Sequoia Fund Managers Suffer $1.2 Billion Loss as Valeant Falls
By-
Drugmaker plunges as U.S. Congress asks for price data
-
Valeant represents almost 30 percent of Sequoia’s assets
Ruane Cunniff & Goldfarb, managers of the $7.8 billion Sequoia Fund, suffered a paper loss of about $1.2 billion after shares of Valeant Pharmaceuticals plunged.
The drug maker fell as much as 20 percent after Democrats in the U.S. House asked to subpoena the company for documents relating to drug price increases, the latest move by politicians seeking to curb prices on acquired drugs.
Ruane Cunniff, Valeant’s largest owner, held 33.9 million shares of the drug company as of June 30, according to data compiled by Bloomberg. Valeant fell $35.79, or 18 percent, in New York trading at 2:23 pm, which translates to a loss for the money manager of $1.21 billion. The calculation assumes the money manager has not added or sold shares…
Sequoia Fund Managers Suffer $1.2 Billion Loss as Valeant Falls
