Should You Expect Investor Sentiment for Klaviyo (KVYO) to Improve?

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 - Global equities appreciated in Q3 2025, with the U.S. contributing nearly 70% to the index's increase, while developed and emerging markets also posted positive returns [1] - The fund's top 5 holdings can provide insights into its best investment picks for 2025 [1] Klaviyo, Inc. Overview - Klaviyo, Inc. (NYSE:KVYO) is highlighted as a significant investment, providing a software-as-a-service platform for business-to-consumer marketing technology [2][3] - The stock had a one-month return of 7.65% but experienced a 23.39% decline over the past 52 weeks, closing at $28.56 per share with a market capitalization of $8.624 billion on November 28, 2025 [2] Klaviyo's Financial Performance - Klaviyo reported revenue of $311 million in Q3 2025, reflecting a 32% year-over-year increase [4] - The company achieved its largest topline beat to date, record customer additions, and raised its full-year growth expectations, despite facing muted sentiment due to broader market concerns [3][4] Market Sentiment and Future Outlook - Concerns regarding application software, agentic commerce, tariffs, and shifting Gmail protocols are viewed as largely unfounded by the fund [3] - The expectation is for improved investor sentiment over time, driven by strong execution and a steady pipeline of new product launches [3]