Sands Capital, an investment management company, released its second-quarter 2026 investor letter for “Sands Capital Global Growth Fund”. The letter can be downloaded here. Global Growth seeks the best growth businesses worldwide, leveraging a research team that explores both developed and emerging markets for sustainable competitive advantages. In the quarter, global equities rebounded strongly, driven by AI infrastructure, a key market theme, with demand for computing capacity remaining robust and large tech firms maintaining significant capital investments. Emerging markets, led by Korea and Taiwan, outperformed U.S. and developed markets for six consecutive quarters. The strategy’s portfolio returned 22.2%, outperforming the MSCI All Country World Index’s 14.9%. The quarter’s gains were mainly due to earnings growth in AI infrastructure businesses. Relative results were driven by information technology and industrials, while financials and communication services detracted. The strategy is positioned to capitalize on evolving growth opportunities, with substantial exposure to AI infrastructure and other long-term prospects. Also, check the fund’s top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Sands Capital Global Growth Fund highlighted Intuitive Surgical, Inc. (NASDAQ:ISRG). Intuitive Surgical, Inc. (NASDAQ:ISRG) is a leader in robotic-assisted surgery that develops, manufactures, and markets products for improving the quality of and access to minimally invasive care. On September 04, 2026, Intuitive Surgical, Inc. (NASDAQ:ISRG) closed at $366.70 per share. Over the past month, Intuitive Surgical, Inc. (NASDAQ:ISRG) declined 6.78%, but its shares are down 21.98% over the past year. Intuitive Surgical, Inc. (NASDAQ:ISRG) has a market capitalization of $131.38 billion, and its stock has traded within a 52-week range of $328.57 to $603.88.
Sands Capital Global Growth Fund stated the following regarding Intuitive Surgical, Inc. (NASDAQ:ISRG) in its Q2 2026 investor letter:
“Intuitive Surgical, Inc. (NASDAQ:ISRG) is a leading provider of robotic surgical systems. Shares came under pressure with the broader medtech industry. Health care equipment and supplies was among the weakest industries in the quarter, as investors weighed fewer product cycles, health care utilization concerns, inflation, competition for capital from AI infrastructure, and concerns about ex-U.S. competition. We believe the share price pressure obscures a stronger fundamental setup. First-quarter 2026 results beat consensus estimates across key metrics, including revenue, non-GAAP earnings, non-GAAP operating margins, da Vinci procedures, and overall robot placements. Looking ahead, we expect Intuitive to roll out several AI features over the next few years, including anatomy identification, critical structure highlighting during surgery, and, over time, support for surgeon dexterity and automation. These features could accelerate robotic surgery adoption and create a software licensing opportunity that we expect to carry higher gross margins than the corporate average. While we do not expect a quick rerating in the shares, which trade at levels not seen since the 2022 market selloff, we favor the risk/reward profile given Intuitive’s recurring revenue base, market leadership, and longer-term AI potential.”
