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'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.
