Sands Capital
Sands Capital Global Growth
Global Large-cap Growth
Jun 2025 → Dec 2025
Our archive holds 3 letters from this strategy, behind 12 investment theses and positions in 23 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
In the fourth quarter Global Growth completed the purchases of AppLovin and argenx.
We funded our purchase of AppLovin by selling Atlassian.
We sold Dexcom to help fund our purchase of argenx.
We exited Block to help fund additions to what we view as AI winners amid volatility during the quarter.
In the fourth quarter Global Growth completed the purchases of AppLovin and argenx.
Also held
Its investment theses
- GaldermaDec 2025Galderma is a dermatology leader with outperforming products like Nemluvio and Relfydess, rising guidance, and underappreciated share gain and revenue potential.
- DoorDashDec 2025DoorDash is the leading U.S. delivery platform with strong growth and improving unit economics, reinvesting from a position of strength across multiple adjacencies.
- AppLovinDec 2025AppLovin is a leading mobile ad tech platform leveraging AI to extend beyond gaming into ecommerce, with significant potential for sustained growth.
- MercadoLibreDec 2025MercadoLibre is Latin America’s leading ecommerce and fintech platform with a strengthening moat, resilient growth playbook, and an undemanding valuation.
- argenxDec 2025argenx is a biotech focused on autoimmune diseases with a growing Vyvgart franchise, resilient pricing, and a pipeline that supports durable earnings and cash flow.
- 3i GroupSep 20253i Group is a London-based private equity firm with a strategic investment in Action, Europe's largest non-food discount retailer, poised for significant expansion and underpinned by strong unit economics and operational efficiency.
- CarvanaSep 2025Carvana is transforming the fragmented used car industry by providing a convenient, transparent, and competitive online purchasing experience, aiming to capture a significant share of the over $1 trillion market.
- GaldermaSep 2025Galderma is well-positioned for long-term growth in the dermatology market, leveraging its strong brand, innovative products, and direct-to-consumer revenue model.
- Carlisle CompaniesJun 2025Carlisle Companies is the largest U.S. manufacturer of commercial roofing materials, benefiting from durable competitive advantages and a non-discretionary market that supports resilient earnings, driven by long-term growth in demand for roof replacement.
- Intercontinental ExchangeJun 2025Intercontinental Exchange (ICE) is a leading financial exchange operator that has diversified its offerings across various derivatives, data services, and mortgage technology, positioning itself for sustained above-average earnings growth.