Sands Capital Select Growth Fund

Investor Summary

Frank M. Sands Jr., CFA, serves as CEO and CIO of Sands Capital Management, joining the firm in 2000 as Managing Director & Director of Research and Senior Portfolio Manager. He became President in 2004 and assumed CEO and CIO roles in 2008. During Frank's tenure, assets under management have grown from approximately $900 million to over $58 billion, demonstrating exceptional business leadership and investment execution. The broader management team includes T. Perry Williams, CFA as President and Senior Portfolio Manager, and Brian A. Christiansen, CFA as Senior Portfolio Manager and Executive Managing Director who joined in 2006. The team brings decades of collective experience managing growth-oriented strategies with a long-term investment horizon. Sands Capital Management is an independent, employee-owned firm established in 1992, employing 177 professionals and serving both U.S. and international clients with approximately $45.2 billion in total assets under management.

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's edge comes from its culture that helps execute obvious but difficult strategies - owning many high-quality businesses and holding them with discipline over long periods of time. The Select Growth strategy focuses primarily on U.S. businesses at the forefront of the most vital areas of positive structural change in the economy. The strategy emphasizes sustainable, above-average earnings growth, leadership in promising business spaces, significant competitive advantages, clear mission and value-added focus, financial strength, and rational stock market valuation. The approach typically results in concentrated portfolios of 25-35 companies, reflecting high conviction in selected investments. Sands Capital remains rooted in the same mission, philosophy, and six investment criteria that have been in place since the firm's founding in 1992.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.8%	-12.9%	-12.9%

Executive Summary

Select Growth underperformed in Q1 2026 as AI-driven market dispersion and geopolitical tensions created headwinds for growth equities. The portfolio's emphasis on higher-growth, asset-light businesses faced rotation toward more capital-intensive industries perceived to have lower AI disruption risk. However, the fund views this sell-off as increasingly indiscriminate, maintaining conviction that businesses with network effects, infrastructure control, and embedded workflows will harness AI as an accelerator rather than face displacement. Portfolio activity centered on evolving AI infrastructure exposure toward physical beneficiaries, initiating positions in Seagate Technology and Lam Research while reducing cloud hyperscaler exposure. The fund believes memory is emerging as the key bottleneck to scaling AI systems, expecting exponential demand growth coupled with constrained supply to drive favorable pricing. Top contributors included Carpenter Technology, Taiwan Semiconductor, and Quanta Services, while detractors were AppLovin, Microsoft, and Shopify. With valuations compressed across secular growth businesses, the fund sees attractive setup for the next five years as growth-adjusted valuation premium reaches lowest level since 2009.

Core Thesis

Select Growth focuses on U.S. businesses at the forefront of structural change, built on disruptive innovation that generate growth by inspiring change within existing industries or creating new ones, with current emphasis on AI infrastructure beneficiaries while maintaining conviction in internet businesses with durable competitive advantages.

Forward Outlook

The fund expects certain competitive moats to become increasingly important in an AI-first world, including network effects, control of critical infrastructure, high switching costs, and proprietary data ownership. They view the current sell-off as increasingly indiscriminate and see attractive setup for next five years with growth-adjusted valuation premium near lowest level since 2009.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 25 2026	2026 Q1	APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM	AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology	-	Select Growth underperformed amid AI-driven market rotation but views sell-off as indiscriminate. Fund evolved toward AI infrastructure beneficiaries, initiating memory-focused positions in Seagate and Lam Research while reducing cloud exposure. Maintains conviction in internet businesses with durable competitive advantages. Compressed valuations across growth businesses create attractive five-year setup with valuation premium near 2009 lows.
Jan 22 2026	2025 Q4	AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V	AI, defense, energy, growth, infrastructure, Robotics, Space, technology	GOOGL CVNA TSM AMZN AVGO RBLX SE NFLX SPOT MSFT NOW TEAM ORCL AJG VG DXCM CRS PWR	Sands Capital Select Growth underperformed in Q4 despite strong absolute returns, as multiple compression overwhelmed benchmark-beating earnings growth. The firm maintains disciplined exposure to AI infrastructure, defense technology, robotics, energy transition, cybersecurity, and space themes while avoiding bubble excesses. Portfolio positioned for long-term value creation across transformational innovation themes at historically attractive valuations.
Oct 20 2025	2025 Q3	AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V	AI, Cloud, growth, large cap, semiconductors, software, technology	-	Select Growth underperformed in Q3 2025 despite strong AI infrastructure demand driving key holdings like NVIDIA and AppLovin. Software sector showed dispersion with infrastructure providers outperforming while application software faced AI disruption concerns. Added Oracle and Alphabet to broaden AI exposure. Manager sees complex crosscurrents ahead requiring careful balance between AI beneficiaries and diversified growth drivers.
Jul 21 2025	2025 Q2	AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V	AI, Cloud, gaming, growth, semiconductors, Streaming, technology	-	Select Growth outperformed significantly in Q2 2025 returning 27.7% as consumer internet platforms and AI infrastructure drove gains. Strong earnings growth and tariff truce supported recovery from April volatility. NVIDIA, Microsoft Azure, Netflix, and Broadcom led contributions while portfolio actions managed tariff exposures and rebalanced toward Magnificent Seven. Strategy remains well-positioned for AI paradigm shift with diversified exposure across direct AI beneficiaries and efficiency enhancers.
Mar 31 2025	2025 Q1	AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V	AI, Concentration, growth, large cap, semiconductors, software, technology	-	Select Growth underperformed modestly in Q1 as AI skepticism and trade tensions pressured growth stocks. Despite DeepSeek concerns, managers maintain AI conviction citing strong infrastructure spending and emerging applications. Portfolio repositioned toward semiconductor leaders Broadcom and TSMC while exiting lower-conviction holdings. Trade policy risks threaten global growth, but improved portfolio diversification and quality metrics provide better downside protection than 2021.
Dec 31 2024	2024 Q4	AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V	AI, growth, innovation, long-term, software, technology	-	Sands Capital Select Growth underperformed in Q4 despite strong portfolio company earnings growth of 147% over three years versus 53% for the benchmark. The firm maintains conviction in AI infrastructure leaders like NVIDIA and ServiceNow while adding exposure to energy transition and gaming themes. Management expects valuation misalignment to correct as business fundamentals drive long-term returns.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 25 2026

