The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter. Photo: BloombergNew York: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. The social-networking giant’s fundamentals remain intact even as its equity valuation has fallen, according to Eric Bannasch, founder of the $1.4 billion hedge fund Cadian Capital Management. The fund boosted its stake in Google parent Alphabet Inc., making it the largest position at 11% of the portfolio as of 31 March. The fund exited Chipotle Mexican Grill Inc., Dentsply Sirona Inc., O’Reilly Automotive Inc. and Waters Corp., according to the letter.

Source: Mint April 09, 2018 04:41 UTC