Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Sands Capital lagged the benchmark in 2025 due to multiple compression across its high-conviction holdings despite robust fundamental earnings growth. The firm actively rotated capital into direct AI beneficiaries and secular themes like defense, robotics, and energy infrastructure.
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Sands Capital lagged the benchmark in 2025 due to multiple compression across its high-conviction holdings despite robust fundamental earnings growth. The firm actively rotated capital into direct AI beneficiaries and secular themes like defense, robotics, and energy infrastructure.
Sands Capital's Select Growth strategy underperformed in Q4 2025 due to acute multiple compression, prompting a strategic portfolio rotation out of vulnerable software models and into high-conviction physical infrastructure enablers like Carpenter Technology and Quanta Services.
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Sands Capital's Select Growth strategy underperformed in Q4 2025 due to acute multiple compression, prompting a strategic portfolio rotation out of vulnerable software models and into high-conviction physical infrastructure enablers like Carpenter Technology and Quanta Services.
Sands Capital's Technology Innovators underperformed in Q4 2025 due to valuation compression and an underweight to Apple and Alphabet, but the manager has reallocated capital to high-conviction AI and infrastructure compounders, entering 2026 with strong confidence in secular tech themes.
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Sands Capital's Technology Innovators underperformed in Q4 2025 due to valuation compression and an underweight to Apple and Alphabet, but the manager has reallocated capital to high-conviction AI and infrastructure compounders, entering 2026 with strong confidence in secular tech themes.
