The Sands Capital Technology Innovators Fund posted a 26.9% net return, driven by AI infrastructure and semiconductor gains amid a global equities rebound.
Sands Capital’s Technology Innovators Fund returned 26.9% net in Q2 2026, its strongest quarterly performance since 2020. The gain was fueled by a rebound in global equities, led by information technology, particularly semiconductor and hardware stocks, as geopolitical tensions eased and AI enthusiasm persisted.
The MSCI ACWI index recorded its best quarterly gain since 2020, with memory, software infrastructure, and cybersecurity holdings contributing to the fund’s outperformance. However, concentrated exposure to mega-cap chip designers and manufacturers slightly lagged as market leadership broadened into CPUs, networking, and memory.
The fund added SanDisk Corporation (NASDAQ:SNDK) as a new position, reflecting its focus on critical AI bottlenecks, including memory and compute. Vertical software and financial holdings underperformed amid macroeconomic uncertainty and AI disruption concerns.