Professional Documents
Culture Documents
Fund, Inc.
ANNUAL
REPORT
December 31, 2014
3
4
5
10
15
16
17
18
22
23
24
Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
26
30
31
33
35
Period Ended
Total Value
of Shares
Period Ended
10,000
11,934
13,507
11,242
10,013
13,325
17,393
22,826
28,057
34,771
38,961
43,894
53,329
69,920
89,015
105,481
134,975
153,027
164,361
182,516
233,453
224,586
314,426
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
$ 343,863
380,919
393,633
556,525
677,506
970,200
1,312,197
1,095,125
1,314,850
1,453,175
1,414,776
1,656,923
1,734,116
1,869,038
2,024,960
2,195,146
1,601,905
1,848,293
2,208,627
2,499,935
2,891,849
3,891,835
4,185,695
Please consider the investment objectives, risks and charges and expenses of the Fund carefully before investing.
The Funds prospectus contains this and other information about the Fund.You may obtain year to date performance
as of the most recent month end, and a copy of the prospectus by calling 1-800-686-6884, or on the Funds website
at www.sequoiafund.com. Please read the prospectus carefully before investing.
Shares of the Fund are offered through the Funds distributor, Ruane, Cunniff & Goldfarb LLC. Ruane, Cunniff &
Goldfarb LLC is an affiliate of Ruane, Cunniff & Goldfarb Inc. and is a member of FINRA. 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.
1.00%
0.02%
1.02%
*Does not reflect Ruane, Cunniff & Goldfarb Inc.s (Ruane, Cunniff & Goldfarb) contractual reimbursement of a portion of the Funds
operating expenses. This reimbursement is a provision of Ruane, Cunniff & Goldfarbs investment advisory agreement with the Fund and
the reimbursement will be in effect only so long as that investment advisory agreement is in effect. The expense ratio presented is from the
Prospectus dated May 1, 2014. For the year ended December 31, 2014, the Funds annual operating expenses and investment advisory
fee, net of such reimbursement, were 1.00% and 0.97%, respectively.
Sequoia Fund
7.28%
7.56%
17.76%
9.21%
The numbers shown above represent past performance and do not guarantee future results. The table does
not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund
shares. Future performance may be lower or higher than the performance information shown.
*The S&P 500 Index is an unmanaged capitalization-weighted index of the common stocks of 500 major
US corporations. The performance data quoted represents past performance and assumes reinvestment of
distributions.
The investment return and principal value of an investment in the Fund will fluctuate so that an investors
shares, when redeemed, may be worth more or less than their original cost. Year to date performance as of the
most recent month end can be obtained by calling DST Systems, Inc. at (800) 686-6884.
...........................................
The Fund outperformed the S&P 500 Index in the fourth quarter while underperforming the Index for the
year. While we know a concentrated portfolio of stocks frequently will perform out of sync to the broader basket
of stocks that constitute the Index, we nevertheless were disappointed with our performance in 2014.
We would attribute our underperformance to two factors, with a third issue that bears watching. First, the
Fund held, on average, approximately 15% of its assets in cash during the year. This ranged between 20% cash
at the start of the year and 12% in the fall. With cash generating negative returns, net of our fees, and the Index
returning 13.7%, our cash position accounted for more than one-third of our 614 basis points of
underperformance.
Second, our European holdings turned in mostly disappointing performance. About a decade ago we began
trying to identify great businesses in Europe that source a growing percentage of their earnings from the emerging
world. In 2004, many US businesses were still quite dependent on the domestic market while European companies
tended to be more global, or so we felt. At the same time, we felt Europe shared similar standards of corporate
governance with the U.S. We started 2014 with 7.1% of the Funds assets invested in UK-headquartered companies
and 4.1% in two companies on the Continent, for a total of 11.2% invested overseas.
