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Sands Capital

Jun 2025 → Dec 2025 · Publishes quarterly · 6 funds

Our archive holds 18 letters from Sands Capital, behind 51 investment theses and positions in 74 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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18
Letters
74
Companies
25
Moves
51
Theses

6 strategies

Sands Capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 25 moves

  • New positionShopify
    December 2025
    “In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).”
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  • ExitedLocaliza
    December 2025
    “We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.”
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  • New positionAlibaba
    December 2025
    “During the quarter we completed the purchases of Alibaba and DiDi Global.”
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  • ExitedBank Rakyat
    December 2025
    “We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.”
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  • ExitedArthur J. Gallagher
    December 2025
    “We exited our position in Arthur J. Gallagher to fund our purchase of Carpenter Technology.”
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  • New positionargenx
    December 2025
    “In the fourth quarter Global Growth completed the purchases of AppLovin and argenx.”
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  • ExitedDexcom
    December 2025
    “We exited our position in Dexcom in November.”
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  • New positionSafran
    December 2025
    “In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).”
    Read the letter
  • ExitedConstellation Software
    December 2025
    “We exited Adyen (higher growth), ASM International (growth cyclical), and Constellation Software (compounder).”
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  • New positionQuanta Services
    December 2025
    “In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).”
    Read the letter
  • ExitedFoshan Haitian Flavoring
    December 2025
    “We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.”
    Read the letter
  • ExitedAdyen
    December 2025
    “We exited Adyen (higher growth), ASM International (growth cyclical), and Constellation Software (compounder).”
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  • New positionEssilorLuxottica
    December 2025
    “During the quarter we purchased EssilorLuxottica.”
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  • ExitedVenture Global
    December 2025
    “Select Growth exited its position in Venture Global to reallocate capital to higher-conviction businesses that we believe are better positioned to benefit from the rise of AI.”
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  • ExitedAtlassian
    December 2025
    “We funded our purchase of AppLovin by selling Atlassian.”
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  • ExitedIMCD
    December 2025
    “We sold IMCD and Constellation Software to fund our purchase of EssilorLuxottica.”
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  • New positionDiDi Global
    December 2025
    “During the quarter we completed the purchases of Alibaba and DiDi Global.”
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  • ExitedOracle
    December 2025
    “We exited our position in Oracle due to rising concerns about the company’s financial strength.”
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  • ExitedBritannia
    December 2025
    “We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.”
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  • Added3i Group
    December 2025
    “Proceeds from the sale were used to add to our position in 3i Group, following a nearly 20 percent decline in its share price.”
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  • ExitedASM International
    December 2025
    “We exited Adyen (higher growth), ASM International (growth cyclical), and Constellation Software (compounder).”
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  • ExitedBlock
    December 2025
    “We exited Block to help fund additions to what we view as AI winners amid volatility during the quarter.”
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  • New positionBoston Scientific
    December 2025
    “In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).”
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  • New positionAppLovin
    December 2025
    “In the fourth quarter Global Growth completed the purchases of AppLovin and argenx.”
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  • Exitedmonday.com
    December 2025
    “We exited our position in monday.com to reallocate capital toward businesses where we have higher conviction in their ability to generate long-term, above-average growth.”
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Companies held · 74

Every company Sands Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 51

  • Broadcom
    December 2025

    Broadcom is a critical AI infrastructure supplier with leadership in ethernet networking and custom accelerators benefiting from scaling compute demands.

    Read the full thesis
  • Alibaba Group Holding Limited
    December 2025

    Alibaba Group Holding Limited is a Chinese technology leader with full-stack AI infrastructure and an integrated retail strategy, renewed execution, and potential to be a top on-demand ecommerce player by 2030.

    Read the full thesis
  • Safran
    December 2025

    Safran is a dominant jet engine supplier with a high-margin, long-duration aftermarket model and strong visibility backed by structural advantages.

    Read the full thesis
  • Netflix, Inc.
    December 2025

    Netflix is the leading streaming platform that could enhance engagement and pricing power through strategic studio ownership despite antitrust risk.

    Read the full thesis
  • Coupang, Inc.
    December 2025

    Coupang is Korea’s leading ecommerce platform investing for long-term growth in Taiwan with attractive valuation versus strong expected EBITDA growth.

    Read the full thesis
  • Galderma
    December 2025

    Galderma is a dermatology leader with outperforming products like Nemluvio and Relfydess, rising guidance, and underappreciated share gain and revenue potential.

    Read the full thesis
  • Sea Limited
    December 2025

    Sea Limited is a Southeast Asian internet platform investing to strengthen competitiveness with potential for significant revenue and EBITDA growth by 2030.

    Read the full thesis
  • DoorDash
    December 2025

    DoorDash is the leading U.S. delivery platform with strong growth and improving unit economics, reinvesting from a position of strength across multiple adjacencies.

    Read the full thesis
  • AppLovin
    December 2025

    AppLovin is a leading mobile ad tech platform leveraging AI to extend beyond gaming into ecommerce, with significant potential for sustained growth.

    Read the full thesis
  • MercadoLibre
    December 2025

    MercadoLibre is Latin America’s leading ecommerce and fintech platform with a strengthening moat, resilient growth playbook, and an undemanding valuation.

    Read the full thesis
  • DiDi Global Inc.
    December 2025

    DiDi Global Inc. is China’s leading ride-hailing platform with significant profit growth potential, operational leverage, expansion in Latin America, and an attractive valuation with a possible Hong Kong listing catalyst.

    Read the full thesis
  • Spotify Technology S.A.
    December 2025

    Spotify Technology is the leading audio streaming platform integrating AI and benefiting from improved label agreements and pricing power.

    Read the full thesis

Showing the 48 most recent of 51 theses. Browse them by company to see the rest.

Letter archive · 18

2025

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