# EDGAR Filing Document

**Accession Number:** 0000089043
**File Stem:** 0001104659-26-050158
**Filing Date:** 2026-4
**Character Count:** 20448
**Document Hash:** c893f490fe114ada860aebc230d3130a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-050158.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001104659-26-050158

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEQUOIA FUND INC
- **CENTRAL INDEX KEY:** 0000089043

**ORGANIZATION NAME:**
- **EIN:** 132663968
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-35566
- **FILM NUMBER:** 26906038

**BUSINESS ADDRESS:**
- **STREET 1:** 45 ROCKEFELLER PLAZA
- **STREET 2:** 34TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10111
- **BUSINESS PHONE:** 2128325280

**MAIL ADDRESS:**
- **STREET 1:** 45 ROCKEFELLER PLAZA
- **STREET 2:** 34TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CIMARRON FUND INC
- **DATE OF NAME CHANGE:** 19700625

## Series and Classes Contracts Data

### SEQUOIA FUND INC (Series ID: S000012155)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000033159 | SEQUOIA FUND INC | SEQUX           |

![[MISSING IMAGE: ph_prospectus-4c.jpg]](ph_prospectus-4c.jpg)

![[MISSING IMAGE: lg_sequoiafund-4c.jpg]](lg_sequoiafund-4c.jpg)

Ticker: SEQUX

**SUMMARY PROSPECTUS**

MAY 1, 2026

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated May 1, 2026, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus and other information about the Fund, go to www.sequoiafund.com/prospectus, email a request to info@ruanecunniff.com, call (800) 686-6884, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

------

Sequoia Fund

May 1, 2026

#### SEQUOIA FUND, INC. (the "Fund")

#### Investment Objective
The Fund's investment objective is long-term growth of capital.

#### Fees and Expenses of the Fund
 **This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

***Shareholder Fees*** (fees paid directly from your investment)

The Fund does not impose any sales charges, exchange fees or redemption fees.

***Annual Fund Operating Expenses*** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 1.00% |
| Other Expenses | 0.11% |
| Total Annual Fund Operating Expenses\* | 1.11% |
| Expense Reimbursement by the Adviser\* | (0.11)% |
| Net Annual Fund Operating Expenses\* | 1.00% |

---

 *\** 

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the intention of Ruane Cunniff L.P. (the "Adviser") to ensure the Fund does not pay in excess of 1.00% in Net Annual Fund Operating Expenses. This expense reimbursement obligation is a provision of the Adviser's investment advisory contract with the Fund and the reimbursement obligation will be in effect only so long as that investment advisory contract is in effect.* 

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year**  | &nbsp;&nbsp;&nbsp; **3 Years**  | &nbsp;&nbsp;&nbsp; **5 Years**  | &nbsp;&nbsp;&nbsp;&nbsp; **10 Years**  |
| $113  | $353  | $612  | $1352 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund's investment objective is long-term growth of capital. In pursuing this objective, the Fund focuses on investing in equity securities that it believes are undervalued at the time of purchase and have the potential for growth. A guiding principle is the consideration of equity securities, such as common stock, as units of ownership of a business and the purchase of them when the price appears low in relation to the value of the total enterprise.

No weight is given to technical stock market studies. The balance sheet and earnings history and prospects of each company are extensively studied to appraise fundamental intrinsic value. The Fund normally invests in equity securities of U.S. and non-U.S. companies. The Fund may invest in securities of issuers with any market capitalization. The Fund may sell the security of an issuer for a variety of reasons, including when the issuer shows deteriorating fundamentals, its earnings progress falls short of the Adviser's expectations or its valuation appears excessive relative to its expected future earnings.

------

Sequoia Fund

May 1, 2026

Ordinarily, the Fund's portfolio is invested in equity securities of U.S. and non-U.S. companies. The Fund is not required, however, to be fully invested in equity securities and, in fact, usually maintains a portion of its total assets in cash or securities generally considered to be cash equivalents, including, but not limited to, short-term U.S. Government securities. Depending upon market conditions, cash reserves may be a significant percentage of the Fund's net assets. The Fund is classified as non-diversified.

