Sands Capital Reports 23.2% Return Driven by AI Infrastructure

Sands Capital reported a 23.2% quarterly return for its Sands Capital Select Growth Fund in its Q2 2026 investor letter, outperforming the Russell 1000 Growth Index. The firm attributed this growth to strategic investments in AI infrastructure, specifically within the memory and storage sectors.

The fund identified Micron Technology, Inc. as a key holding, stating that the company's memory products address a critical bottleneck in the AI infrastructure stack. Sands Capital noted that the emergence of agentic AI systems is driving increased demand for NAND, high-bandwidth memory, and DRAM.

Because memory manufacturing is capital-intensive and time-consuming, the firm expects constrained supply to meet accelerating demand. This imbalance is projected to result in stronger pricing and improved margins for leading memory providers.