| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.9% | -1.8% | 10.2% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 10.2% | 15.7% | 32.4% | -43.6% | 10.2% | 49.6% |
Sands Capital's Global Growth strategy delivered 6.2% in Q4 2025 and 10.2% for the full year, underperforming the MSCI ACWI due to valuation compression despite strong earnings growth. The portfolio maintains meaningful exposure to transformational AI trends while avoiding speculative areas, investing in hardware and software providers with clear economic models. Key themes include defense technology entering structural growth, robotics advancing through AI compute power, energy transition accelerating with new power demand, cybersecurity becoming essential infrastructure, and space commercialization reducing costs. The firm completed strategic portfolio changes, adding AppLovin and argenx while exiting Atlassian, Block, and Dexcom to enhance AI exposure and healthcare positioning. Despite market headwinds including narrow leadership, government shutdown uncertainty, and AI trade scrutiny, the portfolio trades at historically low valuations relative to strong earnings growth. Management believes this dislocation creates compelling long-term opportunities, with the portfolio well-positioned for recovery as fundamentals remain intact and balance sheet strength high.
Sands Capital maintains a disciplined approach to investing in leading innovative growth businesses globally, focusing on companies with sustainable competitive advantages that are creating the future across AI, defense technology, robotics, energy transition, cybersecurity, and space.
We believe the portfolio is well positioned for attractive long-term returns. The combination of strong underlying earnings growth, improved portfolio quality, and historically compressed valuations presents a compelling setup. Periods of sustained valuation compression alongside strong earnings growth have historically preceded improved outcomes.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology |
GOOGL ISRG GALD SW TITAN IN TSM NFLX AXON DASH MELI SPOT APP ARGX |
AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with… |
| Oct 20 2025 | 2025 Q3 | AXON, CVNA, DXCM, GALD SW, GOOG, III LN, IMCD NA, ISRG, NFLX, NVDA, RGEN, SHOP, SIKA SW, TEAM, TSM | Artificial Intelligence, E-Commerce, Global Growth, healthcare, semiconductors |
NVDA GOOGL SHOP GALD AXON NFLX INTU DEXCOM TEAM |
The fund emphasizes durable global growth from AI infrastructure, digital platforms, and healthcare innovation. NVIDIA, Alphabet, and TSMC lead performance as AI capital investment accelerates… |
| Jul 21 2025 | 2025 Q2 | ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR | AI, Cloud, growth, Platforms |
NVDA NFLX AXON MELI NET |
- |
| Mar 31 2025 | 2025 Q1 | AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ | - | - | - |
| Dec 31 2024 | 2024 Q4 | 6861 JP, ALGN, APP, AXON, DXCM, EW, GRAB, LRCX, MELI, NFLX, NOW, OKTA, SPOT, SSFN, TTEK | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CybersecurityCybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. |
Security AI Detection Enterprise Cloud Protection | |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines | |
Energy TransitionThe portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. |
Electrification Clean Energy Power Generation Fuel Cells Grid Infrastructure | |
RoboticsRobotics was identified as one of the manager's top five secular trends for the near-to-medium term. This represents an area of focus for finding category leaders before they become widely discovered, though specific robotics investments were not detailed in this letter. |
Automation Technology Industrial Innovation | |
SpaceSpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. |
Satellites Launch Starlink Starship Reusable | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
E-commerceSeveral investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. |
Marketplaces Competition Network Effects Asia Latin America | |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech | |
| 2025 Q2 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Growth |
||
Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | ISRG | Intuitive Surgical, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | buybacks, healthcare, Procedures, robotics, Surgery | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | NVDA | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Compute, datacenter, growth, innovation, margin, Pricing, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | GALD SW | Galderma Group AG | Health Care | Pharmaceuticals | Bull | Swiss Exchange | Aesthetics, dermatology, innovation, Margins, pharmaceuticals | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | GOOGL | Alphabet Inc. | Communication Services | Internet Services | Bull | NASDAQ | advertising, AI, cloud, innovation, monetization, Regulatory, Search | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | TITAN IN | Titan Company Limited | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | National Stock Exchange of India | brands, Consumption, India, Jewelry, Margins | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | SHOP | Shopify Inc. | Information Technology | E-Commerce | Bull | NYSE | e-commerce, enterprise, GMV, growth, International, Margins, SaaS | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | TSM | Taiwan Semiconductor Manufacturing Co. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI, Foundry, Pricing, scale, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | GALD | Galderma Group AG | Health Care | Pharmaceuticals | Bull | Swiss Exchange | Aesthetics, dermatology, growth, guidance, Injectables, margin, pharmaceuticals | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bear | NASDAQ | Content, Ip, Pricing, scale, Streaming | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | AXON | Axon Enterprise Inc. | Industrials | Public Safety Technology | Bull | NASDAQ | AI, ARR, growth, Public safety, SaaS, technology, Workflow | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | AXON | Axon Enterprise, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | growth, Public safety, Recurring, SaaS, Security | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | NFLX | Netflix Inc. | Communication Services | Streaming Media | Bull | NASDAQ | advertising, Engagement, leadership, Margins, Streaming, Subscriptions, valuation | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | DASH | DoorDash, Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | advertising, delivery, Logistics, Margins, scale | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | INTU | Intuitive Surgical Inc. | Information Technology | Medical Devices | Bull | NASDAQ | growth, innovation, Margins, Medical devices, robotics, Surgery | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | ecommerce, Fintech, Latin America, Moat, scale | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | DEXCOM | Dexcom Inc. | Health Care | Medical Devices | Bull | NASDAQ | Diabetes, growth, healthcare, innovation, Margin recovery, Sensors | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | SPOT | Spotify Technology S.A. | Communication Services | Entertainment | Bull | New York Stock Exchange | AI, Audio, Margins, Pricing, Streaming | Login |