#### Principal Risks
&nbsp;&nbsp;&nbsp;&nbsp; • **Market Risk.** This is the risk that the market values of the Fund's investments will decline, perhaps sharply and unpredictably, or fail to rise, for various reasons including changes or potential or perceived changes in U.S. or foreign economies, financial markets, interest rates, the liquidity of investments and other factors including terrorism, war, tariffs, natural disasters and public health events and crises, including disease/virus outbreaks, epidemics and pandemics. The resulting short-term and long-term effects and consequences of such events and factors on global and local economies and specific countries, regions, businesses, industries and companies cannot necessarily be foreseen or predicted. You may lose money by investing in the Fund. Advancements in technology may adversely impact markets and the overall performance of the Fund. For example, as artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; • **Value Investing Risk.** Investing in undervalued securities involves the risk that such securities may never reach their expected market value, either because the market fails to recognize a security's intrinsic worth or the expected value was misgauged. Such securities may decline in value even though they are already undervalued.

&nbsp;&nbsp;&nbsp;&nbsp; • **Non-Diversification Risk.** The Fund is "non-diversified," meaning that it invests its assets in a smaller number of companies than many other funds. As a result, your investment in the Fund has the risk that changes in the value of a single security may have a significant effect, either negative or positive, on the Fund's net asset value per share ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp; • **Foreign (Non-U.S.) Risk.** This is the risk that the value of the Fund's investments in securities of foreign issuers will be affected adversely by foreign economic, social and political conditions and developments or by the application of foreign legal, regulatory, accounting and auditing standards or foreign taxation policies or by currency fluctuations and controls. The risks to the Fund and, therefore, to your investment in the Fund, of investing in foreign securities include expropriation, settlement difficulties, market illiquidity and higher transaction costs. The prices of foreign securities may move in a different direction than the prices of U.S. securities. In addition, the prices of foreign securities may be more volatile than the prices of U.S. securities.

&nbsp;&nbsp;&nbsp;&nbsp; • **Currency Risk.** This refers to the risk that securities that trade or are denominated in currencies other than the U.S. Dollar may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. Dollar relative to a foreign currency will generally cause the U.S. Dollar value of an investment denominated in that currency to decline. Currency risk may be hedged or unhedged. Unhedged currency exposure may result in gains or losses as a result of a change in the relationship between the U.S. Dollar and the respective foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp; • **Growth Company Risk.** The prices of growth securities are often highly sensitive to market fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

&nbsp;&nbsp;&nbsp;&nbsp; • **Small-Cap and Mid-Cap Company Risk.** Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established issuers. Small-cap and mid-cap companies may be engaged in business within a narrow geographic region, be less well-known to the investment community and have more volatile share prices. These companies often lack management depth and have narrower market penetrations, less diverse product lines and fewer resources than larger companies. Moreover, the securities of such companies often have less market liquidity and, as a result, their stock prices often react more strongly to changes in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp; • **Risks of Investing in a Managed Fund.** Performance of individual securities can vary widely. The investment decisions of the Adviser may cause the Fund to underperform other investments or benchmark indices. The Fund may also underperform other mutual funds with similar investment strategies. The Adviser may be incorrect in assessing

------

Sequoia Fund

May 1, 2026

a particular industry or company, including the anticipated earnings growth of the company. The Adviser may not buy securities at the lowest possible prices or sell securities at the highest possible prices. As with any mutual fund investment, there can be no guarantee that the Fund will achieve its investment goals.

&nbsp;&nbsp;&nbsp;&nbsp; • **Illiquid Investments Risk.** When there is no willing buyer and a security cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities, at the Fund's desired price or at all, can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp; • **Capital Gain Risk.** As of the date of the Fund's Prospectus, a substantial portion of the Fund's NAV is attributable to realized and/or net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. If such distribution is reinvested in Fund shares, any such income or gain will increase the tax basis of your shares, which will reduce the amount of gain or increase the amount of loss you recognize on a disposition of your shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any investment, you may lose money by investing in the Fund.

#### Bar Chart and Performance Information
The bar chart and the table shown below provide an indication of the historical risk of an investment in the Fund by showing changes in the Fund's performance from year-to-year over a 10-year period and by showing how the Fund's average annual returns for one, five, and ten years compare to the Standard & Poor's 500 Index ("S&P 500 Index"), a broad-based securities market index. The Fund's past performance, of course, does not necessarily indicate how it will perform in the future.

![[MISSING IMAGE: bc_sequoie-4c.jpg]](bc_sequoie-4c.jpg)

During the period shown in the bar chart, the highest return for a quarter was 27.21% (2<sup>nd</sup> quarter 2020) and the lowest return for a quarter was -22.17% (1<sup>st</sup> quarter 2020).

