Pharmaceuticals, the Fund indicated it was reopening to new investors. In 2016, the fund lost $1.26 billion in a single day when Valeant Pharmaceuticals stock, which made up 19% of Sequoia Fund holdings, lost a significant portion of its value. Goldfarb and Poppe responded by saying that their "credibility as investors has been damaged by this saga." The Valeant Pharmaceuticals position accounted for over 30% of Sequoia Fund's assets in mid-2015, and declined 87% from a high of $265.52 in August 2015 to $33.43 in March 2016. Over this time period Sequoia fell by 22%, performing worse than 99% of rival funds. At one point, over 30 percent of the fund's assets was invested in Valeant. References External links Official web site of Sequoia Fund Bloomberg overview of Sequoia Fund Morningstar overview of Sequoia Fund Yahoo Finance overview of Sequoia Fund 1969 establishments in New York City American companies established in 1969 Financial services companies established in 1969 Ruane, Cunniff, and Goldfarb Companies based in New York City