Sands Capital Global Growth Fund

Investor Summary

The Global Growth Fund is managed by a three-person team with an average tenure of 7.7 years. David E. Levanson, CFA serves as Lead Portfolio Manager and Executive Managing Director, having co-managed the fund since its launch on March 31, 2010, and is responsible for co-portfolio management of the Sands Capital Global Growth, International Growth, and Global Focus strategies. T. Perry Williams joined Sands Capital Management in 2004 and serves as Senior Research Analyst, Senior Portfolio Manager, and Co-Chief Investment Officer of the firm. Brian A. Christiansen serves as Senior Portfolio Manager, Research Analyst, and Executive Managing Director, having previously served as Director of Stewardship until 2023. The team employs a disciplined, research-intensive approach focused on identifying sustainable growth businesses with strong competitive advantages and long-term earnings potential.

Fund Strategy

Sands Capital's investment philosophy is rooted in the belief that, over time, stock prices will reflect the earnings power and growth of the underlying businesses. The firm embraces the fundamental investment philosophy that stock prices tend to reflect the earnings power and growth of the underlying businesses over the long term. The Global Growth strategy takes an unconstrained approach to seeking the best growth businesses anywhere. The firm invests in companies meeting six investment criteria: sustainable above-average earnings growth, leadership position, competitive advantages, clear mission, financial strength, and rational valuation. The strategies are typified by deep, proprietary, business-focused global research, concentrated and conviction weighted portfolios and a long-term investment horizon. Portfolio characteristics include expected holding periods exceeding five years, concentrated portfolios typically holding 20-50 issuers, and top 10 holdings representing approximately 44% of assets.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
13.6%	-14.9%	-14.9%

Executive Summary

Sands Capital's Global Growth strategy declined 14.9% in Q1 2026, underperforming the MSCI ACWI's 3.2% decline amid broad growth stock weakness. The Iran war and Strait of Hormuz closure drove energy prices up 70% while AI disruption concerns weighed on software and consumer internet holdings. The portfolio's valuation multiple compressed from 29x to 22x, reaching the narrowest premium to the benchmark since inception despite improving fundamentals. Top contributors included ASML with record AI-driven bookings, Taiwan Semiconductor raising capex for AI demand, and Netflix benefiting from deal clarity. Major detractors were Flutter Entertainment on execution issues, DoorDash facing AI concerns, and Axon amid skepticism. Portfolio activity broadened AI infrastructure exposure through Bloom Energy and SK hynix additions while reducing software exposure by exiting ServiceNow. The manager maintains conviction in their concentrated approach, expecting 26% earnings growth and attractive five-year setup given all-time low relative valuations.

Forward Outlook

The manager expects 26 percent annualized earnings growth coupled with an all-time low relative valuation presents an attractive setup for the next five years. They take comfort in knowing what they own through a business owner's approach focused on high-quality businesses with durable competitive advantages. While their approach may not be rewarded in the current fast-moving, sentiment-driven market, their objective is to outperform over rolling, multiyear periods.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 25 2026	2026 Q1	000660 KS, APP, ASML, AXON, BE, DASH, FLUT, NET, NFLX, TSM	AI, energy, global, growth, semiconductors, software, technology	-	Global Growth underperformed in Q1 as AI disruption fears hit software while geopolitical tensions drove energy higher. The fund added AI infrastructure exposure through semiconductors and power solutions while reducing software weights. Despite near-term headwinds, management sees attractive five-year setup with 26% expected earnings growth and historically low valuations.
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	Sands Capital's Global Growth strategy returned 10.2% in 2025, lagging benchmarks due to valuation compression despite strong earnings growth. The portfolio maintains disciplined AI exposure while expanding into defense technology, robotics, energy transition, cybersecurity, and space themes. Trading at historically low valuations with intact fundamentals, management sees compelling long-term opportunities ahead.
Oct 20 2025	2025 Q3	ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V	AI, E-Commerce, global, growth, semiconductors, Streaming, technology	NVDA GOOGL SHOP GALD AXON NFLX INTU DEXCOM TEAM	Global Growth underperformed in Q3 2025 due to valuation compression and profit-taking in strong first-half performers. AI leaders like NVIDIA and Taiwan Semiconductor drove positive contributions while previous winners faced technical selling. The manager strategically repositioned toward classic growth businesses with more stable earnings profiles. The portfolio trades at its lowest forward earnings premium since 2016.
Jul 21 2025	2025 Q2	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V	AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology	NVDA NFLX AXON MELI NET	Global Growth delivered exceptional Q2 performance driven by AI infrastructure leader NVIDIA and streaming dominant Netflix. The concentrated portfolio emphasizes sustainable competitive advantages across global markets, with recent refinements favoring classic growth over high-valuation names. Despite ongoing market volatility from AI narratives and geopolitical shifts, strengthened portfolio fundamentals and disciplined positioning support long-term wealth compounding through durable business growth.
Mar 31 2025	2025 Q1	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V	AI, E-Commerce, global, growth, payments, semiconductors, technology	-	Global Growth declined 6.0% in Q1 amid growth stock rotation but outperformed growth indices. AI concerns around DeepSeek appear overblown given strong hyperscaler capex guidance and emerging real-world applications. Portfolio additions focused on improving earnings stability while maintaining conviction in AI infrastructure leaders like NVIDIA. Rising trade tensions increase macro risks, but portfolio positioning has improved significantly since 2021.
Dec 31 2024	2024 Q4	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	-	Sands Capital's Global Growth strategy delivered 15.7% returns in 2024 despite three challenging years. The firm maintains conviction that business fundamentals drive long-term returns, highlighting strong earnings growth across portfolio companies. Key themes include AI adoption, digital economy expansion, and energy transition. Management expects the disconnect between earnings growth and stock performance to eventually correct.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 25 2026

