Global Leaders Quarterly Call Update June 30, 2021 - Sands Capital
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Global Leaders Quarterly Call Update June 30, 2021
We are active, long-term investors in leading
innovative growth businesses, globally.
All-IN CULTURE INSIGHT-DRIVEN YEAR FOUNDED
1992
We are one team dedicated to one mission and one Businesses that can build a sustainable
philosophy. As a fully independent and advantage are few and far between. To seek OWNERSHIP
staff-owned firm, we attract and retain strong talent, them, we apply six criteria to separate signal
Independent
focus on long-term outcomes, and are highly aligned from noise, identify what matters most, and
100% Staff Owned
with our clients’ interests. construct differentiated views on tomorrow’s
businesses, today. AUM
$77.6B
STAFF
GLOBAL PERSPECTIVE WITH HIGH CONVICTION
LOCAL UNDERSTANDING FOR HIGH IMPACT 162
Innovation-driven growth knows no geographic All our strategies concentrate investments in HEADQUARTERS
boundaries. Neither does our research team. We are only our best ideas and avoid mediocrity. With Arlington, VA, USA
hands on, on-the-ground, deeply immersed the intent to own businesses for five years or
in the ecosystems in which our businesses operate. longer, we seek to create value for clients
through the compounding of business growth
over time.
All data is as of 6/30/2021.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 2
What We Do
With a singular focus on growth investing, we offer clients
strategies that actively target leading public and private
businesses across the growth spectrum.
GLOBAL LEADERS
30-50 public businesses
Global opportunity set
$3.9B AUM
SELECT GROWTH GLOBAL GROWTH
25-30 public businesses 30-50 public businesses
Primarily U.S.-focused Global opportunity set
$25.3B AUM $30.5B AUM
EMERGING MARKETS INTERNATIONAL GROWTH
30-50 public businesses 25-40 public businesses
Emerging and frontier markets International opportunity set
$15.2 B AUM $107.6M AUM
PRIVATE GROWTH EQUITY TECHNOLOGY INNOVATORS FOCUS STRATEGIES
Global Private Growth Fund I - Fully invested 25-35 public businesses 5-20 public businesses
Global Innovation I - Investing Global opportunity set Global opportunity set
Global Innovation II - Investing $1.1 B AUM $1.5B AUM
VENTURE CAPITAL
Life Sciences Pulse I - Investing
Global Venture Fund I - Fully invested Life Sciences Pulse II - Investing
Global Venture Fund II - Investing
Global Venture Fund III - Investing
All data is as of 6/30/2021. The above figures represent total Assets Under Management for each public investment strategy listed. The Venture Capital and Growth Equity investment strategies are managed by Sands Capital Ventures,
LLC, an affiliate of Sands Capital Management, LLC, and are only available to qualified investors. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. References to “Sands Capital”, the “firm”, “we” or “our” are references to Sands Capital Management and its affiliates,
collectively, including Sands Capital Ventures, LLC (“Sands Capital Ventures”), which is a registered investment adviser that provides private market investment strategies, including its Private Growth Strategy to its clients. Sands
Capital Management seeks to adhere to the Global Investment Performance Standards (GIPS®) when reporting its investment performance results; however, Sands Capital Ventures does not.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 3
