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Sands Capital Global Growth Fund points to Flutter as AI demand lifts returns
The fund reported a 22.2% second-quarter 2026 gain, helped by earnings growth tied to AI infrastructure businesses.
Sands Capital Global Growth Fund used its second-quarter 2026 investor letter to reassess Flutter Entertainment's strategic fit within its growth-focused portfolio, citing the broader market rebound that lifted global equities. In the quarter, the fund said demand for computing capacity stayed robust and large technology firms continued major capital investments tied to AI infrastructure.
In performance terms, the strategy posted a 22.2% return in the quarter, outperforming the MSCI All Country World Index's 14.9%, according to the investor letter cited by Yahoo Finance. The fund attributed much of the gain to earnings growth in AI infrastructure businesses, with relative results aided by information technology and industrials, while financials and communication services detracted.
The letter also highlighted emerging market strength, saying countries led by Korea and Taiwan outperformed the U.S. and developed markets for six consecutive quarters. It noted positioning to benefit from evolving growth opportunities, with substantial exposure to AI infrastructure and other long-term themes.
Flutter Entertainment plc, listed on the NYSE, was featured in the letter, with Yahoo Finance reporting that the stock closed at $100.11 per share on September 4, 2026. Over the prior month, Flutter shares returned 6.19%, while the stock was down 65.24% over the past year, and the company’s market capitalization was $17.37 billion.