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Form NPORT-P SEQUOIA FUND INC For: Mar 31

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May 20, 2022 1:44 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0000089043
          XXXXXXXX
        
      
      
      
      
        S000012155
        C000033159
      
      
    
  
  
    
      Sequoia Fund Inc
      811-01976
      0000089043
      54930012J5D0G125X006
      9 West 57th Street
      Suite 5000
      New York
      
      10019
      800-686-6884
      Sequoia Fund Inc
      S000012155
      54930012J5D0G125X006
      2022-12-31
      2022-03-31
      N
    
    
      4221393362.79
      3761541.83
      4217631820.96
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      181984216.34000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group Inc
        91324P102
        
          
          
        
        623608.00000000
        NS
        USD
        318021371.76000000
        7.540282918474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        Anthem Inc
        036752103
        
          
          
        
        603667.00000000
        NS
        USD
        296533303.74000000
        7.030801082881
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY INC
        5493000C01ZX7D35SD85
        BERKSHIRE HATHAWAY INC-CL B
        084670702
        
          
          
        
        153616.00000000
        NS
        USD
        54212622.56000000
        1.285380632102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eurofins Scientific SE
        529900JEHFM47DYY3S57
        Eurofins Scientific SE
        000000000
        
          
          
          
        
        1508166.00000000
        NS
        
        150006620.60000000
        3.556655179205
        Long
        EC
        CORP
        LU
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        Micron Technology Inc
        595112103
        
          
          
        
        2653239.00000000
        NS
        USD
        206660785.71000000
        4.899924755948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TSMC
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        874039100
        
          
          
        
        2324303.00000000
        NS
        USD
        242331830.78000000
        5.745684807661
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        CHARLES SCHWAB CORP/THE
        549300VSGCJ7E698NM85
        SCHWAB (CHARLES) CORP
        808513105
        
          
          
        
        2809823.00000000
        NS
        USD
        236896177.13000000
        5.616805524671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CARMAX INC
        N/A
        CARMAX INC
        143130102
        
          
          
        
        2375390.00000000
        NS
        USD
        229177627.20000000
        5.433798798204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MEDIA CORP-LIBERTY FORMULA ONE
        N/A
        LIBERTY MEDIA CORP-LIBERTY-A
        531229870
        
          
          
        
        43481.00000000
        NS
        USD
        2744955.53000000
        0.065082862765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wayfair Inc
        54930027N9ZAVYFDHK53
        Wayfair Inc
        94419L101
        
          
          
        
        1169273.00000000
        NS
        USD
        129532062.94000000
        3.071203662118
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FACEBOOK INC
        BQ4BKCS1HXDV9HN80Z93
        FACEBOOK INC-A
        30303M102
        
          
          
        
        976009.00000000
        NS
        USD
        217025361.24000000
        5.145668717726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MEDIA CORP-LIBERTY FORMULA ONE
        N/A
        LIBERTY MEDIA CORP-LIBERTY-C
        531229854
        
          
          
        
        3618557.00000000
        NS
        USD
        252720020.88000000
        5.991988670610
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL C
        02079K107
        
          
          
        
        37420.00000000
        NS
        USD
        104513685.80000000
        2.478018239539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Music Group NV
        724500GJBUL3D9TW9Y18
        Universal Music Group NV
        000000000
        
          
          
          
        
        7643231.00000000
        NS
        
        204576571.29000000
        4.850508056993
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Intercontinental Exchange Inc
        5493000F4ZO33MV32P92
        Intercontinental Exchange Inc
        45866F104
        
          
          
        
        1237843.00000000
        NS
        USD
        163543817.16000000
        3.877621947635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A
        02079K305
        
          
          
        
        100042.00000000
        NS
        USD
        278251816.70000000
        6.597347243948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Software Inc/Can
        549300B6PYHMCTDWQV29
        Constellation Software Inc/Canada
        21037X100
        
          
          
          
        
        118310.00000000
        NS
        
        202238507.38000000
        4.795072589668
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY BROADBAND CORP
        549300MIX43II8JLN536
        LIBERTY BROADBAND-C
        530307305
        
          
          
        
        893831.00000000
        NS
        USD
        120953210.92000000
        2.867799183392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Netflix Inc
        549300Y7VHGU0I7CE873
        Netflix Inc
        64110L106
        
          
          
        
        486410.00000000
        NS
        USD
        182204321.90000000
        4.320062291699
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JACOBS ENGINEERING GROUP INC
        549300CZ8QS1GE53O776
        JACOBS ENGINEERING GROUP INC
        469814107
        
          
          
        
        1020323.00000000
        NS
        USD
        140610712.63000000
        3.333878313683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CREDIT ACCEPTANCE CORP
        N/A
        CREDIT ACCEPTANCE CORP
        225310101
        
          
          
        
        298244.00000000
        NS
        USD
        164144550.28000000
        3.891865322721
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rolls-Royce Holdings PLC
        213800EC7997ZBLZJH69
        Rolls-Royce Holdings PLC
        000000000
        
          
          
          
        
        71249483.00000000
        NS
        
        94626449.06000000
        2.243591974760
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY BROADBAND CORP
        549300MIX43II8JLN536
        LIBERTY BROADBAND-A
        530307107
        
          
          
        
        350539.00000000
        NS
        USD
        45941641.34000000
        1.089275766359
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Sequoia Fund Inc
      Patrick Dennis
      Patrick Dennis
      Treasurer
    