2026 Q1

APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM

AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology

Select Growth underperformed amid AI-driven market rotation but views sell-off as indiscriminate. Fund evolved toward AI infrastructure beneficiaries, initiating memory-focused positions in Seagate and Lam Research while reducing cloud exposure. Maintains conviction in internet businesses with durable competitive advantages. Compressed valuations across growth businesses create attractive five-year setup with valuation premium near 2009 lows.

Jan 22 2026

2025 Q4

AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V

AI, defense, energy, growth, infrastructure, Robotics, Space, technology

GOOGL
CVNA
TSM
AMZN
AVGO
RBLX
SE
NFLX
SPOT
MSFT
NOW
TEAM
ORCL
AJG
VG
DXCM
CRS
PWR

Sands Capital Select Growth underperformed in Q4 despite strong absolute returns, as multiple compression overwhelmed benchmark-beating earnings growth. The firm maintains disciplined exposure to AI infrastructure, defense technology, robotics, energy transition, cybersecurity, and space themes while avoiding bubble excesses. Portfolio positioned for long-term value creation across transformational innovation themes at historically attractive valuations.

Oct 20 2025

2025 Q3

AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V

AI, Cloud, growth, large cap, semiconductors, software, technology

Select Growth underperformed in Q3 2025 despite strong AI infrastructure demand driving key holdings like NVIDIA and AppLovin. Software sector showed dispersion with infrastructure providers outperforming while application software faced AI disruption concerns. Added Oracle and Alphabet to broaden AI exposure. Manager sees complex crosscurrents ahead requiring careful balance between AI beneficiaries and diversified growth drivers.

Jul 21 2025

2025 Q2

AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V

AI, Cloud, gaming, growth, semiconductors, Streaming, technology

Select Growth outperformed significantly in Q2 2025 returning 27.7% as consumer internet platforms and AI infrastructure drove gains. Strong earnings growth and tariff truce supported recovery from April volatility. NVIDIA, Microsoft Azure, Netflix, and Broadcom led contributions while portfolio actions managed tariff exposures and rebalanced toward Magnificent Seven. Strategy remains well-positioned for AI paradigm shift with diversified exposure across direct AI beneficiaries and efficiency enhancers.

Mar 31 2025

2025 Q1

AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V

AI, Concentration, growth, large cap, semiconductors, software, technology

Select Growth underperformed modestly in Q1 as AI skepticism and trade tensions pressured growth stocks. Despite DeepSeek concerns, managers maintain AI conviction citing strong infrastructure spending and emerging applications. Portfolio repositioned toward semiconductor leaders Broadcom and TSMC while exiting lower-conviction holdings. Trade policy risks threaten global growth, but improved portfolio diversification and quality metrics provide better downside protection than 2021.

Dec 31 2024

2024 Q4

AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V

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

Sands Capital Select Growth underperformed in Q4 despite strong portfolio company earnings growth of 147% over three years versus 53% for the benchmark. The firm maintains conviction in AI infrastructure leaders like NVIDIA and ServiceNow while adding exposure to energy transition and gaming themes. Management expects valuation misalignment to correct as business fundamentals drive long-term returns.

