LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
TSMC is viewed as the world's largest scaled manufacturer of leading-edge chips and a central beneficiary of AI demand. First-quarter gross margin exceeded expectations, which…
Sands Capital Management, LLC - International Growth
Concentrated long-only growth strategy seeking leading businesses outside the United States with durable above-average earnings growth driven by secular change.$520M AUM12 published ideas
International Growth seeks the best growth businesses outside the United States across developed and emerging markets. The strategy held 36 businesses at June 30, 2026 and reported an expected holding period of 5+ years.
Ideas from Sands Capital Management, LLC - International Growth
Long005930Jun 2026
Samsung Electronics
Samsung Electronics was purchased because Sands believes the company is nearing an earnings inflection across memory, foundry, and mobile. AI demand supports the memory…
LongASMLJun 2026
ASML Holding
ASML supplies lithography systems that are essential to advanced semiconductor manufacturing. Sands believes lithography capacity could become one of the hardest constraints to…
Long000660Jun 2026
SK hynix
SK hynix is a leading memory producer benefiting from tighter DRAM, NAND, and high-bandwidth memory markets. First-quarter revenue rose 198 percent year over year and operating…
LongVACNJun 2026
VAT Group
VAT Group is the leading supplier of high-precision vacuum valves for semiconductor equipment, with roughly 70 percent share in its core application. Order intake rose 47 percent…
Long6861Jun 2026
Keyence
Keyence is a leading designer of high-end factory automation sensors and systems and is benefiting from a broadening recovery in automation demand. Fiscal fourth-quarter revenue…
LongELJun 2026
EssilorLuxottica
EssilorLuxottica delivered 11 percent constant-currency revenue growth despite weak consumer conditions and pressure across luxury and medtech. Sands believes investor concern…
LongSHOPJun 2026
Shopify
Shopify grew first-quarter revenue 34 percent year over year, gross merchandise volume 35 percent, and payments penetration to 66 percent of volume. Investors focused on guidance…
LongSPOTJun 2026
Spotify Technology
Spotify's shares fell after management guided to lower margins because of a near-term increase in operating expenses. Sands views the spending as investment in a new product…
LongNUJun 2026
Nu Holdings
Nu Holdings serves more than 100 million customers through its digital banking platform in Latin America. Higher provisions created concerns about household debt and credit…
LongARMJun 2026
Arm Holdings
Arm was purchased because Sands expects agentic AI to drive an inflection in CPU demand. CPUs are suited to scheduling, memory management, tool execution, and orchestration…
LongENRJun 2026
Siemens Energy
Siemens Energy was purchased for exposure to gas turbines and grid equipment as power becomes a bottleneck for AI infrastructure. Sands expects U.S. power capacity to remain…
Letters covered
- International Growth Quarterly ReportJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.