Skip to Content
  1. Podcasts
  2. The Long View

A Conversation With the Sequoia Fund’s Managers

Two members of the Sequoia Fund’s investment committee open up about the firm’s culture, why the portfolio is more fully invested than before, Berkshire, and more.

The Long View cover art

Listen Now

Listen and subscribe to Morningstar’s The Long View from your mobile device.

(A note to listeners: We recorded this interview before the recent sell-off took began, explaining why it’s not discussed. We’ll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.)

Our guests this week are Arman Kline and Trevor Magyar of investment management boutique, Ruane, Cunniff & Goldfarb, or RCG for short. Arman and Trevor sit on the five-person investment committee at RCG that oversees management of all client assets, including those held in the Sequoia Fund. This year, the Sequoia fund will celebrate its 50th anniversary as a mutual fund. From its July 15, 1970, inception through Jan. 31, 2020, the fund gained 13.6% per year, topping the S&P 500 index by 240 basis points annually. Arman joined RCG in 2002, following a stint as an equity analyst at Merrill Lynch. He graduated from Colby College. Trevor began at the firm in 2007, following an early career in investment banking, private equity, and hedge funds. He's a graduate of Princeton University and received his MBA from Harvard University.

General

Ruane, Cunniff & Goldfarb (RCG)
RCG investment committee and team bios
Sequoia Fund 2019 Annual Report
Sequoia Fund Q4 2019 Investor Letter
Sequoia Fund shareholder communications
Morningstar analysis of Sequoia Fund; Aug. 8, 2019
Sequoia Fund portfolio analytics

Stocks Referenced

Rolls Royce PLC ADR RYCEY
Mastercard MA
CarMax KMX
Carvana CVNA
Wayfair W
Amazon.com AMZN
Zalando SE ZLDSF
Zooplus AG ZLPSF
Vivendi SA VIVEF
Alphabet GOOGL
Berkshire Hathaway BRK.A