Investment Strategy & Results
Net Results (%) as of June 30, 2021
ANNUALIZED %
INCEPTION STRATEGY SINCE
DATE ASSETS 2Q21 1 YEAR 3 YEAR 5 YEAR 10 YEAR INCEPTION
Select Growth 2/29/1992 $25.3B 10.9 47.4 29.6 29.7 20.1 14.1
Russell 1000 Growth Index 11.9 42.5 25.1 23.7 17.9 10.7
Value Added (bps) -100 490 450 600 220 340
Global Growth 12/31/2008 $30.5B 10.7 41.9 24.2 24.5 15.9 21.2
MSCI All Country World Index 7.4 39.3 14.6 14.6 9.9 11.9
Value Added (bps) 330 260 960 990 600 930
Emerging Markets Growth 12/31/2012 $15.2B 8.6 53.5 21.5 19.8 - 12.9
MSCI Emerging Markets Index 5.0 40.9 11.3 13.0 - 5.6
Value Added (bps) 360 1,260 1,020 680 - 730
Global Leaders 3/31/2017 $3.9B 9.4 34.8 20.5 - - 21.6
MSCI All Country World Index 7.4 39.3 14.6 - - 13.9
Value Added (bps) 200 -450 590 - - 770
International Growth 3/31/2018 $107.6M 10.3 47.7 32.1 - - 30.2
MSCI All Country World Index ex US 5.5 35.7 9.4 - - 7.7
Value Added (bps) 480 1,200 2,270 - - 2,250
Technology Innovators 12/31/2010 $1.1B 12.2 51.9 37.1 36.8 24.0 23.5
MSCI ACWI Info Tech and Communication Services Index 9.8 44.8 24.5 27.0 18.5 17.6
Value Added (bps) 240 710 1,260 980 550 590
The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. Investment results presented are that of the Tax-Exempt Institutional Equity Composite, Global Growth Equity
Composite, Global Leaders Equity Composite, Emerging Markets Growth Composite, International Growth Equity Composite and Technology Innovators Equity Composite. GIPS® Reports and additional disclosures for the related
composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 4
Global Research Team
RE S E ARCH ANALYSTS PORT FOLIO MANAGE RS
SELECT GROWTH GLOBAL GROWTH
Frank Sands, CFA 2000* Brian Christiansen, CFA 2006
Sr. Portfolio Manager Sr. Portfolio Manager
CONSUMER LIFE S C IE NC E S
Wesley Johnston, CFA 2004 David Levanson, CFA 2002*
Christina Hang 2018 Daniel Cheng 2013 Sr. Portfolio Manager Sr. Portfolio Manager
Massi m o Marolo, CFA 2018 Michael Gi nder, CFA 2011
Michael Sramek, CFA 2001 Perry Williams, CFA 2004
Matthew Luneburg, CFA 2006 J enni fer Go ldsmith, CFA 2013 Sr. Portfolio Manager Sr. Portfolio Manager
K atherine Okon 2012*
T E C H NO L O GY Thomas Trentman, CFA 2005
Kumar Gautam 2020* Sr. Portfolio Manager
GLOBAL LEADERS
Judy Jiao, CFA 2015
Barron Marti n, Jr., CFA 2008 Sunil Thakor, CFA 2004
EMERGING MARKETS GROWTH Sr. Portfolio Manager
Daniel Pi l l ing 2018
Tho m as Rogers, CFA 2014 Brian Christiansen, CFA 2006 Michael Raab, CFA 2007
Sr. Portfolio Manager Portfolio Manager
INDUS T R IAL S Ashraf Haque 2008
F INANC IAL S
Eric Black 2013 Sr. Portfolio Manager
Teeja Boye, CFA 2014 INTERNATIONAL GROWTH
Brian Keegan, CFA 2011 Neil Kansari 2008
Jason Harden, CFA 2012 Sr. Portfolio Manager Ashraf Haque 2004
Dani el le Menichel la, CFA 2013
Sr. Portfolio Manager
Sunil Thakor, CFA 2008
FOCUS STRATEGIES Sr. Portfolio Manager
S T E WAR DS H IP
Michael Sramek, CFA 2001
Brian Christiansen, CFA, Director of Stewardship
Sr. Portfolio Manager
K ari n Riechenberg, Sr. ESG Analyst GLOBAL INNOVATION
Michael Clarke 2011
Depth TECHNOLOGY INNOVATORS Managing Partner
We know our businesses. With approximately 138 aggregate portfolio businesses and 47 Thomas Trentman, CFA 2005 Barron Martin, CFA 2008
investment professionals, our people dig deep for insights. Intimate knowledge of a small Sr. Portfolio Manager Managing Partner
number of companies is more valuable than superficial knowledge of many companies.
