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Sands Capital Global Growth Fund posted a 22.2% Q2 return
The fund said its gains were driven mainly by earnings growth in AI infrastructure businesses.
Sands Capital Global Growth Fund reported a strong second quarter in its 2026 investor letter, saying global equities rebounded sharply as demand for computing capacity stayed robust and large technology firms continued major capital spending.
The fund said its portfolio returned 22.2% for the quarter, compared with 14.9% for the MSCI All Country World Index, with gains attributed mainly to earnings growth in AI infrastructure-related businesses.
It also highlighted that emerging markets, led by Korea and Taiwan, outperformed U.S. and developed markets for six straight quarters, while relative results were strongest in information technology and industrials and weakest in financials and communication services.
In the letter, Sands Capital also pointed to Tetra Tech as a holding, noting the water, environment, and sustainable infrastructure engineering firm closed at $35.91 per share on September 04, 2026, and that the fund had purchased the company in December 2024.