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 returned 21.7% in the quarter, outperforming the MSCI ACWI index, which returned 11.5% [1] - This quarter's results marked the fourth best performance since the fund's inception in 2008, both in absolute and relative terms [1] Group 2: Cloudflare, Inc. Performance - Cloudflare, Inc. (NYSE:NET) reported a one-month return of 15.01% and a 52-week gain of 185.69%, with a closing stock price of $226.01 and a market capitalization of $78.76 billion as of September 15, 2025 [2] - The company secured its largest deal to date, a five-year contract worth $130 million for its Workers platform, indicating strong competitiveness against larger players [3] - Cloudflare's revenue for the second quarter increased by 28% year-over-year to $512.3 million, and the company reaffirmed its full-year growth guidance of 25% [4] Group 3: Strategic Developments and Market Position - The company achieved significant Zero Trust wins, including a $12.7 million, seven-year contract and a large U.S. government deal, showcasing broader traction across various use cases [3] - Despite rising capital expenditures due to tariff-related pull-forwards, Cloudflare remains confident in meeting its full-year targets [3] - The number of hedge funds holding Cloudflare shares decreased from 65 to 59 in the second quarter, indicating a potential shift in market sentiment [4]