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词条 Ruane, Cunniff & Goldfarb
释义

  1. Sequoia Fund

  2. References

  3. External links

{{cleanup|reason=infobox and update perhaps|date=August 2017}}Ruane, Cunniff & Goldfarb, based in New York City, is the investment firm founded in 1969 by William J. Ruane and Richard T. Cunniff. For a long time after its inception in 1970, the firm's flagship Sequoia Fund (SEQUX) recorded one of the best long-term track records on Wall Street, and it was closed to new investors from 1982 to 2008, and again from 2013 to 2016.[1][2][3][4] In April 2016 and after a sharp loss on Valeant Pharmaceuticals, the Fund indicated it was reopening to new investors.[5] RCG manages $30 billion in assets across the Sequoia Fund, hedge fund partnerships and private accounts.[6] Following the retirement of Robert Goldfarb, David Poppe became the CEO of the firm, and the sole portfolio manager of the Sequoia Fund.[7] Poppe retired and stepped down in Oct 2018.[8] There is a five-person investment committee that manages Sequoia Fund.[9]

Sequoia Fund

Ruane, Cunniff & Goldfarb is best known as the investment advisor and distributor of the Sequoia Fund (SEQUX). The history of the Sequoia Fund traces its roots to Bill Ruane's lifelong friendship with Warren Buffett. Bill Ruane first met Buffett at a value investing seminar taught by Benjamin Graham at Columbia University in 1950. When Buffett closed his investment partnership in 1969, he advised his clients to invest with Ruane in the Sequoia Fund. In 1970, William J. Ruane and Richard T. Cunniff founded the Sequoia Fund to take on Buffett's former investors.[10][11][12] Robert Goldfarb joined the firm in 1971.

In The Superinvestors of Graham-and-Doddsville, Buffett wrote, "When I wound up the Buffett Partnership, I asked Bill Ruane if he would set up a fund to handle all of our partners, so he set up the Sequoia Fund...Bill was the only person I recommended to my partners."[13] During his search for a candidate to succeed him as chief investment officer of Berkshire Hathaway, Buffett said, "I'm looking for another Bill Ruane." [14]

In the 45-year period from its inception in 1970 to 2015, the Sequoia Fund earned an annualized return of 14.65% versus the S&P 500's annualized return of 10.93%.[15] According to Morningstar, Sequoia Fund outperformed its large-cap blend-category peers in 332 of the 333 rolling 10-year periods dating back to its 1970 start.[16] The fund closed to new investment in 1982 and reopened 26 years later in 2008.[17] In 2010, Morningstar named co-managers Robert D. Goldfarb and David M. Poppe Domestic-Stock Fund Managers of the Year in recognition of the excellent long-term performance of the Sequoia Fund.[18][19] In 2013, the Sequoia Fund again closed to new investors.[20]

In 2016, the fund lost $1.26 billion in a single day when Valeant Pharmaceuticals stock, which made up 19% of Sequoia Fund holdings, lost a significant portion of its value.[21] Goldfarb and Poppe responded by saying that their "credibility as investors has been damaged by this saga."[21] The Valeant Pharmaceuticals position accounted for over 30% of Sequoia Fund's assets in mid-2015, and declined 87% from a high of $265.52 in August 2015 to $33.43 in March 2016.[7] Over this time period Sequoia fell by 22%, performing worse than 99% of rival funds.[22] At one point, over 30 percent of the fund's assets was invested in Valeant.[23]

