FYI: Sequoia Fund (SEQUX), the former top performer that’s seen its reputation tarnished by an outsize position in troubled Valeant Pharmaceuticals International (VRX), dumped roughly half of its position in the drug company, filings show.
The fund’s manager, Ruane, Cunniff & Goldfarb, disclosed that it has cut its stake to 16.1 million shares, or 4.7% of shares outstanding, in a filing with the SEC dated May 31. That is down down from 30.3 million shares at the end of March.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2016/06/07/sequoia-fund-dumps-more-than-half-of-valeant-stake/tab/print/