The UK Index, known as FTSE 100, rose 0.7% for the year, far below the S&P 500. On the Continent, our
largest holding was Pirelli, the Italian maker of performance tires. Pirelli was down about 11% in dollars in
March when we sold it, but had been a solid performer previously. We didnt sell because of short-term price
gyrations but because of concerns over corporate governance. The family that controls Pirelli had decided to
sell a significant ownership stake to Rosneft, the Russian oil company that is aligned with President Vladimir
Putin. We opted to exit immediately.
5
Robert D. Goldfarb
President
David M. Poppe
Executive Vice President
Position
Valeant Pharmaceuticals
Berkshire Hathaway . . .
TJX. . . . . . . . . . . . . . . .
Fastenal . . . . . . . . . . . .
OReilly Automotive . . .
Mastercard . . . . . . . . . .
Idexx Labs. . . . . . . . . . .
.
.
.
.
.
.
.
20.0%
12.9%
8.3%
5.1%
3.9%
3.2%
3.1%
21.9%
27.0%
8.7%
2.2%
49.7%
3.7%
39.4%
16.5%
10.5%
8.1%
4.1%
2.7%
3.1%
2.6%
*****
14
Sequoia Fund
$24,141
$20,000
S&P 500
$20,947
$15,000
$10,000
$5,000
$0
1/05
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13
12/14
Sequoia Funds results as of December 31, 2014 appear below with comparable results for the S&P 500 Index:
To December 31, 2014
1 Year
5 Years (Annualized)
10 Years (Annualized)
Sequoia Fund
7.56%
17.76%
9.21%
The performance shown above represents past performance, assumes reinvestment of distributions, and does
not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would
pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than
the performance information shown. The investment return and principal value of an investment in the Fund
will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.
Year to date performance as of the most recent month end can be obtained by calling DST Systems, Inc. at
(800) 686-6884.
*The S&P 500 Index is an unmanaged, capitalization-weighted index of the common stocks of 500 major U.S. corporations.
15
Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diversified Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aerospace/Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial & Construction Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Auto Parts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information Processing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Veterinary Diagnostics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flooring Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Internet Software Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dental Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Precision Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial Gases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Banking & Brokerage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21.4%
19.3%
12.9%
10.5%
5.3%
5.1%
3.9%
3.2%
3.2%
2.2%
2.1%
1.4%
1.3%
1.2%
1.1%
1.1%
1.0%
3.8%
100.0%
16
Actual Expenses
The first line of the table below provides information
about actual account values and actual expenses. You
may use the information in this line, together with the
amount you invested, to estimate the expenses that you
paid over the period. Simply divide your account value
by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled Expenses
Paid During Period to estimate the expenses you paid
on your account during this period.
Actual
Hypothetical
(5% return
per year
before
expenses)
Beginning
Account
Value July 1,
2014
Ending Account
Value
December 31,
2014
Expenses
Paid During
Period*
July 1, 2014 to
December 31,
2014
$1,000
$1,066.00
$5.21
$1,000
$1,020.16
$5.09
17
Value
(Note 1)
Shares
Advertising (0.9%)
929,021 Omnicom Group Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aerospace/Defense (5.3%)
942,616 Precision Castparts Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,028,708 Qinetiq Group plc (United Kingdom). . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,089,546 Rolls-Royce Holdings plc (United Kingdom). . . . . . . . . . . . . . . . . . . . . . .
Apparel, Accessories & Luxury Goods (1.0%)
872,753 Compagnie Financiere Richemont SA (Switzerland) . . . . . . . . . . . . . . . .
Application Software (0.9%)
257,100 Constellation Software, Inc. (Canada) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Auto Parts (3.9%)
1,650,465 OReilly Automotive, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biotechnology (1.1%)
2,065,604 Novozymes A/S - B Shares (Denmark) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Construction & Engineering (0.8%)
1,455,996 Jacobs Engineering Group Inc. (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Crude Oil & Gas Production (0.1%)
178,601 Canadian Natural Resources Limited (Canada) . . . . . . . . . . . . . . . . . . . . .
