Sequoia Fund · NASDAQ:SEQUX
Sequoia Fund — Ruane Cunniff — Investor Day (May 2026)
55 slides from Sequoia Fund's investor day presentation, May 14, 2026
Slide 1: Submit and Vote for Q&A topics using Slido
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Slide 2: Investor Day 2026
I N V E S T O R D AY 2 0 2 6 M AY 1 4 , 2 0 2 6 45 Rockefeller Plaza, 34th Floor New York, NY 10111 (212) 832-5280 | www.ruanecunniff.com
Slide 3: Disclosures
DISCLOSURES Please consider the investment objectives, risks and charges and expenses of Sequoia Fund, Inc. (the “Fund”) carefully before investing. The Fund's prospectus and summary prospectus contain this and other information about the Fund and are available at www.sequoiafund.com or by calling 1
Slide 4: Disclosures (continued)
DISCLOSURES (CONTINUED) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fees 1.00% Other Expenses 0.11% Total Annual Fund Operating Expenses 1.11% Expense Reimbursement by Investment Advisor (0.11)% Net Annual Fund Operatin
Slide 5: Disclosures (continued)
DISCLOSURES (CONTINUED) Average Annual Total Returns, where noted, reflect the compound annual return of Sequoia Fund net of all fees over the specified time period. Portfolio Concentration is calculated as a percentage of fiscal year-end total net assets. Prior to 1978, Sequoia Fund’s fiscal year-e
Slide 6: Agenda
AGENDA Welcome Portfolio Review Company Presentations Q&A Scan this QR code to submit and Vote for Q&A topics using Slido. RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 7: Portfolio Review
PORTFOLIO REVIEW T R E VO R M A G YA R RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 8: Performance
PERFORMANCE T h rou gh M a y 1 3 , 2 02 6 30% 28.03% 25% 23.39% 19.73% 20% 15.61% 15% 12.30% 9.20% 10% 6.23% 5% 0% -5% -4.30% -10% YTD 2026 1yr 3yr Since IC Inception* Annualized SEQUX S&P 500 *Performance measured from June 30, 2016, the start of the first full quarter the Investment Committee bega
Slide 9: Performance: Contribution
PERFORMANCE: CONTRIBUTION L a s t 1 2 M on t hs to M a y 1 3 , 2 02 6 Alphabet Rolls-Royce Holdings Taiwan Semiconductor Mfg. Co Ashtead Group UnitedHealth Group Elevance Health Eurofins Scientific Charles Schwab Align Technology Meta Platforms Amentum Holdings MSA Safety Berkshire Hathaway Bio-Tech
Slide 10: Portfolio Adds and Exits
PORTFOLIO ADDS AND EXITS L a s t 1 2 M on t hs to M a y 1 3 , 2 02 6 ∆ Portfolio ∆ Portfolio New Purchases Weight Full Sales Weight Align Technology 1.5% Jacobs Solutions 1.1% Accenture plc 2.0% Bio-Techne 2.0% MSA Safety 3.0% Zoetis 3.0% The information presented reflects completed portfolio invest
Slide 11: Portfolio: Top 10 Holdings
PORTFOLIO: TOP 10 HOLDINGS A s of M a y 1 3 , 2 02 6 Investment Portfolio Weight Years Invested Rolls-Royce Holdings plc 11.3% 18.8 Alphabet Inc 11.3% 15.9 Universal Music Group NV 7.4% 8.3 Liberty Media Corp – Formula One 7.2% 9.5 Elevance Health Inc 6.0% 5.2 Eurofins Scientific SE 5.7% 7.3 Sunbelt
Slide 12: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS † Portfolio Valuation* Portfolio Concentration – Weight of Top 10 100% Sequoia Fund Avg: 64% 80% 16.2x 21.2x 67% 60% 40% IC Avg: 61% 41% SEQUOIA FUND S&P 500 20% *Non-GAAP. Price-to-earnings ratios are based on internal earnings estimates updated S&P 500 based on the most r
Slide 13: Firm Update
FIRM UPDATE ASSETS UNDER MANAGEMENT* $16 BILLION TEAM MEMBERS 57 INVESTMENT PROFESSIONALS 23 BUSINESS PROFESSIONALS 34 *Ruane Cunniff LP and related parties. Estimated as of 5/13/2026. RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
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Slide 15: Arman Gökgöl-Kline & Sophie Garrett
A R M AN G Ö KG Ö L-KLI NE & SO P H I E G A R RET T RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 16: MSA Safety: Earnings per Share
MSA SAFETY SEQ U O I A F U ND I NV E S T MEN T $240 Initial Purchase $8.00 4/8/2025 $210 $7.00 $180 $6.00 Earnings per Share $150 $5.00 Stock Price $120 $4.00 $90 $3.00 $60 $2.00 $30 $1.00 $0 $0.00 MSA EPS MSA Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet
Slide 17: MSA Safety Introduction
MSA SAFETY INTRODUCTION MSA Revenue 2025 Fire Safety 34% Gas Detection 41% Personal Protective Equipment 25% RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet
Slide 18: Leading Market Position
LEADING MARKET POSITION 112 years in business Over 40 million people protected globally 1st or 2nd in market share in nearly every product category 9 out of 10 US fire departments own at least one MSA product V-Gard is the #1 selling hard hat in the country after 65 years RUANE CUNNIFF LP | INVESTOR
Slide 19: Attractive Business Fundamentals
ATTRACTIVE BUSINESS FUNDAMENTALS Premium Hard Hat MSA Market Share $90 Retail Price SCBA in North America 45% $80 40% $70 35% $60 30% $50 25% $40 20% $30 Large New Accounts Won: 15% $20 Baltimore Memphis 10% City of LA Orange County $10 5% LA County US Coast Guard $0 0% 3M PIP (Honeywell) Bullard MS
Slide 20: How could connected safety transform MSA's business?
