Ashtead Group plc

• Sequoia Fund Annual Shareholder Report | December 31, 2025 ↗ Sequoia Fund trimmed several holdings on valuation, position-size and opportunity grounds, added to Ashtead Group, exited Jacobs Solutions and opened positions in MSA Safety, Accenture and Align Technology. Rolls-Royce, Alphabet, Taiwan Semiconductor Manufacturing, Eurofins Scientific and Charles Schwab led contributors, while Constellation Software and UnitedHealth Group were among detractors. year ended December 31, 2025 —
• Sequoia Fund Year-End 2025 Sequoia Fund Letter ↗ Sequoia Fund trimmed Rolls-Royce and Alphabet after their weightings and valuations rose, while retaining both as its largest holdings. It added to Elevance and built new positions in MSA Safety, Accenture, and Align Technology, arguing that each combines a durable franchise with a temporary source of market concern or a favorable valuation. 2025 GOOGL $4.1TRLLCF $87BACN $116B +10

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