Jul
12
Longtime Valeant Investor Sequoia Fund Exits After Losses
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Holding ‘badly penalized our results’ in 2016, committee says
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Battered drug stock was biggest position at start of the year
Ruane, Cunniff & Goldfarb, manager of the Sequoia Fund and once the largest shareholder in Valeant Pharmaceuticals International Inc., said the $4.8 billion mutual fund exited that investment last month after losses.
Valeant, which once accounted for more than 30 percent of the Sequoia portfolio, was no longer a holding by mid-June, the firm told investors Tuesday.
“Valeant was our largest position to start the year and its 80 percent decline through June 30 badly penalized our results,” according to a letter signed by the fund’s investment committee, including Ruane Cunniff Chief Executive Officer David Poppe…
Longtime Valeant Investor Sequoia Fund Exits After Losses