Emerson Bluhm, CFA 2010
Focus Portfolio Manager
We’ve developed substantial domain knowledge in business spaces where innovation and VENTURE/PRIVATE GROWTH
Michael Clarke 2011
industry transformation are rampant. Domain experience enables us to recognize patterns, Ian Ratcliffe 2016
identify analogues, and understand business models and ecosystems. Portfolio Manager
Managing Partner
Collaboration Michael Graninger 2018
All PM’s are analysts first. Together, they are integrally involved in every step of the research LIFE SCIENCES PULSE Partner
process. Our organization is intentionally designed to encourage analysts to work in sectors, Stephen Zachary, PhD 2016
not within silos, reflecting the interconnected webs in which our businesses operate. Managing Partner
All data is as of 6/30/2021. * Denotes year that staff member had re-joined Sands Capital. The Venture/Private Growth, Life Sciences Pulse, and Global Innovation investment strategies are managed by Sands Capital Ventures, LLC, an
affiliate of Sands Capital Management, LLC, and are only available to qualified investors. References to “Sands Capital”, the “firm”, “we” or “our” are references to Sands Capital Management and its affiliates, collectively, including Sands
Capital Ventures, LLC (“Sands Capital Ventures”), which is a registered investment adviser that provides private market investment strategies, including its Private Growth Strategy to its clients.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 5
Power of Long-term Compounding
Global Leaders vs. MSCI All Country World Index
Net Results for Period Ending June 30, 2021
Annualized Since Cumulative Since
Inception 1 Inception 1
Portfolio 21.6 129.4
Benchmark 13.9 73.6
140
120
100
80
60
40
20
0
'17 '18 '19 '20 '21
1Inception date is 3/31/2017. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Global Leaders Equity Composite. GIPS®
Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of
future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 6
Annualized Investment Results
Global Leaders vs. MSCI All Country World Index
Net Results (%) as of June 30, 2021
Portfolio Benchmark
39.3
34.8
21.6
20.5
14.6 13.9
12.3
9.4
7.4 7.7
QTD YTD 1 Year 3 Years Since Inception
Inception date is 3/31/2017. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the
Global Leaders Equity Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this
presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 7
Yearly & Cumulative Investment Results
Global Leaders vs. MSCI All Country World Index
Net Results (%) as of June 30, 2021
RELATIVE VALUE CUMULATIVE VALUE
PORTFOLIO BENCHMARK ADDED (BPS) ADDED (BPS)
2017 21.3 16.0 530 530
2018 2.0 -9.4 1,140 1,880
2019 35.8 26.6 920 3,500
2020 26.8 16.3 1,050 5,840
2021 7.7 12.3 -460 5,580
1Q -1.6 4.6 -620 4,800
2Q 9.4 7.4 200 5,580
Cumulative Since Inception (3/31/17 - 6/30/21) 129.4 73.6 5,580
Annualized Since Inception 21.6 13.9 770
Inception date is 3/31/2017. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Global Leaders Equity Composite. GIPS® Reports
and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future
results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 8
