Sands Capital, an investment management company, released its Q3 2025 investor letter for the “Sands Capital Technology Innovators Fund.” A copy of the letter can be downloaded here. Technology Innovators focus on pioneering businesses worldwide that serve as key drivers or beneficiaries of significant, long-term technological changes. The fund returned 8.4% (net) in the third quarter compared to a 12.5% return for the benchmark, MSCI ACWI Info Tech and Communication Services Index. Despite concentrated lea ...