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 significant technological changes [1] Company Analysis: Monday.com Ltd. (NASDAQ:MNDY) - Monday.com Ltd. is an emerging provider of project management and workflow automation software, with a one-month return of -29.87% and a 52-week loss of 47.63% [2] - As of November 28, 2025, Monday.com Ltd. had a market capitalization of $7.416 billion, with shares closing at $143.86 [2] - In Q2, Monday.com reported a 27% year-over-year revenue growth and a margin of 15%, exceeding consensus expectations [3] - However, the company fell short on full-year guidance, customer retention, and net adds, with management noting a minor impact from Google's AI on top-of-funnel activity [3] - The stock price decline was viewed as overly punitive, with management indicating that the impact from AI disruption is expected to be short-term and manageable [3] - The company maintains a large, diverse, and engaged user base, with ongoing product innovation and improving sales execution, suggesting an attractive risk-reward opportunity for investors [3]