Sequoia Fund Exited Micron Technology (MU) Due to Rising Geopolitical Tensions

Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.31% compared to an 11.69% return for the S&P 500 Index. The fund generated a 27.83% return in 2023 compared to a 26.29% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Sequoia Fund featured stocks like Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter 2023 investor letter. Headquartered in Boise, Idaho., Micron Technology, Inc. (NASDAQ:MU) designs and manufactures memory and storage products. On March 19, 2024, Micron Technology, Inc. (NASDAQ:MU) stock closed at $94.00 per share. One-month return of Micron Technology, Inc. (NASDAQ:MU) was 15.35%, and its shares gained 61.60% of their value over the last 52 weeks. Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $103.768 billion.

Sequoia Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its fourth quarter 2023 investor letter:

“Exits last year included Netflix, Bank of America and Micron Technology, Inc. (NASDAQ:MU). As discussed in our Q2 shareholder letter, we exited Micron after the rationale for our investment was strained by rising geopolitical tensions, which have increased investment risks in the high-performance semiconductor industry. These risks are bearable, but we felt it prudent to reduce the portfolio’s exposure to them. We think both Bank of America and Micron were purchased at conservative prices given the facts at hand, but the facts changed and we moved on.”

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Micron Technology, Inc. (NASDAQ:MU) is in 26th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Micron Technology, Inc. (NASDAQ:MU) was held by 92 hedge fund portfolios, compared to 90 in the previous quarter, according to our database.

We discussed Micron Technology, Inc. (NASDAQ:MU) in another article and shared the list of best stocks under $100 to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.