Wednesday, July 13, 2016 1:32:54 PM
Sequoia Fund Inc. told investors in its letter Tuesday that it no longer owned any shares of Valeant VRX, -4.11% , a stock that at one time accounted for more than 30% of its portfolio.
Sequoia suffered losses and client withdrawals this year as Valeant faced questions about its business and accounting practices. Sequoia was down 11.7% for the year to date through Tuesday, according to its website.
The fund also disclosed a series of new bets made during the second quarter. It bought shares in Chipotle Mexican Grill Inc. CMG, +2.64% , Charles Schwab Corp. SCHW, -1.68% , Wells Fargo & Co. WFC, -0.50% and CarMax Inc. KMX, -0.53% Charles Schwab is known for its low-cost funds tied to indexes, and the managers of Sequoia said an industrywide shift to such funds represents an opportunity for the brokerage firm.
http://www.marketwatch.com/story/large-valeant-stakeholder-dumps-all-of-its-shares-2016-07-12
Sequoia suffered losses and client withdrawals this year as Valeant faced questions about its business and accounting practices. Sequoia was down 11.7% for the year to date through Tuesday, according to its website.
The fund also disclosed a series of new bets made during the second quarter. It bought shares in Chipotle Mexican Grill Inc. CMG, +2.64% , Charles Schwab Corp. SCHW, -1.68% , Wells Fargo & Co. WFC, -0.50% and CarMax Inc. KMX, -0.53% Charles Schwab is known for its low-cost funds tied to indexes, and the managers of Sequoia said an industrywide shift to such funds represents an opportunity for the brokerage firm.
http://www.marketwatch.com/story/large-valeant-stakeholder-dumps-all-of-its-shares-2016-07-12
My post is for Your Eyes only and my entertainment
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
