# EDGAR Filing Document

**Accession Number:** 0000089043
**File Stem:** 0000940400-25-010759
**Filing Date:** 2025-11
**Character Count:** 24342
**Document Hash:** 78370dc855b74bfe52c0528f085c3dc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010759.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010759

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01976
- **FILM NUMBER:** 251527020

**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           |

## Nport-Ex

Sequoia Fund

September 30, 2025

Schedule of Investments (Unaudited)<br> September 30, 2025

#### (Percentages are of the Fund's Net Assets)

#### Common Stocks (98.6%)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value** |
|  | **Aerospace & Defense (17.3%)** |  |
| 40741727 | Rolls-Royce Holdings PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$652043229 |
| &nbsp;&nbsp;1150000 | Rolls-Royce Holdings PLC - SP ADR (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18630000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670673229 |
|  | **Application Software (9.8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83113 | Constellation Software, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225622800 |
| &nbsp;&nbsp;&nbsp;&nbsp;529172 | SAP SE (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141588433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | SAP SE - SP ADR (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12291660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379502893 |
|  | **Cable & Satellite (2.5%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;136687 | Charter Communications, Inc. - Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37603277 |
| &nbsp;&nbsp;&nbsp;&nbsp;340760 | Liberty Broadband Corp. - Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21580331 |
| &nbsp;&nbsp;&nbsp;&nbsp;583728 | Liberty Broadband Corp. - Class C(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37090077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96273685 |
|  | **Consumer Finance (7.2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;828064 | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176029845 |
| &nbsp;&nbsp;&nbsp;&nbsp;218462 | Credit Acceptance Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102006462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278036307 |
|  | **Financial Exchanges & Data (4.4%)** |  |
| &nbsp;&nbsp;1017373 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171407003 |
|  | **Integrated Telecommunication Services (0.2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68152 | GCI Liberty, Inc. - Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559449 |
| &nbsp;&nbsp;&nbsp;&nbsp;116745 | GCI Liberty, Inc. - Class C(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910535 |
|  | **Interactive Media & Services (8.6%)** |  |
| &nbsp;&nbsp;1155584 | Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280922470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70250 | Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51590195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332512665 |
|  | **Investment Banking & Brokerage (5.7%)** |  |
| &nbsp;&nbsp;2307127 | The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220261415 |
|  | **Life Sciences Tools & Services (8.3%)** |  |
| &nbsp;&nbsp;2926063 | Eurofins Scientific SE (Luxembourg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212235569 |
| &nbsp;&nbsp;&nbsp;&nbsp;630488 | ICON PLC (Ireland)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110335400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322570969 |
|  | **Managed Health Care (6.9%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;533318 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172325712 |
| &nbsp;&nbsp;&nbsp;&nbsp;277444 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95801413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268127125 |
|  | **Movies & Entertainment (13.9%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42268 | Liberty Media Corp.-Liberty Formula One - Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024759 |
| &nbsp;&nbsp;2743813 | Liberty Media Corp.-Liberty Formula One - Class C(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286591268 |
| &nbsp;&nbsp;8699174 | Universal Music Group NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250837794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541453821 |
|  | **Multi-Sector Holdings (1.0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78394 | Berkshire Hathaway, Inc. - Class B(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39411800 |
|  | **Research & Consulting Services (0.6%)** |  |
| &nbsp;&nbsp;1014578 | Amentum Holdings, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24299143 |

---

------

Sequoia Fund

September 30, 2025

Schedule of Investments (Unaudited) (Continued)<br> September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value** |
|  | **Semiconductors (4.9%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;678985 | Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$189633721 |
|  | **Trading Companies & Distributors (3.7%)** |  |
| &nbsp;&nbsp;2182681 | Ashtead Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145746963 |
|  | **Miscellaneous Securities (3.6%)(b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138821227 |
|  | **Total Common Stocks (Cost $1,642,268,662)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3825642501** |

---

---

| | | |
|:---|:---|:---|
| **Units** |  |  |
|  | **Warrants (0.0%)** |  |
| 99398 | Constellation Software, Inc., expiring 03/31/40 (Canada)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | (cost $0) |  |
|  | **Total Investments (98.6%)<br> (Cost $1,642,268,662)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3825642501** |
|  | **Other Assets Less Liabilities (1.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53815263 |
|  | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3879457764** |

---

------

(a) Non-income producing security.

(b) "Miscellaneous Securities" include holdings that are not restricted, have been held for not more than one year prior to September 30, 2025, and have not previously been publicly disclosed.

