Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 17.3% | -6.3% | 14.7% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 14.7% | 37.7% | 50.8% | -47.9% | 9.7% | 76.0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 17.3% | -6.3% | 14.7% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 14.7% | 37.7% | 50.8% | -47.9% | 9.7% | 76.0% |
Sands Capital's Technology Innovators strategy delivered 14.7% net returns in 2025 but lagged benchmarks due to multiple compression despite strong earnings growth. The portfolio navigated significant market volatility driven by AI transformation, with narrow leadership from just 10 companies accounting for 70% of index gains. The firm maintained disciplined exposure to AI enablers while avoiding speculative excesses, focusing on businesses with clear economic models and growing earnings power. Key contributors included Taiwan Semiconductor, Carvana, and Shopify, while detractors included Roblox, Sea, and Netflix. The strategy evolved AI exposure through new positions in Alphabet, Broadcom, and Palantir, while increasing positions in internet businesses facing near-term investment cycles. Looking ahead, the firm sees five key themes shaping the future: defense technology, robotics, energy transition, cybersecurity, and space. Despite near-term volatility, the portfolio is well-positioned with historically low relative valuations and strong conviction in long-term secular growth drivers across concentrated holdings.
Technology Innovators leverages deep domain knowledge to seek leading innovative businesses globally that are key facilitators or beneficiaries of powerful secular shifts enabled by technology, maintaining concentration and conviction while navigating AI transformation and market volatility.
The firm expects 2026 to present continued volatility as markets navigate tension between AI's transformative potential and concerns about bubble-like excesses. Focus remains on identifying businesses best positioned to benefit over multi-year periods while maintaining discipline on valuation and business quality.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology |
TSM CVNA KVYO SHOP NU NFLX MSFT GOOGL AVGO PLTR |
AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI… |
| Oct 20 2025 | 2025 Q3 | APP, CRWD, DUOL, FIG, KVYO, MNDY, NFLX, NOW, NVDA, OKTA, RBLX, TEAM, TSM | Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, software |
NVDA TSM APP RBLX DUOL MNDY NVDA TSM APP RBLX DUOL MNDY SNOW |
AI remained the dominant theme as the fund balanced infrastructure enablers like NVIDIA and TSMC with software innovators such as ServiceNow and Atlassian. Managers acknowledge… |
| Jul 21 2025 | 2025 Q2 | AAPL, GLBE, GOOG, META, MSFT, NFLX, NVDA, OKTA, PANW, SPOT, TEAM, TSM, V | AI, Cloud, innovation, semiconductors |
NVDA NFLX TEAM OKTA V PANW SPOT AAPL GLBE |
- |
| Mar 31 2025 | 2025 Q1 | APP, ASML, CVNA, DASH, IOT, KVYO, MELI, NOW, NVDA, OKTA, RBLX, SE, TSM, V | - | - | - |
| Dec 31 2024 | 2024 Q4 | 300750 CH, APP, AXON, CRWD, MNDY, NOW, NU, RBLX, SSFN, TSM | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CybersecurityCybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. |
Security AI Detection Enterprise Cloud Protection | |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines | |
Energy TransitionThe portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. |
Electrification Clean Energy Power Generation Fuel Cells Grid Infrastructure | |
RoboticsRobotics was identified as one of the manager's top five secular trends for the near-to-medium term. This represents an area of focus for finding category leaders before they become widely discovered, though specific robotics investments were not detailed in this letter. |
Automation Technology Industrial Innovation | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
SpaceSpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. |
Satellites Launch Starlink Starship Reusable | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
Software |
||
| 2025 Q2 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | RBLX | Roblox Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | AI, Engagement, Gaming, monetization, User-generated content | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | SPOT | Spotify Technology S.A. | Communication Services | Entertainment | Bull | New York Stock Exchange | Audio, Margins, Pricing_Power, Streaming, Subscriptions | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | DUOL | Duolingo Inc. | Information Technology | Education Technology | Bull | NASDAQ | AI, Edtech, gamification, monetization, Subscription | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | AI, China, Hardware, services, Smartphones | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | MNDY | monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Margins, SaaS, User growth, Work management | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | GLBE | Globale-e Online Ltd. | Information Technology | IT Services | Bear | NASDAQ | Crossborder, cybersecurity, ecommerce, Execution, tariffs | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | TSM | Taiwan Semiconductor Manufacturing Company | Semiconductors | Semiconductor Foundries | Bull | New York Stock Exchange | advanced nodes, AI demand, Foundry, Pricing power, scale | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | TSM | TSMC | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, CapEx, Foundry, Margins, Packaging, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | CVNA | Carvana Co. | Internet Retail | E-commerce Retail | Bull | New York Stock Exchange | ecommerce, Lending Margins, Logistics, scale, Unit growth | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | APP | AppLovin Corp. | Communication Services | Digital Advertising | Bull | NASDAQ | adtech, AI, ecommerce, Margins, Scalability, Self-serve | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | KVYO | Klaviyo Inc. | Software | Marketing Software | Bull | New York Stock Exchange | Agentic Commerce, International Growth, Marketing automation, Platform Shift, revenue acceleration | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | RBLX | Roblox Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | AI, Engagement, Gaming, monetization, User-generated content | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | SHOP | Shopify Inc. | IT Services | E-commerce Platforms | Bull | New York Stock Exchange | AI tools, Gmv Growth, Merchant Services, Payments, Platform Scale | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | DUOL | Duolingo Inc. | Information Technology | Education Technology | Bull | NASDAQ | AI, Edtech, gamification, monetization, Subscription | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | NU | Nu Holdings Ltd. | Banks | Digital Banks | Bull | New York Stock Exchange | credit quality, digital banking, Financial Inclusion, Latin America, Unit economics | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | MNDY | monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Margins, SaaS, User growth, Work management | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | NFLX | Netflix Inc. | Entertainment | Streaming Services | Bull | NASDAQ | consolidation, Content Ownership, Engagement, IP strategy, Pricing power | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | SNOW | Snowflake Inc. | Information Technology | Data Warehousing | Bear | NYSE | AI, cloud, Consumption, Data, growth, Re-rating | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | MSFT | Microsoft Corp. | Software | System Software | Bull | NASDAQ | AI infrastructure, capacity expansion, Cloud Scale, Enterprise software, hyperscale | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, cloud, datacenters, GPUs, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | GOOGL | Alphabet Inc. | Interactive Media & Services | Digital Advertising | Bull | NASDAQ | Ai Assistants, Digital ads, Optionality, Platform Ecosystem, Search Intent | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | advertising, Content, Streaming, Subscriptions, Video | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | AVGO | Broadcom Inc. | Semiconductors | Semiconductor Infrastructure | Bull | NASDAQ | Ai Scaling, custom silicon, data centers, Ethernet, Networking | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | TEAM | Atlassian Corporation | Information Technology | Application Software | Bull | NASDAQ | cloud, Collaboration, enterprise, productivity, Software | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | PLTR | Palantir Technologies Inc. | Software | Data Analytics Software | Bull | New York Stock Exchange | Data-integration, Government Tech, Mission-Critical, Operational Ai, workflow automation | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | OKTA | Okta, Inc. | Information Technology | Systems Software | Bull | NASDAQ | cybersecurity, enterprise, Identity, SaaS, Zero_Trust | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | TSM | TSMC | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, CapEx, Foundry, Margins, Packaging, semiconductors | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | V | Visa Inc. | Financials | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Cards, Cashless, Fintech, Networks, Payments | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | APP | AppLovin Corp. | Communication Services | Digital Advertising | Bull | NASDAQ | adtech, AI, ecommerce, Margins, Scalability, Self-serve | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | PANW | Palo Alto Networks, Inc. | Information Technology | Systems Software | Bull | NASDAQ | AI, Cloud_Security, cybersecurity, Firewalls, Platforms | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| APP | AppLovin provides tools that help mobile app developers, particularly mobile game developers, market and monetize their products. We exited AppLovin after significant price appreciation. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| AXON | Axon Enterprise Inc. develops and produces Taser weapons and body cameras for law enforcement agencies. Investors have grown accustomed to big beats and raises from Axon. A slight beat to third-quarter projections and mixed fourth-quarter guidance triggered a -21% decline. We added to the position due to solid customer growth and retention. There are also numerous growth drivers for their business including Taser 10, bodycam 4, and their artificial intelligence software bundle. |
| CPNG | Shares of Coupang, Inc., Korea's largest e-commerce platform, declined 26.7% in the fourth quarter (though up 7.3% in 2025). The weakness was initially driven by elevated upfront investments in its new market, Taiwan, where aggressive customer acquisition, supplier onboarding and product procurement, and logistics infrastructure buildout weighed on near-term profitability. |
| CVNA | Our portfolio looks very skewed to Carvana, but that is a feature of the strategy – to let winners run. We did not buy Carvana at this size; it is this size because it is up 100x from its 2022 lows. Carvana uses its technology to manage pricing, logistics, inspections, reconditioning workflow, merchandising, and more. These are all cogs in the industrial machine it has assembled to buy and sell cars to end customers. Significant proprietary technology has been developed to enable Carvana's retail and wholesale operations. Because Carvana is digitally native and has significant size and scale, it has been able to invest in significantly more technology than other auto dealers. |
| DASH | DoorDash Inc. operates a commerce platform that connects merchants, consumers, and independent contractors. reported better-than-expected quarterly results. However, management announced a significant increase in planned investments for 2026, which led to a -17% decline in its share price. |