Global Leaders Portfolio Profile Summary
Global Leaders vs. MSCI All Country World Index
As of June 30, 2021
COMPOSITION PORTFOLIO BENCHMARK REGION EXPOSURE (%) PORTFOLIO BENCHMARK ACTIVE WEIGHT
Number of Holdings 36 2,975 US/Canada 59.4 61.5 -2.1
Assets $3.4B n/a Developed Asia 18.2 8.9 9.3
Benchmark Holdings 83% n/a W. Europe 12.2 16.6 -4.4
Active Share 93% n/a Emerging Asia 9.4 10.2 -0.8
Trailing 12 mos. Turnover 26% n/a Latin America – 1.1 -1.1
Mid-East & Africa – 1.1 -1.1
E. Europe – 0.6 -0.6
CHARACTERISTICS PORTFOLIO BENCHMARK
[Cash] 0.9 – 0.9
SCM Long-Term EPS Growth Estimate 25% n/a
Consensus Long-Term EPS Growth Estimate 18% 17%
Weighted Avg. Market Cap $176.9B $343.7B
Median Market Cap $53.8B $13.1B
Consensus Forward P/E - Next 12 mos. 29x 18x
Dividend Yield 0.5% 1.7%
SECTOR EXPOSURE (%) PORTFOLIO BENCHMARK ACTIVE WEIGHT
Information Technology 25.4 21.9 3.5
TOP 10 HOLDINGS WEIGHT (%) DATE PURCHASED Industrials 19.9 9.9 10.0
Roper Technologies 4.6 Apr-19 Health Care 13.9 11.6 2.3
Alimentation Couche-Tard 4.2 Mar-17 Consumer Discretionary 10.8 12.8 -2.0
Charter Communications 3.9 Apr-20 Financials 10.4 14.1 -3.7
Taiwan Semiconductor 3.7 Mar-17 Communication Services 10.2 9.4 0.8
Keyence 3.7 Mar-17 Consumer Staples 6.6 6.9 -0.3
Visa 3.7 Mar-17 Real Estate 2.0 2.6 -0.6
Chegg 3.7 May-20 Materials – 4.9 -4.9
Intuit 3.5 Mar-17 Energy – 3.4 -3.4
AIA 3.4 Oct-18 Utilities – 2.6 -2.6
IQVIA 3.3 Aug-19 [Cash] 0.9 – 0.9
Total 37.5
All values are that of the Global Leaders Equity Composite. The companies illustrated above represent a sub-set of current holdings in the Global Leaders Equity Composite and were selected based on the performance measures
presented. Pricing obtained from IDC. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 9
Contribution Analysis: Quarter to Date
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
BEST PERFORMERS (%) TOP ABSOLUTE CONTRIBUTORS (%)
AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE
COMPANY GICS SECTOR COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.
Cloudflare 2.3 50.6 1.0 1.0 Information Technology Cloudflare 2.3 50.6 1.0 1.0 Information Technology
Intuit 3.2 28.1 0.8 0.8 Information Technology Intuit 3.2 28.1 0.8 0.8 Information Technology
Lonza 2.4 27.0 0.6 0.6 Health Care IQVIA 3.4 25.5 0.8 0.8 Health Care
IQVIA 3.4 25.5 0.8 0.8 Health Care Sea 3.5 23.0 0.8 0.8 Communication Services
Sea 3.5 23.0 0.8 0.8 Communication Services Roper Technologies 4.4 16.7 0.7 0.7 Industrials
WORST PERFORMERS (%) TOP ABSOLUTE DETRACTORS (%)
AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE
COMPANY GICS SECTOR COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.
Bright Horizons 1.9 -14.2 -0.3 -0.3 Consumer Discretionary Bright Horizons 1.9 -14.2 -0.3 -0.3 Consumer Discretionary
MonotaRO 2.2 -12.4 -0.3 -0.3 Industrials MonotaRO 2.2 -12.4 -0.3 -0.3 Industrials
Pan Pacific 1.2 -11.6 -0.2 -0.2 Consumer Discretionary Pan Pacific 1.2 -11.6 -0.2 -0.2 Consumer Discretionary
HDFC Bank 2.7 -5.6 -0.2 -0.2 Financials Chegg 3.8 -3.0 -0.2 -0.2 Consumer Discretionary
Chegg 3.8 -3.0 -0.2 -0.2 Consumer Discretionary HDFC Bank 2.7 -5.6 -0.2 -0.2 Financials
