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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on secular AI expansion and cloud computing resilience, initiating Palantir while reallocating capital from exited biopharma and law-enforcement tech into constrained hyperscalers."
Sands Capital Select Growth posted a net return of -0.2% in the third quarter of 2026, lagging the Russell 1000 Growth Index's 0.9% gain, while delivering a net year-to-date return of 7.0% compared to 6.3% for the benchmark. Portfolio turnover stood at 50% over the trailing 12 months, and cash reserves were maintained at 3.6% of strategy assets totaling $10.6 billion. Performance across the concentrated 29-holding portfolio reflected an abrupt rotation within growth equities, as sharp pullbacks in semiconductor capital equipment and memory suppliers were countered by robust advances across large-cap consumer internet and vertical software positions. The macroeconomic environment experienced intensified crosscurrents as resilient corporate earnings confronted elevated sovereign yields. While S&P 500 earnings expanded 53% year-over-year, escalating geopolitical friction drove oil prices higher, rekindling inflationary pressures. The U.S. 10-year Treasury yield surged 85 basis points to 5.29%, its highest level since 2002, prompting the Federal Reserve to implement a 25-basis-point rate hike to a 3.75%-4.00% target range. Within technology, the narrative broadened from pure hardware buildouts toward an emerging inference economy, accelerating software demand and agentic AI adoption. Portfolio activity centered on rebalancing exposure between hardware suppliers and infrastructure buyers. The strategy initiated a new long position in Palantir Technologies to capture rising enterprise demand for ontology-driven AI deployment, while fully exiting Axon Enterprise and Ultragenyx Pharmaceutical following a disappointing clinical trial. Capital was redeployed into cloud computing hyperscalers, including Alphabet, Microsoft, and Amazon, where persistent compute constraints and proprietary custom silicon are expanding enterprise monetization visibility.
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