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: MercadoLibre, Inc. (NASDAQ:MELI) Performance - MercadoLibre, Inc. is recognized as the leading ecommerce and fintech ecosystem in Latin America, with a strong quarter surpassing revenue and operating income estimates [3] - The stock had a one-month return of 2.32% and a 52-week gain of 13.67%, closing at $2,390.14 per share with a market capitalization of $121.174 billion on September 16, 2025 [2] - In the second quarter of 2025, MercadoLibre reported over 30% year-on-year revenue growth and a record operating income of $825 million [4] Group 3: Strategic Investments and Market Position - Despite representing less than 5% of the total retail market in the region, MercadoLibre is investing in key areas such as marketplace, logistics, loyalty, and wallet to capture growth opportunities [3] - These investments may pressure near-term profitability but are expected to reinforce competitive advantages and support long-term growth [3] - The number of hedge funds holding MercadoLibre increased from 108 to 116 in the second quarter of 2025, indicating growing interest [4]