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Sands Capital Global Growth Fund cites Arm as new holding
The fund said AI infrastructure demand is driving CPU demand, and it reported a 22.2% portfolio gain in the second quarter of 2026.
Sands Capital Global Growth Fund, an equity strategy managed by Sands Capital, released its second quarter 2026 investor letter highlighting a rebound in global equities and the continued strength of demand for computing capacity tied to AI infrastructure.
In the quarter, the fund reported a portfolio return of 22.2%, outperforming the MSCI All Country World Index's 14.9%. The letter attributed much of the gain to earnings growth in AI infrastructure businesses, with relative results led by information technology and industrials and financials and communication services detracting.
Sands Capital Global Growth Fund also pointed to Arm Holdings plc as a new holding. Arm is described as a UK technology company that develops and licenses central processing unit designs and related technologies for semiconductor companies and original equipment manufacturers.
According to the letter, rising CPU demand driven by agentic AI is central to the investment case, with CPUs framed as better suited than GPUs for agentic workflows such as scheduling, memory management, and tool execution. The article noted that Arm shares closed at $252.09 on September 4, 2026, down 5.9% over the prior month and up 81.2% over the past 52 weeks, valuing the company at $269.23 billion.