SC US (TTGP), LTD.

SC US (TTGP), LTD. — the $9.25 billion Sequoia Capital U.S. Growth Equity Fund — filed its March 31, 2026 13F on May 14, and the headline number is painful: the portfolio declined from $14.01 billion at year-end 2025 to $9.25 billion at March 31 2026, a $4.76 billion reduction in a single quarter that was almost entirely a valuation event, not a trading event. The fund holds 36 positions, but the top five names alone — DoorDash ($4.74 billion), Instacart ($1.05 billion), PDD Holdings ($903 million), Klarna ($720 million), and Unity Software ($698 million) — collectively represent $8.1 billion or 88% of public capital. Into this compression the fund did what growth-oriented managers do in down markets: it doubled down selectively inside positions it believes have durable franchises while cutting exposures where the competitive thesis has been weakened by price action. The most illustrative trade is Figma: Sequoia increased Figma shares by 5.8% — from 25.26 million to 26.73 million — despite the position losing $379 million in value because Figma's stock price cratered. Adding into a crash like that is a statement that the investment team believes Figma's product ecosystem (collaborative interface design, developer-ecosystem penetration, Adobe acquisition fallout) has not structurally deteriorated even as the market repriced the stock. DoorDash was trimmed by just 0.3% in shares but the position's value fell $2.43 billion purely on price — DoorDash shares dropped roughly 34% in Q1 2026 as the market questioned food-delivery growth rates and competitive intensity. The hold-at-reduced-dollar behavior suggests Sequoia believes the DoorDash franchise (network effects, merchant relationships, delivery density) is intact and that the multiple compression is cyclical, not structural. Klarna held flat in shares (55 million in both periods) but the position declined $871 million in value, another price-only move; Unity had its share count reduced marginally — 31.92 million to 31.82 million, a 0.3% reduction — while losing $712 million in value. PDD was also held flat in shares, losing $213 million on price. The fund's two Q1 additions are the only explicitly bullish moves in the filing: Tesla (55,407 shares, $20.6 million) and MongoDB (2,700 shares, $662K) entered as brand new positions. Both add technology sub-sector diversification — EV/energy versus delivery, cloud databases versus gaming — that was absent before, suggesting the portfolio team wanted to expand its technology-aforontier while keeping the existing names intact. Via Transportation was sold for $12.2 million. The portfolio's composition — 73% Technology by sector, with heavy exposure to software (Unity, MongoDB, Amplitude), fintech (Klarna, Chime, Block), e-commerce (DoorDash, Instacart, PDD, CART/Maplebear), and unconventional growth bets (Tesla, Aurora self-driving) — is a pure late-stage venture-capital-and-growth-equity portfolio dressed in 13F form, and the whaleScore of 81.25 confirms that this is one of the most decisive technology-growth managers in the coverage universe.