I think it might really mean that they have the same number of shares but since VRX has dropped so much in price, further percentage drops in VRX have a smaller effect on the fund. When VRX was at $250 it had a much larger impact on what the funds total net worth was compared to when VRX is at $65 and drops by 50% - since VRX is worth so much less now, it has much less of an impact on the fund when it drops in price.
It's likely not in the top 10 since the stock has dropped so much that it is now a smaller percentage of the total dollars in the fund - they likely have the same number of shares but they are now worth a lot less
i don't plan to be around for the annual letter and meeting - their individuals who run sequoia have made an inappropriately risky bet that has now failed - this is dead money for awhile
per a wall street journal article tonight they havent sold shares, more likely redemptions so selling other stuff and raising cash
sorry to disappoint, but not a dividend that has caused this fund to crash - check out VRX, Sequoia's holdings included placing 28% of their total into this one stock which has crashed - just google VRX, check out their chart, the concerns being rasied, and you will see why this mutual fund has plummeted and the unhappy outcome so far
Possibly depends on how quickly it raises and how often as well as the credit quality. Bond ETF offers some stability (compared to stocks) and monthly income that if reinvested will continue to grow - people have been talking about the fed raising rates for a few years now, the question will be when and how quickly.