QUARTER	THEMES	TAGS
2026 Q1	AI AI remained the central force shaping market behavior with new developments from Anthropic heightening disruption concerns across knowledge-based industries. The emergence of agentic AI tools has broadened the scope of potential disruption, with consensus estimates for hyperscaler capital expenditures now exceeding $650 billion for 2026. The fund views AI as likely to reshape competitive leadership across many industries but believes certain competitive moats like network effects and infrastructure control will become increasingly important.	Artificial Intelligence Agentic AI Hyperscalers Disruption Infrastructure
	Semiconductors The fund initiated positions in semiconductor equipment and memory providers, viewing memory as the key bottleneck to scaling AI systems. TSMC reported accelerating AI demand with management raising capital expenditure plans to $54 billion for 2026. The fund expects exponential increase in memory demand coupled with constrained supply growth to drive higher pricing and volumes.	Memory Foundries Semi Equipment AI Infrastructure Capacity
	Data Centers Capital rotated toward asset-heavy industries positioned to benefit from AI-related infrastructure demand. Businesses providing products or services that alleviate bottlenecks in data center development were among the best performers, with strong returns across power infrastructure, memory, and networking providers. The fund views this as a durable trend tied to AI infrastructure buildout.	Infrastructure Power Networking Bottlenecks AI Buildout
	Cloud The fund reduced exposure to cloud hyperscalers, preferring AI exposure in the supply chain for compute over the buyers of that compute. They note buyers of AI computing power are increasingly reliant on purchases from a narrow set of AI model providers and face increasing competition from neo cloud providers in the transition from traditional infrastructure as a service to hyperscale AI.	Hyperscalers Infrastructure as a Service Neo Cloud Competition
	E-commerce Internet holdings faced weakness due to concerns about AI-driven disruption and multiple compression. However, the fund believes these businesses benefit from durable competitive advantages including physical infrastructure, network effects, and direct access to consumer demand. Shopify delivered three consecutive quarters of roughly 30% year-over-year gross merchandise volume growth.	Network Effects Consumer Demand Competitive Advantages Growth
2025 Q4	Behavioral Finance Manager discusses behavioral biases in investing, comparing rational Morning Investor mode versus impulsive Nighttime Investor decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions.	Behavioral Biases Psychology Decision Making
	Value Mature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy benefits from exposure to value-oriented businesses.	Value Investing Free Cash Flow Capital Return
	Growth Emerging (Growth) businesses were weak in Q4, reversing substantial gains from earlier in 2025, though they delivered strong full-year performance and generated significant alpha relative to benchmark. Manager maintains commitment to growth exposure despite recent weakness.	Growth Investing Emerging Businesses Alpha Generation
2025 Q3	AI AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years.	Infrastructure Monetization Capex Hyperscalers Computing
	Semiconductors AI infrastructure providers, particularly semiconductor businesses, delivered some of the strongest returns. NVIDIA sustained growth with datacenter segment accelerating from 64% to 73% year-over-year growth. Taiwan Semiconductor benefited from strong AI-related demand and is expanding CoWoS capacity to narrow supply-demand gap.	Datacenter Supply Demand Growth Infrastructure
	Cloud Cloud services showed reacceleration with the Magnificent Seven delivering 26% earnings growth led by cloud services, advertising, and ecommerce. Oracle is emerging as a leader in infrastructure for AI workloads, moving from second-tier competitor to preeminent infrastructure provider for significant AI companies.	Infrastructure Growth Reacceleration AI Services
	Software Software sector showed pronounced dispersion with narrow cohort of infrastructure and cybersecurity providers driving gains while horizontal application software remained pressured by AI disruption concerns. Key concerns included pressure on seat-based pricing models and fears that generative AI could reduce barriers to entry.	Disruption Infrastructure Cybersecurity Pricing Competition
2025 Q2	AI AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction.	Infrastructure Computing Demand Efficiency Personalization
	Semiconductors Semiconductor industry produced the strongest returns gaining more than 40 percent in the quarter. NVIDIA addressed rack yield concerns with major hyperscalers deploying nearly 72,000 Blackwell GPUs per week, while Broadcom benefits from leadership in networking technologies interconnecting AI accelerators.	GPUs Networking Infrastructure Hyperscalers Accelerators
	Cloud Microsoft delivered better-than-expected results with reacceleration in Azure growth as the key highlight. Demand for AI-related services remains strong with sequential improvement in non-AI-related Azure revenue, positioning Microsoft well for enterprise AI adoption.	Azure Enterprise Infrastructure Services Growth
	E-commerce Consumer internet platforms showed strong performance spanning gaming, social media, streaming, and food delivery. These asset-light business models are insulated from tariff margin pressures and benefit from low marginal costs allowing each additional user to enhance profitability.	Platforms Marketplaces Digital Scalability Margins
	Streaming Netflix demonstrated resilience with solid subscriber growth, continued margin expansion, and increased capital returns including a $3.5 billion share repurchase. Video entertainment remains resilient during economic downturns with Netflix's scale and market leadership supporting durability.	Content Subscribers Advertising Resilience Leadership
	Gaming Roblox showed reacceleration across key metrics including daily active users, bookings, and hours played with the strongest sequential increase since 2020. The platform demonstrated significant operating leverage with EBITDA margins expanding 760 basis points to 17 percent.	Platform Engagement Monetization Leverage Growth
2025 Q1	AI AI remains a foundational driver of long-term growth despite market 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 materializing across fraud detection, content creation, and workflow automation.	Infrastructure Scaling Applications Compute Investment
	Semiconductors Added exposure to leading-edge semiconductor enablers through Broadcom and Taiwan Semiconductor purchases. TSMC benefits from its chokepoint position in AI chip manufacturing, while Broadcom supports compute scalability through ethernet networking and custom accelerators. The portfolio repositioned toward structural growth in leading-edge semiconductors.	Leading-edge Manufacturing Networking Foundries Scalability
	Cloud Cloud infrastructure providers continue investing heavily in AI capabilities. Amazon's 2025 capital expenditure guidance exceeded $100 billion, driven by intensifying AI infrastructure investment. Cloudflare gained recognition as a key beneficiary of AI inference growth through its edge computing platform.	Infrastructure Investment Edge Computing Growth
	E-commerce Sea delivered its fifth consecutive beat-and-raise quarter with Shopee growing gross merchandise volume 24 percent year-over-year while achieving positive EBITDA margin. Amazon reported solid quarterly results with stable revenue growth despite broader market pressures.	Growth Margins Volume Revenue Performance
	Streaming Spotify delivered strong fourth-quarter results with robust revenue and monthly active user growth, plus gross and operating margin expansion. The company reported its strongest quarter of premium subscription net additions in five years and launched a new premium Music Pro tier.	Subscriptions Users Margins Revenue Premium
	Gaming AppLovin faced pressure from short reports alleging app-install manipulation, which the managers view as largely unfounded. The company's revenue is tied to purchases rather than clicks, and customers use sophisticated attribution tools. Sea's gaming business is expected to generate approximately $1 billion in EBITDA as part of 2025 guidance.	Attribution Revenue EBITDA Performance Growth
2024 Q4	AI AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader.	Infrastructure Transformation Innovation Automation Platform
	E-commerce The firm has found criteria-meeting businesses leveraged to novel forays into ecommerce. AppLovin has begun fine-tuning its large-language model for ecommerce, receiving strong early feedback from ecommerce advertisers and providing an opportunity to expand outside its core gaming vertical to aggregate demand from nongaming applications.	Digital Marketplaces Advertising Platform Growth
	Energy Transition Portfolio includes businesses pioneering clean transportation and renewable energy solutions. Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology (CATL) are leading clean transportation and renewable energy solutions in China and increasingly around the world.	Clean Energy Electric Vehicles Batteries Sustainability Infrastructure
	Gaming Roblox has become a frontrunner in the metaverse by creating a platform for virtual environments and immersive experiences that appeal to a global audience. AppLovin built an AI advertising placement platform that has reaccelerated its video game ad business and positioned it to expand into the much larger ecommerce ad market.	Metaverse Platform Virtual Advertising Entertainment

