Sands Capital Global Growth Fund: On Holding AG’s (ONON) Detraction Is a Function of Our Purchase Timing

Group 1 - Sands Capital's "Global Growth Strategy" reported a portfolio return of 21.7% in Q2 2025, outperforming the MSCI ACWI index which returned 11.5% [1] - The second quarter results marked the fourth best performance since the fund's inception in 2008, both in absolute and relative terms [1] - The fund's top five holdings can be referenced for insights into its best investment picks for 2025 [1] Group 2 - On Holding AG (NYSE:ONON) experienced a one-month return of -4.91% and a 52-week decline of 15.55%, closing at $43.02 per share with a market capitalization of $14.048 billion on September 16, 2025 [2] - On Holding AG was identified as one of the top individual absolute detractors in the Sands Capital report, alongside Atlassian, Nike, Builders FirstSource, and Carlisle Companies [3] - The number of hedge funds holding On Holding AG decreased from 53 to 42 from the previous quarter, indicating a decline in popularity among hedge funds [4]