References

1. ^[https://seekingalpha.com/article/91451-sequoia-fund-reopens-after-26-years-a-look-inside Sequoia Fund Reopens After 26 Years: A Look Inside], accessed August 20, 2018
2. ^ {{cite web|url=https://www.wsj.com/articles/SB10001424052748704198004575311042771457112/|title=Sequoia Fund Sticks to What Works|publisher=Wall Street Journal|date=2015-05-13 |accessdate=2015-05-13}}.
3. ^ {{cite web|url=http://www.seattletimes.com/business/legendary-sequoia-fund-opens-its-doors-to-new-investors/|title=Legendary Sequoia Fund opens its doors to new investors|publisher=Seattle Times|date=2015-05-13 |accessdate=2015-05-13}}.
4. ^ {{cite web|url=http://online.barrons.com/articles/SB50001424052748704330804577139150561809464|title=Sequoia Grows to the Sky|publisher=Barron's|date=2015-05-31}}.
5. ^https://www.yahoo.com/news/buffett-munger-slam-valeant-drugmaker-turned-sewer-192754322--sector.html
6. ^ {{cite web|url=http://investment-advisors.credio.com/l/33295/Ruane-Cunniff-And-Goldfarb-Inc|title=Ruane, Cunniff, and Goldfarb|publisher=Credio|date=2015-05-13 |accessdate=2015-05-13}}.
7. ^1 {{cite web|url=https://www.bloomberg.com/news/articles/2016-03-23/goldfarb-to-retire-from-sequoia-fund-after-valeant-losses|title=Goldfarb Exits as Sequoia's Valeant Debacle Caps 45-Year Career|publisher=Bloomberg Business|date=2016-03-23|accessdate=2016-04-22}}.
8. ^{{Cite web|url=http://citywireusa.com/professional-buyer/news/david-poppe-to-retire-from-sequoia-fund-after-20-years/a1164005|title=David Poppe to retire from Sequoia fund after 20 years|website=sjo3ekt.js|language=en|access-date=2019-02-01}}
9. ^{{Cite web|url=https://www.sequoiafund.com/About|title=About : SEQUOIA|website=www.sequoiafund.com|access-date=2019-02-01}}
10. ^ {{cite web|url=https://www.bloomberg.com/news/articles/2011-12-29/cutting-buffett-helps-sequoia-fund-top-value-investor-rankings|title=Cutting Buffett Helps Sequoia Fund Top Value Investor Rankings|publisher=Bloomberg Business|date=2015-05-31}}
11. ^ {{cite web|url=http://blogs.barrons.com/focusonfunds/2011/12/30/sequoia-funds-deep-ties-to-warren-buffett-still-paying-off/|title=Sequoia Fund’s Deep Ties To Warren Buffett Still Paying Off|publisher=Barron's|date=2015-05-13 |accessdate=2015-05-13}}.
12. ^ {{cite web|url=https://www.bloomberg.com/bw/magazine/for-sequoia-life-after-warren-buffett-is-sweet-01052012.html|title=For Sequoia, Life After Warren Buffett Is Sweet|publisher=Bloomberg Business|date=2015-05-13 |accessdate=2015-05-13}}.
13. ^ {{cite web|url=http://www8.gsb.columbia.edu/rtfiles/cbs/hermes/Buffett1984.pdf|title=The Superinvestors of Graham-and-Doddsville|publisher=Columbia Business School|date=2015-05-13 |accessdate=2015-05-13}}.
14. ^ {{cite web|url=https://www.wsj.com/articles/SB117769304545985007|title=Want to Be Next Warren Buffett? The Line Forms in Nebraska|publisher=Wall Street Journal|date=2015-05-13 |accessdate=2015-05-13}}.
15. ^{{cite web|url=http://www.sequoiafund.com/fp-investment-return-table.htm |title=Sequoia Fund Inc. Investment Return Table|publisher=sequoiafund.com|date=2013-09-30 |accessdate=2013-10-28}}.
16. ^ {{cite web|url=http://www.seattletimes.com/business/legendary-sequoia-fund-opens-its-doors-to-new-investors/|title=Legendary Sequoia Fund opens its doors to new investors|publisher=Seattle Times|date=2015-05-13 |accessdate=2015-05-13}}.
17. ^{{cite web|url=http://www.marketwatch.com/story/storied-sequoia-fund-to-reopen-but-has-the-glory-gone|title=Storied Sequoia Fund to reopen, but has the glory gone?}}.
18. ^{{cite web|url=http://corporate.morningstar.com/no/asp/subject.aspx?xmlfile=1638.xml&filter=PR4611|title=2010 Morningstar Press release}}.
19. ^{{cite web|url=http://uk.reuters.com/article/2011/01/05/us-morningstar-idUKTRE7044BZ20110105|title=Morningstar names top fund managers for 2010}}.
20. ^{{cite web|url=http://www.sequoiafund.com/images/sequoia%202%20Dec%20%2013.pdf|archive-url=https://web.archive.org/web/20140101040205/http://www.sequoiafund.com/images/sequoia%202%20Dec%20%2013.pdf|dead-url=yes|archive-date=2014-01-01|title=Sequoia Fund Letter to Shareholders}}.
21. ^1 {{Cite news | url = https://www.bloomberg.com/news/articles/2016-03-15/bill-ackman-loses-about-1-billion-on-valeant-worst-ever-drop | title = Valeant Costs Hedge Funds $3 Billion as Ackman, Paulson Hit | publisher = Bloomberg Business | date = March 15, 2016 | quote = Mutual fund manager Ruane Cunniff & Goldfarb, manager of the Sequoia Fund and the company’s biggest holder of Valeant shares, lost $1.26 billion on the investment ... trailed 97 percent of peers over the last year because of Valeant. The shares accounted for 19 percent of the fund as of Dec. 31. “As the largest shareholder of Valeant, our own credibility as investors has been damaged by this saga,” the fund’s co-managers Robert Goldfarb and David Poppe wrote}}
22. ^{{cite web|url=https://www.bloomberg.com/news/articles/2016-04-20/how-sequoia-fund-s-valeant-mistake-upended-a-top-return-chart|title=How Sequoia Fund's Valeant Mistake Upended a Top Performance|publisher=Bloomberg Business|date=2016-04-20|accessdate=2016-04-22}}.
23. ^{{cite news|last1=Stein|first1=Charles|title=How Sequoia Fund's Valeant Mistake Upended a Top Performance|url=https://www.bloomberg.com/news/articles/2016-04-20/how-sequoia-fund-s-valeant-mistake-upended-a-top-return-chart|accessdate=21 May 2016|agency=Bloomberg|date=20 Apr 2016}}

External links

  • Official web site of Sequoia Fund
  • [https://www.bloomberg.com/apps/quote?ticker=SEQUX:US Bloomberg overview] of Sequoia Fund
  • Morningstar overview of Sequoia Fund
  • [https://finance.yahoo.com/q?s=sequx Yahoo Finance overview] of Sequoia Fund
{{DEFAULTSORT:Ruane, Cunniff and Goldfarb}}

2 : Investment management companies of the United States|Companies based in New York City
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