QUARTER

THEMES

AI

AI remained the central force shaping market behavior with new developments from Anthropic heightening disruption concerns across knowledge-based industries. The emergence of agentic AI tools has broadened the scope of potential disruption, with consensus estimates for hyperscaler capital expenditures now exceeding $650 billion for 2026. The fund views AI as likely to reshape competitive leadership across many industries but believes certain competitive moats like network effects and infrastructure control will become increasingly important.

Artificial Intelligence Agentic AI Hyperscalers Disruption Infrastructure

Semiconductors

The fund initiated positions in semiconductor equipment and memory providers, viewing memory as the key bottleneck to scaling AI systems. TSMC reported accelerating AI demand with management raising capital expenditure plans to $54 billion for 2026. The fund expects exponential increase in memory demand coupled with constrained supply growth to drive higher pricing and volumes.

Memory Foundries Semi Equipment AI Infrastructure Capacity

Data Centers

Capital rotated toward asset-heavy industries positioned to benefit from AI-related infrastructure demand. Businesses providing products or services that alleviate bottlenecks in data center development were among the best performers, with strong returns across power infrastructure, memory, and networking providers. The fund views this as a durable trend tied to AI infrastructure buildout.

Infrastructure Power Networking Bottlenecks AI Buildout

Cloud

The fund reduced exposure to cloud hyperscalers, preferring AI exposure in the supply chain for compute over the buyers of that compute. They note buyers of AI computing power are increasingly reliant on purchases from a narrow set of AI model providers and face increasing competition from neo cloud providers in the transition from traditional infrastructure as a service to hyperscale AI.

Hyperscalers Infrastructure as a Service Neo Cloud Competition

E-commerce

Internet holdings faced weakness due to concerns about AI-driven disruption and multiple compression. However, the fund believes these businesses benefit from durable competitive advantages including physical infrastructure, network effects, and direct access to consumer demand. Shopify delivered three consecutive quarters of roughly 30% year-over-year gross merchandise volume growth.

Network Effects Consumer Demand Competitive Advantages Growth

2025 Q4

Behavioral Finance

Manager discusses behavioral biases in investing, comparing rational Morning Investor mode versus impulsive Nighttime Investor decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions.