2026 Q1

000660 KS, APP, ASML, AXON, BE, DASH, FLUT, NET, NFLX, TSM

AI, energy, global, growth, semiconductors, software, technology

Global Growth underperformed in Q1 as AI disruption fears hit software while geopolitical tensions drove energy higher. The fund added AI infrastructure exposure through semiconductors and power solutions while reducing software weights. Despite near-term headwinds, management sees attractive five-year setup with 26% expected earnings growth and historically low valuations.

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

Sands Capital's Global Growth strategy returned 10.2% in 2025, lagging benchmarks due to valuation compression despite strong earnings growth. The portfolio maintains disciplined AI exposure while expanding into defense technology, robotics, energy transition, cybersecurity, and space themes. Trading at historically low valuations with intact fundamentals, management sees compelling long-term opportunities ahead.

Oct 20 2025

2025 Q3

ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V

AI, E-Commerce, global, growth, semiconductors, Streaming, technology

NVDA
GOOGL
SHOP
GALD
AXON
NFLX
INTU
DEXCOM
TEAM

Global Growth underperformed in Q3 2025 due to valuation compression and profit-taking in strong first-half performers. AI leaders like NVIDIA and Taiwan Semiconductor drove positive contributions while previous winners faced technical selling. The manager strategically repositioned toward classic growth businesses with more stable earnings profiles. The portfolio trades at its lowest forward earnings premium since 2016.

Jul 21 2025

2025 Q2

ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V

AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology

NVDA
NFLX
AXON
MELI
NET

Global Growth delivered exceptional Q2 performance driven by AI infrastructure leader NVIDIA and streaming dominant Netflix. The concentrated portfolio emphasizes sustainable competitive advantages across global markets, with recent refinements favoring classic growth over high-valuation names. Despite ongoing market volatility from AI narratives and geopolitical shifts, strengthened portfolio fundamentals and disciplined positioning support long-term wealth compounding through durable business growth.

Mar 31 2025

2025 Q1

ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V

AI, E-Commerce, global, growth, payments, semiconductors, technology

Global Growth declined 6.0% in Q1 amid growth stock rotation but outperformed growth indices. AI concerns around DeepSeek appear overblown given strong hyperscaler capex guidance and emerging real-world applications. Portfolio additions focused on improving earnings stability while maintaining conviction in AI infrastructure leaders like NVIDIA. Rising trade tensions increase macro risks, but portfolio positioning has improved significantly since 2021.

Dec 31 2024

2024 Q4

6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V

AI, global, growth, innovation, long-term, technology

Sands Capital's Global Growth strategy delivered 15.7% returns in 2024 despite three challenging years. The firm maintains conviction that business fundamentals drive long-term returns, highlighting strong earnings growth across portfolio companies. Key themes include AI adoption, digital economy expansion, and energy transition. Management expects the disconnect between earnings growth and stock performance to eventually correct.

