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Why did SEQUX drop so much when their Valeant position is now only their 10th largest one ?
Per their 6/30/15 commentary at http://www.sequoiafund.com/FundComm.pdf , Valeant shouldn't hurt them as much as it seems to be doing. Granted they have some other losers, too.
Per M*, on 6/31/15 VRX is 29% of SEQUX portfolio. 29% x a drop of 20% in the stock equates to about a 5.8% drop in the fund.
The % of VRX in the portfolio is likely less than the 29% reported on 6/31/15 since the stocks price dropped significantly in the last few months even before yesterday. So yeah, the 4.3% in SEQUX drop yesterday can certainly be attributed to VRX. Makes sense.
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The % of VRX in the portfolio is likely less than the 29% reported on 6/31/15 since the stocks price dropped significantly in the last few months even before yesterday. So yeah, the 4.3% in SEQUX drop yesterday can certainly be attributed to VRX. Makes sense.
today was quite volatile for VRX as well...