Sequoia Fund Buys WPX Energy, General Mills; Sells Timken, Apache

Sequoia Fund

Sequoia Fund through its investment advisor Ruane, Cunniff & Goldfarb Inc revealed in its September quarter 13F filing that it added 10 new stocks to its portfolio, bought more shares of 38 stocks and reduced holdings in 54 stocks. The top ten holdings of Sequoia Fund represent 68.97% of its portfolio. Sequoia fund has a market value of $16.84 billion.

Sequoia Fund’s major new positions

WPX Energy Inc (NYSE:WPX) was the biggest new addition to Sequoia Fund’s portfolio during the quarter ending September 30th 2013. Sequioa purchased 2,000,000 shares of the company for $38.52 million, representing 0.23% of its portfolio. Another big new addition was General Mills, Inc. (NYSE:GIS) of which Sequoia fund purchased 200,447 shares for $9.60 million. General Mills, Inc. (NYSE:GIS) represented 0.06% of its overall portfolio.

Sequoia Fund also acquired 138,500 shares of Kellogg Company (NYSE:K) for $8.13 million, comprising 0.05% of its total portfolio. The fourth-largest new addition to Sequioa was Greenway Medical Technologies, Inc. (NYSE:GWAY) in which Sequoia purchased 396,690 shares for $8.19 million, comprising 0.05% of its overall portfolio.

The fifth-largest new addition to Sequoia’s portfolio was Kimberly Clark Corp (NYSE:KMB) where Sequoia purchased 70,300 shares of the personal care specialist for $6.62 million during the quarter. Kimberly-Clark represented 0.04% of Sequioa’s overall portfolio.

Top positions

Specialty pharmaceutical company, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is the biggest holding of Sequioa Fund as of September 30th, where it held 34,647,147 shares for $3.61 billion representing 21.46% of its Sequioa’s total portfolio.

The second-largest holding was Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) of which Sequoia Fund owned 10,710 shares valued at $1.82 billion. The TJX Companies, Inc. (NYSE:TJX) was the third-largest holding of Sequioa where it owned 31,806,794 shares for $1.79 billion constituting 10.65% of its overall portfolio.

Fastenal Company (NASDAQ:FAST) was the fourth-largest holding of Sequioa of which Sequoia owned 20,726,836 shares valued at $1.04 billion.

Sold out positions

Sequoia Fund sold out its entire stake in The Timken Company (NYSE:TKR) where it owned 914,255 shares at the beginning of the quarter. It represented 0.33% of Sequioa Fund’s total portfolio. Sequoia also closed its position in Apache Corporation (NYSE:APA) by selling 301,971 shares of the independent energy company. Another major position closed during the quarter was Solta Medical Inc (NASDAQ:SLTM) by selling 2,386,937 shares. Sequioa also sold out its entire holding of Move Inc. (NASDAQ:MOVE) by selling all of its 249,111 shares.

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About the Author

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

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