Core Insights - The Sands Capital Technology Innovators Fund experienced mixed performance in Q4 2025, with a portfolio decline of 6.3% quarter-to-date and a 14.7% return over the year, driven by a narrow group of large-cap growth stocks [1] - The fund's top ten holdings represented approximately 59% of its assets, indicating a concentration in a few key stocks [1] - The performance challenges were attributed to stock-specific issues rather than broad macroeconomic factors, with certain emerging technology holdings underperforming while platform and infrastructure businesses showed strength [1] Fund Performance - The fund's average annual portfolio turnover was noted to be 21%, reflecting a long-term investment strategy [1] - Despite the mixed performance, many portfolio companies continued to show solid full-year earnings growth in 2025, supported by revenue models linked to artificial intelligence, cloud computing, and digital transformation [1] Company Highlight: Palo Alto Networks, Inc. - Palo Alto Networks, Inc. is recognized as a leader in cybersecurity, providing advanced network, cloud, and AI-driven security solutions globally [2][3] - The stock of Palo Alto Networks, Inc. had a one-month return of -11.04%, with shares trading between $144.15 and $223.61 over the past 52 weeks [2] - As of February 13, 2026, Palo Alto Networks, Inc. closed at approximately $166.95 per share, with a market capitalization of about $134.91 billion [2] - The company is transitioning from a focus on network security to a broader, cloud-delivered platform aimed at securing complex hybrid environments [3]

Zeus Packaging Group has acquired Spain-based KOEX Packaging Solutions, according to an announcement on social networking platform LinkedIn. Financial terms of the deal remain undisclosed. The combined entity will offer integrated packaging services with a wider geographic reach for customers in Europe and North America. This development comes as Zeus projects its group revenue to reach €600m ($710.4m) by 2026, supported by a workforce exceeding 1,500 employees worldwide. Premium and retail packaging ...

Core Insights - Popularity on Wall Street can lead to short-term stock gains but may negatively impact long-term performance [1] - The relationship between high popularity and future success is inversely correlated, as noted in Ralph Keyes's work [2] Group 1: Performance of Most Admired Companies - The 10 most admired companies from Fortune's previous ranking underperformed compared to companies with the worst reputations over the past year [3] - The top 15 companies on Fortune's 2025 list lagged behind the S&P 500 on average, while companies with poor reputations significantly outperformed the market [5] Group 2: Exceptions and Studies - Apple is highlighted as an exception, having maintained its top position in Fortune's rankings for 19 years while outperforming the U.S. market [5] - A study in the Journal of Corporate Finance found that an increase in a company's ranking typically leads to reduced stock performance [6] - Another study on "Superstar CEOs" revealed that companies with such CEOs experienced an average stock decline of 60% over three years following their rise to fame [7]

Tim Beyers: To that point, Jason, let's talk about two that are on the radar this morning as we are taping. This is on Monday late morning Mountain Time. Both Monday.com, ticker MNDY, and Kyndryl, ticker KD, are getting absolutely slaughtered. Monday has been down more than 20% through various parts of the day. Kyndryl down more than 50%. These two are a little different, though. We'll talk about Monday in a second, but just the story on Kyndryl as the CFO and the General Counsel both appear to have been d ...

Miss the pandemic era of working from home? Give it a decade or two, and it’s set to be the norm again. That’s because, although baby boomer and Gen X bosses may be winning the return-to-office war right now, new data suggests it’s a short-lived victory. In fact, the National Bureau of Economic Research found that millennial and Gen Z bosses are far more likely to let staff work remotely than their older counterparts—and that it’s only a matter of time before they take over and bring their affinity for fl ...

HCA Healthcare, Inc. (HCA), headquartered in Nashville, Tennessee, stands as a leading U.S. healthcare provider. It operates hospitals, ambulatory surgery centers, freestanding emergency rooms, and physician clinics across multiple states, employing a vast workforce dedicated to high-quality patient care, innovative treatments, and compassionate services. The company has a market capitalization of $120.82 billion. On the backs of robust fundamentals and share buybacks, HCA’s stock has been gaining. Over ...

Key Takeaways Standard Chartered has cut its near-term crypto forecasts, slashing XRP price the hardest. Bitcoin’s end-2026 forecast was cut again to $100,000 from $150,000. Despite near-term cuts, long-term bullish targets remain intact. Standard Chartered has lowered its price forecasts for major cryptocurrencies, including Bitcoin, Ethereum and XRP. The firm says the market could face another leg down in the months ahead before stabilizing later in 2026. Geoffrey Kendrick, the bank’s global h ...

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack. GM! Today’s top news: Crypto majors slightly red ahead of weekly open; BTC at $67k Harvard rotates a portion of BTC holdings into ETH Steak ‘n’ Shake says Bitcoin adoption dramatically increased sales Kraken to sponsor Trump Accounts in Wyoming Andre Cronje opens Flying Tulip sale to the public ...

Sands Capital Management, LLC's Technology Innovators Fund released its Q4 2025 investor letter for "Technology Innovators Fund". A copy of the letter can be downloaded here. The Fund delivered mixed performance during the fourth quarter of 2025, as market returns were increasingly driven by a narrow group of large-cap growth stocks, with the portfolio’s top ten holdings accounting for roughly 59% of assets, while several high-valuation innovation names faced pressure from slowing momentum and investor risk ...

Strategic positioning as a 'national champion' allows for high-level engagement with NOC leadership, facilitating first-ever technology development access in markets like Kuwait.Operational outperformance in North Africa, particularly Libya, is supported by renewed IOC investment and a national roadmap to reach 2 million barrels per day by 2030.Kuwait is transitioning into the company's second-largest market, driven by an $8 billion to $10 billion annual upstream spending commitment through 2030.Achieved re ...