Sands Capital, an investment management company, released its “Sands Capital Select Growth Strategy” Q3 2025 investor letter. A copy of the letter can be downloaded here. U.S. large-cap growth equities continued to recover from a sharp sell-off in early April. Strong corporate earnings, investor enthusiasm around artificial intelligence (AI), and growing expectations for Federal Reserve policy easing drove the robust gains. The portfolio returned 6.3% (net) in the quarter, compared to the benchmark’s 10.5% gain. You can check the fund’s top 5 holdings to know more about its best picks for 2025.
In its third-quarter 2025 investor letter, Sands Capital Select Growth Strategy highlighted stocks such as Intercontinental Exchange, Inc. (NYSE:ICE). Intercontinental Exchange, Inc. (NYSE:ICE) is a financial services company that offers market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities. The one-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was 3.76%, and its shares lost 3.04% of their value over the last 52 weeks. On November 26, 2025, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $156.29 per share, with a market capitalization of $89.464 billion.
Sands Capital Select Growth Strategy stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its third quarter 2025 investor letter:
“Intercontinental Exchange, Inc. (NYSE:ICE) is one of the world’s largest derivatives exchanges and clearinghouse. The stock lagged the broader market during a period when investors favored businesses with direct exposure to AI. In our view, underlying results were strong, with sales up 10 percent and adjusted earnings per share up 19 percent year over year, both ahead of consensus expectations. Looking ahead, we expect the energy complex to normalize against tougher comparisons following two strong years. Meanwhile, ICE’s Mortgage Technology division (IMT) is showing accelerating refinancing activity off a low base, which is driving meaningful…
..
