market folly

Ruane Cunniff & Goldfarb recently released their Sequoia Fund investor day transcript for 2015.  While the event took place back in May, it's still interesting to get their insight on their investments given their long term focus.

Sequoia Fund's investment management team discussed their thesis and outlook on numerous portfolio companies, including Valeant, Google, Mohawk, Idexx, Fastenal, Rolls Royce, TJX, O'Reilly, and many more.

At the end of the second quarter, Sequoia Fund's top holdings were:

Valeant Pharmaceuticals (VRX): 28.7% of portfolio
Berkshire Hathaway (BRK.A/B): 10.6%
TJX Companies (TJX): 5%
O'Reilly Automotive (ORLY): 4.3%
Fastenal (FAST): 4.2%
MasterCard (MA): 3.2%
Precision Castparts (PCP): 2.7%
Mohawk Industries (MHK): 2.5%
Idexx Laboratories (IDXX): 2.3%
Google (GOOGL): 2% 

This really is an interesting read in its entirety given their candidness about assessing their positions.

Embedded below is Sequoia Fund's investor day transcript for 2015:



You can download a .pdf copy here.