N-Q 1 formnq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-1976 Sequoia Fund Inc. -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 767 Fifth Avenue, Suite 4701 New York NY 10153 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Robert D. Goldfarb c/o Sequoia Fund Inc. 767 Fifth Avenue, Suite 4701 New York, NY 10153 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 800-686-6884 ------------ Date of fiscal year end: December 31, 2010 ------------------ Date of reporting period: March 31, 2010 ------------------ ITEM 1. SCHEDULE OF INVESTMENTS. SEQUOIA FUND, INC. SCHEDULE OF INVESTMENTS MARCH 31, 2010 (UNAUDITED)
COMMON STOCKS (74.74%) SHARES VALUE (a) ---------- -------------- ADVERTISING (1.18%) 933,743 Omnicom Group Inc. $ 36,238,566 -------------- AEROSPACE/DEFENSE (7.53%) 947,406 Precision Castparts Corp. 120,045,814 12,376,114 Rolls-Royce Group plc (United Kingdom) 111,842,942 -------------- 231,888,756 -------------- AUTO PARTS (4.40%) 1,549,400 Advance Auto Parts, Inc. 64,950,848 1,694,139 O'Reilly Automotive Inc. (b) 70,662,538 -------------- 135,613,386 -------------- AUTOMOTIVE MANUFACTURING (2.29%) 1,154,660 Porsche Automobil Holding SE (Germany) (c) 70,480,446 -------------- BUILDING MATERIALS (2.49%) 916,899 Martin Marietta Materials Inc. 76,606,911 -------------- CONSTRUCTION EQUIPMENT (1.06%) 1,520,736 Ritchie Bros. Auctioneers Incorporated 32,741,446 -------------- CRUDE OIL & GAS PRODUCTION (0.22%) 89,754 Canadian Natural Resources Limited 6,645,386 -------------- DIVERSIFIED COMPANIES (15.04%) 3,803 Berkshire Hathaway Inc. Class A (b) 463,205,400 600 Berkshire Hathaway Inc. Class B (b) 48,762 -------------- 463,254,162 -------------- DIVERSIFIED MANUFACTURING (0.99%) 382,832 Danaher Corporation 30,592,105 -------------- FLOORING PRODUCTS (4.69%) 2,657,723 Mohawk Industries Inc. (b) 144,526,977 -------------- FREIGHT TRANSPORTATION (0.34%) 281,300 Expeditors International Inc. 10,385,596 -------------- HEALTHCARE (1.07%) 418,000 Becton, Dickinson and Company 32,909,140 -------------- INDUSTRIAL & CONSTRUCTION SUPPLIES (5.41%) 3,475,384 Fastenal Company 166,783,678 -------------- INDUSTRIAL GASES (0.97%) 359,017 Praxair, Inc. 29,798,411 -------------- INFORMATION PROCESSING (2.46%) 298,457 MasterCard Inc. 75,808,078 -------------- INSURANCE BROKERS (0.65%) 1,124,830 Brown & Brown Inc. 20,156,954 -------------- SHARES VALUE (a) ---------- -------------- LABORATORY SUPPLIES (0.07%) 19,247 Mettler-Toledo International Inc. (b) $ 2,101,772 -------------- PRINTING (0.87%) 1,912,072 De La Rue plc (United Kingdom) 26,885,644 -------------- PROPERTY AND CASUALTY INSURANCE (0.53%) 605,000 W. R. Berkley Corporation 15,784,450 21,000 Verisk Analytics, Inc. (b) 592,200 -------------- 16,376,650 -------------- RETAILING (13.47%) 39,666 Costco Wholesale Corporation 2,368,457 1,368,875 Target Corporation 72,002,825 4,934,190 TJX Companies, Inc. 209,801,759 2,112,783 Walgreen Company 78,363,122 949,032 Wal-Mart Stores, Inc. 52,766,180 -------------- 415,302,343 -------------- TRUCK MANUFACTURING (0.84%) 598,026 PACCAR Inc. 25,918,447 -------------- VETERINARY DIAGNOSTICS (6.79%) 3,636,178 Idexx Laboratories Inc. (b) 209,262,044 Miscellaneous Securities (1.38%) (d) 42,440,421 -------------- TOTAL COMMON STOCKS (COST $1,307,926,013) $2,302,717,319 -------------- -------------- PRINCIPAL AMOUNT VALUE (a) ------------ --------------- U.S. GOVERNMENT OBLIGATIONS (31.22%) $962,001,000 U.S. Treasury Bills, 0.03% - 0.12% due 4/1/2010 through 5/20/2010 $ 961,949,536 --------------- TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $961,949,536) $ 961,949,536 --------------- --------------- TOTAL INVESTMENTS (105.96%) (COST $2,269,875,549)++ $3,264,666,855 --------------- --------------- SUMMARY Common Stocks 74.74% $2,302,717,319 U.S. Government Obligations 31.22% 961,949,536 Net Cash & Receivables (5.96)% (183,720,070) --------------- Net Assets $3,080,946,785 --------------- --------------- Number of Shares Outstanding 25,958,588 ---------- ---------- Net Asset Value Per Share $118.69 ------- -------
++ The cost for federal income tax purposes is identical. At March 31, 2010 the aggregate gross tax basis unrealized appreciation and depreciation of securities were $1,084,353,805 and $89,562,499, respectively. (a) Securities traded on a national securities exchange are valued at the last reported sales price on the principal exchange on which the security is listed on the last business day of the period; securities traded in the over-the-counter market are valued in accordance with NASDAQ Official Closing Price on the last business day of the period; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean between the last reported bid and asked prices. Securities traded on a foreign exchange are valued at the last reported sales price on the principal exchange on which the security is primarily traded. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE on that day. U.S. Treasury Bills with remaining maturities of sixty days or less are valued at their amortized cost. U.S. Treasury Bills that when purchased have a remaining maturity in excess of sixty days are stated at their discounted value based upon the mean between the bid and asked discount rates until the sixtieth day prior to maturity, at which point they are valued at amortized cost. When reliable market quotations are insufficient or not readily available at time of valuation or when the Investment Adviser determines that the prices or values available do not represent the fair value of a security, such security is valued as determined in good faith by the Investment Adviser, in conformity with guidelines adopted by and subject to review by the Board of Directors. Purchases and sales of foreign portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities are acquired or sold. (b) Non-income producing. (c) The Fund is invested in preference shares of Porsche Automobil Holding SE which possess the same economic interest as Porsche common stock but have no voting rights. (d) "Miscellaneous Securities" include holdings in their initial period of acquisition that have not previously been publicly disclosed. ITEM 2. CONTROLS AND PROCEDURES (a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. (b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS Separate certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits to and part of this Form N-Q. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Sequoia Fund Inc. By: /s/ Robert D. Goldfarb ------------------------ Robert D. Goldfarb President and Principal Executive Officer Date: May 28, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Robert D. Goldfarb ------------------------ Robert D. Goldfarb President and Principal Executive Officer Date: May 28, 2010 By: /s/ Joseph Quinones, Jr. ------------------------ Joseph Quinones, Jr. Vice President, Secretary & Treasurer Date: May 28, 2010