The Sequoia Strategy is a concentrated, long-only equity strategy focused primarily on domestic mid- and large-cap companies. The composite includes separately managed accounts of all varieties (e.g. taxable, tax-exempt, institutional) and one pooled fund vehicle, all expressed in USD. The Sequoia Strategy Composite’s inception date is 07/15/1970.
The dispersion of annual gross returns is measured by the asset-weighted standard deviation of the portfolios included in the composite for the full year.
The three-year annualized gross standard deviation measures the variability of the composite and benchmark monthly returns over the previous 36-month period.
Ruane Cunniff LP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Ruane Cunniff LP has been independently verified for the periods 12/31/2002 through 12/31/2022. A firm that claims compliance with the GIPS® standards must establish policies and procedures for complying with all the applicable requirements of the GIPS® standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS® standards and have been implemented on a firm-wide basis. The Sequoia Strategy composite has had a performance examination for the periods 12/31/2002 through 12/31/2022. The verification and performance examination reports are available upon request. The Adviser does not undertake any obligation to update the information contained herein. Recipients should not rely on this material in making any investment decision. This document does not constitute advice or a recommendation or offer to sell or a solicitation of any offer to buy any security.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
This GIPS Composite Report may not be reproduced in whole or in part in any form, or referred to in any publication, without the express written permission of the Adviser.
Sequoia Strategy Composite Detail (inception date 07/15/1970):
| Sequoia Strategy Composite | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| RCG Annual Return | S&P 500 Total Return | # of Portfolios | Total Composite Assets ($ Millions) |
Total Firm Assets ($ Millions) |
Composite Dispersion % | 3-Year Standard Deviation | |||
| Year | Gross | Net | Composite | S&P 500 | |||||
| 2003 | 21.4% | 20.3% | 28.7% | 988 | $12,043.7 | $12,858.0 | 3.5 | – | 18.1 |
| 2004 | 6.5% | 5.5% | 10.9% | 1,021 | $11,934.5 | $13,076.4 | 2.5 | – | 14.9 |
| 2005 | 10.2% | 9.1% | 4.9% | 1,000 | $12,244.5 | $13,429.1 | 2.1 | 10.32 | 9.0 |
| 2006 | 8.3% | 7.2% | 15.8% | 1,047 | $12,541.6 | $13,424.9 | 2.3 | 7.27 | 6.8 |
| 2007 | 8.4% | 7.3% | 5.5% | 1,050 | $12,375.3 | $13,383.2 | 2.3 | 7.67 | 7.7 |
| 2008 | -26.8% | -27.5% | -37.0% | 1,031 | $8,430.3 | $9,110.0 | 2.3 | 13.2 | 15.1 |
| 2009 | 16.8% | 15.6% | 26.5% | 1,025 | $9,386.1 | $9,948.1 | 2.6 | 18.09 | 19.6 |
| 2010 | 21.2% | 20.0% | 15.1% | 1,038 | $10,887.5 | $11,459.4 | 1.8 | 19.13 | 21.9 |
| 2011 | 15.3% | 14.1% | 2.1% | 1,071 | $13,139.3 | $13,666.2 | 2.0 | 16.27 | 18.7 |
| 2012 | 18.7% | 17.5% | 16.0% | 1,088 | $15,354.6 | $16,062.1 | 1.9 | 11.70 | 15.1 |
| 2013 | 39.2% | 37.9% | 32.4% | 1,147 | $20,896.7 | $21,971.6 | 3.8 | 10.89 | 11.9 |
| 2014 | 8.3% | 7.3% | 13.7% | 1,178 | $21,464.5 | $22,539.1 | 1.5 | 9.17 | 9.0 |
| 2015 | -7.0% | -8.0% | 1.4% | 1,201 | $18,236.1 | $19,255.3 | 1.7 | 13.70 | 10.5 |
| 2016 | -5.8% | -6.7% | 12.0% | 1,048 | $10,855.7 | $11,382.3 | 2.5 | 13.36 | 10.6 |
| 2017 | 20.0% | 18.8% | 21.8% | 980 | $11,105.1 | $11,457.9 | 1.5 | 12.98 | 9.9 |
| 2018 | -2.1% | -3.1% | -4.4% | 936 | $9,425.3 | $9,778.2 | 0.7 | 10.43 | 10.8 |
| 2019 | 29.3% | 28.1% | 31.5% | 907 | $10,932.6 | $11,271.6 | 1.4 | 11.10 | 11.9 |
| 2020 | 24.7% | 23.5% | 18.4% | 878 | $12,355.1 | $12,729.4 | 1.5 | 20.54 | 18.5 |
| 2021 | 27.1% | 25.9% | 28.7% | 863 | $14,154.7 | $14,592.8 | 0.9 | 19.32 | 17.2 |
| 2022 | -29.2% | -30.0% | -18.1% | 781 | $8,625.4 | $8,820.5 | 0.8 | 23.95 | 20.9 |
| Annualized 1-year* | 27.6% | 26.3% | 26.3% | ||||||
| Annualized 5-year* | 13.1% | 12.0% | 15.7% | ||||||