Dental Equipment (1.4%)
1,250,644 Sirona Dental Systems, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diversified Companies (12.9%)
2,938 Berkshire Hathaway, Inc.-Class A (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,504,304 Berkshire Hathaway, Inc.-Class B (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diversified Manufacturing (0.8%)
761,792 Danaher Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Electrical & Mechanical Systems (0.4%)
771,799 EMCOR Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Electronic Manufacturing Services (0.4%)
1,270,244 Trimble Navigation Limited (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flooring Products (2.2%)
1,140,877 Mohawk Industries, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Freight Transportation (0.0%)
62,653 Expeditors International, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
71,971,257
227,057,342
38,156,082
163,932,435
429,145,859
77,952,591
76,443,987
317,912,568
87,196,081
65,068,461
5,515,199
109,268,766
663,988,000
376,021,246
1,040,009,246
65,293,192
34,337,337
33,712,276
177,246,651
2,794,950
Shares
527,122
11,281,224
430,615
19,932
Healthcare (21.4%)
Perrigo Company plc (Ireland). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valeant Pharmaceuticals International, Inc. (Canada) (a). . . . . . . . . . . . .
West Pharmaceutical Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39,465
848,687
9,807,086
890,120
Retailing (10.5%)
Costco Wholesale Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TJX Companies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
88,113,713
1,614,455,967
22,925,943
857,674
1,726,353,297
414,350,425
88,771,921
68,905,292
256,269,565
36,830,996
85,676,118
84,988,333
170,664,451
83,889,624
74,599,305
94,396,575
639,592
55,200,171
1,338,261
57,178,024
5,594,164
90,690,693
672,569,958
76,443,506
845,298,321
Shares
63,357,384
67,762,974
105,011,366
254,104,978
11,122,013
7,012,734,932
Principal
Amount
3,091,216
3,091,216
1,556,994,617
8,572,820,765
(504,790,050)
$8,068,030,715
1,556,994,617
20
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the
three broad levels listed below:
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds 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. During the period ended December 31, 2014, there were no transfers into
and out of Level 1 and 2 measurements in the fair value hierarchy. There were no level 3 securities held in the
Fund during the year ended December 31, 2014.
The following table summarizes the valuation of the Funds investments by the above fair value hierarchy levels
as of December 31, 2014:
Common Stocks
U.S.
Government
Obligations
Corporate Bond
$7,012,734,932
$7,012,734,932
3,091,216
$3,091,216
Total
$7,012,734,932
1,556,994,617
$1,556,994,617
1,560,085,833
$8,572,820,765
$8,572,820,765
9,923,880
16,849,166
1,060,491
1,675,734
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,602,330,036
Liabilities
Payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payable for capital stock repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued investment advisory fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
524,996,063
2,498,858
6,556,699
247,701
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
534,299,321
Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,068,030,715
$3,305,355,129
85,845,138
4,676,830,448
Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,068,030,715
235.00
$ 58,706,238
244,422
58,950,660
Expenses
Investment advisory fee (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Independent Directors fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79,857,902
929,480
328,799
254,783
125,000
382,996
Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less expenses reimbursed by Investment Adviser (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81,878,960
1,870,975
Net expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80,007,985
(21,057,325)
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Realized gain (loss) on
Investments (Note 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
280,283,086
(118,995)
280,164,091
309,150,144