Behavioral Biases Psychology Decision Making

Value

Mature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy benefits from exposure to value-oriented businesses.

Value Investing Free Cash Flow Capital Return

Growth

Emerging (Growth) businesses were weak in Q4, reversing substantial gains from earlier in 2025, though they delivered strong full-year performance and generated significant alpha relative to benchmark. Manager maintains commitment to growth exposure despite recent weakness.

Growth Investing Emerging Businesses Alpha Generation

2025 Q3

AI

AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years.

Infrastructure Monetization Capex Hyperscalers Computing

Semiconductors

AI infrastructure providers, particularly semiconductor businesses, delivered some of the strongest returns. NVIDIA sustained growth with datacenter segment accelerating from 64% to 73% year-over-year growth. Taiwan Semiconductor benefited from strong AI-related demand and is expanding CoWoS capacity to narrow supply-demand gap.

Datacenter Supply Demand Growth Infrastructure

Cloud

Cloud services showed reacceleration with the Magnificent Seven delivering 26% earnings growth led by cloud services, advertising, and ecommerce. Oracle is emerging as a leader in infrastructure for AI workloads, moving from second-tier competitor to preeminent infrastructure provider for significant AI companies.

Infrastructure Growth Reacceleration AI Services

Software

Software sector showed pronounced dispersion with narrow cohort of infrastructure and cybersecurity providers driving gains while horizontal application software remained pressured by AI disruption concerns. Key concerns included pressure on seat-based pricing models and fears that generative AI could reduce barriers to entry.

Disruption Infrastructure Cybersecurity Pricing Competition

2025 Q2

AI

AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction.

Infrastructure Computing Demand Efficiency Personalization

Semiconductors

Semiconductor industry produced the strongest returns gaining more than 40 percent in the quarter. NVIDIA addressed rack yield concerns with major hyperscalers deploying nearly 72,000 Blackwell GPUs per week, while Broadcom benefits from leadership in networking technologies interconnecting AI accelerators.

GPUs Networking Infrastructure Hyperscalers Accelerators

Cloud

Microsoft delivered better-than-expected results with reacceleration in Azure growth as the key highlight. Demand for AI-related services remains strong with sequential improvement in non-AI-related Azure revenue, positioning Microsoft well for enterprise AI adoption.

Azure Enterprise Infrastructure Services Growth

E-commerce

Consumer internet platforms showed strong performance spanning gaming, social media, streaming, and food delivery. These asset-light business models are insulated from tariff margin pressures and benefit from low marginal costs allowing each additional user to enhance profitability.

Platforms Marketplaces Digital Scalability Margins

Streaming

Netflix demonstrated resilience with solid subscriber growth, continued margin expansion, and increased capital returns including a $3.5 billion share repurchase. Video entertainment remains resilient during economic downturns with Netflix's scale and market leadership supporting durability.

Content Subscribers Advertising Resilience Leadership

Gaming

Roblox showed reacceleration across key metrics including daily active users, bookings, and hours played with the strongest sequential increase since 2020. The platform demonstrated significant operating leverage with EBITDA margins expanding 760 basis points to 17 percent.

Platform Engagement Monetization Leverage Growth

2025 Q1

AI

AI remains a foundational driver of long-term growth despite market 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 materializing across fraud detection, content creation, and workflow automation.

Infrastructure Scaling Applications Compute Investment

Semiconductors

Added exposure to leading-edge semiconductor enablers through Broadcom and Taiwan Semiconductor purchases. TSMC benefits from its chokepoint position in AI chip manufacturing, while Broadcom supports compute scalability through ethernet networking and custom accelerators. The portfolio repositioned toward structural growth in leading-edge semiconductors.

Leading-edge Manufacturing Networking Foundries Scalability

Cloud

Cloud infrastructure providers continue investing heavily in AI capabilities. Amazon's 2025 capital expenditure guidance exceeded $100 billion, driven by intensifying AI infrastructure investment. Cloudflare gained recognition as a key beneficiary of AI inference growth through its edge computing platform.

Infrastructure Investment Edge Computing Growth

E-commerce

Sea delivered its fifth consecutive beat-and-raise quarter with Shopee growing gross merchandise volume 24 percent year-over-year while achieving positive EBITDA margin. Amazon reported solid quarterly results with stable revenue growth despite broader market pressures.

Growth Margins Volume Revenue Performance

Streaming

Spotify delivered strong fourth-quarter results with robust revenue and monthly active user growth, plus gross and operating margin expansion. The company reported its strongest quarter of premium subscription net additions in five years and launched a new premium Music Pro tier.

Subscriptions Users Margins Revenue Premium

Gaming

AppLovin faced pressure from short reports alleging app-install manipulation, which the managers view as largely unfounded. The company's revenue is tied to purchases rather than clicks, and customers use sophisticated attribution tools. Sea's gaming business is expected to generate approximately $1 billion in EBITDA as part of 2025 guidance.

