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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.
"International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand."
Sands Capital International Growth returned 18.7% net in Q2 2026, outperforming the MSCI ACWI ex USA Index by 420 basis points as geopolitical uncertainty eased and AI enthusiasm drove strong performance. The portfolio benefited from 28% exposure to AI-related businesses, an 8% overweight versus benchmark, and from underweight positioning in China. Top contributors included Taiwan Semiconductor, ASML, SK hynix, VAT Group, and Keyence, all benefiting from accelerating AI infrastructure demand and memory market tightening. TSMC's margin beat reflected strong demand for leading-edge nodes, while SK hynix reported 198% revenue growth and record profitability. The manager added Arm Holdings, Siemens Energy, and Samsung Electronics to capture emerging opportunities in agentic AI CPUs, power infrastructure for data centers, and memory inflection points. Detractors included EssilorLuxottica, Shopify, Spotify, and Nu Holdings, facing concerns around luxury multiple compression, AI investment costs, and Brazilian credit quality. The manager exited Flutter, Dino Polska, and Hexagon to consolidate into highest-conviction ideas. The portfolio trades at 23x forward earnings, a historic discount to the 14x market multiple, with high and rising earnings growth expectations creating an attractive setup for multiyear investors.
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