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The companies illustrated above represent a sub-set of
current holdings in the Global Leaders Equity Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by
the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs
incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please
contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or
at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 10Attribution Analysis: Quarter to Date
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
Total Effect Selection Effect Allocation Effect Currency Effect
3.0 2.5
2.5 2.0
2.0
1.5
1.5
1.0
1.0
BY REGION (%) 0.5
0.5
0.0 0.0
-0.5 -0.5
-1.0 -1.0
Total US/Canada W. Europe Developed Asia Mid-East & Africa E. Europe Latin America Emerging Asia
Portfolio Weight (avg) 100.0 58.4 12.1 19.0 – – – 9.4
Index Weight (avg) 100.0 60.9 16.9 9.3 1.1 0.6 1.1 10.2
Portfolio Return 9.4 12.4 8.5 4.9 – – – 2.5
Index Return 7.4 8.9 7.4 1.3 4.1 13.7 14.1 3.8
Relative Return 2.0 3.5 1.1 3.6 -4.1 -13.7 -14.1 -1.3
2.5 1.5
2.0
1.0
1.5
0.5
BY SECTOR (%) 1.0
0.0
(GICS Sectors) 0.5
0.0 -0.5
-0.5 -1.0
Information Communication Consumer Consumer
Total Health Care Utilities Real Estate Materials Energy Financials Industrials
Technology Services Staples Discretionary
Portfolio Weight (avg) 100.0 13.8 24.3 10.4 6.6 – 1.9 – – 10.2 20.7 11.1
Index Weight (avg) 100.0 11.4 21.3 9.4 6.9 2.8 2.6 5.1 3.4 14.4 10.0 12.6
Portfolio Return 9.4 17.5 13.9 17.3 9.8 – 18.6 – – 1.9 4.1 -1.2
Index Return 7.4 9.4 10.5 8.0 5.7 -0.5 8.4 5.9 9.5 6.2 4.7 5.9
Relative Return 2.0 8.1 3.4 9.3 4.1 0.5 10.2 -5.9 -9.5 -4.3 -0.6 -7.1
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The investments results shown are gross of advisory fees and
reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates
the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the
performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and
complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 11Contribution Analysis: Year to Date
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
BEST PERFORMERS (%) TOP ABSOLUTE CONTRIBUTORS (%)
AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE
COMPANY GICS SECTOR COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.
Sea 3.8 38.0 1.4 1.4 Communication Services Sea 3.8 38.0 1.4 1.4 Communication Services
Naver 2.9 37.7 0.9 0.8 Communication Services IQVIA 3.2 35.3 1.1 1.0 Health Care
IQVIA 3.2 35.3 1.1 1.0 Health Care Intuit 3.2 29.4 0.9 0.8 Information Technology
Intuit 3.2 29.4 0.9 0.8 Information Technology Naver 2.9 37.7 0.9 0.8 Communication Services
Bio-Techne 0.7 23.8 0.2 0.2 Health Care Texas Instruments 3.5 18.6 0.7 0.6 Information Technology
WORST PERFORMERS (%) TOP ABSOLUTE DETRACTORS (%)
AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE
COMPANY GICS SECTOR COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.
Zur Rose 1.7 -31.8 -0.8 -0.8 Consumer Staples Zur Rose 1.7 -31.8 -0.8 -0.8 Consumer Staples
Bright Horizons 2.0 -15.0 -0.3 -0.3 Consumer Discretionary Keyence 3.9 -9.9 -0.5 -0.5 Information Technology
Adobe 0.9 -12.6 -0.3 -0.4 Information Technology CoStar Group 3.4 -10.4 -0.4 -0.3 Industrials
CoStar Group 3.4 -10.4 -0.4 -0.3 Industrials Bright Horizons 2.0 -15.0 -0.3 -0.3 Consumer Discretionary
