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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Sands Capital International Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Sands Capital's International Growth strategy underperformed in Q3 2025 due to a sharp style rotation to value and multiple compression, but the managers proactively repositioned the portfolio into higher-conviction secular growth names."
During Q3 2025, the Sands Capital International Growth strategy returned -3.1% (Net), underperforming the MSCI ACWI ex-U.S. Index's 6.9% return. This relative underperformance was primarily driven by multiple compression and a style headwind favoring value stocks over growth. Despite the short-term pressure, the underlying earnings fundamentals of the portfolio's companies remain robust. Strong performers included Shopify, TSMC, and Sea, while detractors included Constellation Software and CTS Eventim. The fund took advantage of market volatility to execute three new purchases (Nu Holdings, Argenx, and 3i Group) and fully exit three positions (Recruit, SMC, and Sika) to upgrade overall portfolio quality and concentration.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
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