Net realized and unrealized gain on investments and foreign currency transactions and
translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
589,314,235
$568,256,910
2013
(21,057,325) $
(25,955,496)
280,164,091
230,849,682
309,150,144
1,844,931,680
568,256,910
2,049,825,866
(160,411,851)
(120,895,246)
407,033,294
611,624,071
142,551,694
(928,561,658)
107,075,851
(445,091,824)
(378,976,670)
273,608,098
28,868,389
2,202,538,718
8,039,162,326
5,836,623,608
$8,068,030,715
$8,039,162,326
Share transactions
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares issued to shareholders on reinvestment of net realized gain
distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,811,779
3,153,816
632,137
(4,175,480)
506,868
(2,275,012)
(1,731,564)
1,385,672
2014
2013
2012
2011
2010
$ 222.92
$ 168.31
$ 145.50
$ 129.29
$ 109.90
(0.61)
(0.72)
(0.41)
(0.42)
(0.00)(a)
17.23
58.73
23.22
17.45
21.35
16.62
58.01
22.81
17.03
21.35
(4.54)
(3.40)
(4.54)
(3.40)
$8,068.0
34.58%
$8,039.2
15.68%
$5,836.6
(0.82)
(1.65)
(0.31)
(0.82)
(1.96)
$ 145.50 $ 129.29
13.19%
$4,914.0
19.50%
$3,487.7
1.03%
1.00%
1.02%
1.00%
1.03%
1.00%
1.03%
1.00%
1.04%
1.00%
(0.26)%
8%
(0.37)%
2%
(0.26)%
5%
(0.34)%
3%
(0.00)%(b)
23%
General: Dividends and distributions are recorded by the Fund on the ex-dividend date.
F. Indemnification: The Funds officers, directors and agents are indemnified against certain liabilities that may
arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund
enters into contracts that contain a variety of indemnification clauses. The Funds maximum exposure under
these arrangements is unknown as this would involve future claims that may be made against the Fund that
have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts
and expects the risk of loss thereunder to be remote.
Note 2 Investment Advisory Contract and Payments to Interested Persons
Ruane, Cunniff & Goldfarb Inc. (the Investment Adviser) provides the Fund with investment advice and administrative
services.
Under the terms of the Advisory Agreement, the Investment Adviser receives a management fee equal to 1%
per annum of the Funds average daily net asset value. This percentage will not increase or decrease in relation
to increases or decreases in the net asset value of the Fund. Under the Advisory Agreement, the Investment
Adviser is contractually obligated to reimburse the Fund for the amount, if any, by which the operating expenses
of the Fund (including the investment advisory fee) in any year exceed the sum of 1 1/2% of the average daily
net asset value of the Fund for such year up to a maximum of $30,000,000, plus 1% of the average daily net
asset value in excess of $30,000,000. The expenses incurred by the Fund exceeded the limitation for the year
ended December 31, 2014 and the Investment Adviser reimbursed the Fund $1,870,975. Such reimbursement
is not subject to recoupment by the Investment Adviser.
For the year ended December 31, 2014, advisory fees of $79,857,902 were earned by the Investment Adviser
and brokerage commissions of $226,976, and foreign security transaction fees of $131,342 were earned by Ruane,
Cunniff & Goldfarb LLC, the Funds distributor and a wholly-owned subsidiary of the Investment Adviser. Certain
officers of the Fund are also officers of the Investment Adviser and the Funds distributor. Ruane, Cunniff & Goldfarb
27
2014
2013
$160,411,851
$120,895,246
As of December 31, 2014 and 2013 the components of distributable earnings on a tax basis were as follows:
2014
2013
85,845,138
4,676,830,448
$ 91,649,513
4,367,680,304
$4,762,675,586
$4,459,329,817
The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the positions are more
likely than not to be sustained assuming examination by tax authorities. Management has reviewed the Funds
tax positions taken on federal income tax returns for all open years (tax years ended December 31, 2011 through
December 31, 2014) and has concluded that no provision for unrecognized benefits or expenses is required
in these financial statements.
28
29
30
32
Position Held
with Fund(1)
Length of Time
Served(2)
36 Years
Principal
Occupation during
Past 5 Years
Other
Directorships
Held by
Director
Chairman &
Director of Ruane,
Cunniff & Goldfarb
Inc.
