Overview

• Sands Capital’s Select Growth Strategy returned 27.7% in Q2, beating the Russell 1000 Growth’s 17.8%, and it sold Uber after five years, citing autonomous‑vehicle disruption risk and heightened uncertainty.
• Sands highlighted Broadcom’s AI demand tailwinds, noting AI‑related revenue up 46% year over year to $4.4 billion, and pointed to strong operating trends at holdings such as Shopify and Roblox.
• Sands Capital’s Global Growth Strategy gained 21.7% versus the MSCI ACWI’s 11.5%, exited Nike to fund On Holding, and sold Airbnb after top‑line growth slowed to under 10% in Q1 2025.
• Global Growth disclosed new positions in Intercontinental Exchange, Carlisle, On Holding and Pro Medicus, and reiterated confidence in holdings like Builders FirstSource and Axon based on execution and end‑market opportunities.
• ClearBridge’s Small Cap Strategy underperformed as small caps trailed large caps, with Murphy USA pressured by lower fuel volumes and higher store costs, and the fund exiting Abacus after a strategy shift and a short report alleging inflated policy valuations.