Group 1 - Sands Capital Global Growth Fund reported a -2.0% return in Q3 2025, underperforming the MSCI ACWI which returned 7.6% [1] - The fund adopts a flexible approach to identify promising growth companies globally, with a focus on concentrated leadership in global equities [1] Group 2 - Repligen Corporation (NASDAQ:RGEN) is highlighted as a key stock, with a one-month return of 1.94% and a 52-week gain of 7.30% [2] - As of December 16, 2025, Repligen's stock closed at $158.09, with a market capitalization of $8.899 billion [2] Group 3 - Repligen is recognized as a leading supplier of bioprocessing tools for biologic drug manufacturing, but its business is heavily dependent on the health of its end markets [3] - The company has experienced a 20% revenue decline and a 65% contraction in adjusted operating income through 2024, with signs of recovery in 2025 [3] - Despite expectations for a "classic growth" profile, Repligen's profitability remains below pre-COVID levels, leading to a decision to reallocate capital due to its elevated valuation and small portfolio weight [3]