Sequoia shareholders meeting highlights structural changes in investment policy, risk management, and decision-making.
Mutual fund management ain’t what it used to be.
The announcement is not a surprise, but the timing is somewhat unusual, at least by historical standards.
Continued controversy with top-holding Valeant has dragged down long-term returns and led to outflows at this venerable fund.
Although a 2012 soft close curbed inflows meaningfully, Sequoia's parent has decided to take a step further, allowing only existing shareholders to buy additional shares or open new accounts directly.
Sequoia's Robert Goldfarb and David Poppe are seeking a firm with as much earnings potential at a low price as Buffett's company 20 years ago, but they note the outcome is unlikely.
Quite a few good large-growth funds earn high Sustainability Ratings despite not being explicitly ESG-oriented.
Beleaguered fund fights to find footing after ill-fated Valeant Pharma bet.
In-kind redemptions rare but legal.
David Poppe remains as sole manager as the fund grapples with the fallout from its concentrated bet on Valeant.