Attribution Revenue EBITDA Performance Growth

2024 Q4

AI

AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader.

Infrastructure Transformation Innovation Automation Platform

E-commerce

The firm has found criteria-meeting businesses leveraged to novel forays into ecommerce. AppLovin has begun fine-tuning its large-language model for ecommerce, receiving strong early feedback from ecommerce advertisers and providing an opportunity to expand outside its core gaming vertical to aggregate demand from nongaming applications.

Digital Marketplaces Advertising Platform Growth

Energy Transition

Portfolio includes businesses pioneering clean transportation and renewable energy solutions. Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology (CATL) are leading clean transportation and renewable energy solutions in China and increasingly around the world.

Clean Energy Electric Vehicles Batteries Sustainability Infrastructure

Gaming

Roblox has become a frontrunner in the metaverse by creating a platform for virtual environments and immersive experiences that appeal to a global audience. AppLovin built an AI advertising placement platform that has reaccelerated its video game ad business and positioned it to expand into the much larger ecommerce ad market.

Metaverse Platform Virtual Advertising Entertainment

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 22, 2026	Fund Letters	Frank M. Sands	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, inference, monetization, scale, Search	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	CVNA	Carvana Co.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Credit, ecommerce, Inventory, Logistics, Margins, Refinancing, scale	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	TSM	Taiwan Semiconductor Manufacturing Co.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	AI, Capacity, Foundry, Geopolitics, Pricing, semiconductors, Yields	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	AMZN	Amazon.com Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	advertising, CapEx, cloud, efficiency, Logistics, Margins, scale	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	AVGO	Broadcom Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	accelerators, AI, Cyclicality, Demand, hyperscalers, Margins, Networking	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	RBLX	Roblox Corp.	Communication Services	Entertainment	Bull	New York Stock Exchange	CapEx, Creators, Engagement, Gaming, monetization, platform, Regulation	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	SE	Sea Ltd.	Consumer Discretionary	Broadline Retail	Bull	New York Stock Exchange	Competition, ecommerce, Engagement, Fintech, Logistics, profitability, Reinvestment	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	NFLX	Netflix Inc.	Communication Services	Entertainment	Bull	NASDAQ	acquisition, antitrust, Engagement, Ip, leverage, Pricing, Streaming	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	SPOT	Spotify Technology SA	Communication Services	Entertainment	Bull	New York Stock Exchange	AI, Audio, Engagement, Margins, Pricing, royalties, Subscriptions	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	MSFT	Microsoft Corp.	Information Technology	Software	Bull	NASDAQ	AI, Bottlenecks, Capacity, CapEx, cloud, enterprise, monetization	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	NOW	ServiceNow Inc.	Information Technology	Software	Bull	New York Stock Exchange	Automation, Competition, disruption, Sentiment, Software, valuation, Workflow	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	TEAM	Atlassian Corp.	Information Technology	Software	Bull	NASDAQ	Collaboration, Developers, disruption, migration, Pricing, Sentiment, Software	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	ORCL	Oracle Corp.	Information Technology	Software	Bear	New York Stock Exchange	Balance_Sheet, CapEx, cloud, Competition, growth, leverage, Partnerships	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	AJG	Arthur J. Gallagher & Co.	Financials	Insurance Brokers	Neutral	New York Stock Exchange	acquisition, Brokerage, compounding, diversification, inflation, Insurance, Pricing_Cycle	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	VG	Venture Global Inc.	Energy	LNG Infrastructure	Neutral	New York Stock Exchange	Commissioning, Execution, Exports, Governance, infrastructure, litigation, LNG	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	DXCM	DexCom Inc.	Health Care	Medical Devices	Bear	NASDAQ	Adoption, Cgm, Competition, Diabetes, Reimbursement, reliability, valuation	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	CRS	Carpenter Technology Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Alloys, Capacity, Certification, duopoly, Pricing_Power, Turbines	Login
Jan 22, 2026	Fund Letters	Frank M. Sands	PWR	Quanta Services Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	backlog, Electrification, Energy_Transition, Grid, infrastructure, Labor, utilities	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 22, 2026

Fund Letters

Frank M. Sands

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, cloud, inference, monetization, scale, Search

Jan 22, 2026

Fund Letters

Frank M. Sands

CVNA

Carvana Co.

Consumer Discretionary

Specialty Retail

Bull

New York Stock Exchange

Credit, ecommerce, Inventory, Logistics, Margins, Refinancing, scale

Jan 22, 2026

Fund Letters

Frank M. Sands

TSM

Taiwan Semiconductor Manufacturing Co.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

AI, Capacity, Foundry, Geopolitics, Pricing, semiconductors, Yields

Jan 22, 2026

Fund Letters

Frank M. Sands

AMZN

Amazon.com Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

advertising, CapEx, cloud, efficiency, Logistics, Margins, scale

Jan 22, 2026

Fund Letters

Frank M. Sands

AVGO

Broadcom Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

accelerators, AI, Cyclicality, Demand, hyperscalers, Margins, Networking

Jan 22, 2026

Fund Letters

Frank M. Sands

RBLX

Roblox Corp.

