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 11 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.
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.