Sequoia Fund, Inc. (NASDAQMUTFUND: SEQUX)

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Sequoia Fund, Inc. Return vs. S&P

	1 Year	5 Year	5 Year Annualized	Since IPO
SEQUX	+31.15%	+51.04%	+8.60%	+1,172%
S&P	+24.47%	+71.72%	+11.41%	+985%

Sequoia Fund, Inc.

Valeant began the year as the Sequoia Fund's largest holding. Now the fund no longer owns a single share.

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