accounted for 3.55% of the portfolio. Additionally, the fund substantially increased its holdings in clinical research organization ICON Public Limited Company and software company SAP. These additions reflect a continued focus on what the firm deems high-quality, growing businesses.
To fund these new and increased positions, the Sequoia Fund trimmed its stakes in several companies. Notable reductions included the near-complete exits from Credit Acceptance Corp. (CACC) and Charter Communications (CHTR). The fund also reduced its holdings in Elevance Health (ELV) and Sunstone Hotel Investors (SUNB). These moves align with commentary from the firm about making tax-efficient sales ahead of the Sequoia Fund's planned conversion to an ETF later in the year.
The top holdings in the fund remained concentrated in large-cap names, with Alphabet (GOOGL, GOOG) continuing to be a major position, alongside Taiwan Semiconductor Manufacturing (TSM) and Liberty Media (FWONK). The portfolio changes during the quarter indicate a strategic rotation, adding exposure to the industrial and healthcare sectors while reducing positions in financials and communications. The fund's managers have emphasized their long-term, business-owner approach to investing.