Sequoia Fund Cuts Almost Half of Stake in Valeant

(Yahoo) Several days after appointing an investment committee and new holding restrictions in response to substantial losses on Valeant Pharmaceuticals (VRX), the Sequoia Fund sold a substantial portion of its investment in the company.

The filing from a week ago and made public Tuesday afternoon documented a 47% reduction in the Sequoia Fundas Valeant position, to 16.1 million shares from 30.3 million shares. It also shrank the fund’s ownership of the company to 4.7% from 8.8%.

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