QUARTER	THEMES	TAGS
2025 Q4	AI The fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They question AI equipment depreciation schedules, datacenter power demands, and whether promised returns will materialize, while noting the market's shift in viewing Google from AI laggard to leader.	Artificial Intelligence Bubble Valuations Infrastructure Technology
	Biotechnology The short book faced headwinds particularly within biotech this quarter. The fund also references biotech companies that go public via reverse mergers and spend capital on stock promotion rather than lab research as patterns they use for successful shorts.	Biotech Short Selling Reverse Mergers Stock Promotion
2025 Q3	AI Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats.	Artificial Intelligence Datacenter Infrastructure Innovation Computing
	Semiconductors The semiconductor sector showed strong performance with NVIDIA sustaining growth despite China headwinds and Taiwan Semiconductor benefiting from AI-related demand and CoWoS capacity expansion. The upcoming Vera Rubin superchip is expected to significantly boost compute performance and expand use cases.	Chips Foundries Memory Computing Manufacturing
	E-commerce E-commerce platforms demonstrated strong momentum with Shopify showing gross merchandise value up 31% year-over-year, driven by larger merchants and improving monetization. The company continues to outpace global ecommerce growth through enterprise adoption and international expansion.	Online Retail Platforms Merchants Digital Commerce Growth
	Streaming Netflix continues to execute well as the world's largest streaming content producer, raising full-year revenue guidance by $700 million citing stronger subscriber growth and improved ad performance. The business maintains leadership in engagement, retention, and content quality.	Content Subscribers Video Entertainment Digital Media
2025 Q2	AI Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.	NVIDIA LLM Semiconductors Cloud Data Centers
	E-commerce MercadoLibre delivered another strong quarter in Latin America, surpassing consensus estimates for revenue and operating income. Despite its scale, MercadoLibre still represents less than 5 percent of the region's total retail market. The company is investing across key strategic pillars including marketplace, logistics, loyalty, and wallet to capture more of this opportunity.	MercadoLibre Latin America Payments Logistics
	Streaming Netflix shares rose following strong first-quarter results reflecting solid subscriber growth and retention, continued margin expansion, and increased capital returns including a $3.5 billion share repurchase. Advertising momentum continued with reports of a $9 billion internal ad revenue target by 2030. Video entertainment has historically remained resilient during economic downturns.	Netflix Advertising Media Buybacks
	Cloud Cloudflare reported a strong quarter highlighted by its largest deal to date—a five-year, $130 million contract for its Workers platform. This deal underscores Workers' growing competitiveness against hyperscalers on both performance and price. The quarter also included major Zero Trust wins and strong momentum across use cases.	Cloudflare Cybersecurity Enterprise Software
	Defense Axon Enterprise began 2025 with strong momentum, reinforcing the durability of its growth strategy. The company's expanding software portfolio and AI-powered tools continue to gain traction. Revenue rose over 30 percent in the first quarter, supported by recurring sales and improved margins. International demand is strengthening with new contracts across the U.K., Latin America, and Asia.	Axon Government IT Defense Electronics
2025 Q1	AI AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.	Infrastructure Scaling Applications Investment Compute
	E-commerce MercadoLibre delivered strong fourth quarter results with operating income exceeding consensus by 37 percent, driven by operations in Argentina. The business serves 100 million annual unique ecommerce customers and more than 60 million monthly active financial technology users. Amazon reported solid quarterly results with stable revenue growth despite broader market headwinds.	Latin America Fintech Growth Revenue Users
	Payments Visa reported strong quarterly results with 14 percent earnings growth, driven by lower incentives, higher cross-border revenue, and a lower tax rate. The company reinforced confidence in sustaining mid-teens annualized earnings growth for at least the next decade, supported by expansion into commercial payments, money management, and value-added services.	Cross-border Commercial Growth Services Revenue
	Semiconductors NVIDIA shares declined amid DeepSeek concerns and broader market rotation, but the company unveiled a multiyear roadmap with major gains in cost efficiency and performance, including a 40-fold improvement in inference per watt. Taiwan Semiconductor was added as the world's largest producer of leading-edge logic chips, positioned to benefit from AI proliferation and compute demand growth.	Leading-edge Foundry Performance Efficiency Demand
	Streaming Netflix contributed positively to relative performance during the quarter. Spotify delivered strong fourth-quarter results with robust revenue and monthly active user growth, along with gross and operating margin expansion. Management called 2025 the year of accelerated execution following 2024's year of monetization, signaling continued operating expense discipline and product innovation.	Revenue Users Margins Innovation Growth
2024 Q4	AI AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.	Infrastructure Applications Automation Advertising Enterprise
	E-commerce The fund has witnessed businesses find new ways to seize the promise of an ever-expanding digital economy. Grab Holdings emerged as a leading super app in Southeast Asia, and Full Truck Alliance has become known as the Uber for trucks in China, streamlining freight logistics.	Digital Marketplaces Logistics Southeast Asia China
	Energy Transition Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology are pioneering clean transportation and renewable energy solutions in China and increasingly around the world. Tetra Tech, Sika, and Brazil-based WEG work to create greener and more sustainable solutions.	Electric Vehicles Batteries Clean Transportation Sustainable Infrastructure Renewable Energy
	Streaming Netflix increasingly shifted from being a global streaming leader to becoming a global entertainment leader. The key to this shift is Netflix's recent success in live events, which changes the business model and earning potential. Live events support higher subscriber growth and more advertising revenue.	Live Events Entertainment Advertising Subscriber Growth Content

