Group 1 - Sands Capital Select Growth Strategy reported a strong quarterly performance with a return of 27.7%, outperforming the Russell 1000 Growth Index's gain of 17.8% due to factors like muted inflation and strong corporate earnings [1] - The investor letter highlighted Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) as a focus, noting its significant decline of 51.15% over the last 52 weeks and a one-month return of -2.36% [2] - Ultragenyx generated $166 million in revenue, reflecting a 13% growth compared to the second quarter of 2024, despite facing challenges with FDA approval for a new treatment [4] Group 2 - Ultragenyx is recognized for its strong execution in developing treatments for rare diseases, with an expanding commercial franchise and a promising pipeline, presenting a long-term investment opportunity [3] - The company was included in 60 hedge fund portfolios at the end of the second quarter, indicating a slight increase from 55 in the previous quarter [4] - Despite the potential of Ultragenyx, the investor letter suggests that certain AI stocks may offer greater upside potential and less downside risk [4]