President & Director
of Ruane, Cunniff &
Goldfarb Inc.
None
Executive Vice
President & Director
11 Years
Director
Since December
8, 2014(4)
Retired
None
Edward Lazarus, 55
9 West 57th Street
New York, NY 10019
Director
Since November
11, 2014
Executive Vice
President and
General Counsel of
Tribune Media Co.,
and former Chief of
Staff to the
Chairman of the
Federal Communications Commission
None
Roger Lowenstein, 60
9 West 57th Street
New York, NY 10019
Director(5)
16 Years
None
C. William Neuhauser, 88
9 West 57th Street
New York, NY 10019
Director
40 Years
Retired
None
Sharon Osberg, 65
9 West 57th Street
New York, NY 10019
Director
Chairperson of the
Board(5)
11 Years
Retired
None
Robert L. Swiggett, 92
9 West 57th Street
New York, NY 10019
Director
44 Years
Retired
None
David M. Poppe, 50
9 West 57th Street
New York, NY 10019
Independent Directors
Vinod Ahooja, 63
9 West 57th Street
New York, NY 10019
33
None
Additional Officers
Todd G. Ruoff, 44
9 West 57th Street
New York, NY 10019
Position Held
with Fund(1)
Length of Time
Served(2)
Executive Vice
President & Secretary
1 Year
Paul J. Greenberg, 52
9 West 57th Street
New York, NY 10019
Treasurer
1 Year
Michael Sloyer, 53
9 West 57th Street
New York, NY 10019
Chief Compliance
Officer
Michael Valenti, 45
9 West 57th Street
New York, NY 10019
Assistant Secretary
Principal
Occupation during
Past 5 Years
Other
Directorships
Held by
Director
Executive Vice
President of Ruane,
Cunniff & Goldfarb
Inc.
Managing Director
of BlackRock, Inc.
None
1 Year
General Counsel of
Ruane, Cunniff &
Goldfarb Inc.
None
8 Years
Administrator of
Ruane, Cunniff &
Goldfarb Inc.
None
None
34
Voted For
Voted Against
Abstained
19,449,058
19,421,568
19,497,363
447,016
266,442
220,694
149,465
357,530
327,482
Other Information
The Fund may be offered only to persons in the United States and by way of a prospectus. This should not be
considered a solicitation or offering of any product or service to investors residing outside of the United States.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each
fiscal year on Form N-Q. Form N-Q is available on the SECs web site at http://www.sec.gov. The Funds Form
N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, DC. For information
regarding the operation of the SECs Public Reference Room, call 1-800-SEC-0330. For a complete list of the
Funds portfolio holdings, view the most recent quarterly, semiannual or annual report on Sequoia Funds web
site at http://www.sequoiafund.com/fund-reports.htm.
You may obtain a description of the Funds proxy voting policies and procedures, and information regarding
how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June
30, without charge.Visit Sequoia Funds web site at www.sequoiafund.com and use the Shareholder Information
link to obtain all proxy information. This information may also be obtained from the Securities and Exchange
Commissions web site at www.sec.gov or by calling DST Systems, Inc. at (800) 686-6884.
35
President
Executive Vice President
Executive Vice President & Secretary
Treasurer
Chief Compliance Officer
Assistant Secretary
*Effective January 1, 2015, Roger Lowenstein became the Chairperson of the Board.
Investment Adviser
Ruane, Cunniff & Goldfarb Inc.
9 West 57th Street, Suite 5000
New York, New York 10019-2701
Distributor
Ruane, Cunniff & Goldfarb LLC
9 West 57th Street, Suite 5000
New York, New York 10019-2701
Accounting Agent
BNY Mellon Investment
Services (US.) Inc.
4400 Computer Drive
Westborough, MA 01581
Custodian
The Bank of New York Mellon
MF Custody Administration Department
One Wall Street, 25th Floor
New York, New York 10286
Legal Counsel
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004