QUARTER

THEMES

AI

The fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They question AI equipment depreciation schedules, datacenter power demands, and whether promised returns will materialize, while noting the market's shift in viewing Google from AI laggard to leader.

Artificial Intelligence Bubble Valuations Infrastructure Technology

Biotechnology

The short book faced headwinds particularly within biotech this quarter. The fund also references biotech companies that go public via reverse mergers and spend capital on stock promotion rather than lab research as patterns they use for successful shorts.

Biotech Short Selling Reverse Mergers Stock Promotion

2025 Q3

AI

Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats.

Artificial Intelligence Datacenter Infrastructure Innovation Computing

Semiconductors

The semiconductor sector showed strong performance with NVIDIA sustaining growth despite China headwinds and Taiwan Semiconductor benefiting from AI-related demand and CoWoS capacity expansion. The upcoming Vera Rubin superchip is expected to significantly boost compute performance and expand use cases.

Chips Foundries Memory Computing Manufacturing

E-commerce

E-commerce platforms demonstrated strong momentum with Shopify showing gross merchandise value up 31% year-over-year, driven by larger merchants and improving monetization. The company continues to outpace global ecommerce growth through enterprise adoption and international expansion.

Online Retail Platforms Merchants Digital Commerce Growth

Streaming

Netflix continues to execute well as the world's largest streaming content producer, raising full-year revenue guidance by $700 million citing stronger subscriber growth and improved ad performance. The business maintains leadership in engagement, retention, and content quality.

Content Subscribers Video Entertainment Digital Media

2025 Q2

AI

Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.

NVIDIA LLM Semiconductors Cloud Data Centers

E-commerce

MercadoLibre delivered another strong quarter in Latin America, surpassing consensus estimates for revenue and operating income. Despite its scale, MercadoLibre still represents less than 5 percent of the region's total retail market. The company is investing across key strategic pillars including marketplace, logistics, loyalty, and wallet to capture more of this opportunity.

MercadoLibre Latin America Payments Logistics

Streaming

Netflix shares rose following strong first-quarter results reflecting solid subscriber growth and retention, continued margin expansion, and increased capital returns including a $3.5 billion share repurchase. Advertising momentum continued with reports of a $9 billion internal ad revenue target by 2030. Video entertainment has historically remained resilient during economic downturns.

Netflix Advertising Media Buybacks

Cloud

Cloudflare reported a strong quarter highlighted by its largest deal to date—a five-year, $130 million contract for its Workers platform. This deal underscores Workers' growing competitiveness against hyperscalers on both performance and price. The quarter also included major Zero Trust wins and strong momentum across use cases.

Cloudflare Cybersecurity Enterprise Software

Defense

Axon Enterprise began 2025 with strong momentum, reinforcing the durability of its growth strategy. The company's expanding software portfolio and AI-powered tools continue to gain traction. Revenue rose over 30 percent in the first quarter, supported by recurring sales and improved margins. International demand is strengthening with new contracts across the U.K., Latin America, and Asia.

