Ruane, Cunniff & Goldfarb

Sequoia Fund team

Latest filing · Q2 2026

Sold more than boughtFiled Aug 14, 2026 for holdings on Jun 30, 2026, 45 days after the quarter ended. The next one is due by Nov 14, 2026.

Stocks reported

$6.43B

as of Jun 30, 2026

Positions

all shown below

Top 10 stocks

66.6%

of the money in stocks

Options

None

none reported

What changed in Q2 2026

compared with Q1 2026, by number of shares

New buys4

ROPRoper Technologies3.6%
VTVanguard Tot World Stk ETF<0.1%
HGVHilton Grand Vacations<0.1%
BACBank of America<0.1%

Added to6

SAPSap Se-Sponsored64.9% more
ICLRIcon25.3% more
GPIGroup 1 Automotive21.7% more
SDHCSmith Douglas Homes88.2% more
VTIVg Morningstar Ts Mkt Etf-Us8.2% more
VXUSVanguard Total International Stock8.6% more

Trimmed31

ELVElevance Health29.4% fewer
SUNBSunbelt Rentals22.4% fewer
CACCCredit Acceptance96.4% fewer
GOOGLAlphabet · also GOOG5.8% fewer
Liberty Broadband73.9% fewer
METAMeta Platforms23.3% fewer
AMTMAmentum66.9% fewer
CHTRCharter Communications99.0% fewer
and 23 more in the filing

Exited0

None.

Portfolio

as of Jun 30, 2026 · source

#	Holding	Weight	Value	Shares	Vs last quarter	Held since
1	GOOGLAlphabet Trimmed −5.8%	11.1%	$713M	2.0M	Trimmed −5.8%	≤ Q1 2018
2	TSMTaiwan Semiconductor Trimmed −3.0%	8.7%	$560M	1.2M	Trimmed −3.0%	Q4 2019
3	FWONKLiberty Media Trimmed −2.5%	7.7%	$497M	5.2M	Trimmed −2.5%	Q3 2023
4	SCHWSchwab (charles) Trimmed −3.0%	6.6%	$422M	4.6M	Trimmed −3.0%	≤ Q1 2018
5	COFCapital One Financial Trimmed −3.1%	6.1%	$392M	2.0M	Trimmed −3.1%	≤ Q1 2018
6	ELVElevance Health Trimmed −29.4%	5.9%	$379M	980K	Trimmed −29.4%	Q1 2021
7	ICLRIcon Added +25.3%	5.5%	$356M	2.0M	Added +25.3%	Q4 2024
8	GOOGAlphabet Trimmed −2.7%	5.1%	$327M	925K	Trimmed −2.7%	≤ Q1 2018
9	SUNBSunbelt Rentals Trimmed −22.4%	5.0%	$319M	4.3M	Trimmed −22.4%	Q1 2026
10	ICEIntercontinental Exchange Trimmed −3.0%	4.9%	$315M	2.6M	Trimmed −3.0%	Q3 2020
11	MSAMsa Safety Trimmed −3.1%	4.7%	$301M	1.7M	Trimmed −3.1%	Q2 2025
12	UNHUnitedhealth Group Trimmed −3.1%	4.6%	$293M	706K	Trimmed −3.1%	Q4 2019
13	TECHBio-Techne Trimmed −1.3%	3.7%	$237M	3.3M	Trimmed −1.3%	Q2 2025
14	ROPRoper Technologies New	3.6%	$228M	675K	New	Q2 2026
15	ALGNAlign Technology Trimmed −2.9%	3.1%	$198M	1.2M	Trimmed −2.9%	Q4 2025
16	SAPSap Se-Sponsored Added +64.9%	3.0%	$191M	1.2M	Added +64.9%	Q3 2025
17	ZTSZoetis Trimmed −3.0%	2.6%	$169M	2.4M	Trimmed −3.0%	Q1 2026
18	BRK.BBerkshire Hathaway Trimmed −3.1%	2.3%	$150M	301K	Trimmed −3.1%	≤ Q1 2018
19	ACNAccenture Trimmed −2.8%	1.7%	$112M	902K	Trimmed −2.8%	Q4 2025
20	METAMeta Platforms Trimmed −23.3%	1.4%	$86.9M	154K	Trimmed −23.3%	≤ Q1 2018

