You are right, so actually it all comes down to timing.
If somebody started with them in 05/01/2008 when the fund opened for first time, they must have done better returns. In fact who got in at bottom near April 2009, that is WOW! 85% returns compared to Dow Jones!
and here is the returns chart since 2009:
So fundamental analysis also works only if timing is right or price is right to buy!
The S & P 500 in the same 10 year period was negative. Sequoia beat the S & P by around 7 percent. The inflation during the period was around 3%. So Sequoia did wealth protection also. I am not saying these are outstanding returns, I am just saying it's not bad.