Axon Government IT Defense Electronics

2025 Q1

AI

AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.

Infrastructure Scaling Applications Investment Compute

E-commerce

MercadoLibre delivered strong fourth quarter results with operating income exceeding consensus by 37 percent, driven by operations in Argentina. The business serves 100 million annual unique ecommerce customers and more than 60 million monthly active financial technology users. Amazon reported solid quarterly results with stable revenue growth despite broader market headwinds.

Latin America Fintech Growth Revenue Users

Payments

Visa reported strong quarterly results with 14 percent earnings growth, driven by lower incentives, higher cross-border revenue, and a lower tax rate. The company reinforced confidence in sustaining mid-teens annualized earnings growth for at least the next decade, supported by expansion into commercial payments, money management, and value-added services.

Cross-border Commercial Growth Services Revenue

Semiconductors

NVIDIA shares declined amid DeepSeek concerns and broader market rotation, but the company unveiled a multiyear roadmap with major gains in cost efficiency and performance, including a 40-fold improvement in inference per watt. Taiwan Semiconductor was added as the world's largest producer of leading-edge logic chips, positioned to benefit from AI proliferation and compute demand growth.

Leading-edge Foundry Performance Efficiency Demand

Streaming

Netflix contributed positively to relative performance during the quarter. Spotify delivered strong fourth-quarter results with robust revenue and monthly active user growth, along with gross and operating margin expansion. Management called 2025 the year of accelerated execution following 2024's year of monetization, signaling continued operating expense discipline and product innovation.

Revenue Users Margins Innovation Growth

2024 Q4

AI

AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.

Infrastructure Applications Automation Advertising Enterprise

E-commerce

The fund has witnessed businesses find new ways to seize the promise of an ever-expanding digital economy. Grab Holdings emerged as a leading super app in Southeast Asia, and Full Truck Alliance has become known as the Uber for trucks in China, streamlining freight logistics.

Digital Marketplaces Logistics Southeast Asia China

Energy Transition

Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology are pioneering clean transportation and renewable energy solutions in China and increasingly around the world. Tetra Tech, Sika, and Brazil-based WEG work to create greener and more sustainable solutions.

Electric Vehicles Batteries Clean Transportation Sustainable Infrastructure Renewable Energy

Streaming

Netflix increasingly shifted from being a global streaming leader to becoming a global entertainment leader. The key to this shift is Netflix's recent success in live events, which changes the business model and earning potential. Live events support higher subscriber growth and more advertising revenue.

Live Events Entertainment Advertising Subscriber Growth Content

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 22, 2026	Fund Letters	Brian A. Christiansen	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, monetization, Search	Login
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
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
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
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
Jan 22, 2026	Fund Letters	Brian A. Christiansen	NFLX	Netflix, Inc.	Communication Services	Entertainment	Bear	NASDAQ	Content, Ip, Pricing, scale, Streaming	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
Jan 22, 2026	Fund Letters	Brian A. Christiansen	DASH	DoorDash, Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	advertising, delivery, Logistics, Margins, scale	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
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
Jan 22, 2026	Fund Letters	Brian A. Christiansen	APP	AppLovin Corporation	Information Technology	Software	Bull	NASDAQ	advertising, AI, ecommerce, Mobile, Software	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
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
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
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
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
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
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
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
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
Oct 20, 2025	Fund Letters	Brian A. Christiansen	TEAM	Atlassian Corp. Plc.	Information Technology	Software	Bull	NASDAQ	AI, Collaboration, growth, productivity, SaaS, 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
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

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 22, 2026

Fund Letters

Brian A. Christiansen

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, cloud, monetization, Search

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

Jan 22, 2026

Fund Letters

Brian A. Christiansen

GALD SW

Galderma Group AG

Health Care

Pharmaceuticals

Bull

Swiss Exchange

Aesthetics, dermatology, innovation, Margins, pharmaceuticals

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

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

Jan 22, 2026

Fund Letters

Brian A. Christiansen

NFLX

Netflix, Inc.

