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Sands Capital, an investment management company, released its "Sands Capital Select Growth Fund" Q2 2026 investor letter.
businesses driving significant structural change through disruptive innovation.
The fund returned 23.2% in the quarter, outperforming the Russell 1000 Growth Index's 16.7%.
large-cap growth equities rebounded sharply, driven by improving corporate fundamentals and renewed investor confidence in AI, despite geopolitical uncertainties.
However, the market's gains were narrow, concentrated among AI beneficiaries.
The portfolio's success stemmed from strength in AI infrastructure holdings, especially memory and storage, supported by better pricing and tightening supply.
As AI development advances, continuous demand for compute capacity is expected, prompting investments in memory, CPUs, AI chips, and semiconductor manufacturing to address emerging bottlenecks essential for scaling AI.
Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Sands Capital Select Growth Fund highlighted Lam Research Corporation (NASDAQ:LRCX), a leading semiconductor equipment company that supplies semiconductor processing equipment.
Lam Research Corporation (NASDAQ:LRCX), with a 4.7% portfolio weight, contributed 2.2% to the Fund's performance this quarter.
On September 1, 2026, Lam Research Corporation (NASDAQ:LRCX) closed at $290.20 per share.
Over the past month, Lam Research Corporation (NASDAQ:LRCX) declined 5.60%, but its shares are up 196.91% over the past year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
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| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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