Show 34 more

21	BRK.ABerkshire Hathaway Trimmed −6.4%	1.2%	$77.1M	103	Trimmed −6.4%	≤ Q1 2018
22	FWONALiberty Media Trimmed −3.9%	0.9%	$60.9M	696K	Trimmed −3.9%	Q3 2023
23	AMTMAmentum Trimmed −66.9%	0.2%	$11.1M	537K	Trimmed −66.9%	Q3 2024
24	Liberty Broadband Trimmed −73.9%	0.2%	$10.1M	303K	Trimmed −73.9%	≤ Q1 2018
25	CACCCredit Acceptance Trimmed −96.4%	0.1%	$3.4M	5,279	Trimmed −96.4%	≤ Q1 2018
26	MUMicron Technology	<0.1%	$2.5M	2,162	No change	Q1 2021
27	Liberty Broadband Trimmed −67.0%	<0.1%	$2.5M	74K	Trimmed −67.0%	≤ Q1 2018
28	GLIBKLiberty Capital Trimmed −77.5%	<0.1%	$2.5M	114K	Trimmed −77.5%	Q3 2025
29	EQHEquitable Trimmed −0.4%	<0.1%	$1.8M	40K	Trimmed −0.4%	Q4 2020
30	GPIGroup 1 Automotive Added +21.7%	<0.1%	$1.4M	4,884	Added +21.7%	Q2 2023
31	VTIVg Morningstar Ts Mkt Etf-Us Added +8.2%	<0.1%	$1.1M	2,973	Added +8.2%	Q4 2018
32	LADLithia Motors Trimmed −1.8%	<0.1%	$852K	2,933	Trimmed −1.8%	Q4 2022
33	JJacobs Solutions Trimmed −0.7%	<0.1%	$787K	6,244	Trimmed −0.7%	Q3 2022
34	GLIBALiberty Capital Trimmed −77.9%	<0.1%	$617K	28K	Trimmed −77.9%	Q3 2025
35	NFLXNetflix	<0.1%	$578K	8,091	No change	Q4 2020
36	VXUSVanguard Total International Stock Added +8.6%	<0.1%	$549K	6,420	Added +8.6%	Q1 2025
37	GMEDGlobus Medical	<0.1%	$475K	6,008	No change	Q1 2026
38	SDHCSmith Douglas Homes Added +88.2%	<0.1%	$424K	27K	Added +88.2%	Q3 2025
39	CPACopa Holdings SA	<0.1%	$397K	2,555	No change	Q4 2024
40	KSPIJsc Kaspi.kz Trimmed −3.6%	<0.1%	$341K	3,934	Trimmed −3.6%	Q3 2025
41	AXPAmerican Express	<0.1%	$315K	932	No change	≤ Q1 2018
42	AAPLApple	<0.1%	$278K	961	No change	Q3 2018
43	MSFTMicrosoft	<0.1%	$275K	737	No change	Q2 2023
44	SBGISinclair	<0.1%	$256K	18K	No change	Q2 2023
45	DGDollar General	<0.1%	$252K	2,188	No change	Q2 2025
46	FERGFerguson Enterprises	<0.1%	$237K	1,000	No change	Q2 2025
47	VTVanguard Tot World Stk ETF New	<0.1%	$224K	1,426	New	Q4 2025
48	Ataibeckley	<0.1%	$222K	42K	No change	Q1 2026
49	CHTRCharter Communications Trimmed −99.0%	<0.1%	$221K	1,556	Trimmed −99.0%	Q2 2024
50	HGVHilton Grand Vacations New	<0.1%	$219K	4,189	New	Q2 2026
51	SPGIS&P Global	<0.1%	$216K	531	No change	Q2 2023
52	BACBank of America New	<0.1%	$207K	3,625	New	Q2 2026
53	STLAStellantis	<0.1%	$144K	25K	No change	Q1 2021
54	RMNIRimini Street Trimmed −4.5%	<0.1%	$143K	34K	Trimmed −4.5%	Q3 2018

Values at quarter end, not today's prices.