Communication Services

Entertainment

Bear

NASDAQ

Content, Ip, Pricing, scale, Streaming

Jan 22, 2026

Fund Letters

Brian A. Christiansen

AXON

Axon Enterprise, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

growth, Public safety, Recurring, SaaS, Security

Jan 22, 2026

Fund Letters

Brian A. Christiansen

DASH

DoorDash, Inc.

Consumer Discretionary

Hotels, Restaurants & Leisure

Bull

NASDAQ

advertising, delivery, Logistics, Margins, scale

Jan 22, 2026

Fund Letters

Brian A. Christiansen

MELI

MercadoLibre, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

ecommerce, Fintech, Latin America, Moat, scale

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

Jan 22, 2026

Fund Letters

Brian A. Christiansen

APP

AppLovin Corporation

Information Technology

Software

Bull

NASDAQ

advertising, AI, ecommerce, Mobile, Software

Jan 22, 2026

Fund Letters

Brian A. Christiansen

ARGX

argenx SE

Health Care

Biotechnology

Bull

Shanghai Stock Exchange

biotechnology, growth, Immunology, Orphan, pipeline

Oct 20, 2025

Fund Letters

Brian A. Christiansen

NVDA

NVIDIA Corp.

Information Technology

Semiconductors

Bull

NASDAQ

AI, Compute, datacenter, growth, innovation, margin, Pricing, semiconductors

Oct 20, 2025

Fund Letters

Brian A. Christiansen

GOOGL

Alphabet Inc.

Communication Services

Internet Services

Bull

NASDAQ

advertising, AI, cloud, innovation, monetization, Regulatory, Search

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

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

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

Oct 20, 2025

Fund Letters

Brian A. Christiansen

NFLX

Netflix Inc.

Communication Services

Streaming Media

Bull

NASDAQ

advertising, Engagement, leadership, Margins, Streaming, Subscriptions, valuation

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

Oct 20, 2025

Fund Letters

Brian A. Christiansen

DEXCOM

Dexcom Inc.

Health Care

Medical Devices

Bull

NASDAQ

Diabetes, growth, healthcare, innovation, Margin recovery, Sensors

Oct 20, 2025

Fund Letters

Brian A. Christiansen

TEAM

Atlassian Corp. Plc.

Information Technology

Software

Bull

NASDAQ

AI, Collaboration, growth, productivity, SaaS, Software

Jul 21, 2025

Fund Letters

Brian A. Christiansen

NVDA

NVIDIA Corporation

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI, datacenters, hyperscalers, infrastructure, Margins, semiconductors

Jul 21, 2025

Fund Letters

Brian A. Christiansen

NFLX

Netflix, Inc.

