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Sands Capital Select Growth Strategy’s Q1 2026 Investor Letter

Sands Capital Management, LLC released its Q1 2026 investor letter for its “Select Growth Strategy”. Select Growth mainly targets leading U.S. businesses, driving positive structural changes. U.S. large-cap growth stocks fell in the first quarter. Sharp dispersion driven by AI advances marked the quarter, but late in the quarter, geopolitical tensions with Iran caused a broad-based risk-off move across the market. AI continued to influence market behavior, with AI-related investments increasing dispersion and shifting capital to asset-heavy sectors benefiting from AI infrastructure...