Sands Capital Management, LLC - Select Growth on Samsara

Samsara develops connected hardware and software for industrial operations and continues to execute despite valuation pressure across vertical software. Revenue growth remained around 30 percent while the company delivered roughly 500 basis points of margin leverage. Sands sees a data network effect in which more connected assets generate proprietary operational data that improves products and customer outcomes. With the shares near multiyear lows on forward revenue and limited evidence of AI disruption, Sands views the setup as attractive.