Sands Capital
Sands Capital International Growth
International Growth
Jun 2025 → Dec 2025
Our archive holds 3 letters from this strategy, behind 4 investment theses and positions in 19 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
During the quarter we purchased EssilorLuxottica.
We sold IMCD and Constellation Software to fund our purchase of EssilorLuxottica.
We sold IMCD and Constellation Software to fund our purchase of EssilorLuxottica.
Also held
Its investment theses
- EssilorLuxotticaDec 2025EssilorLuxottica is a vertically integrated eyewear leader with pricing power, innovation, and new growth drivers like smart glasses.
- ArgenxSep 2025Argenx is advancing targeted antibody therapies for autoimmune diseases, with its first product Vyvgart showing significant growth potential and a strong market position.
- Nu HoldingsJul 2025Nu Holdings is a digital financial services platform, Nubank, that leverages its competitive advantages to disrupt the underbanked Latin American market, targeting customer acquisition and monetization for growth.
- GaldermaJun 2025Galderma is a leading Swiss dermatology company positioned for long-term above-average earnings growth due to its strong market presence, innovative products, and focus on high-margin injectables and therapeutics.