Group 1: Sands Capital Global Growth Strategy Overview - Sands Capital released its second-quarter 2025 investor letter, highlighting a flexible approach to identify promising growth companies globally [1] - The Global Growth portfolio achieved a return of 21.7% in the quarter, outperforming the MSCI ACWI index, which returned 11.5% [1] - This quarter's performance marked the fourth best since the fund's inception in 2008, both in absolute and relative terms [1] Group 2: Builders FirstSource, Inc. (NYSE:BLDR) Analysis - Builders FirstSource, Inc. is the largest distributor of lumber and building materials in the U.S. by market share [3] - The company experienced a one-month return of 3.19%, but its shares have decreased by 29.58% over the past 52 weeks, closing at $136.99 with a market capitalization of $15.144 billion [2][3] - The U.S. housing market remains sluggish, with housing starts down 5% year-over-year in Q1 2025, indicating a challenging environment for Builders FirstSource [3] Group 3: Strategic Positioning and Market Outlook - Builders FirstSource is focusing on factors within its control to strengthen its competitive position, including investments in digital capabilities, strategic acquisitions, and opportunistic share repurchases [3] - While the timing of a housing market recovery is uncertain, there is confidence that Builders FirstSource is well-positioned to benefit when recovery occurs, presenting an attractive risk-reward profile at current valuation levels [3] - In Q2, Builders FirstSource's sales decreased by 5% to $4.2 billion, and it was noted that 74 hedge fund portfolios held the stock, an increase from 58 in the previous quarter [4]