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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 31, 2026
Sands Capital Technology Innovators delivered a 26.9 percent net return in Q2 2026, underperforming its benchmark by 4.2 percentage points as leadership broadened across the semiconductor sector beyond the fund's concentrated mega-cap AI chip positions. The fund's core thesis centers on the AI infrastructure buildout, with the emergence of agentic AI creating another demand shock for compute, memory, storage, and power. The portfolio is positioned across key bottlenecks including Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, which were top contributors. The manager added positions in AMD, Arm, Intel, Cerebras, SanDisk, SpaceX, and TTM Technologies to broaden exposure across CPUs, inference, memory, and circuit boards. Consumer internet exposure was reduced through exits of DoorDash, Netflix, Coupang, and Roblox to redeploy capital toward higher-conviction AI infrastructure opportunities. The manager expects persistent constraints in compute capacity to sustain the infrastructure buildout, though monitors risks including open-source model competition, token optimization, and architectural breakthroughs. Recent strength has been tied to earnings growth, improving pricing, and supply-demand constraints in critical areas of the AI stack.
The fund is positioned to capitalize on the AI infrastructure buildout by concentrating investments in businesses operating at key bottlenecks across the AI value chain, including semiconductor manufacturing, memory, CPUs, AI chips, and enabling infrastructure, where demand is growing rapidly and supply cannot respond quickly.
The manager expects the proliferation of agentic AI workflows to drive persistent constraints in compute capacity, sustaining the infrastructure buildout. The portfolio is positioned across several bottlenecks believed to be essential to scaling AI, including memory, CPUs, AI chips, semiconductor manufacturing, capital equipment, and power. The manager is focused on areas where demand is growing rapidly, supply cannot respond quickly, and industry structures appear more attractive than in prior cycles. While monitoring risks that could alter the trajectory of spending, the current view is that rising AI usage and broader deployment of agents should continue to place pressure on infrastructure required to support AI at scale. The manager expects periods of digestion given strong returns, concentrated leadership, and elevated momentum exposure, but remains encouraged that recent strength has been tied to earnings growth, improving pricing, and supply-demand constraints in critical areas of the AI infrastructure stack.
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