Sequoia Capital's 2025Q4 13F: $14B Vintage Class Coming Public

The Sequoia Capital U.S. growth-fund vehicle that reports 13F filings under SC US (TTGP), LTD. just published a portfolio that is essentially unrecognizable from the one it carried at the end of Q3. The position count nearly doubled — from 16 to 34 holdings — and the dollar-weighted top of the book reset to a six-name stack of recently-IPO'd companies that, between them, account for roughly 95% of the firm's $14.01B disclosed AUM at quarter-end. Sequoia's 2025Q4 13F is not a stock-picking deck; it is a vintage report from the venture book, lit up by an unusually dense IPO window that closed several of its largest private positions into the public market all at once.

The Concentration Story Is the Story

Six positions inside the 13F sum to $13.4B of the $14.01B total — a 95.5% concentration that puts this filing in a category usually occupied by single-stock employee 10b5-1 cap-table reports, not by diversified registered advisers. DoorDash alone, at $7.18 billion and 51.22% of the book, would qualify as a portfolio anchor at any other manager; here it is just the largest of six chunks. The full top-six breakdown:

Holding	Reported 13F Value	Portfolio Weight	Shares	Status
DoorDash (DASH)	$7.18B	51.22%	31.69M	NEW position
Klarna Group PLC (CUSIP G5279N105)	$1.59B	11.36%	55.03M	NEW position
Unity Software (U)	$1.41B	10.06%	31.92M	NEW position
Maplebear / Instacart (CART)	$1.26B	8.99%	28.00M	NEW position
PDD Holdings (PDD)	$1.00B	7.16%	8.84M	NEW position
Figma (FIG)	$944.0M	6.74%	25.26M	NEW position
Top 6 total	$13.39B	95.53%	—	—

Five of those six tickers are companies Sequoia first invested in privately, and five of the six IPO'd within the last 36 months. Klarna went public in 2025 after its long-awaited return to the US listing market; Figma followed a strategic-deal collapse with its own IPO in mid-2025; Instacart (registered as Maplebear) and DoorDash both completed their lockup expirations in 2024-2025. PDD is the one outlier — Sequoia Capital China's connection to PDD predates the cross-border separation, and the position has migrated through registered vehicles since then. The 13F therefore reads as a "vintage book" of recent IPOs, not as a discretionary stock-selection portfolio.

What the Concentration Pie Shows About the LP Read

The concentration shape matters because of who is on the other side of this filing. Sequoia's growth-fund LPs receive their carry interest distributions in kind on these positions, then either hold or sell into the secondary market. When the 13F lists 51% in DoorDash, the implied institutional flow has two legs: how Sequoia has distributed-in-kind across the period, and what the LP base is doing afterwards. A 95% concentration in six freshly-public names is the predictable midpoint of that distribution arc — early enough that the largest positions have not yet been fully distributed, late enough that the second-quartile positions (XYZ Block, ABNB, BBIO, YMM) have been trimmed to weight-of-noise levels.

The interpretation that matters for non-LP investors: a concentrated 13F like this one is not a "what to buy" signal. Sequoia's private-cost basis on DASH, Klarna, Unity, and Figma is dramatically below the public quote; the holding decision today is a function of the firm's distribution policy, not a forward-return view. Cross-check against the long-duration active manager 13Fs holding the same securities to read the conviction layer — search institutional ownership across multiple filers simultaneously to see whether long-only managers are picking up what Sequoia distributes, or whether they are flat.

The AUM Trajectory Tells the Same Story

The eight-quarter AUM history exposes the venture-vehicle rhythm that explains the 2025Q4 reset. From 2024Q1's $13.53B against 36 holdings, the position count compressed steadily through the IPO drought (down to 20 holdings by 2025Q1) before re-expanding in 2025Q4 to 34 holdings — almost exactly the count from two years earlier. AUM, on the other hand, made a round trip: $13.5B → $10.6B → $14.1B → back to $14.0B. The drift was 4% over two years on the dollars; the turnover in actual securities was effectively complete. That is what a venture distribution cycle looks like when held against a quarterly snapshot.

The biggest implied write-up sat in the 2025Q2 → 2025Q3 transition: the holding count dropped from 21 to 16 even as AUM fell 11.5%. That is the signature of a quarter dominated by distributions in kind on already-public names rather than fresh IPOs. By contrast, the 2025Q3 → 2025Q4 jump from 16 to 34 holdings was the inverse — the IPO window opening up, fresh public-market entries from Klarna and Figma re-extending the book, and DASH appreciation pulling the dollar total back over $14B.

What This Means for Non-Sequoia Investors

Three reads are actionable for institutional investors who do not have direct LP exposure to the funds:

• Supply pressure on the six concentration tickers — Each of DoorDash, Klarna, Unity, Instacart, PDD, and Figma will continue absorbing Sequoia distributions for several quarters. Active managers who want to own these names need to model that supply, not just the operating fundamentals. The DoorDash holder page, the Unity holder page, and the Instacart holder page all let you see who else is buying or trimming against that supply.
• Lack of conviction signal on smaller positions — The 28 holdings outside the top six sum to under $620 million combined. None of them are individual conviction calls; most are residual distributed shares awaiting trim. Treat these as the noise floor of the filing, not as signal.
• Read the next 13F as the trim-direction tell — Sequoia's 2026Q1 filing (due May 15, 2026) will be the first full quarter of post-distribution drift on these six positions. The shape of the trim cadence is what defines whether DASH is a 24-month overhang or a 6-quarter one. WhaleScore for the filer stands at 82.75 in 2025Q4 — a high reading driven by the concentration shape; that number will compress as positions trim.

Cross-Reference: Filer-Class Discipline

Sequoia is classified as an active manager in our taxonomy — its 13F is not a passive index sleeve, and the platform includes its positions in smart-money signal surfaces. That classification belongs even though the underlying behaviour is venture distribution rather than discretionary stock-picking, because the firm retains discretion over the timing and method of distribution. Investors should still read the 13F as "what Sequoia chose not to distribute yet" rather than "what Sequoia chose to buy". The semantic difference matters when comparing this filing against, say, the Wellington Management Group LLP 13F or any other long-only growth book.

What to Watch

• Sequoia's 2026Q1 13F (due May 15, 2026) — first post-vintage trim. Watch DASH share count: any reduction below 31.69M signals distribution velocity.
• DoorDash 10-Q (filed within 40 days of June 30, 2026 close) — any "selling shareholder" Section 16 registration statements from Sequoia would force-disclose the distribution mechanic.
• Klarna and Figma lockup expirations — Klarna's 180-day post-IPO lockup expiration date will be the next concrete supply-window anchor for the second-largest position. Track the 13D/G filings page for any 5%+ threshold crossings into or out of these securities.

The full 2025Q4 13F-HR filing referenced here is on EDGAR under SC US (TTGP), LTD's CIK 0001607841. For the underlying quarterly time series, the SC US (TTGP) filer page carries the AUM-by-quarter chart, the position turnover summary, and the holder-of-holders cross-reference. For the SEC primary, search the EDGAR 13F filing history for the most recent submission.