Sands Capital, an investment management company, released its “Sands Capital Select Growth Strategy” Q3 2025 investor letter. A copy of the letter can be downloaded here. U.S. large-cap growth equities continued to recover from a sharp sell-off in early April. Strong corporate earnings, investor enthusiasm around artificial intelligence (AI), and growing expectations for Federal Reserve policy easing drove the robust gains. The portfolio returned 6.3% in the quarter, outperforming the benchmark Russell 1000 ...

Core Insights - Pratt & Whitney has opened its European Technology and Innovation Center (ETIC) in the Netherlands, focusing on advanced propulsion technologies for commercial aircraft, aiming for improved energy efficiency and performance [1][2] - The facility will enhance collaboration with industry and academia in Europe, targeting high-impact technologies such as advanced gas turbine systems, hybrid-electric, and hydrogen propulsion [1][2] Group 1: Collaboration and Innovation - ETIC is designed as an independent innovation center, complementing existing engineering centers globally, and aims to leverage the Netherlands' strong engineering talent and aerospace innovation history [2] - The center is co-located with Collins Aerospace's European Innovation Hub, reinforcing RTX's engagement with the Dutch aerospace industry through recent agreements with the Netherlands Aerospace Group and TU Delft [2][3] - TU Delft's Dean emphasized the importance of close collaboration with aerospace companies for developing sustainable aviation technologies and shaping future industry talent [3] Group 2: Workforce and Economic Impact - RTX employs approximately 21,000 staff across 65 locations in Europe, with around 300 based in the Netherlands, primarily at Collins Aerospace sites [3] - Pratt & Whitney has over 7,000 employees in Europe, mainly in engineering, manufacturing, and maintenance facilities located in Poland [3] Group 3: Company Background - Pratt & Whitney is a leader in aircraft engine design, manufacturing, and service, supporting over 90,000 in-service engines globally through a network of maintenance and repair facilities [4] - RTX, as the largest aerospace and defense company, employs over 185,000 people worldwide and reported sales exceeding $80 billion for 2024 [5]

Core Insights - Willis Lease Finance Corporation (WLFC) has signed a 250-year lease for an additional 50 acres at Teesside International Airport, indicating a long-term commitment to the region and an expansion of its maintenance, repair, and overhaul (MRO) services capacity [1][2]. Company Developments - The lease agreement reflects WLFC's confidence in the Northeast England region and is part of a strategic move to enhance end-to-end aviation services, supporting the growth of the UK's aviation industry [2]. - The investment includes the establishment of a new twin-bay hangar and securing new maintenance contracts, demonstrating WLFC's commitment to creating skilled jobs in Teesside [3]. Industry Impact - Teesside is positioning itself as a key location for aircraft MRO services, with WLFC's investment contributing to the airport's long-term viability and financial stability [4][6]. - The expansion is expected to generate hundreds of well-paid jobs, aligning with the local government's vision for economic growth and investment in the region [5][6].

Core Insights - Willis Lease Finance Corporation (WLFC) has opened its second and third narrow-body hangars at Teesside International Airport, enhancing its capabilities in aircraft maintenance, repair, and overhaul (MRO) services [1][2][3] Company Developments - The new hangars are fully equipped to service Boeing 737 and Airbus A320-family aircraft, including next-generation models, with the project having broken ground in April 2025 [2] - The Teesside operation is expected to create a significant number of new highly-skilled jobs in the area, reflecting WLFC's commitment to the region and the growing demands of the UK's MRO sector [3] Strategic Vision - WLFC sees significant opportunity in the Teesside region, having made several strategic investments recently, and aims to create value for customers and the broader MRO sector [3] - The company integrates its leasing activities with end-of-life solutions for engines and aviation materials, alongside various service offerings including engine maintenance and ground handling services [4]

Group 1: Honeywell International - Honeywell plans to split into three publicly traded businesses, which may outperform as individual entities based on successful examples from peers [2][7] - The focus is on Honeywell Aerospace and Honeywell Automation, with management citing peers like GE Aerospace, RTX, and TransDigm, all of which have undergone significant corporate changes [3][5] - Honeywell Aerospace will gain flexibility for acquisitions to enhance its portfolio, while Honeywell Automation will focus on industrial and building automation, competing with companies like Emerson Electric and Rockwell Automation [4][5] Group 2: Hexcel Corporation - Hexcel specializes in advanced graphite composites, which are increasingly used in the aerospace industry, providing long-term growth prospects due to rising airplane production and composite content [9][10] - Despite recent challenges from Boeing and Airbus falling behind production schedules, Hexcel's valuation has declined, allowing investors to buy at 19 times its estimated 2025 free cash flow, which is favorable given its growth potential [11][12]