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        <name>Capital One Financial Corp.</name>
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        <name>Rolls-Royce Holdings PLC</name>
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      <invstOrSec>
        <name>Accenture PLC</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>SAP SE</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>Eurofins Scientific SE</name>
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        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Elevance Health Inc.</name>
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        <name>Rolls-Royce Holdings PLC</name>
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        <name>Align Technology Inc.</name>
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        <name>Charter Communications, Inc.</name>
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        <name>Sunbelt Rentals Holdings Inc.</name>
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        <name>Liberty Broadband Corporation</name>
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        <name>Zoetis Inc.</name>
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        <name>Berkshire Hathaway Inc.</name>
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        <name>Universal Music Group N.V</name>
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        <name>CREDIT ACCEPTANCE CORP</name>
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        <name>Bio-Techne Corp</name>
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        <name>LIBERTY MEDIA CORP</name>
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        <name>Amentum Holdings, Inc.</name>
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        <name>Constellation Software Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>Constellation Software Inc. WT EXP 033140</title>
        <cusip>21037X134</cusip>
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        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Constellation Software Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>Constellation Software Inc. COM STK NPV</title>
        <cusip>21037X100</cusip>
        <identifiers>
          <isin value="CA21037X1006"/>
          <ticker value="CSU"/>
          <other otherDesc="SEDOL" value="B15C4L6"/>
        </identifiers>
        <balance>82980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>145666257.06000000</valUSD>
        <pctVal>4.378290719027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GCI LIBERTY INC</name>
        <lei>N/A</lei>
        <title>GCI Liberty Inc. COM SER C</title>
        <cusip>36164V800</cusip>
        <identifiers>
          <isin value="US36164V8000"/>
          <ticker value="GLIBK"/>
        </identifiers>
        <balance>181122.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6739549.62000000</valUSD>
        <pctVal>0.202570644342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. CAP STK CL A</title>
        <cusip>02079K305</cusip>
        <identifiers>
          <isin value="US02079K3059"/>
          <ticker value="GOOGL"/>
        </identifiers>
        <balance>991141.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>285012505.96000000</valUSD>
        <pctVal>8.566620951462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GCI LIBERTY INC</name>
        <lei>N/A</lei>
        <title>GCI Liberty Inc. COM SER A</title>
        <cusip>36164V602</cusip>
        <identifiers>
          <isin value="US36164V6020"/>
          <ticker value="GLIBA"/>
        </identifiers>
        <balance>68043.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2507384.55000000</valUSD>
        <pctVal>0.075364457945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Sequoia Fund Inc</ncom:nameOfApplicant>
      <ncom:signature>Patrick Dennis</ncom:signature>
      <ncom:signerName>Patrick Dennis</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