(c) The cost for federal income tax purposes is $1,692,689,806. The difference between book cost and tax cost is attributable to financial and tax accounting differences on a corporate
spin-off. At September 30, 2025, the aggregate gross tax basis unrealized appreciation and depreciation of securities were $2,181,261,331 and $48,308,636, respectively.

<u>Abbreviation:</u> <br> SP ADR Sponsored American Depository Receipt

#### Notes to Schedule of Investments (Unaudited)
Investments for which market quotations are readily available are valued at market value, and other investments are valued at "fair value" as determined in accordance with procedures approved by the Fund's Board of Directors (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Ruane Cunniff L.P. (the "Investment Adviser") as valuation designee to perform fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

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.

------

Sequoia Fund

September 30, 2025

Schedule of Investments (Unaudited) (Continued)<br> September 30, 2025

U.S. Treasury Bills with remaining maturities of 60 days or less are valued at their amortized cost, provided that the amortized cost value is approximately the same as the fair value as determined without the use of amortized cost valuation. 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 prices supplied by an independent pricing service.

When reliable market quotations are insufficient or not readily available at the time of valuation or when the Investment Adviser determines that the prices or values available do not represent the fair value of a security, such security is valued at fair value as determined in good faith by the Investment Adviser, in accordance with procedures approved by the Board.

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. For the nine months ended September 30, 2025, there were no transfers in or out of Level 3 and there were no Level 3 securities held by the Fund.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$3825642501 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3825642501 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Investments | &nbsp;&nbsp;$3825642501 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3825642501 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Sequoia Fund Inc

- **b. Investment Company Act file number:** 811-01976

- **c. CIK number of Registrant:** 0000089043

- **d. LEI of Registrant:** 54930012J5D0G125X006

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 45 Rockefeller Plaza

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10111

  - **Telephone number:** 800-686-6884

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sequoia Fund Inc

- **b. EDGAR series identifier (if any):** S000012155

- **c. LEI of Series:** 54930012J5D0G125X006

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3883634156.72

**Total Liabilities:** $3700566.80

**Net Assets:** $3879933589.92

**Assets Attributable to Miscellaneous Securities:** $138282992.34

**Cash Not Reported:** $56522562.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000033159 | -1.36%               | 1.50%                | 1.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $80118045.62             | $-135390419.89                             |
| Month 2  | $25283864.25             | $28970670.01                               |
| Month 3  | $26128724.82             | $32303367.59                               |

### Schedule of Portfolio Investments

| Name                           | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Meta Platforms Inc             | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     70250 | NS      | $51590195.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC       | Rolls-Royce Holdings PLC                  | CUSIP: 775781206<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |   1150000 | NS      | $18630000.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc           | Amentum Holdings Inc                      | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |   1014578 | NS      | $24299143.10  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                         | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |   2182681 | NS      | $145746963.16 | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For | Liberty Media Corp-Liberty Formula One    | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2743813 | NS      | $286591267.85 | 7.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE         | Eurofins Scientific SE                    | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |   2926063 | NS      | $212235568.70 | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                  | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    630488 | NS      | $110335400.00 | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     78394 | NS      | $39411799.56  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                    | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    340760 | NS      | $21580330.80  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC       | Rolls-Royce Holdings PLC                  | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |  40741727 | NS      | $652043228.84 | 16.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |     83113 | NS      | $225622800.70 | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    277444 | NS      | $95801413.20  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   2307127 | NS      | $220261414.69 | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    678985 | NS      | $189633720.65 | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                    | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    529172 | NS      | $141588432.71 | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     46000 | NS      | $12291660.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For | Liberty Media Corp-Liberty Formula One    | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42268 | NS      | $4024758.96   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                       | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    533318 | NS      | $172325712.16 | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC     | Constellation Software Inc/Canada         | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |     99398 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Communications Inc     | Charter Communications Inc                | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    136687 | NS      | $37603277.14  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV       | Universal Music Group NV                  | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |   8699174 | NS      | $250837794.16 | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp         | Credit Acceptance Corp                    | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218462 | NS      | $102006461.66 | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty Inc                           | CUSIP: 36164V602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68152 | NS      | $2559448.36   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                    | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    583728 | NS      | $37090077.12  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc             | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |   1017373 | NS      | $171407003.04 | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty Inc                           | CUSIP: 36164V800<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116745 | NS      | $4351086.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1155584 | NS      | $280922470.40 | 7.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    828064 | NS      | $176029845.12 | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Sequoia Fund Inc

**Signature:** Patrick Dennis

**Name of Signer:** Patrick Dennis

**Title:** Treasurer