N-PORT filing recap · September 2025

What did Sequoia Fund buy in September 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$3.69B

Positions

Estimated turnover

6.4%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Period in review

Sequoia Fund opened new positions in Sap SE and Liberty Capital Corp/NV while exiting Jacobs Solutions entirely. The fund also trimmed Schwab Charles Corp, Taiwan Semiconductor Manufacturing, Sap SE, Credit Acceptance Corp, and Charter Communications, and substantially reduced its Meta Platforms stake. Elevance Health was the notable add for the period.

New positions

SAPSap SE$12.29Mreported value+46.0K shares GLIBKLiberty Capital Corp/NV$4.35Mreported value+116.7K shares GLIBALiberty Capital Corp/NV$2.56Mreported value+68.2K shares

Increased positions

ELVElevance Health, Inc.$172.33Mreported value+114.4K shares+27.3%

Reduced positions

SCHWSchwab Charles Corp$220.26Mreported value-225.0K shares-8.9%TSMTaiwan Semiconductor Manufacturing$189.63Mreported value-18.0K shares-2.6%SAPSap SE$141.59Mreported value-46.0K shares-8.0%CACCCredit Acceptance Corp$102.01Mreported value-1.7K shares

Exited positions

JJacobs Solutions Inc.$47.57Mprior reported value-361.9K shares-100.0%