The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
The Sands Capital Global Growth strategy declined 1.9% net of fees in the third quarter of 2026, lagging the MSCI ACWI benchmark return of 1.6%. Year-to-date, the portfolio has advanced 2.0% net of fees compared to 13.0% for the index. Relative underperformance during the quarter was primarily driven by the broader pullback across the artificial intelligence infrastructure supply chain and the strategy's underweight exposure to value-oriented sectors including energy, materials, and industrials, as well as the deliberate avoidance of certain mega-cap technology companies. The portfolio held a 1.8% cash position at quarter-end, with North America (55.2%) and Western Europe (19.1%) representing the primary geographic allocations. Macroeconomic volatility was pronounced during the quarter, sparked by a sharp July drawdown across global semiconductor equities, surging government bond yields, rising energy prices, and heightened investor scrutiny over artificial intelligence capital expenditure returns. Value-oriented equities outperformed growth by more than 400 basis points. Sands Capital views market movements as increasingly driven by mechanical index rebalancing and short-term passive factor rotations, which detach valuations from underlying fundamental business quality. Portfolio turnover remained disciplined at 24% over the trailing 12 months across 38 holdings. The strategy initiated new positions in Palantir Technologies and Woodward, funding these additions by trimming businesses where multiple expansion compressed the forward risk/reward profile. Top portfolio weights remain concentrated in long-term structural compounders, led by NVIDIA (9.4%), Taiwan Semiconductor (6.5%), Alphabet (5.7%), SK hynix (5.5%), and ASML Holding (5.1%).
Sands Capital Global Growth seeks long-term capital compounding through a concentrated, conviction-weighted global portfolio of high-quality growth businesses that possess sustainable competitive advantages, market leadership, and financial strength.
The manager believes the current market detachment between prices and business values favors active discretion, as their portfolio businesses trade near historically low relative valuations of 19 times forward earnings against 35 percent expected five-year annual earnings growth.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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