Sands Capital, an investment management company, released its Q3 2025 investor letter for the “Sands Capital Technology Innovators Fund.” A copy of the letter can be downloaded here. Technology Innovators focus on pioneering businesses worldwide that serve as key drivers or beneficiaries of significant, long-term technological changes. The fund returned 8.4% (net) in the third quarter compared to a 12.5% return for the benchmark, MSCI ACWI Info Tech and Communication Services Index. Despite concentrated leadership, global equities appreciated in the third quarter, as measured by the MSCI ACWI. The United States accounted for almost 70 percent of the index’s increase, while developed markets outside the U.S. and emerging markets also provided positive returns. You can check the fund’s top 5 holdings to know more about its best picks for 2025.
In its third-quarter 2025 investor letter, Sands Capital Technology Innovators Fund highlighted stocks such as Monday.com Ltd. (NASDAQ:MNDY). Monday.com Ltd. (NASDAQ:MNDY) develops software applications and work management tools. The one-month return of Monday.com Ltd. (NASDAQ:MNDY) was -29.87%, and its shares lost 47.63% of their value over the last 52 weeks. On November 28, 2025, Monday.com Ltd. (NASDAQ:MNDY) stock closed at $143.86 per share, with a market capitalization of $7.416 billion.
Sands Capital Technology Innovators Fund stated the following regarding Monday.com Ltd. (NASDAQ:MNDY) in its third quarter 2025 investor letter:
“Monday.com Ltd. (NASDAQ:MNDY) is an emerging provider of project management and workflow automation software. In the second quarter, revenues grew 27 percent year over year, and margins of 15 percent came in well ahead of consensus expectations. However, full-year guidance, customer retention, and net adds fell short of expectations. Management also noted that Google’s AI overviews had a “minor impact” on top-of-funnel activity, which they are working to mitigate—sending the stock lower. In our view, the share price decline following first-quarter earnings, combined with the persistent overhang of AI disruption fears, has been overly punitive. Management has since clarified that the impact is expected to be short term and “de minimis,” and the company has already adapted to these changes. With monday’s large, diverse, and highly engaged user base, rapid cadence of product innovation, and improving sales execution, we maintain long-term conviction and believe the shares present an attractive risk-reward opportunity from current levels.”
Monday.com Ltd. (NASDAQ:MNDY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 55 hedge fund portfolios held Monday.com Ltd. (NASDAQ:MNDY) at the end of the third quarter, compared to 67 in the previous quarter. In the third quarter of 2025, Monday.com Ltd. (NASDAQ:MNDY) reported total revenue of $317 million, marking a 26% increase from the year-ago quarter. While we acknowledge the risk and potential of Monday.com Ltd. (NASDAQ:MNDY) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Monday.com Ltd. (NASDAQ:MNDY) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Monday.com Ltd. (NASDAQ:MNDY) and shared the list of best falling stocks to buy according to Wall Street analysts. In its Q3 2025 investor letter, Polen U.S. SMID Cap Growth Strategy mentioned that Monday.com Ltd. (NASDAQ:MNDY) experienced a decline in the quarter because of conservative guidance for both Q3 and the full year. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
