We break down the stocks Sequoia Capital bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on November 14, 2024.
Who is Sequoia Capital?
Sequoia Capital Global Equities (SCGE) is the public markets investment arm of the prestigious Sequoia Capital. Founded as an extension of Sequoia's venture capital heritage, SCGE focuses on technology and high-growth companies across global markets. The firm leverages Sequoia's deep industry networks and expertise to identify public market opportunities with significant growth potential.
Sequoiacap.com/scge
Wikipedia on Sequoia Capital
Portfolio Changes in Q3 2024
New positions
Sequoia Capital initiated two new positions in Q3 2024, adding CrowdStrike Holdings (CRWD) with 462,000 shares valued at $129.6 million and MercadoLibre (MELI) with 46,000 shares valued at $94.4 million.
Bought
The firm significantly increased its position in Taiwan Semiconductor (TSM) by adding 442,228 shares, resulting in a massive 486.71% return, and boosted its stake in Palo Alto Networks (PANW) by 143,000 shares with a 37.60% return.
Sold
Sequoia Capital made substantial exits by completely liquidating six positions including Lam Research (LRCX) ($250.2 million), Cadence (CDNS) ($116.9 million), Eaton (ETN) ($46.9 million), Micron (MU) ($42.7 million), Lucid (LCID) ($13.4 million), and Block (SQ) ($11.2 million), while also trimming major holdings including Shopify (SHOP) by 3 million shares (-58.96% return), Nvidia (NVDA) by 1.6 million shares (-36.54% return), Nu Holdings (NU) by 3.5 million shares (-4.25% return), PDD Holdings (PDD) by 446,000 shares (-34.04% return), Microsoft (MSFT) by 185,000 shares (-17.64% return), and HubSpot (HUBS) by 82,000 shares (-28.16% return).
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CRWD | CrowdStrike Holdings | 57.9% | NEW | $129.58M |
| MELI | MercadoLibre | 42.1% | NEW | $94.39M |
CrowdStrike Holdings CRWD
Sequoia Capital bought $129.58M of CrowdStrike Holdings in Q3 2024. CrowdStrike demonstrated strong growth in Q1 FY2025, with total revenue increasing 33% YoY to $921 million and subscription revenue up 34% YoY. The company added $212 million in net new ARR (+22% YoY), reaching $3.65 billion in total ARR as customers continue adopting its AI-native Falcon platform. Recent performance shows accelerating momentum in cybersecurity demand, particularly for cloud-native solutions that reduce total cost of ownership.
- Q1 FY2025 ARR grew 33% YoY to $3.65 billion with record operating cash flow.
- Net new ARR increased 22% YoY to $212 million, building on prior quarter's 27% YoY growth.
- Subscription gross margin remained strong at 80% non-GAAP, maintaining premium profitability.
MercadoLibre MELI
Sequoia Capital bought $94.39M of MercadoLibre in Q3 2024. MercadoLibre reported robust Q1 2025 results with $5.9 billion revenue (+37% YoY) and $494 million net income, building on 2024 momentum through e-commerce and fintech expansion across Latin America. The company outperformed earnings estimates by 25.5% with EPS of $9.74, though FX-neutral GMV growth of 40.3% highlights currency volatility challenges. MELI maintains leadership in Latin America's digital commerce sector with 24.5% buyer growth and 24.8% take rate expansion.
- 37.4% FX-neutral revenue growth in Q1 2025, accelerating from 32.3% YoY commerce growth.
- 7.8% revenue beat ($5.94B actual vs $5.51B est) with operating margin expanding 70bps to 12.9%.
- 40.3% FX-neutral GMV growth to $13.33B despite macroeconomic headwinds in key markets.
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NOW | ServiceNow | 19.3% | $883.66M | |
| META | Meta | 17.8% | $814.58M | |
| MSFT | Microsoft | 10.3% | Trimmed (-14%) | $471.18M |
| NU | Nu Holdings | 9.9% | Trimmed (-10%) | $453.08M |
| AMZN | Amazon | 9.2% | $422.6M | |
| NVDA | Nvidia | 7.8% | Trimmed (-35%) | $356.3M |
| CPNG | Coupang | 5.9% | $270.49M | |
| PANW | Palo Alto Networks | 4.0% | Added (+36%) | $182.86M |
| HUBS | HubSpot | 3.7% | Trimmed (-20%) | $171.18M |
| CRWD | CrowdStrike Holdings | 2.8% | NEW | $129.58M |
| SHOP | Shopify | 2.7% | Trimmed (-66%) | $123.26M |
| PDD | PDD Holdings | 2.4% | Trimmed (-35%) | $111.89M |
| MELI | MercadoLibre | 2.1% | NEW | $94.39M |
| TSM | Taiwan Semiconductor | 2.0% | Added (+487%) | $92.57M |
| CART | Maplebear | 0.2% | $11.41M | |
| LRCX | Lam Research | 0.0% | Exited | $0 |
| CDNS | Cadence | 0.0% | Exited | $0 |
| ETN | Eaton | 0.0% | Exited | $0 |
| MU | Micron | 0.0% | Exited | $0 |
| LCID | Lucid | 0.0% | Exited | $0 |
| SQ | Block | 0.0% | Exited | $0 |
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