KEY QUESTION How could “connected safety” transform MSA’s business? RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 21: Connected Portable Detector
“CONNECTED” PORTABLE DETECTOR Track Employee Locations Ability to Real-time Call for Triangulation Help of Gas Leaks Compliance & Productivity Remote Benefits Upgrades RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 22: Rapid Adoption at Superior Economics
RAPID ADOPTION AT SUPERIOR ECONOMICS Connected % of Portables Revenue Unit Economics over 5-year Useful Life 30% 25% Traditional Subscription 20% $800 upfront 3x $40/mo = $2,400 15% cost 10% Low-Teens ~60% margin ~75% margin 5% % 0% 4x Today 2026 $480 profit $1,800 profit Source: Company and RC Esti
Slide 23: Connected Firefighter
“CONNECTED” FIREFIGHTER RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 24: MSA Safety: Earnings per Share
MSA SAFETY SEQ U O I A F U ND I NV E S T MEN T $240 Initial Purchase $8.00 4/8/2025 $210 $7.00 $180 $6.00 Earnings per Share $150 $5.00 Stock Price $120 $4.00 $90 $3.00 $60 $2.00 $30 $1.00 $0 $0.00 MSA EPS MSA Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet
Slide 25: Will Pan & Eric Liu
W I L L PA N & E R I C L I U RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 26: SAP Introduction
SAP INTRODUCTION RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 27: SAP Software Suite
SAP SOFTWARE SUITE Sales Enterprise Resource Spending HR Planning Finance & Supply Chain Analytics RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 28: SAP: Earnings per Share
SAP SEQ U O I A F U ND I NV E S T MEN T € 300 € 6.00 Initial Purchase 6/17/2022 € 250 € 5.00 +242% Earnings per Share € 200 -49% € 4.00 Stock Price € 150 -43% € 3.00 € 100 € 2.00 € 50 € 1.00 €0 € 0.00 SAP EPS SAP Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet
Slide 29: Will AI disrupt SAP's core business?
KEY QUESTION Will AI disrupt SAP’s core business? RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 30: Original Investment Thesis
ORIGINAL INVESTMENT THESIS Earnings Per Share* Heavily Moated €8 €7 7.21 €6 Cloud Migration €5 Accelerating Revenue €4 €3 3.11 €2 Margin Expansion €1 €0 2022 2026E RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet, Adjusted by RC
Slide 31: ERP Software Is Not Flashy…
ERP SOFTWARE IS NOT FLASHY… RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 32: …But There Are Only Two Real Options…
…BUT THERE ARE ONLY TWO REAL OPTIONS… “Big organizations, over $1 “Only Oracle and SAP can offer the billion of turnover a year, scalability that a large enterprise with typically they’ve all got an ERP many sites like [us] would need.” and it’s either SAP or Oracle.” “It’s Oracle and SAP… That’s go
Slide 33: …And Switching Can Be a Disaster
…AND SWITCHING CAN BE A DISASTER. RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 34: SAP Has Evolved Over 50+ Years
SAP HAS EVOLVED OVER 50+ YEARS GPUs & AI Cloud & Mobile Client-Server Mainframe RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 35: AI Threat
AI THREAT AI Layer ERP Copycat ERP Copycat RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 36: AI Opportunity
AI OPPORTUNITY New AI Paradigm SAP Autonomous Enterprise RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 37: SAP: Earnings per Share
SAP SEQ U O I A F U ND I NV E S T MEN T € 300 € 6.00 Initial Purchase 6/17/2022 € 250 € 5.00 Earnings per Share € 200 € 4.00 Stock Price € 150 € 3.00 € 100 € 2.00 € 50 € 1.00 €0 € 0.00 SAP EPS SAP Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet
Slide 38: Matt Cooper & Trevor Magyar
M AT T CO O P E R & T R E VO R M AG YAR RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 39: Intercontinental Exchange: Earnings per Share
INTERCONTINENTAL EXCHANGE SEQ U O I A F U ND I NV E S T MEN T $200 $9.00 $180 Initial Purchase $8.00 $160 7/19/2020 $7.00 Earnings per Share $140 $6.00 Stock Price $120 $5.00 $100 $4.00 $80 $3.00 $60 $40 $2.00 $20 $1.00 $0 $0.00 ICE EPS ICE Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Sour