Filing history

34 quarters since Q1 2018

Quarter	Filed	Lag	Stocks	Positions	Filing
Q2 2026	Aug 14, 2026	45d	$6.43B	54	EDGAR
Q1 2026	May 15, 2026	45d	$6.03B	50	EDGAR
Q4 2025	Feb 13, 2026	44d	$6.40B	48	EDGAR
Q3 2025	Nov 14, 2025	45d	$6.04B	47	EDGAR
Q2 2025	Aug 14, 2025	45d	$5.83B	43	EDGAR
Q1 2025	May 15, 2025	45d	$5.51B	38	EDGAR
Q4 2024	Feb 14, 2025	45d	$5.89B	39	EDGAR
Q3 2024	Nov 14, 2024	45d	$6.39B	37	EDGAR
Q2 2024	Aug 14, 2024	45d	$6.42B	37	EDGAR
Q1 2024	May 15, 2024	45d	$6.44B	34	EDGAR
Q4 2023	Feb 14, 2024	45d	$6.26B	33	EDGAR
Q3 2023	Nov 14, 2023	45d	$6.02B	36	EDGAR
Q2 2023	Aug 14, 2023	45d	$6.34B	34	EDGAR
Q1 2023	May 15, 2023	45d	$6.12B	31	EDGAR
Q4 2022	Feb 13, 2023	44d	$6.40B	32	EDGAR
Q3 2022	Nov 14, 2022	45d	$6.73B	31	EDGAR
Q2 2022	Aug 15, 2022	46d	$7.67B	31	EDGAR
Q1 2022	May 13, 2022	43d	$10.2B	34	EDGAR
Q4 2021	Feb 14, 2022	45d	$11.7B	34	EDGAR
Q3 2021	Nov 15, 2021	46d	$11.1B	33	EDGAR
Q2 2021	Aug 16, 2021	47d	$11.3B	35	EDGAR
Q1 2021	May 17, 2021	47d	$10.6B	37	EDGAR
Q4 2020	Feb 16, 2021	47d	$9.38B	38	EDGAR
Q3 2020	Nov 16, 2020	47d	$8.40B	35	EDGAR
Q2 2020	Aug 14, 2020	45d	$7.46B	37	EDGAR
Q1 2020	May 15, 2020	45d	$6.24B	38	EDGAR
Q4 2019	Feb 14, 2020	45d	$8.09B	39	EDGAR
Q3 2019	Nov 14, 2019	45d	$7.62B	40	EDGAR
Q2 2019	Aug 14, 2019 *	45d	$7.43B	37	EDGAR
Q1 2019	May 15, 2019	45d	$9.80B	51	EDGAR
Q4 2018	Feb 14, 2019	45d	$9.08B	57	EDGAR
Q3 2018	Nov 14, 2018	45d	$10.9B	61	EDGAR
Q2 2018	Aug 14, 2018	45d	$11.2B	61	EDGAR
Q1 2018	May 15, 2018	45d	$10.9B	59	EDGAR

They usually file 45 days after the quarter ends. * amended later.

Earlier filings, quarter by quarter

Aug 14
NewROP3.6% of the bookNewVT<0.1% of the bookNewHGV<0.1% of the bookNewBAC<0.1% of the bookAddedSAP64.9% more sharesAddedICLR25.3% more shares
Holdings as of Jun 30 (Q2 2026), filed 45 days later (the report at the SEC)
May 15
NewSUNB5.9% of the bookNewZTS4.8% of the bookNewGMED<0.1% of the bookNewAtaibeckley Inc<0.1% of the bookAddedSAP1,533% more sharesAddedTECH131% more shares
Holdings as of Mar 31 (Q1 2026), filed 45 days later (the report at the SEC)
Feb 13
NewACN4.0% of the bookNewALGN3.0% of the bookNewRSPC<0.1% of the bookNewVT<0.1% of the bookAddedMSA6.2% more sharesAddedGLIBK43.9% more shares
Holdings as of Dec 31 (Q4 2025), filed 44 days later (the report at the SEC)
Nov 14
NewGLIBK0.2% of the bookNewSAP0.2% of the bookNewGLIBA0.1% of the bookNewKSPI<0.1% of the bookAddedMSA79.7% more sharesAddedELV32.2% more shares
Holdings as of Sep 30 (Q3 2025), filed 45 days later (the report at the SEC)
Aug 14
NewMSA2.7% of the bookNewTECH0.1% of the bookNewMU<0.1% of the bookNewDG<0.1% of the bookAddedICLR36.2% more sharesAddedTSM2.8% more shares
Holdings as of Jun 30 (Q2 2025), filed 45 days later (the report at the SEC)
May 15
NewVOO<0.1% of the bookNewVXUS<0.1% of the bookTrimmedICE41.9% fewer sharesTrimmedTSM3.5% fewer sharesTrimmedSCHW2.1% fewer sharesTrimmedFWONK1.9% fewer shares
Holdings as of Mar 31 (Q1 2025), filed 45 days later (the report at the SEC)

About Ruane, Cunniff & Goldfarb: Runs the Sequoia Fund. A concentrated book of long-term holdings. A 13F is up to 45 days old when filed and shows long US stock positions only. Not investment advice.