Keyence 3.9 -9.9 -0.5 -0.5 Information Technology Adobe 0.9 -12.6 -0.3 -0.4 Information Technology
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The companies illustrated above represent a sub-set of
current holdings in the Global Leaders Equity Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by
the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs
incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please
contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or
at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 12Attribution Analysis: Year to Date
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
Total Effect Selection Effect Allocation Effect Currency Effect
-3.5 1.5
-3.6 1.0
-3.7 0.5
-3.8 0.0
-3.9 -0.5
BY REGION (%) -4.0 -1.0
-4.1 -1.5
-4.2 -2.0
-4.3 -2.5
-4.4 -3.0
Total Emerging Asia Latin America E. Europe Mid-East & Africa Developed Asia W. Europe US/Canada
Portfolio Weight (avg) 100.0 9.8 – – – 19.8 11.2 58.2
Index Weight (avg) 100.0 10.6 1.1 0.6 1.1 9.6 16.8 60.3
Portfolio Return 8.0 14.8 – – – 5.4 -4.7 10.1
Index Return 12.3 6.0 7.2 14.5 16.9 3.9 11.7 15.0
Relative Return -4.3 8.8 -7.2 -14.5 -16.9 1.5 -16.4 -4.9
-4.2 1.5
-4.2
1.0
-4.2
-4.2 0.5
-4.2 0.0
-4.3
BY SECTOR (%) -4.3
-0.5
(GICS Sectors) -4.3 -1.0
-4.3 -1.5
-4.3
-4.4 -2.0
-4.4 -2.5
Communication Consumer Information Consumer
Total Health Care Utilities Real Estate Materials Energy Financials Industrials
Services Staples Technology Discretionary
Portfolio Weight (avg) 100.0 11.0 13.5 – 1.9 – 5.8 – 24.5 12.0 9.8 20.6
Index Weight (avg) 100.0 9.4 11.5 2.8 2.6 5.0 7.0 3.3 21.4 12.8 14.2 9.9
Portfolio Return 8.0 25.4 15.9 – 13.3 – -10.2 – 10.7 -1.8 3.4 1.9
Index Return 12.3 15.2 9.9 0.1 14.9 12.7 4.8 28.9 12.5 8.4 18.3 12.5
Relative Return -4.3 10.2 6.0 -0.1 -1.6 -12.7 -15.0 -28.9 -1.8 -10.2 -14.9 -10.6
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The investments results shown are gross of advisory fees and
reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates
the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the
performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and
complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 13Contribution Analysis: Trailing 1 Year
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
BEST PERFORMERS (%) TOP ABSOLUTE CONTRIBUTORS (%)
AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE
COMPANY GICS SECTOR COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.
Sea 3.6 156.1 4.2 4.2 Communication Services Sea 3.6 156.1 4.2 4.2 Communication Services
Taiwan Semiconductor 3.6 114.5 2.9 2.3 Information Technology Taiwan Semiconductor 3.6 114.5 2.9 2.3 Information Technology
Aptiv 2.4 101.9 2.0 2.0 Consumer Discretionary Aptiv 2.4 101.9 2.0 2.0 Consumer Discretionary
IQVIA 2.9 70.8 1.8 1.7 Health Care Texas Instruments 3.5 55.4 1.9 1.7 Information Technology
Intuit 3.2 66.6 1.8 1.7 Information Technology Intuit 3.2 66.6 1.8 1.7 Information Technology
WORST PERFORMERS (%) TOP ABSOLUTE DETRACTORS (%)
AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE
COMPANY GICS SECTOR COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.
