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Sequoia Vexed Anew By Valeant As Fund Plunges 7.7% In Single Day

TedTed
in Fund Discussions
FYI: (This is a follow-up article with more details on Sequoia's involvement with VRX.)

Sequoia Fund fell to bottom of peer group after Tuesday's loss

Elected Tim Medley to its board following two departures

The Sequoia Fund, a famed mutual fund that slumped about 30 percent in the past seven months, was the biggest loser Tuesday among U.S. stock funds as its largest holding, beleaguered drugmaker Valeant Pharmaceuticals International Inc., suffered its worst day on record.

Regards,
Ted
http://www.bloomberg.com/news/articles/2016-03-16/sequoia-vexed-anew-by-valeant-as-fund-plunges-7-7-in-single-day

Comments

  • dicksonL
    sequx is under review in M*, but VRX is still 5* !!
  • claimui
    edited March 2016
    VRX went down another 11.54% on Thursday. But SEQUX was actually *up* 0.20%

    I don't think Sequoia has sold any shares. Rather, VRX's stock price has apparently dropped so low that it's probably now only represents 10% or so of Sequoia's portfolio, which would make it a smaller holding than Berkshire Hathaway (if you add up BRK.A and BRK.B shares).

    So Sequoia's shareholders can now rest assured that VRX is no longer the fund's biggest holding! Of course, they might have preferred that it happened in another way.
  • Old_JoeOld_Joe
    Wow, that's an interesting perspective... value of something drops so low that it no longer even counts for much. I've owned one or two of those in my day.
  • hawkmountain
    OJ: I know the feeling very well. Most recently Lynas LYSCF, one of those 'rare' earth mineral things. I could sell it and buy some box wine.
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