Sequoia Fund Reopens to New Investors After Plunge in Assets
- Valeant stock dive hurt results, reputation at storied fund
- Sequoia will remain closed to those buying via third parties
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Sequoia Fund, the Valeant Pharmaceuticals International Inc. holder whose assets fell as slumping performance led to outflows, is reopening to new investors.
The $5.3 billion mutual fund will accept direct purchases from new customers but remains closed to those seeking to buy through intermediaries, according to a regulatory filing Friday. Manager David Poppe told shareholders in an April 19 letter that the fund was considering such a move.