Communication Services

Entertainment

Bull

NASDAQ

advertising, Competition, Content, leverage, Streaming, Subscriptions

Jul 21, 2025

Fund Letters

Brian A. Christiansen

AXON

Axon Enterprise, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

International, Margins, Publicsafety, Regulation, SaaS, Subscriptions

Jul 21, 2025

Fund Letters

Brian A. Christiansen

MELI

MercadoLibre, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

ecommerce, Fintech, Logistics, Margins, Penetration, Regulation

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

TICKER	COMMENTARY
ASML	ASML Holding is the world's leading provider of semiconductor lithography equipment by market share. Shares rose alongside AI infrastructure businesses, reflecting strong demand for AI compute and the critical role ASML's tools play in enabling leading-edge chip fabrication, including advanced memory and logic production. Strong bookings underscored this demand. The company reported a record €13.2 billion in fourth-quarter 2025 bookings, well ahead of expectations, including €7.4 billion from extreme ultraviolet (EUV) systems tied to AI-driven demand. These results reinforce ASML's position as a key bottleneck in advanced chip production.
TSM	TSMC's latest results highlighted accelerating AI demand and reinforced the company's position as a primary beneficiary of that trend. TSMC Chairman C.C. Wei said he personally spoke with the company's largest hyperscaler AI customers and concluded that their requests for additional capacity were supported by end demand. The company reinforced that confidence with a materially higher capital expenditure plan of $54 billion for 2026, well above consensus estimates of $47.8 billion, to support expected AI-driven demand. Management now expects AI-related revenue to grow at a 55 percent annualized rate through 2029, up from 45 percent previously.
NFLX	Netflix shares rose after the company walked away from a proposed acquisition of Warner Bros. Discovery. While we viewed the deal positively, the uncertainty had weighed on sentiment, and Netflix will receive a $2.8 billion break fee. We believe the company is now better positioned to exceed guidance and resume share repurchases. The stock also trades below 30 times forward earnings, a level rarely seen over the past 15 years. Management tacitly endorsed a leaked long-term forecast of reaching a $1 trillion valuation by 2030.
NET	Cloudflare is a global cloud platform that improves the security, performance, and reliability of websites and applications. Shares rose during the quarter as investors increasingly viewed the company as a beneficiary of agentic AI, given its position at a key control point for routing and securing machine-to-machine internet traffic. Fourth-quarter 2025 revenue growth accelerated to 34 percent year over year, up from 31 percent and 28 percent in the prior two quarters.
FLUT	Flutter Entertainment is the world's leading sports-betting and gaming business by revenue. Shares declined in the first quarter due to concerns around the impact to the business from prediction markets and execution missteps made at FanDuel, the company's largest business. A failure to adjust promotional strategy during the NFL season, when results were unusually unfavorable for customers, led to higher churn and weaker engagement. Flutter now trades at a valuation similar to slower-growing brick-and-mortar peers.
DASH	DoorDash is a leading on-demand, local logistics platform. Shares declined in the first quarter due to AI disruption concerns and the early stages of a new investment cycle. We do not believe the business is at risk from coding agents. Replicating DoorDash requires local density of merchants and delivery networks, which are difficult to rebuild digitally. We believe it is more likely that DoorDash is an AI beneficiary via autonomous delivery.
AXON	Axon Enterprise is a leading public safety technology company. Shares declined in the first quarter amid concerns about pricing power and TASER 10 revenue growth, alongside skepticism around AI adoption. Fourth-quarter 2025 revenue grew 39 percent year over year, the fastest pace in three years, while adjusted profitability exceeded expectations. Management also introduced a stronger outlook, including a 2028 target of $6 billion in revenue and a 28 percent adjusted EBITDA margin.
SHOP.TO	Shopify is an ecommerce software platform that enables merchants to build, manage, and scale their businesses. Shares declined alongside software stocks amid investor concerns about AI-related disruption. While AI is reshaping the software landscape, we believe Shopify is better positioned than most horizontal vendors. As a vertical application tailored to ecommerce, it is less likely to be displaced by agentic workflows.
APP	AppLovin is one of the leading providers of advertising solutions for mobile game developers. Shares declined alongside broad-based weakness in gaming and ecommerce stocks, amplified by the release of Google's generative gaming platform, Project Genie, and concerns that Meta Platforms may emerge as a more aggressive competitor. Fourth-quarter results remained strong, with revenue growing 66 percent year over year and advertising EBITDA margins reaching 84 percent.
BE	Bloom Energy is a leading provider of alternative energy solutions. The company produces solid oxide fuel cells and deploys its technology in modular units that effectively function as continuously refueled, natural-gas-powered batteries. Our research suggests the AI-driven data center demand cycle is catalyzing a meaningful shift in Bloom's cost competitiveness and addressable market. We believe Bloom has a credible path toward cost competitiveness versus gas turbines, which is central to our investment thesis.
000660.KS	SK hynix is the world's largest dedicated producer of memory chips. The business benefits from the increasing demand for computational power and data storage, driven by the rise of artificial intelligence (AI) and high-performance computing. SK hynix is the world's leading HBM designer in terms of market share, and our research indicates that the business' chips outperform competitors in terms of yield, data speed, and heat dissipation.

TICKER

COMMENTARY

ASML

ASML Holding is the world's leading provider of semiconductor lithography equipment by market share. Shares rose alongside AI infrastructure businesses, reflecting strong demand for AI compute and the critical role ASML's tools play in enabling leading-edge chip fabrication, including advanced memory and logic production. Strong bookings underscored this demand. The company reported a record €13.2 billion in fourth-quarter 2025 bookings, well ahead of expectations, including €7.4 billion from extreme ultraviolet (EUV) systems tied to AI-driven demand. These results reinforce ASML's position as a key bottleneck in advanced chip production.

