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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Maintaining conviction in concentrated growth businesses outside the US. Strong AI demand benefited Taiwan Semiconductor while energy transition and e-commerce themes drive portfolio positioning."
Sands Capital's International Growth strategy returned -4.1% in Q4 2024 and 8.4% for the full year, underperforming the MSCI ACWI ex USA benchmark. The firm maintains conviction in their long-term approach despite three challenging years, emphasizing that business fundamentals should drive returns over time. Key themes include AI transformation across portfolio companies like AppLovin and ServiceNow, energy transition through holdings in BYD and CATL, and e-commerce expansion via companies like Grab Holdings. Taiwan Semiconductor was a top contributor with strong AI chip demand, while Sika faced headwinds from China real estate issues. The concentrated portfolio of 31 businesses maintains 92% active share with low 0.8% cash, reflecting continued conviction deployment. Looking ahead, the firm sees opportunities in relative value anomalies where high-growth businesses trade below prior highs despite improved fundamentals. They expect broadening market leadership beyond mega-caps and potential policy support from the U.S. election outcome to benefit their growth-oriented strategy.
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