Ruane Cunniff Investment Committee's Q2 2025 Letter: Sequoia Strategy Composite Generates 13.4% Return Net of Fees

The Sequoia Strategy Composite generated a 13.4% total return in Q2 2025, outperforming the S&P 500 Index's 10.9%. For the year to date, the Composite returned 18.4%, compared to the Index's 6.2%. The committee made opportunistic investments in ICON and Jacobs, and trimmed positions in Liberty Broadband and Meta. The top ten holdings included Rolls-Royce Holdings, Universal Music Group, Constellation Software, Alphabet, and Liberty Media Corp. - Formula One.

The Sequoia Strategy Composite, managed by Ruane Cunniff LP, achieved a total return of 13.4% net of fees for the second quarter of 2025, surpassing the S&P 500 Index's 10.9% return. For the year-to-date period through June 30, the Composite generated a total return of 18.4%, compared to the Index's 6.2%.

The investment committee made strategic adjustments to the portfolio, opportunistically adding to holdings in ICON (ICLR) and trimming positions in Jacobs (J), Liberty Broadband (LBRDA)(LBRDK), and Meta (META) to fund new investments. The top ten holdings as of June 30, 2025, included Rolls-Royce Holdings PLC, Universal Music Group NV, Constellation Software, Inc., Alphabet Inc., and Liberty Media Corp. - Formula One.

The Sequoia Strategy Composite, which focuses on domestic mid- and large-cap companies, has shown strong performance over various time horizons. As of June 30, 2025, the Composite's average annual total return over one year was 26.4%, compared to the S&P 500 Index's 15.2%.

References:
1. [Seeking Alpha](https://seekingalpha.com/article/4802794-the-sequoia-strategy-composite-q2-2025-letter)
2. [JPMorgan Private Bank](https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/at-mid-year-alternatives-shine-in-a-volatile-market)