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Sands Capital’s tech fund highlights SpaceX and AI infrastructure
The Sands Capital Technology Innovators Fund returned 26.9% net in Q2 2026, and it cited SpaceX’s reusable launch technology and Starlink as an “idiosyncratic” growth opportunity.
Sands Capital Technology Innovators Fund highlighted Space Exploration Technologies Corp., the company behind SpaceX, in its Q2 2026 investor letter, framing it as a more idiosyncratic growth opportunity within its technology-focused portfolio, according to Yahoo Finance.
In the quarter, the fund reported a 26.9% net return as global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, helped by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. The letter said information technology led the advance, with semiconductor and hardware companies accounting for most of the index’s rise.
Within the portfolio, the fund pointed to gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, while noting that concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. It also described vertical software, internet, and financial holdings as modest detractors, citing macro concerns and uncertainty over AI disruption.
The letter also discussed Space Exploration Technologies Corp., describing it as a US aerospace company focused on advanced rockets and spacecraft. It cited SpaceX’s reusable launch technology and its Starlink broadband network as foundational infrastructure for the emerging space economy, and noted that the stock had a one-month return of -2.4%, closing on August 7, 2026 at $133.11 per share, for a market capitalization of $1.77 trillion.