Apple (AAPL) Underweight Position Weighs on Relative Performance of Sands Capital Technology Innovators Fund

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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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