As of Q3 2025, the Sequoia Fund managed by Ruane, Cunniff & Goldfarb has undergone a major transformation, growing to $6.04 billion in assets across 47 positions—representing a 60% increase from Q2. The quarter saw the complete elimination of previously core international holdings including Rolls-Royce, Constellation Software, and Universal Music Group, replaced by significantly increased positions in US technology leaders and financial services companies.

Completely Eliminated (Former Top Holdings):

• RYCEF – Rolls-Royce Holdings (was 14.35%, #1 holding) – Complete exit from aerospace position

• CNSWF – Constellation Software (was 8.08%, #2 holding) – Eliminated Canadian software conglomerate

• UMGNF – Universal Music Group (was 7.47%, #4 holding) – Exited music streaming bet

• ERFSF – Eurofins Scientific (was 5.52%, #6 holding) – Sold laboratory testing position

• SAPGF – SAP (was 4.64%, #10 holding) – Reduced from major to minimal holding

Massive Increases (100%+ Share Growth):

• ICE – Intercontinental Exchange (+169.6%) – Nearly tripled position in exchange operator

• COF – Capital One (+153.4%) – More than doubled credit card issuer stake

• SCHW – Charles Schwab (+149.4%) – Elevated to #1 position with 3.8M shares added

• GOOGL – Alphabet Class A (+103.9%) – Doubled tech giant exposure

• FWONK – Liberty Media (+103.0%) – Doubled John Malone media holding

Major New Positions:

• TSM – Taiwan Semiconductor (8.71%) – Significant AI/semiconductor bet

• META – Meta Platforms (2.97%) – New social media exposure

• GOOG – Alphabet Class C (5.06%) – Additional Google shares

• ELV – Elevance Health (7.75%) – Major healthcare services position

Sequoia Fund’s Q3 2025 portfolio represents the most dramatic transformation in recent memory, marking a clear departure from its traditional concentrated international value approach. The complete elimination of Rolls-Royce, Constellation Software, Universal Music Group, and Eurofins Scientific—previously representing 35% of the portfolio—signals a fundamental reassessment of either valuation targets reached or strategic direction changed.

The pivot toward US mega-cap technology companies is unmistakable, with Alphabet (14.55% combined), Taiwan Semiconductor (8.71%), and Meta Platforms (2.97%) representing substantial bets on AI infrastructure and digital advertising. This shift comes as these companies trade at historically reasonable valuations relative to growth prospects, particularly with AI integration driving new revenue streams.

The emphasis on financial services—with Charles Schwab, Capital One, Intercontinental Exchange, and Berkshire Hathaway collectively representing over a quarter of the portfolio—reflects confidence in normalized interest rate environments, improving credit quality, and the secular trend toward digital wealth management platforms.

While the portfolio has expanded from 26 to 47 positions with 60% asset growth, suggesting reduced concentration, the top ten holdings still represent approximately 77% of assets, maintaining a focused approach. The addition of 21 new positions provides diversification while the massive increases in existing holdings like Schwab, Alphabet, and ICE demonstrate conviction scaling.

This transformation raises questions about whether the fund is responding to changing market conditions, client preferences, or fundamental views on global versus US equity opportunities. Regardless, Q3 2025 marks an inflection point where Sequoia Fund has decisively shifted from international concentrated value toward a more diversified portfolio of US-centric technology and financial services leaders positioned for AI-driven growth and digital transformation trends.