SEQUOIA FUND โ RUANE, CUNNIFF & GOLDFARB Q2 2025 PORTFOLIO
Sequoia Fund, a mutual fund managed by Ruane, Cunniff & Goldfarb, disclosed 26 security holdings in its Q2 2025 13F filing, with a total portfolio value of $3,770,979,652.
Sequoia Fund Portfolio
As of Q2 2025, the Sequoia Fund managed by Ruane, Cunniff & Goldfarb demonstrates a concentrated value-oriented approach with $3.77 billion in assets across 26 positions. The fund continues its tradition of patient, long-term investing with significant holdings in quality businesses spanning technology, aerospace, media, and financial services sectors.
Top Holdings
Portfolio Strategy Analysis
The addition of 1.56 million shares in Universal Music Group represents the quarter’s most significant move, increasing portfolio allocation by 1.34%. This demonstrates strong conviction in the music streaming economy and UMG’s catalog monetization potential across digital platforms.
With 26 positions totaling $3.77 billion, Sequoia Fund continues its tradition of concentrated investing in high-quality businesses. The top 10 holdings represent approximately 68% of the portfolio, demonstrating confidence in core positions while maintaining sufficient diversification.
Rolls-Royce remains the largest holding at 14.35% despite minor trimming, reflecting long-term confidence in the aerospace recovery and the company’s power systems transformation. The position benefits from civil aviation recovery and defense spending increases.
Selective reductions in UnitedHealth Group (-12.55%) and Credit Acceptance (-16.41%) suggest profit-taking in positions that may have reached full valuation, while maintaining exposure to healthcare and specialty finance sectors.
Holdings in Constellation Software, Alphabet, and SAP represent a focused approach to technology investing, emphasizing businesses with durable competitive advantages and recurring revenue models rather than speculative growth plays.
Notable Activity and New Positions
Q2 2025 activity demonstrates selective buying and selling across the portfolio:
Significant Increases:
โข Universal Music Group (+21.87%) – Major conviction increase in streaming music economy
โข ICON PLC (+27.45%) – Clinical research organization seeing strong demand
โข New Rolls-Royce ADR Position – Added 1.15M RYCEY shares while reducing RYCEF
Notable Reductions:
โข Liberty Broadband (-33.35%) – Significant reduction in cable/telecom exposure
โข Credit Acceptance (-16.41%) – Trimming specialty auto finance position
โข UnitedHealth Group (-12.55%) – Taking profits in healthcare leader
Conclusion
Sequoia Fund’s Q2 2025 portfolio reflects the disciplined, value-oriented approach that has characterized Ruane, Cunniff & Goldfarb’s investment philosophy for decades. The significant increase in Universal Music Group represents a strategic bet on the digital transformation of the music industry and content monetization trends.
The fund’s concentration in quality businesses with sustainable competitive advantages remains evident through holdings like Rolls-Royce, Constellation Software, and Charles Schwab. These companies demonstrate pricing power, recurring revenue characteristics, and leadership positions in their respective markets.
With selective trimming in healthcare and specialty finance combined with increased media exposure, the portfolio positioning suggests confidence in long-term structural trends while maintaining the patience and selectivity that has defined Sequoia’s investment approach. The 26-position portfolio strikes a balance between concentration in best ideas and diversification across sectors and geographies, positioning for long-term wealth creation rather than short-term performance chasing.
Sequoia Fund Portfolio Analysis
Based on 13F filing for reporting period: Q2, 2025
Portfolio Manager
Ruane, Cunniff & Goldfarb
Filing Date
August 25, 2025
Total Value
$3,770,979,652
Number of Positions
26
Portfolio Allocation
Holdings Breakdown
| Rank | Company Name | % of Portfolio | Q2 Activity | Ticker | Shares | Market Value ($) |
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