Smart Money
RC

Ruane, Cunniff

Sequoia Fund·quality·US mutual funds
SEQUX

~13% since 1970

Portfolio value

$3.5B

Positions

25

Top 5 concentration

44%

New buys this quarter

0

Recent moves vs Mar 2026

$UMG.ASAdded7%
$ICLRAdded4.4%
$TECHAdded2.8%
$SAPAdded2%
$GOOGLTrimmed9.6%
$ELVTrimmed4.3%
$SUNBTrimmed3.5%
$LBRDKSold out
$AMTMSold out

Holdings

StockMove% of portfolioValue
$RR.L

ROLLS-ROYCE HOLDINGS PLC

Held
12.9%
$448M
$GOOGL

ALPHABET INC

Trimmed
9.6%
$333M
$FWONK

LIBERTY MEDIA CORP

Held
7.5%
$261M
$UMG.AS

UNIVERSAL MUSIC GROUP NV

Added
7%
$241M
$ERF.PA

EUROFINS SCIENTIFIC SE

Held
6.6%
$229M
$TSM

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD

Held
5.6%
$194M
$COF

CAPITAL ONE FINANCIAL CORP

Held
4.8%
$166M
$CSU.TO

CONSTELLATION SOFTWARE INC

Held
4.5%
$156M
$SCHW

CHARLES SCHWAB CORP (THE)

Held
4.5%
$154M
$ICLR

ICON PLC

Added
4.4%
$152M
$ELV

ELEVANCE HEALTH INC

Trimmed
4.3%
$150M
$ICE

INTERCONTINENTAL EXCHANGE INC

Held
3.6%
$125M
$SUNB

SUNBELT RENTALS HOLDINGS INC

Trimmed
3.5%
$122M
$MSA

MSA SAFETY INC

Held
3.4%
$117M
$UNH

UNITEDHEALTH GROUP INC

Held
3.3%
$115M
$TECH

BIO-TECHNE CORP

Added
2.8%
$98M
$SAP.DE

SAP SE

Held
2.3%
$81M
$ALGN

ALIGN TECHNOLOGY INC

Held
2.2%
$77M
$SAP

SAP SE

Added
2%
$70M
$ZTS

ZOETIS INC

Held
1.9%
$66M
$ACN

ACCENTURE PLC

Held
1.3%
$44M
$BRK-B

BERKSHIRE HATHAWAY INC

Held
1.1%
$39M
$RYCEY

ROLLS-ROYCE HOLDINGS PLC

Held
0.6%
$22M
$FWONA

LIBERTY MEDIA CORP

Held
0.1%
$4M
$2299955D

CONSTELLATION SOFTWARE INC

Held
0%
$0

Notable sell-outs this quarter: $LBRDK, $AMTM

Source: SEC N-PORT via FMP · Jun 2026 report · monthly portfolio, public with a delay. Long equity positions only. Not financial advice.