Slide 40: Intercontinental Exchange Introduction
INTERCONTINENTAL EXCHANGE INTRODUCTION ICE Operating Income 2025 Mortgage Software 15% Ellie Mae (Origination) Exchanges & Black Knight (Servicing) Clearing MERS & Simplifile 68% Futures (Brent, TTF) Options Fixed Income Equities (NYSE) Pricing & Data 17% Bond Pricing Indices ETF Data RUANE CUNNIFF
Slide 41: Exchanges: A Type of Marketplace
EXCHANGES: A TYPE OF MARKETPLACE Marketplaces Exchanges Exchanges w/ Integrated Clearing RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 42: Why Owned-Clearing Matters
WHY OWNED-CLEARING MATTERS Equity Exchanges Derivative Exchanges Exchange: NYSE Nasdaq ICE CME ICE CME Clearinghouse: DTCC Clearing Clearing Fungible Assets Non-fungible Assets Single Shared Clearing Utility Multiple Owned Clearing Utilities RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 43: Expectations vs Reality
EXPECTATIONS VS REALITY Annualized Growth Original Forecast Actual 2021-2026E (2020) Exchange Revenue Mid-Single-Digit +10% per annum Exchange Operating Income High-Single-Digit +12% per annum Total ICE Operating Income High-Single-Digit +10% per annum Total ICE EPS Low-to-Mid-Teens +9% per annum RU
Slide 44: Is the $25B mortgage bet a good one?
KEY QUESTION Is the $25B mortgage bet a good one? RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 45: Mortgage's Siloed Ecosystem
MORTGAGE’S SILOED ECOSYSTEM Mortgage Mortgage Origination Servicing Find the borrower — market to and source potential customers Collect the payment — take monthly P&I from the borrower Approve the loan — check income, credit, and the property Handle escrow — pay property taxes and insurance on thei
Slide 46: Mortgage's Siloed Ecosystem
MORTGAGE’S SILOED ECOSYSTEM Mortgage Mortgage Mortgage Origination Servicing Origination Find the borrower Collect the payment Find the borrower Approve the loan Handle escrow Approve the loan Close & fund Pass cash to investors Close & fund Sell the loan Help struggling borrowers Sell the loan Win
Slide 47: The Vision and Its Components
THE VISION AND ITS COMPONENTS Mortgage Mortgage Origination Servicing Acquired in 2020 Acquired in 2023 Over 50% of Originations Over 60% of Servicing Paid ~$11B Paid ~$14B RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Source: FactSet
Slide 48: Poor Timing
POOR TIMING US Mortgage Originations Ellie Mae # of Loans, millions Deal Announced 16 Black Knight 14 Deal Announced 12 Millions of Loans 10 Average 8 6 4 2 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RUANE CUNNIFF LP | INVESTOR DAY | MAY 202
Slide 49: Is the $25B mortgage bet a good one?
KEY QUESTION Is the $25B mortgage bet a good one? Great Ambitious High Unfortunate Assets Vision Prices Timing Maybe RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026
Slide 50: Where Does That Leave Us?
WHERE DOES THAT LEAVE US? ICE Operating Income 2025 Earnings Per Share Growth 22% Mortgage Software 20% 16.2% 16.1% 15% Exchanges 14.2% 14.5% & Clearing 15% 68% 10% 8.1% 8.0% 6.0% Fixed Income 5% 2.9% Pricing & Data 0% 17% 2018 2019 2020 2021 2022 2023 2024 2025 2026E US Mortgage Originations 15 # o
Slide 51: Intercontinental Exchange: Earnings per Share
INTERCONTINENTAL EXCHANGE SEQ U O I A F U ND I NV E S T MEN T $200 $9.00 $180 Initial Purchase $8.00 $160 7/19/2020 $7.00 Earnings per Share $140 $6.00 Stock Price $120 $5.00 $100 $4.00 $80 $3.00 $60 $40 $2.00 $20 $1.00 $0 $0.00 ICE EPS ICE Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2026 Sour
Slide 52: Submit and Vote for Q&A topics using Slido
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Slide 53: Informal Q&A
INFORMAL Q&A Investment Coverage Analysts Investment Coverage Analysts Accenture Eric Liu Intercontinental Exchange Matt Cooper, Trevor Magyar Align Technology Trevor Magyar; Sophie Garrett Liberty Broadband (Charter) Eric Liu; Alana Pickens Alphabet Will Pan, Trevor Magyar; Josh Lee Liberty Media (
Slide 54: Thanks for Attending!
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Slide 55: Slide 55