  
  XXXX
Sequoia Fund
March 31, 2022   
Schedule of Investments (Unaudited)
March 31, 2022
(Percentages are of the Fund's Net Assets)
Common Stocks (95.8%)
Shares   Value
  Aerospace & Defense (2.2%)  
71,249,483 Rolls-Royce Holdings PLC (United Kingdom)(a) $94,626,449
  Application Software (4.8%)  
118,310 Constellation Software, Inc. (Canada) 202,238,507
  Automotive Retail (5.4%)  
2,375,390 CarMax, Inc.(a) 229,177,627
  Cable & Satellite (4.0%)  
350,539 Liberty Broadband Corp. - Class A(a) 45,941,641
893,831 Liberty Broadband Corp. - Class C(a) 120,953,211
    166,894,852
  Consumer Finance (3.9%)  
298,244 Credit Acceptance Corp.(a) 164,144,550
  Financial Exchanges & Data (3.9%)  
1,237,843 Intercontinental Exchange, Inc. 163,543,817
  Interactive Media & Services (14.2%)  
100,042 Alphabet, Inc. - Class A(a) 278,251,817
37,420 Alphabet, Inc. - Class C(a) 104,513,686
976,009 Meta Platforms, Inc. - Class A(a) 217,025,361
    599,790,864
  Internet & Direct Marketing Retail (3.1%)  
1,169,273 Wayfair, Inc. - Class A(a) 129,532,063
  Investment Banking & Brokerage (5.6%)  
2,809,823 The Charles Schwab Corp. 236,896,177
  Life Sciences Tools & Services (3.6%)  
1,508,166 Eurofins Scientific SE (Luxembourg) 150,006,621
  Managed Health Care (14.6%)  
603,667 Anthem, Inc. 296,533,304
623,608 UnitedHealth Group, Inc. 318,021,372
    614,554,676
  Movies & Entertainment (15.2%)  
43,481 Liberty Media Corp.-Liberty Formula One - Class A(a) 2,744,956
3,618,557 Liberty Media Corp.-Liberty Formula One - Class C(a) 252,720,021
486,410 Netflix, Inc.(a) 182,204,322
7,643,231 Universal Music Group NV (Netherlands) 204,576,571
    642,245,870
  Multi-Sector Holdings (1.3%)  
153,616 Berkshire Hathaway, Inc. - Class B(a) 54,212,623
  Research & Consulting Services (3.3%)  
1,020,323 Jacobs Engineering Group, Inc. 140,610,713
1
Sequoia Fund
March 31, 2022   
Schedule of Investments (Unaudited) (Continued)
March 31, 2022
Shares   Value
  Semiconductors (10.7%)  
2,653,239 Micron Technology, Inc. $206,660,785
2,324,303 Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR (Taiwan) 242,331,831
    448,992,616
  Total Common Stocks (Cost $2,350,914,908) 4,037,468,025
  Total Investments (95.8%)
(Cost $2,350,914,908)(b) 		4,037,468,025
  Other Assets Less Liabilities (4.2%) 178,127,463
  Net Assets (100.0%) $4,215,595,488
(a) Non-income producing security.
(b) The cost for federal income tax purposes is $2,389,974,990. The difference between book cost and tax cost is attributable to financial and tax accounting differences on a corporate spin-off. At March 31, 2022, the aggregate gross tax basis unrealized appreciation and depreciation of securities were $1,759,642,413 and $112,149,378, respectively.
Abbreviation:
SP ADR Sponsored American Depository Receipt
Notes to Schedule of Investments (Unaudited)
Investments are carried at fair value as determined under the supervision of the Fund’s Board of Directors. Securities traded on a national securities exchange are valued at the last reported sales price on the principal exchange on which the security is listed; securities traded in the NASDAQ Stock Market (“NASDAQ”) are valued in accordance with the NASDAQ Official Closing Price. Securities for which there is no sale or Official Closing Price are valued at the mean of the last reported bid and asked prices.
Securities traded on a foreign exchange are valued at the closing price on the last business day of the period on the principal exchange on which the security is primarily traded. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the close of the New York Stock Exchange on the date of valuation.
U.S. Treasury Bills with remaining maturities of 60 days or less are valued at their amortized cost. U.S. Treasury Bills that when purchased have a remaining maturity in excess of 60 days are valued on the basis of market quotations and estimates until the sixtieth day prior to maturity, at which point they are valued at amortized cost. Fixed-income securities, other than U.S. Treasury Bills, are valued at the last quoted sales price or, if adequate trading volume is not present, at the mean of the last bid and asked prices.
When reliable market quotations are insufficient or not readily available at time of valuation or when Ruane, Cunniff & Goldfarb L.P. (the “Investment Adviser”) determines that the prices or values available do not represent the fair value of a security, such security is valued as determined in good faith by the Investment Adviser, in conformity with procedures adopted by and subject to review by the Fund’s Board of Directors.
2
Sequoia Fund
March 31, 2022   
Schedule of Investments (Unaudited) (Continued)
March 31, 2022
Generally accepted accounting principles establish a disclosure hierarchy that categorizes the inputs to valuation techniques used to value the investments at measurement date. These inputs are summarized in the three levels listed below:
Level 1 −  unadjusted quoted prices in active markets for identical securities.
Level 2 −  other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risk).
Level 3 −  unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are recognized at the end of the reporting period. As of March 31, 2022, all financial instruments listed in the Schedule of Investments are considered Level 1. During the three months ended March 31, 2022, there were no transfers between Levels and there were no Level 3 securities held by the Fund.
3

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