TSM

TSMC's latest results highlighted accelerating AI demand and reinforced the company's position as a primary beneficiary of that trend. TSMC Chairman C.C. Wei said he personally spoke with the company's largest hyperscaler AI customers and concluded that their requests for additional capacity were supported by end demand. The company reinforced that confidence with a materially higher capital expenditure plan of $54 billion for 2026, well above consensus estimates of $47.8 billion, to support expected AI-driven demand. Management now expects AI-related revenue to grow at a 55 percent annualized rate through 2029, up from 45 percent previously.

NFLX

Netflix shares rose after the company walked away from a proposed acquisition of Warner Bros. Discovery. While we viewed the deal positively, the uncertainty had weighed on sentiment, and Netflix will receive a $2.8 billion break fee. We believe the company is now better positioned to exceed guidance and resume share repurchases. The stock also trades below 30 times forward earnings, a level rarely seen over the past 15 years. Management tacitly endorsed a leaked long-term forecast of reaching a $1 trillion valuation by 2030.

NET

Cloudflare is a global cloud platform that improves the security, performance, and reliability of websites and applications. Shares rose during the quarter as investors increasingly viewed the company as a beneficiary of agentic AI, given its position at a key control point for routing and securing machine-to-machine internet traffic. Fourth-quarter 2025 revenue growth accelerated to 34 percent year over year, up from 31 percent and 28 percent in the prior two quarters.

FLUT

Flutter Entertainment is the world's leading sports-betting and gaming business by revenue. Shares declined in the first quarter due to concerns around the impact to the business from prediction markets and execution missteps made at FanDuel, the company's largest business. A failure to adjust promotional strategy during the NFL season, when results were unusually unfavorable for customers, led to higher churn and weaker engagement. Flutter now trades at a valuation similar to slower-growing brick-and-mortar peers.

DASH

DoorDash is a leading on-demand, local logistics platform. Shares declined in the first quarter due to AI disruption concerns and the early stages of a new investment cycle. We do not believe the business is at risk from coding agents. Replicating DoorDash requires local density of merchants and delivery networks, which are difficult to rebuild digitally. We believe it is more likely that DoorDash is an AI beneficiary via autonomous delivery.

AXON

Axon Enterprise is a leading public safety technology company. Shares declined in the first quarter amid concerns about pricing power and TASER 10 revenue growth, alongside skepticism around AI adoption. Fourth-quarter 2025 revenue grew 39 percent year over year, the fastest pace in three years, while adjusted profitability exceeded expectations. Management also introduced a stronger outlook, including a 2028 target of $6 billion in revenue and a 28 percent adjusted EBITDA margin.

SHOP.TO

Shopify is an ecommerce software platform that enables merchants to build, manage, and scale their businesses. Shares declined alongside software stocks amid investor concerns about AI-related disruption. While AI is reshaping the software landscape, we believe Shopify is better positioned than most horizontal vendors. As a vertical application tailored to ecommerce, it is less likely to be displaced by agentic workflows.

APP

AppLovin is one of the leading providers of advertising solutions for mobile game developers. Shares declined alongside broad-based weakness in gaming and ecommerce stocks, amplified by the release of Google's generative gaming platform, Project Genie, and concerns that Meta Platforms may emerge as a more aggressive competitor. Fourth-quarter results remained strong, with revenue growing 66 percent year over year and advertising EBITDA margins reaching 84 percent.

Bloom Energy is a leading provider of alternative energy solutions. The company produces solid oxide fuel cells and deploys its technology in modular units that effectively function as continuously refueled, natural-gas-powered batteries. Our research suggests the AI-driven data center demand cycle is catalyzing a meaningful shift in Bloom's cost competitiveness and addressable market. We believe Bloom has a credible path toward cost competitiveness versus gas turbines, which is central to our investment thesis.

000660.KS

SK hynix is the world's largest dedicated producer of memory chips. The business benefits from the increasing demand for computational power and data storage, driven by the rise of artificial intelligence (AI) and high-performance computing. SK hynix is the world's leading HBM designer in terms of market share, and our research indicates that the business' chips outperform competitors in terms of yield, data speed, and heat dissipation.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Biotechnology

AI

Semiconductors

E-commerce

Streaming

AI

E-commerce

Streaming

Cloud

Defense

AI

E-commerce

Payments

Semiconductors

Streaming

AI

E-commerce

Energy Transition

Streaming

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian A. Christiansen Top Holdings

Recent Buys (13F)

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13F Sector Summary

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Sands Capital Global Growth Fund