| DUOL | I have followed the company closely since the IPO since my wife was an avid user, not wanting to break her streak in learning Italian. I thought growth would drop off a cliff after COVID as happened with many other companies, and yet, quarter after quarter the company continued to execute. In fact, there are only four companies I can find that have grown revenues greater than 30% for at least the last 20 quarters in a row – MercadoLibre, Axon, Hims, and Duolingo. To have that growth endurance, you've got to be doing something right! Well, the stock was down almost 70% after the valuation got far too rich and management made it very clear they were prioritizing learning over monetization for 2026. That is the right call in my opinion, considering what the core competency of the company is. Duolingo shouldn't be thought of as a language learning app, it's an engagement machine that happens to educate. In service of its mission to make education widely available, it built the data-driven muscle of engaging users. To learn anything, the most difficult part is motivation and that is what Duolingo is good at. In fact, almost 40% of monthly users log into the app every day. For context, Snapchat is at 50%! You're telling me that an app that teaches you Spanish almost has the same level of engagement as the app where teens do all of their communication? As the company broadens its education subjects like math, music, chess, and other areas, retention should increase even more. If you get bored of learning a language, you can hop over to play some chess. And AI will allow the company to create better content for their current subjects and accelerate the broadening of the platform. Paired with the engagement muscle, Duolingo very well could become a must-have app for learning all sorts of things. This vision will take time but it's actually the exact vision of the CEO/founder. The main bear cases are AI translation and that no one actually learns anything. On the latter, it's up to the user. Duolingo can't force you to learn anything. But yes, education apps typically have very high churn. The fact that Duolingo is able to increase paid subs at a rapid rate despite the leaky bucket is incredibly impressive. On the former, language learning isn't all about practicality. For a large portion of users, they're trying to learn English and they actually really want to understand the language rather than use AI translating glasses. And secondly, Duolingo includes a structure for habit formation. The company is already embedding AI into its content program with its Max Tier so as the models improve, so should Duolingo's product. It's easy to say that high engagement, alone, isn't a moat and I'd agree but the company's core competency is A/B testing and therefore, the product improves at a much higher rate than competitors as it scales. We paid ~18x FCF, inclusive of stock-based comp. That's not super cheap but for a company with an exceptional founder and growth endurance rivaling our long-time holdings, MercadoLibre and Axon, we decided to finally start a position. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| IOT | Samsara Inc. 1.5 (4.55) (0.01) |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| NOW | In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. |
| NU | Since our mid-year update, Nubank's shares increased 37%, bringing full-year performance to +63%. This performance has been driven primarily by fundamentals, with earnings growing approximately 42% over the same period. Brazil remains a powerful profit engine, with high customer engagement, improving risk-adjusted returns, and expanding penetration across consumer and SME banking. Mexico continues to emerge as the next major growth vector: customer penetration has reached ~14% of the population. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| PANW | A post-earnings pullback in Palo Alto Networks shares drove the decline in CyberArk. |
| PLTR | The top three contributors to this outperformance came from Palantir Technologies (US Defense) |
| RBLX | An overweight position in Roblox Corp. (RBLX) detracted from performance. The stock declined following quarterly earnings, which signaled slower profit growth and uncertainty around future bookings. |
| SE | During the quarter, we initiated a new position in Sea Limited, a Southeast Asian consumer internet company with an integrated ecosystem combining e-commerce, digital payments, and entertainment. Sea has a diversified business model, with its Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics infrastructure, and seller services. |
| SHOP.TO | Non dividend paying technology names Shopify and Celestica had also meaningful contribution to the index returns for the year, detracting our relative outcome. |
| SPOT | Spotify is the world's leading audio streaming platform. Third-quarter results showed continued operating progress, with users increasing 11% to 713 million and subscribers growing 12% to 281 million. Meanwhile, operating income expanded to a mid-teens margin, alongside a record quarterly free cash flow. Despite the momentum, the shares weakened as investors reset near-term margin expectations. Spotify has been a top contributor to long-term Fund performance, and we remain confident that pricing, product innovation, advertising efficiency, and an expanding ecosystem can continue to widen margins over time, as reinforced this quarter by the launch of Spotify recommendations within ChatGPT. |
| SQ | Block operates the Square platform that facilitates merchant payments and the Cash App platform that allows individuals to send and receive money. We exited Block due to our concerns around management's execution. |
| TEAM | We sold Atlassian, which produces collaboration software, as we reduced our overweight exposure to software because we feel that AI has widened the range of outcomes for predominantly seat-based revenue models. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
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