Here’s Why Sands Capital Technology Innovators Fund Sold CrowdStrike Holdings (CRWD)

Core Insights - Sands Capital Technology Innovators Fund reported an 8.4% net return in Q3 2025, underperforming the benchmark MSCI ACWI Info Tech and Communication Services Index, which returned 12.5% [1] - The fund focuses on pioneering businesses that are key drivers or beneficiaries of long-term technological changes [1] Fund Performance - The fund's performance was influenced by global equities appreciating in Q3, with the U.S. contributing nearly 70% to the index's increase [1] - Developed markets outside the U.S. and emerging markets also provided positive returns during the same period [1] Investment Focus - The fund highlighted CrowdStrike Holdings, Inc. (NASDAQ:CRWD) as a significant investment, noting a one-month return of -7.75% and a 52-week gain of 46.82% [2] - As of November 28, 2025, CrowdStrike's stock closed at $509.16, with a market capitalization of $127.776 billion [2] Strategic Decisions - The fund exited its position in CrowdStrike to invest in other high-growth businesses, citing increased valuation and lower expected returns from CrowdStrike [3] - Capital was redeployed into Figma and Duolingo, which are perceived to offer a more attractive balance of growth and valuation [3] Hedge Fund Interest - CrowdStrike is not among the 30 most popular stocks among hedge funds, with 66 hedge fund portfolios holding the stock at the end of Q3, unchanged from the previous quarter [4] - There is a belief that certain AI stocks present greater upside potential and carry less downside risk compared to CrowdStrike [4]