#### Average Annual Total Returns (for the periods ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year**  | **5 Years**  | **10 Years**  |
| **Sequoia Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Return Before Taxes  | 22.13% | 10.46% | 11.04% |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions  | 19.30% | 8.84% | 8.36% |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares  | 14.83% | 8.04% | 8.10% |
| **S&P 500 Index** |  |  |  |
| &nbsp;&nbsp;&nbsp; (reflects no deduction for fees, expenses or taxes)  | 17.88% | 14.42% | 14.82% |

---

------

Sequoia Fund

May 1, 2026

After-tax returns are estimates, which are calculated using the highest historical individual Federal marginal income tax rates, and do not reflect the impact of state and local taxes. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than "Return Before Taxes" because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

#### Investment Adviser
The Fund's investment adviser is Ruane Cunniff L.P.

#### Portfolio Managers
The following persons serve as co-portfolio managers of the Fund and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio:

---

| | | |
|:---|:---|:---|
| **Employee**  | **Title**  | **Length of Service<br>with the Fund**  |
| John B. Harris | President and Chief Executive Officer of the Fund; Managing Director of the Adviser; Management Committee member of RCG-GP LLC (the Adviser's general partner) | Since May 2016  |
| Arman Gokgol-Kline | Analyst of the Adviser; Management Committee member of RCG-GP LLC | Since May 2016  |
| Trevor Magyar | Analyst of the Adviser; Management Committee member of RCG-GP LLC | Since May 2016 |

---

#### Purchase and Sale of Fund Shares
Your purchase of Fund shares is subject to the following minimum initial investment amounts, which are subject to waiver:

---

| | |
|:---|:---|
| **Type of Account**  | **Minimum Initial Investment**  |
| Regular | $5000 |
| IRA | $2500 |

---

The Fund does not impose minimum investment amounts with respect to subsequent investments.

You may redeem your shares (*i.e.,* sell your shares to the Fund) on any day the New York Stock Exchange (the "Exchange") is open. You may redeem Fund shares by contacting the Fund: (i) by telephone at 800-686-6884; (ii) in writing c/o SS&C GIDS, Inc., P.O. Box 219477, Kansas City, Missouri 64121-9477; or (iii) through the Internet at www.sequoiafund.com (if you have online transaction capabilities). You may redeem Fund shares held indirectly through a financial intermediary by contacting that financial intermediary directly.

#### Additional Information
At a meeting held on March 6, 2026, the Board of Directors (the "Board") approved the Reorganization (as defined below) of the Fund into an exchange-traded fund ("ETF"). Subject to shareholder approval, the Fund will be reorganized into a newly-established ETF, which is a series of the Northern Lights Fund Trust II (the "Reorganization"). The ETF will be managed by the Adviser and will have the same investment objectives, investment strategies, fundamental investment restrictions and portfolio management team and substantially similar investment risks as the Fund.

The Board has determined that the Reorganization is in the best interests of the Fund and will not result in the dilution of the interests of existing shareholders of the Fund. The ETF structure is expected to offer improved tax efficiency, greater trading flexibility, and increased transparency of portfolio holdings. There are also certain risks, costs and other considerations associated with the Reorganization, including the risk that shares of the ETF trade in the secondary market at prices that may differ from the NAV, that shareholders of the ETF may be charged fees and commissions by their brokers when transacting in ETF shares, that certain account types generally cannot hold shares of ETFs, and certain other risks associated with ETF shares. The Board believes, however, that the benefits of the Reorganization substantially outweigh the risks, costs and other considerations.

------

Sequoia Fund

May 1, 2026

The Reorganization will be presented to shareholders of the Fund at a special meeting of shareholders, which is scheduled to be held on or about July 27, 2026.

If the Reorganization is approved by shareholders and subject to the satisfaction of certain closing conditions set forth in the Agreement and Plan of Reorganization, the Reorganization is currently expected to close in mid-September. Upon closing, shareholders who hold their Fund shares in a brokerage account eligible to hold ETF shares will receive ETF shares having an aggregate net asset value equal to the aggregate net asset value of their Fund shares held immediately prior to the Reorganization, plus any cash in lieu of fractional shares, if applicable. As a result, such shareholders will become shareholders of the ETF and will no longer be shareholders of the Fund. The Fund will then be dissolved.

#### Tax Information for the Fund
The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Please reference the SAI for more information about the prospective tax implications of an investment in the Fund.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for recordkeeping, shareholder servicing and other administrative services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

![[MISSING IMAGE: lg_ruanecunniff-bw.jpg]](lg_ruanecunniff-bw.jpg)

45 Rockefeller Plaza, 34<sup>th</sup> Floor

New York, NY 10111

(212) 832-5280

info@ruanecunniff.com

For additional information about Ruane Cunniff L.P. and Sequoia Fund,

please visit **www.ruanecunniff.com** and **www.sequoiafund.com**.

------