Valeant Pharmaceuticals (VRX) has seen its second biggest shareholder exit. In a letter to its shareholders, Sequoia Fund said that it exited its entire position in VRX by mid-June. The fund noted that after longtime CEO and co-manager Robert Goldfarb retired in March, "new leadership elected to sell our position." Valeant once made up 30% of Sequoia's portfolio; the company "was our largest position to start the year and its 80% decline through June 30 badly penalized our results."