
Not So Fast...
First of all, why would a famed fund that closed its previously be opening its doors now? Redemptions? Lack of fund inflows (Assets once stood at $5 billion, now they're at $3.8 billion)? Is it even the same fund now that the founder has passed? Based on its recent performance, I don't endorse the fund.
The recent performance has been unacceptable. As shown below, the 5-year performance stands at a paltry 8% compared to the S&P's return of 56%.

In very recent history, the fund suffered terribly during the December market swoons with the past 6 month period resulting in a decline of -17% vs. -9% for the S&P500.

If you're considering an actively managed fund, check out this Diamond Hill Fund that bests the indices in all relevant timeframes, including the recent market mayhem; note the YTD performance of 4% up vs. 5% down for the S&P500 (full writeup here).
I think the Sequoia one is more nostalgia and name recognition than prudent investing. Following the herd and yesterday's winners has proven painful enough for individual investors. Following the prior generation's winner with no rational benefit could be similarly dangerous.
Morningstar now ranks it as a 3 star fund and its expense ratio is 1.0%. A Vanguard S&P500 Fund or major index ETF can be had with better performance and a tenth the expense ratio to boot.
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