Here’s Sands Capital Select Growth Strategy’s View on DoorDash (DASH)

Sands Capital, an investment management company, released its “Sands Capital Select Growth Strategy” Q3 2025 investor letter. A copy of the letter can be downloaded here. U.S. large-cap growth equities continued to recover from a sharp sell-off in early April. Strong corporate earnings, investor enthusiasm around artificial intelligence (AI), and growing expectations for Federal Reserve policy easing drove the robust gains. The portfolio returned 6.3% (net) in the quarter, compared to the benchmark’s 10.5% gain. 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 Select Growth Strategy highlighted stocks such as DoorDash, Inc. (NASDAQ:DASH). Headquartered in San Francisco, California, DoorDash, Inc. (NASDAQ:DASH) is a commerce platform that connects merchants, consumers, and independent contractors. The one-month return of DoorDash, Inc. (NASDAQ:DASH) was -26.34%, and its shares gained 9.83% of their value over the last 52 weeks. On November 26, 2025, DoorDash, Inc. (NASDAQ:DASH) stock closed at $195.98 per share, with a market capitalization of $84.467 billion.

Sands Capital Select Growth Strategy stated the following regarding DoorDash, Inc. (NASDAQ:DASH) in its third quarter 2025 investor letter:

“Business: DoorDash, Inc. (NASDAQ:DASH) is the leading food-delivery platform in the United States, based on market share.

Key issues: Board structure or composition and executive compensation. DoorDash operates an online platform that enables consumers to order food and other goods for pickup or delivery.

The business is well positioned to capture a sizable share of a large and growing total addressable market. As the company nears its fifth anniversary as a public company, we believe it has an opportunity to modernize elements of its governance framework to reflect its scale and maturity.

Earlier this year, we contacted DoorDash representatives to discuss board structure and executive compensation. These discussions build on prior governance engagements and reflect our ongoing efforts to promote stronger alignment between management, the board, and long-term shareholders…” (Click here to read the full text)

DoorDash, Inc. (DASH): "The Multiple's Too High," Says Jim Cramer

DoorDash, Inc. (NASDAQ:DASH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 100 hedge fund portfolios held DoorDash, Inc. (NASDAQ:DASH) at the end of the second quarter, which was 87 in the previous quarter. While we acknowledge the risk and potential of DoorDash, Inc. (NASDAQ:DASH) 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 DoorDash, Inc. (NASDAQ:DASH) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

In another article, we covered DoorDash, Inc. (NASDAQ:DASH) and shared the list of best QQQ stocks to buy according to Wall Street analysts. 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.