Group 1: Market Overview - U.S. large-cap growth equities are recovering from a sell-off in early April, driven by strong corporate earnings, AI enthusiasm, and expectations for Federal Reserve policy easing [1] - The portfolio of Sands Capital Select Growth Strategy returned 6.3% in Q3 2025, underperforming the benchmark Russell 1000 Growth Index's gain of 10.5% [1] Group 2: Company Focus - TAT Technologies Ltd. - TAT Technologies Ltd. (NASDAQ:TATT) provides solutions to the aerospace and ground defense industries, with a one-month return of -11.81% and a 52-week gain of 73.27% [2] - As a top contributor in the long book, TAT operates in niche categories: thermal solutions (41% of revenues), auxiliary power units (27%), landing gear (5%), and leasing & trading (14%) [3] - The landing gear segment is entering a major MRO cycle, with strategic agreements in place with Embraer and Gulfstream [3] - The auxiliary power units segment has a Total Addressable Market (TAM) of approximately $2.5 billion, with TAT aiming to increase its market share from less than 1% to 5-10% [3] - Recent financial results show Q2 2025 revenues increased by 18% year-on-year, with a backlog of $524 million, approximately three times current yearly sales [3] - Gross margins have improved for four consecutive quarters, and EBITDA margins reached 14% in Q2 [3] - The market may underestimate TAT's multi-year growth potential, with a conservative FY27 EBITDA estimate of $39 million and a fair value projected in the low $50s per share [3]