Sands Capital, an investment management company, released its "Sands Capital Select Growth Fund" Q2 2026 investor letter. The letter can be downloaded here. Select Growth Fund targets U.S. businesses driving significant structural change through disruptive innovation. The fund returned 23.2% in the quarter, outperforming the Russell 1000 Growth Index's 16.7% gain. U.S. large-cap growth equities rebounded sharply, driven by improving corporate fundamentals and renewed investor confidence in AI, despite geopolitical uncertainties. However, the market's gains were narrow, concentrated among AI beneficiaries. The portfolio's success stemmed from strength in AI infrastructure holdings, especially memory and storage, supported by better pricing and tightening supply. As AI development advances, continuous demand for compute capacity is expected, prompting investments in memory, CPUs, AI chips, and semiconductor manufacturing to address emerging bottlenecks essential for scaling AI. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Sands Capital Select Growth Fund highlighted Micron Technology, Inc. (NASDAQ:MU). Micron Technology, Inc. (NASDAQ:MU) is a leading semiconductor company manufacturing memory and storage products. On September 02, 2026, Micron Technology, Inc. (NASDAQ:MU) closed at $956.08 per share. Over the past month, Micron Technology, Inc. (NASDAQ:MU) returned 8.46%, but its shares are up 669.73% over the past year. Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $1.08 trillion, and its stock has traded within a 52-week range of $118.52 to $1,255.00.
Sands Capital Select Growth Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2026 investor letter:
"Micron Technology, Inc. (NASDAQ:MU) and SanDisk increased the portfolio's exposure to memory, which has become a critical bottleneck in the AI infrastructure stack. Agentic AI systems require greater context, faster retrieval, and more persistent memory, increasing demand for DRAM, high-bandwidth memory, and NAND. At the same time, advanced memory remains difficult, capital intensive, and time consuming to manufacture. The industry has also become more consolidated and disciplined, which should limit the speed of supply response. We believe this combination of accelerating demand and constrained supply can support stronger pricing, better margins, and a more durable earnings cycle for leading memory providers."
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In its second-quarter 2026 investor letter, Sands Capital Select Growth Fund highlighted Micron Technology, Inc. (NASDAQ:MU). Micron Technology, Inc. (NASDAQ:MU) is a leading semiconductor company manufacturing memory and storage products. On September 02, 2026, Micron Technology, Inc. (NASDAQ:MU) closed at $956.08 per share. Over the past month, Micron Technology, Inc. (NASDAQ:MU) returned 8.46%, but its shares are up 669.73% over the past year. Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $1.08 trillion, and its stock has traded within a 52-week range of $118.52 to $1,255.00.
Sands Capital Select Growth Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2026 investor letter:
"Micron Technology, Inc. (NASDAQ:MU) and SanDisk increased the portfolio's exposure to memory, which has become a critical bottleneck in the AI infrastructure stack. Agentic AI systems require greater context, faster retrieval, and more persistent memory, increasing demand for DRAM, high-bandwidth memory, and NAND. At the same time, advanced memory remains difficult, capital intensive, and time consuming to manufacture. The industry has also become more consolidated and disciplined, which should limit the speed of supply response. We believe this combination of accelerating demand and constrained supply can support stronger pricing, better margins, and a more durable earnings cycle for leading memory providers."
#NASDAQ #fund #sands #investor
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