Sands Capital
Sands Capital Emerging Markets Growth
Emerging markets Large-cap Growth
Jun 2025 → Dec 2025
Our archive holds 3 letters from this strategy, behind 10 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of Sands Capital for every strategy.
What it bought and sold
We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.
During the quarter we completed the purchases of Alibaba and DiDi Global.
- ExitedBank RakyatDec 2025
We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.
- ExitedFoshan Haitian FlavoringDec 2025
We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.
During the quarter we completed the purchases of Alibaba and DiDi Global.
We exited Bank Rakyat, Britannia, Foshan Haitian Flavoring, and Localiza.
Also held
Its investment theses
- Alibaba Group Holding LimitedDec 2025Alibaba 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.
- DiDi Global Inc.Dec 2025DiDi 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.
- H World GroupDec 2025H World Group is China’s largest hotel operator benefiting from stabilizing industry dynamics, scale advantages, and margin expansion potential from an asset-light shift.
- WEG S.A.Dec 2025WEG S.A. is a Brazilian industrial leader well positioned to benefit from decarbonization and infrastructure investment, supported by strong execution, policy engagement, and broad product capabilities.
- Bharti AirtelSep 2025Bharti Airtel is a strong Indian telecom leader poised for growth, benefiting from an expanding market, improved pricing power, and rising profitability due to enhanced operational efficiency and reduced capital expenditures.
- Samsung ElectronicsSep 2025Samsung Electronics is poised for significant growth as a key supplier of high-bandwidth memory for AI applications and aims to improve its market position in both premium and mass segments amid favorable geopolitical dynamics.
- SK hynixSep 2025SK hynix is the world's largest dedicated producer of memory chips, poised to benefit from the growing demand for high-bandwidth memory driven by advancements in AI and high-performance computing.
- COSMAXSep 2025COSMAX is the world's largest original design manufacturer in cosmetics, poised to capture significant growth due to market fragmentation and rising demand for Korean beauty products.
- MediaTekJun 2025MediaTek is a leading fabless semiconductor designer in Asia, driving significant revenue from smartphone SoCs while also expanding into AI, automotive computing, and PCs, with limited geopolitical risks benefiting its market position.
- XiaomiJun 2025Xiaomi is a global consumer technology leader with a unique ecosystem that integrates smartphones, IoT devices, and electric vehicles, positioning it for long-term growth through high-quality, affordable products and seamless integration across categories.