| Oct 20, 2025 | Fund Letters | Brian A. Christiansen | TEAM | Atlassian Corp. Plc. | Information Technology | Software | Bull | NASDAQ | AI, Collaboration, growth, productivity, SaaS, Software | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | APP | AppLovin Corporation | Information Technology | Software | Bull | NASDAQ | advertising, AI, ecommerce, Mobile, Software | Login |
| Jul 21, 2025 | Fund Letters | Brian A. Christiansen | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, datacenters, hyperscalers, infrastructure, Margins, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | ARGX | argenx SE | Health Care | Biotechnology | Bull | Shanghai Stock Exchange | biotechnology, growth, Immunology, Orphan, pipeline | Login |
| Jul 21, 2025 | Fund Letters | Brian A. Christiansen | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | advertising, Competition, Content, leverage, Streaming, Subscriptions | Login |
| Jul 21, 2025 | Fund Letters | Brian A. Christiansen | AXON | Axon Enterprise, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | International, Margins, Publicsafety, Regulation, SaaS, Subscriptions | Login |
| Jul 21, 2025 | Fund Letters | Brian A. Christiansen | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | ecommerce, Fintech, Logistics, Margins, Penetration, Regulation | Login |
| Jul 21, 2025 | Fund Letters | Brian A. Christiansen | NET | Cloudflare, Inc. | Information Technology | IT Services | Bull | New York Stock Exchange | cybersecurity, Edge, Enterprises, growth, Networking, valuation | Login |
| Jan 22, 2026 | Fund Letters | Brian A. Christiansen | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, monetization, Search | Login |
| TICKER | COMMENTARY |
|---|---|
| ADYEY | Founded in 2006 and based in the Netherlands, Adyen enables companies to accept payments online, in apps and in physical stores. We estimate that in 2025 Adyen will process EUR 1.4 trillion of payments. Adyen was built as a single global platform from day one. Most competitors run multiple platforms, many of which are old. Adyen's one-platform approach means every transaction is processed in the same way. The company did experience a wobble in 2023. Results since then have improved. Volumes and revenue have re-accelerated, margins have recovered and the company has continued to win large new customers. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AXON | Axon Enterprise Inc. develops and produces Taser weapons and body cameras for law enforcement agencies. Investors have grown accustomed to big beats and raises from Axon. A slight beat to third-quarter projections and mixed fourth-quarter guidance triggered a -21% decline. We added to the position due to solid customer growth and retention. There are also numerous growth drivers for their business including Taser 10, bodycam 4, and their artificial intelligence software bundle. |
| CVNA | Our portfolio looks very skewed to Carvana, but that is a feature of the strategy – to let winners run. We did not buy Carvana at this size; it is this size because it is up 100x from its 2022 lows. Carvana uses its technology to manage pricing, logistics, inspections, reconditioning workflow, merchandising, and more. These are all cogs in the industrial machine it has assembled to buy and sell cars to end customers. Significant proprietary technology has been developed to enable Carvana's retail and wholesale operations. Because Carvana is digitally native and has significant size and scale, it has been able to invest in significantly more technology than other auto dealers. |
| DOL.TO | During the year the leading absolute performance contributors were Dollarama, Toromont Industries and Element Fleet Management. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| ISRG | ISRG shares appreciated in the fourth quarter after the company delivered strong Q3 results highlighting continued procedure growth and accelerating system placements. Procedure volumes rose in the mid-teens globally, with notable strength in general surgery and urology, while recurring instrument and accessory revenue grew faster than expectations. Management also reported that the early rollout of its next-generation robotic platform was tracking ahead of schedule, with utilization metrics trending positively across beta sites. |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| NET | Jennison also entered a new position in Cloudflare. Its network infrastructure delivers key applications over the internet in a cost-effective manner, with optimal security and best-in-class speed. They could be a big beneficiary of the move to agentic AI applications. |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| NOW | In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| SHOP.TO | Non dividend paying technology names Shopify and Celestica had also meaningful contribution to the index returns for the year, detracting our relative outcome. |
| SPOT | Spotify is the world's leading audio streaming platform. Third-quarter results showed continued operating progress, with users increasing 11% to 713 million and subscribers growing 12% to 281 million. Meanwhile, operating income expanded to a mid-teens margin, alongside a record quarterly free cash flow. Despite the momentum, the shares weakened as investors reset near-term margin expectations. Spotify has been a top contributor to long-term Fund performance, and we remain confident that pricing, product innovation, advertising efficiency, and an expanding ecosystem can continue to widen margins over time, as reinforced this quarter by the launch of Spotify recommendations within ChatGPT. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
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| No industry data available | |||
