Sands Capital
Sands Capital Global Leaders
Global Mega-cap
Jun 2025 → Dec 2025
Our archive holds 3 letters from this strategy, behind 9 investment theses and positions in 35 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 Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).
In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).
We exited Adyen (higher growth), ASM International (growth cyclical), and Constellation Software (compounder).
In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).
We exited Adyen (higher growth), ASM International (growth cyclical), and Constellation Software (compounder).
Proceeds from the sale were used to add to our position in 3i Group, following a nearly 20 percent decline in its share price.
We exited Adyen (higher growth), ASM International (growth cyclical), and Constellation Software (compounder).
In the fourth quarter Global Leaders completed the purchase of Boston Scientific (compounder), Quanta Services (growth cyclical), Safran (growth cyclical), and Shopify (higher growth).
Also held
Its investment theses
- SafranDec 2025Safran is a dominant jet engine supplier with a high-margin, long-duration aftermarket model and strong visibility backed by structural advantages.
- Coupang, Inc.Dec 2025Coupang is Korea’s leading ecommerce platform investing for long-term growth in Taiwan with attractive valuation versus strong expected EBITDA growth.
- Boston Scientific CorporationDec 2025Boston Scientific is a leading medtech company with strong structural heart and EP franchises, a robust pipeline, and sustained double-digit growth.
- Ferrari N.V.Dec 2025Ferrari is a luxury performance car maker balancing electrification with brand strength and pricing power while delivering profitable growth.
- Shopify Inc.Dec 2025Shopify is the leading global ecommerce operating system with a powerful ecosystem, AI tailwinds, and a compounding flywheel.
- MercadoLibreSep 2025MercadoLibre is the largest ecommerce and fintech ecosystem in Latin America, poised for significant growth due to its expanding market share, robust logistics, and diverse financial services.
- NVIDIASep 2025NVIDIA is a key infrastructure provider for the AI super-cycle, with strong demand for its GPUs, a rational valuation, and significant growth opportunities across AI/ML, gaming, and autonomous driving sectors.
- Intuitive SurgicalSep 2025Intuitive Surgical is the leading provider of robotic surgical systems, poised for strong growth as it expands its monopoly from niche to broader surgical procedures.
- Compass GroupJun 2025Compass Group is a leading contract catering provider poised for continued growth in a $300 billion industry by outsourcing food service operations, delivering tailored solutions, and maintaining pricing advantages.