Communication Services

Entertainment

Bull

New York Stock Exchange

CapEx, Creators, Engagement, Gaming, monetization, platform, Regulation

Jan 22, 2026

Fund Letters

Frank M. Sands

Sea Ltd.

Consumer Discretionary

Broadline Retail

Bull

New York Stock Exchange

Competition, ecommerce, Engagement, Fintech, Logistics, profitability, Reinvestment

Jan 22, 2026

Fund Letters

Frank M. Sands

NFLX

Netflix Inc.

Communication Services

Entertainment

Bull

NASDAQ

acquisition, antitrust, Engagement, Ip, leverage, Pricing, Streaming

Jan 22, 2026

Fund Letters

Frank M. Sands

SPOT

Spotify Technology SA

Communication Services

Entertainment

Bull

New York Stock Exchange

AI, Audio, Engagement, Margins, Pricing, royalties, Subscriptions

Jan 22, 2026

Fund Letters

Frank M. Sands

MSFT

Microsoft Corp.

Information Technology

Software

Bull

NASDAQ

AI, Bottlenecks, Capacity, CapEx, cloud, enterprise, monetization

Jan 22, 2026

Fund Letters

Frank M. Sands

NOW

ServiceNow Inc.

Information Technology

Software

Bull

New York Stock Exchange

Automation, Competition, disruption, Sentiment, Software, valuation, Workflow

Jan 22, 2026

Fund Letters

Frank M. Sands

TEAM

Atlassian Corp.

Information Technology

Software

Bull

NASDAQ

Collaboration, Developers, disruption, migration, Pricing, Sentiment, Software

Jan 22, 2026

Fund Letters

Frank M. Sands

ORCL

Oracle Corp.

Information Technology

Software

Bear

New York Stock Exchange

Balance_Sheet, CapEx, cloud, Competition, growth, leverage, Partnerships

Jan 22, 2026

Fund Letters

Frank M. Sands

AJG

Arthur J. Gallagher & Co.

Financials

Insurance Brokers

Neutral

New York Stock Exchange

acquisition, Brokerage, compounding, diversification, inflation, Insurance, Pricing_Cycle

Jan 22, 2026

Fund Letters

Frank M. Sands

Venture Global Inc.

Energy

LNG Infrastructure

Neutral

New York Stock Exchange

Commissioning, Execution, Exports, Governance, infrastructure, litigation, LNG

Jan 22, 2026

Fund Letters

Frank M. Sands

DXCM

DexCom Inc.

Health Care

Medical Devices

Bear

NASDAQ

Adoption, Cgm, Competition, Diabetes, Reimbursement, reliability, valuation

Jan 22, 2026

Fund Letters

Frank M. Sands

CRS

Carpenter Technology Corp.

Industrials

Aerospace & Defense

Bull

New York Stock Exchange

Aerospace, Alloys, Capacity, Certification, duopoly, Pricing_Power, Turbines

Jan 22, 2026

Fund Letters

Frank M. Sands

PWR

Quanta Services Inc.

Industrials

Construction & Engineering

Bull

New York Stock Exchange

backlog, Electrification, Energy_Transition, Grid, infrastructure, Labor, utilities

TICKER	COMMENTARY
CRS	Carpenter Technology is a leading supplier of specialty nickel alloys for the aerospace industry. Shares rose amid broader strength in industrials and a clearer pricing outlook. Fourth-quarter results were strong, with earnings per share increasing 41 percent year over year, supported by a 23 percent increase in aerospace orders, reinforcing our investment thesis. Pricing momentum and a more constructive supply backdrop were key drivers. Carpenter announced three new contracts with pricing increases of more than 30 percent, signaling customer acceptance of higher prices.
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.
PWR	Quanta Services is the largest U.S. provider of skilled labor and equipment for power and communications infrastructure. The business advanced following the release of fourth-quarter results and alongside a broader rally in companies addressing the physical bottlenecks of AI. Fourth-quarter earnings exceeded expectations, and guidance pointed to broad-based organic growth in 2026 across its core utility, renewables, and data center segments, with strong visibility through 2030.
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.
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.
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.
MSFT	Microsoft reported revenue and operating income above consensus expectations, but shares declined as Azure growth met, rather than exceeded, investor expectations. Azure grew 38 percent year over year on a constant currency basis, consistent with recent quarters, and guidance did not signal near-term reacceleration. Capacity constraints, rather than demand, continue to limit Azure growth. Microsoft is prioritizing compute for internal AI workloads, including Copilot, which reduces near-term availability for external customers.
SHOP	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. Shopify has delivered three consecutive quarters of roughly 30 percent year-over-year gross merchandise volume growth.
SE	Sea is an internet business in Southeast Asia that operates leading platforms in video games (Garena), ecommerce (Shopee), and digital financial services (Monee). Shares have come under pressure in recent months due to earnings revisions tied to incremental investment in the ecosystem, competition concerns with TikTok, and perceived AI disintermediation risk. We believe Shopee's ongoing investments reflect a proactive effort to strengthen competitive advantages.
CVNA	Carvana is the world's largest ecommerce used car retailer by revenue. Shares of the business declined after fourth quarter profitability failed to meet expectations, driven by a lower-than-expected gross profit per unit in retail. Our research indicates the miss was driven by three primary factors, including lower shipping fees due to greater retail density, industry car depreciation, and less efficient reconditioning at newly acquired sites. Absolute results were strong, with units and revenues increasing 43 percent and 58 percent year over year, respectively.
STX	Seagate Technology is a global leader in mass-capacity data storage. The company has built its position over decades of innovation and industry consolidation, emerging as one of two scaled providers in the global storage market, with a focus on high-capacity nearline hard disk drives that serve cloud service providers and enterprise data centers. Its Mozaic platform uses heat-assisted magnetic recording to increase storage density, enabling a significantly lower cost per byte than flash alternatives.
LRCX	Lam Research is a leading global provider of semiconductor fabrication equipment. Our research indicates that Lam is a market share leader in numerous leading edge etch applications, where transistor structures are etched onto silicon wafers, with primary exposure to memory and a secondary focus on logic chips. We believe Lam is well positioned to benefit from a multiyear investment cycle as the industry transitions to more advanced nodes and as demand for memory increases to support the growth of AI applications.

