Michael Santoli mentions the Sequoia Fund reopening in his Barron's column (scroll down). It's notable that the fund's redemptions stem from attrition in the fund's longstanding shareholder base. Remember that this fund was launched to accommodate investors when Buffett ended his partnership.
Santoli writes:
Sequoia's performance is ahead of its peers' and the S&P 500 over
the past year. That's impressive for a value-oriented fund, especially
one with 19% stashed in retailers, and speaks to the managers'
avoidance of credit-sensitive names in the 25-stock portfolio.
Santoli points out that nearly half of Sequoia's net asset value consists of unrealized taxable gains. So anyone thinking of getting in may want to do so in a non-taxable account, if possible.
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