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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027."
Sands Capital Global Growth delivered exceptional second-quarter 2026 results, posting a 22.2 percent net return versus 14.9 percent for the MSCI ACWI, driven primarily by AI infrastructure businesses. The portfolio's strong performance was supported largely by earnings growth rather than multiple expansion, with semiconductor and hardware businesses accounting for over 60 percent of the index's rise. Top contributors included SK hynix, Bloom Energy, Taiwan Semiconductor, ASML Holding, and NVIDIA, all benefiting from persistent AI demand and supply constraints. Memory shortages broadened beyond high-bandwidth memory into conventional DRAM and NAND, with meaningful capacity additions difficult before the second half of 2027. Power constraints are creating demand for alternative data center solutions, validating Bloom Energy's fuel cell opportunity. The portfolio added positions in Arm Holdings, Lenskart Solutions, and Space Exploration Technologies while consolidating consumer internet exposure by selling Flutter Entertainment, HDFC Bank, and Tetra Tech. Despite the strong quarter, the portfolio trades at 22 times forward earnings, one of the lowest premiums to the market in its history. The strategy maintains material exposure to AI infrastructure while continuing to seek compelling opportunities beyond AI, positioning for what management views as a shifting opportunity set for growth investors.
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