| Annualized 10-year* | 7.5% | 6.4% | 12.0% | ||||||
* As of 12/31/2023
Disclosures
- Ruane Cunniff LP (“the Adviser”) is an investment adviser registered with the U.S. Securities and Exchange Commission. The Adviser presents performance for all periods utilizing a time-weighted return calculation methodology.
- The Adviser was founded in 1969. The Sequoia Strategy Composite’s inception date is 07/15/1970. The Sequoia Strategy Composite’s creation date is 12/31/2002. The Sequoia Strategy Composite is made up of all fee paying, discretionary accounts over $500,000 and managed according to the Sequoia Strategy. For periods prior to 12/31/2002, performance results presented reflect those of a portfolio managed according to the Sequoia Strategy.
- All fee-paying, discretionary portfolios are included in at least one composite. Composite information is not representative of any individual client account. New portfolios are included in a composite at the beginning of the first full month under management. Terminated accounts are removed from a composite at the end of its last full month under management, as determined by the date the termination notice was received (OR portfolio liquidated). When a change in mandate occurs, the account is removed from old composite at the end of its last full month under management in the original strategy and may be included in a new composite, if applicable, according to the new composite’s inclusion policy. Accounts that do not adhere to a composite’s inclusion rules at month end will be removed from that composite at the beginning of the next month. A list of composite and pooled fund descriptions is available upon request. In addition, policies for valuing investments, calculating performance, and preparing GIPS® reports are available upon request.
- Past performance does not guarantee future results. All investments involve risk and may lose value. Investments are subject to market risk, which is the risk that the market value of an investment 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. For a further discussion of risks, please see the Adviser’s Form ADV Brochure and refer to Item 8. Trade date accounting is used and income is accrued. The performance of a client account may differ from that of the Composite due to account size, client-specific guidelines or restrictions, tax considerations, cash flows into and out of the account, the timing of transactions and other factors.
- The Sequoia Strategy Composite’s standard annual management fee is 1% of the account’s total value. The Gross and Net performance includes the reinvestment of dividends and all other income/earnings and is presented net of transaction costs and net of foreign dividend withholding taxes. Gross performance does not include the deduction of the Adviser’s investment advisory fee or custodial fees. The Net performance returns are calculated using the highest annual advisory fee of 1% per annum, applied monthly, to reduce the Gross performance, but does not include the deduction of custodial fees. The performance returns also reflect cash flows into and out of accounts. The performance presented does not represent the return of any one individual investor.
- The currency used to express performance is the U.S. dollar.
- The Sequoia Strategy Composite is defined to include all fee-paying, discretionary accounts that are managed according to the Sequoia Strategy. The Sequoia Strategy Composite has a minimum account value of $500,000. No leveraged and non-fee paying accounts are included in the Sequoia Strategy Composite. The S&P 500 Total Return Index is the Composite benchmark. The S&P 500 Total Return Index is an unmanaged capitalization-weighted index of the common stocks of 500 major U.S. companies. The Index does not incur expenses. It is not possible to invest directly in the Index and the composition of the index may differ significantly from the portfolio composition of the composite.