Sands Capital Technology Innovators Fund’s Q4 2025 investor letter revealed that its underweight position in Apple Inc. (NASDAQ: AAPL) was a primary contributor to its relative underperformance against the “Magnificent Seven.” The fund’s overall performance in Q4 2025 was mixed, declining 6.3% quarter-to-date, though it achieved a 14.7% return over the year. Management maintains a long-term investment view, focusing on companies with durable revenue models in AI, cloud computing, and digital transformation.
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Apple (AAPL) Underweight Position Weighs on Relative Performance of Sands Capital Technology Innovators Fund
Sands Capital Technology Innovators Fund’s Q4 2025 investor letter revealed that its underweight position in Apple Inc. (NASDAQ: AAPL) was a primary contributor to its relative underperformance against the “Magnificent Seven.” The fund’s overall performance in Q4 2025 was mixed, declining 6.3% quarter-to-date, though it achieved a 14.7% return over the year. Management maintains a long-term investment view, focusing on companies with durable revenue models in AI, cloud computing, and digital transformation.