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
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