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] - The U.S. contributed nearly 70% to the index's increase, with positive returns also from developed and emerging markets [1] Company Highlights: Figma, Inc. - Figma, Inc. (NYSE:FIG) is a leading digital design platform with a market capitalization of $17.826 billion, closing at $35.97 per share on November 28, 2025 [2] - The company experienced a one-month return of -25.33% and a three-month decline of 48.82% [2] - Figma holds over 80% of the UI/UX market share, with more than 13 million monthly users, indicating its strong market position [3] - The company reported Q3 2025 revenue of $274 million, a 38% increase from Q3 2024 [4] - Despite its potential, the fund suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Figma [4]