0000089043 sfi:C000033159Member 2025-12-31 2026-06-30 0000089043 2025-12-31 2026-06-30 0000089043 sfi:C000033159Member 2026-06-30 0000089043 sfi:C000033159Member sfi:AerospaceAndDefenseMember 2026-06-30 0000089043 sfi:C000033159Member sfi:AlphabetIncMember 2026-06-30 0000089043 sfi:C000033159Member sfi:ApplicationSoftwareMember 2026-06-30 0000089043 sfi:C000033159Member sfi:CapitalOneFinancialCorpMember 2026-06-30 0000089043 sfi:C000033159Member sfi:ConstellationSoftwareIncMember 2026-06-30 0000089043 sfi:C000033159Member sfi:ConsumerFinanceMember 2026-06-30 0000089043 sfi:C000033159Member sfi:EurofinsScientificSEMember 2026-06-30 0000089043 sfi:C000033159Member sfi:FinancialExchangesAndDataMember 2026-06-30 0000089043 sfi:C000033159Member sfi:HealthCareSuppliesMember 2026-06-30 0000089043 sfi:C000033159Member sfi:ICONPLCMember 2026-06-30 0000089043 sfi:C000033159Member sfi:InteractiveMediaAndServicesMember 2026-06-30 0000089043 sfi:C000033159Member sfi:InvestmentBankingAndBrokerageMember 2026-06-30 0000089043 sfi:C000033159Member sfi:ITConsultingAndOtherServicesMember 2026-06-30 0000089043 sfi:C000033159Member sfi:LibertyMediaCorpLibertyFormulaOneMember 2026-06-30 0000089043 sfi:C000033159Member sfi:LifeSciencesToolsAndServicesMember 2026-06-30 0000089043 sfi:C000033159Member sfi:ManagedHealthCareMember 2026-06-30 0000089043 sfi:C000033159Member sfi:MiscellaneousSecuritiesMember 2026-06-30 0000089043 sfi:C000033159Member sfi:MoviesAndEntertainmentMember 2026-06-30 0000089043 sfi:C000033159Member sfi:MultiSectorHoldingsMember 2026-06-30 0000089043 sfi:C000033159Member sfi:OfficeServicesAndSuppliesMember 2026-06-30 0000089043 sfi:C000033159Member sfi:PharmaceuticalsMember 2026-06-30 0000089043 sfi:C000033159Member sfi:RollsRoyceHoldingsPLCMember 2026-06-30 0000089043 sfi:C000033159Member sfi:SemiconductorsMember 2026-06-30 0000089043 sfi:C000033159Member sfi:TaiwanSemiconductorManufacturingCoLtdMember 2026-06-30 0000089043 sfi:C000033159Member sfi:TheCharlesSchwabCorpMember 2026-06-30 0000089043 sfi:C000033159Member sfi:TradingCompaniesAndDistributorsMember 2026-06-30 0000089043 sfi:C000033159Member sfi:UniversalMusicGroupNVMember 2026-06-30 iso4217:USD pure sfi:Holding 0.011 0.133 0.032 0.018 0.054 0.092 0.034 0.012 0.073 0.085 0.046 0.035 0.025 0.043 0.130 0.140 0.021 0000089043 false N-1A SEQUOIA FUND INC N-CSRS 2026-06-30 Sequoia Fund, Inc. Sequoia Fund, Inc. SEQUX This semi-annual shareholder report contains important information about Sequoia Fund, Inc. (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.sequoiafund.com/resources. You can also request this information by contacting us at 1-800-686-6884. www.sequoiafund.com/resources 1-800-686-6884 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sequoia Fund, Inc.</td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"><span>$</span>49</td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span><span>*</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="vertical-align: middle; display: inline; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; content: ' '; padding: 0;"></td> <td style="vertical-align: middle; display: inline; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; content: ' '; padding: 0;"></td> <td style="vertical-align: middle; display: inline; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; content: ' '; padding: 0;"></td> <td style="vertical-align: middle; display: inline; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; content: ' '; padding: 0;"></td> <td style="vertical-align: middle; display: inline; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; content: ' '; padding: 0;">*Annualized</td> </tr> </table> 49 0.0100 <div style="font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span>$</span>3,612,231,837</td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">22</td> </tr> <tr style="height: 20pt; border-bottom-color: initial; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 3612231837 22 0.07 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings (as of June 30, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table and graph show the investment makeup of the Fund as of June 30, 2026. Figures are expressed as percentages of the Fund’s net assets.</div> <div style="border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse;"> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Rolls-Royce Holdings PLC</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp.-Liberty Formula One</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Universal Music Group NV</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Eurofins Scientific SE</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Constellation Software, Inc.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">The Charles Schwab Corp.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">ICON PLC</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b></div> <div style="padding-right: 0px; padding-left: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g115309chartimages_12159266.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse;"> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Rolls-Royce Holdings PLC</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp.-Liberty Formula One</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Universal Music Group NV</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Eurofins Scientific SE</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Constellation Software, Inc.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">The Charles Schwab Corp.</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">ICON PLC</td> <td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> </table> 0.130 0.092 0.073 0.067 0.064 0.054 0.046 0.043 0.043 0.042 Annualized