This actively managed fund, valued at $6.6 billion – which ETF (also known as Ruane Cunniff) considers to be one of the largest actively managed funds of its kind to date – will integrate most of the taxable independent accounts managed by Sequoia Fund and Ruane Cunniff into a single investment portfolio.
New York, October 19, 2026 / PRNewswire / -- Ruane Cunniff LP, an investment company headquartered in New York that has managed Sequoia Fund mutual funds for over 56 years, today announced the launch of Sequoia ETF ( NYSE : SEQ ), which marks a milestone in the company's history. Sequoia ETF is a successor product to Sequoia Fund and combines this long-established mutual fund with most of the company's taxable independent accounts into a ETF investment portfolio worth approximately $6.6 billion.
The story of Sequoia began in 1970, when Bill Ruane and Rick Cunniff founded the fund with a simple concept: if investors purchased a portfolio of high-quality companies at a reasonable price and held onto them patiently over the long term, they could reliably accumulate wealth over time. Despite more than 50 years of market changes and three generations of management, this concept has never changed. The company stated that even after announcing the transition to ETF today, this philosophy will remain unchanged. Sequoia ETF is managed by the Ruane Cunniff Investment Committee, whose members include Arman Gokgol to Kline, John Harris, and Trevor Magyar; this team has been managing the Sequoia strategy since June 30, 2016.
"Today is a day to be proud of for Ruane Cunniff," said John Harris, the company's managing partner. "For 56 years, Sequoia has been built for patient holders. We believe that ETF is the modern platform to serve such investors in the coming decades. Its tax efficiency represents a significant advantage for long-term investors. We are deeply grateful to our customers who have trusted us, many of whom have been with us for decades."
After the reorganization was completed following the close of trading on Friday, October 16, 2026, the shareholders of Sequoia Fund and independent account customers have become shareholders of Sequoia ETF. According to the content outlined in the merger proxy statement/prospectus of Sequoia Fund, the structure of ETF is expected to bring several potential benefits to shareholders, including tax efficiency advantages for many taxable investors, which may allow them to defer the realization of certain capital gains, similar to investing in a single stock. Shares of ETF can be held in most brokerage accounts and traded throughout the trading hours; the portfolio holdings will be disclosed daily on the website of ETF.
Ruane Cunniff LP indicates that Sequoia ETF currently holds a concentrated investment portfolio consisting of 22 companies, which are considered to have sustainable competitive advantages, strong management teams, and attractive economic characteristics. From its establishment on July 15, 1970, to September 30, 2026, Sequoia Fund achieved an annualized return of 13.3% after deducting fees, while the S&P 500 index during the same period recorded a return of 11.6%.
Fund information can be obtained at www.sequoiaetf.com, or by calling 1-844-737-3230.
About Ruane Cunniff
Ruane Cunniff LP is a registered investment advisory firm headquartered in New York, founded in 1969 by Bill Ruane and Rick Cunniff. Its most well-known business is the management of Sequoia Fund, which is now known as Sequoia ETF. The company states that it is an institution that adheres to a single philosophy: to hold quality companies at reasonable prices and to continue holding them as long as they remain attractive. Today, this philosophy is practiced in various forms. In addition to Sequoia ETF, the company and its affiliates also manage several private equity partnership products, including Acacia, Poplar, Willow, and Wishbone; each of these products follows different strategies but are all based on the same approach. As of September 30, 2026, Ruane Cunniff manages assets worth approximately $15 billion, serving individuals, financial advisors, and institutions. For more information, please visit www.ruanecunniff.com.
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The above performance data represents historical performance. Current performance may be lower or higher than the aforementioned figures. Past performance does not guarantee future results. Investment returns and the value of the principal investment can fluctuate; therefore, when investors redeem their shares, the value may be higher or lower than the original investment cost. For performance information as of the most recent month end, please call the toll-free number 1-844-737-3230.
Important Information
Please consider carefully the investment objectives, risks, fees, and charges of Sequoia ETF (“Sequoia ETF” or “this fund”) before making an investment. The fund’s prospectus and summary prospectus contain the aforementioned information as well as additional relevant details. The prospectus does not constitute an offer to sell fund shares in any state where such sales are not permitted, nor does it constitute an invitation to purchase. Investors may access the prospectus and summary prospectus by visiting www.sequoiaetf.com or by calling 1-844-737-3230. Please read the prospectus and summary prospectus carefully before investing. Investment in this fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation of the United States or any other government agency.
Risks:This ETF primarily invests in stocks and securities, therefore it is subject to fluctuations in stock market prices. This fund is a non-diversified fund, which means it may invest in a limited number of issuers, and as such, it is more susceptible to the impact of economic, political, and regulatory events compared to more diversified funds.
Investors trade ETF shares on the secondary market at market prices (rather than net asset values, NAV) during trading days. Shares cannot be directly subscribed for or redeemed from ETF by individuals. Brokerage commissions and bid-ask spreads will reduce returns.
ETF shares are only created by authorized participants in bulk shares referred to as 'creation units', based on the net asset value. Individual shares are traded on the secondary market at market prices. Past performance does not guarantee future results. Like any investment, investing in ETF may also result in losses.
The total fee rate of this fund is 0.99%.
Sequoia ETF is one of the series of funds under Northern Lights Fund Trust II, and is distributed by Northern Lights Distributors and LLC; the latter has no association with Ruane Cunniff LP.
