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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks."
Sands Capital Select Growth returned 23.2 percent net in Q2 2026, outperforming the Russell 1000 Growth Index's 16.7 percent return, driven by broad-based strength across AI infrastructure holdings. The portfolio benefited from accelerating demand for memory, storage, semiconductor manufacturing, and data center power as agentic AI created new bottlenecks across the technology stack. Top contributors included Seagate Technology, Taiwan Semiconductor, Lam Research, NVIDIA, and Carpenter Technology, reflecting the broadening of AI infrastructure demand beyond GPUs. Importantly, earnings revisions, not multiple expansion, supported gains, with the portfolio ending the quarter at 24.0 times forward earnings, slightly below the market multiple. The team initiated positions in Advanced Micro Devices, Bloom Energy, Micron Technology, SanDisk, SpaceX, and Sphere Entertainment, while exiting DoorDash, Netflix, Nu Holdings, and Roblox to reduce consumer internet exposure and redeploy capital toward AI infrastructure beneficiaries. The portfolio is positioned across several bottlenecks essential to scaling AI, including memory, CPUs, AI chips, semiconductor manufacturing, capital equipment, and power, where supply cannot respond quickly to rising demand.
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