Particle.news
Download on the App Store
54 ARTICLES
·
yesterday

Sands Capital Outperforms as Q2 Letters Signal AI Tilt, ClearBridge Flags Small-Cap Strains

The updates highlight a tilt to AI infrastructure, with selective exits driven by rising secular uncertainty.

Image
Image
Image
Image

Overview

  • Sands Capital reported strong Q2 results, with Select Growth up 27.7% versus 17.8% for the Russell 1000 Growth and Global Growth up 21.7% versus 11.5% for MSCI ACWI as large-cap growth rebounded.
  • Sands reallocated capital by selling Uber on autonomous-vehicle disruption risk and exiting Nike and Airbnb due to maturing growth and deceleration, while initiating positions in Carlisle and Intercontinental Exchange.
  • Broadcom was cited as a key AI beneficiary, with AI-related revenue up 46% year over year to $4.4 billion and management projecting roughly 60% growth next quarter and continued strength into 2026.
  • ClearBridge’s Small Cap Strategy underperformed as the Russell 2000 returned 8.5% against 11.1% for the Russell 1000, and it exited Abacus after a short report and strategy shift while noting earnings pressure at Murphy USA from lower fuel volumes and rising costs.
  • Sands reiterated conviction in select holdings, pointing to Axon’s revenue growth above 30% and higher full-year guidance, and it sees Builders FirstSource well positioned despite a sluggish U.S. housing backdrop.