Ruane, Cunniff LPan investment advisor who manages Sequoia Strategy, published its letter to investors for the fourth quarter of 2025. A copy of the letter can be downloaded here. Sequoia Strategy returned 9% in 4Q compared to 2.7% for the S&P 500. The strategy delivered 21.9% in 2025 versus 17.9% for the index. In a year characterized by both strength and volatility, the Strategy outperformed the index. The firm strives to invest in high quality, fundamentally and financially sound companies at reasonable prices. The Strategy is focused while covering a wide range of sectors, business styles and regions. Review the top five holdings in the strategy to learn about their key picks for 2025.

In its Q4 2025 investor letter, Sequoia Strategy highlighted stocks like Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through the Google Services, Google Cloud and Other Bets segments, and contributed significantly to the strategy’s performance during the quarter. On February 6, 2026, shares of Alphabet Inc. (NASDAQ:GOOG) closed at $323.10 per share with a market capitalization of $3.91 trillion. One-month profitability of Alphabet Inc. (NASDAQ:GOOG) was -4.18% and its stock gained 72.32% of its value over the past 52 weeks.

Sequoia Strategy stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q4 2025 letter to investors:

“As for Alphabet Inc. (NASDAQ: GOOG ), we had real concerns going into 2025. The company was facing a potentially major antitrust action, as well as the most serious competitive threat it’s ever faced to its prized search business in the form of generative AI. We were right to be concerned, and we had a robust debate about whether expanding the range of results warranted, at the very least, a significant cut from this long-standing and highly rewarding investment. The logic of this move was eminently reasonable and perhaps even “smart.” Instead, we decided not to, because our discomfort was balanced by our appreciation for the fundamental strength of Alphabet’s various businesses and its comprehensive AI capabilities, which we believe give the company significant headroom to withstand regulatory action and respond to emerging competitive threats.