TICKER

COMMENTARY

CRS

Carpenter Technology is a leading supplier of specialty nickel alloys for the aerospace industry. Shares rose amid broader strength in industrials and a clearer pricing outlook. Fourth-quarter results were strong, with earnings per share increasing 41 percent year over year, supported by a 23 percent increase in aerospace orders, reinforcing our investment thesis. Pricing momentum and a more constructive supply backdrop were key drivers. Carpenter announced three new contracts with pricing increases of more than 30 percent, signaling customer acceptance of higher prices.

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.

PWR

Quanta Services is the largest U.S. provider of skilled labor and equipment for power and communications infrastructure. The business advanced following the release of fourth-quarter results and alongside a broader rally in companies addressing the physical bottlenecks of AI. Fourth-quarter earnings exceeded expectations, and guidance pointed to broad-based organic growth in 2026 across its core utility, renewables, and data center segments, with strong visibility through 2030.

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.

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.

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.

MSFT

Microsoft reported revenue and operating income above consensus expectations, but shares declined as Azure growth met, rather than exceeded, investor expectations. Azure grew 38 percent year over year on a constant currency basis, consistent with recent quarters, and guidance did not signal near-term reacceleration. Capacity constraints, rather than demand, continue to limit Azure growth. Microsoft is prioritizing compute for internal AI workloads, including Copilot, which reduces near-term availability for external customers.

SHOP

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. Shopify has delivered three consecutive quarters of roughly 30 percent year-over-year gross merchandise volume growth.

Sea is an internet business in Southeast Asia that operates leading platforms in video games (Garena), ecommerce (Shopee), and digital financial services (Monee). Shares have come under pressure in recent months due to earnings revisions tied to incremental investment in the ecosystem, competition concerns with TikTok, and perceived AI disintermediation risk. We believe Shopee's ongoing investments reflect a proactive effort to strengthen competitive advantages.

CVNA

Carvana is the world's largest ecommerce used car retailer by revenue. Shares of the business declined after fourth quarter profitability failed to meet expectations, driven by a lower-than-expected gross profit per unit in retail. Our research indicates the miss was driven by three primary factors, including lower shipping fees due to greater retail density, industry car depreciation, and less efficient reconditioning at newly acquired sites. Absolute results were strong, with units and revenues increasing 43 percent and 58 percent year over year, respectively.

STX

Seagate Technology is a global leader in mass-capacity data storage. The company has built its position over decades of innovation and industry consolidation, emerging as one of two scaled providers in the global storage market, with a focus on high-capacity nearline hard disk drives that serve cloud service providers and enterprise data centers. Its Mozaic platform uses heat-assisted magnetic recording to increase storage density, enabling a significantly lower cost per byte than flash alternatives.

LRCX

Lam Research is a leading global provider of semiconductor fabrication equipment. Our research indicates that Lam is a market share leader in numerous leading edge etch applications, where transistor structures are etched onto silicon wafers, with primary exposure to memory and a secondary focus on logic chips. We believe Lam is well positioned to benefit from a multiyear investment cycle as the industry transitions to more advanced nodes and as demand for memory increases to support the growth of AI applications.

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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

Semiconductors

Data Centers

Cloud

E-commerce

Behavioral Finance

Value

Growth

AI

Semiconductors

Cloud

Software

AI

Semiconductors

Cloud

E-commerce

Streaming

Gaming

AI

Semiconductors

Cloud

E-commerce

Streaming

Gaming

AI

E-commerce

Energy Transition

Gaming

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Frank M. Sands Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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