Zur Rose 0.8 -31.8 -0.8 -0.8 Consumer Staples Zur Rose 0.8 -31.8 -0.8 -0.8 Consumer Staples
Temenos 0.8 -15.3 -0.4 -0.4 Information Technology Temenos 0.8 -15.3 -0.4 -0.4 Information Technology
Coupa Software 0.3 -7.0 0.0 0.0 Information Technology Bright Horizons 1.4 -5.7 -0.2 -0.2 Consumer Discretionary
Bright Horizons 1.4 -5.7 -0.2 -0.2 Consumer Discretionary Pan Pacific 1.4 -4.7 -0.1 -0.1 Consumer Discretionary
Pan Pacific 1.4 -4.7 -0.1 -0.1 Consumer Discretionary Coupa Software 0.3 -7.0 0.0 0.0 Information Technology
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The companies illustrated above represent a sub-set of
current holdings in the Global Leaders Equity Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by
the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs
incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please
contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or
at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 14Attribution Analysis: Trailing 1 Year
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
Total Effect Selection Effect Allocation Effect Currency Effect
0.0 3.0
-0.5 2.0
-1.0
1.0
-1.5
0.0
-2.0
BY REGION (%) -2.5
-1.0
-3.0 -2.0
-3.5 -3.0
-4.0 -4.0
Total Emerging Asia Developed Asia E. Europe Mid-East & Africa Latin America W. Europe US/Canada
Portfolio Weight (avg) 100.0 9.3 20.2 – – – 10.6 58.6
Index Weight (avg) 100.0 10.4 9.7 0.6 1.0 1.1 16.9 60.4
Portfolio Return 35.7 70.7 40.6 – – – 10.9 34.9
Index Return 39.3 41.0 27.8 32.9 40.3 46.0 35.0 42.0
Relative Return -3.6 29.7 12.8 -32.9 -40.3 -46.0 -24.1 -7.1
0.5 4.0
0.0 3.0
-0.5 2.0
-1.0
1.0
-1.5
BY SECTOR (%) -2.0
0.0
(GICS Sectors) -2.5
-1.0
-3.0 -2.0
-3.5 -3.0
-4.0 -4.0
Communication Consumer Information Consumer
Total Health Care Utilities Energy Real Estate Materials Financials Industrials
Services Staples Technology Discretionary
Portfolio Weight (avg) 100.0 11.1 14.7 – – 2.1 4.7 – 10.0 24.8 11.7 19.7
Index Weight (avg) 100.0 9.4 11.9 3.0 3.2 2.7 7.4 4.9 13.6 21.3 12.8 9.8
Portfolio Return 35.7 84.1 35.6 – – 16.0 -1.7 – 38.9 39.9 28.2 26.3
Index Return 39.3 42.0 23.5 14.6 39.4 27.0 20.7 49.0 48.9 46.0 46.4 44.5
Relative Return -3.6 42.1 12.1 -14.6 -39.4 -11.0 -22.4 -49.0 -10.0 -6.1 -18.2 -18.2
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The investments results shown are gross of advisory fees and
reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates
the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the
performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and
complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 15Contribution & Attribution Analysis: Trailing 3 Year
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
TOP ABSOLUTE CONTRIBUTORS (%) REGION ATTRIBUTION
ACTIVE RELATIVE TOTAL
AVERAGE TOTAL ABSOLUTE RELATIVE REGION WEIGHT RETURN EFFECT
COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. US/Canada -0.3 21.0 14.1
Developed Asia 6.3 98.0 13.0
Sea 1.6 636.2 8.2 8.2 Communication Services
Emerging Asia -0.3 37.9 2.5
Taiwan Semiconductor 2.9 250.2 4.7 3.8 Information Technology W. Europe -4.9 -8.0 0.7
Mid-East & Africa -1.0 -10.2 0.4
Zoetis 3.3 122.7 3.8 3.7 Health Care
Latin America -0.8 -22.2 0.3
Intuit 3.0 145.4 3.8 3.7 Information Technology E. Europe -0.7 -27.4 0.1
TransDigm 3.5 109.9 3.8 3.8 Industrials
SECTOR ATTRIBUTION
TOP ABSOLUTE DETRACTORS (%) ACTIVE RELATIVE TOTAL
SECTOR WEIGHT RETURN EFFECT
Communication Services -1.8 86.8 5.6
AVERAGE TOTAL ABSOLUTE RELATIVE Industrials 8.6 28.7 5.2
COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. Financials -4.8 28.0 4.8
Energy -4.8 15.1 4.3
Fresenius Medical Care 0.3 -35.5 -1.4 -1.4 Health Care
Information Technology 8.2 -14.1 3.3
Sands China 0.3 -20.7 -0.8 -0.8 Consumer Discretionary Consumer Staples -3.2 1.6 2.2
Real Estate -0.8 95.3 2.2
Zur Rose 0.3 -31.8 -0.8 -0.8 Consumer Staples
Health Care 1.0 13.4 1.7
Bank Central Asia 0.6 -5.1 -0.5 -0.5 Financials Utilities -3.2 -26.7 0.6
Consumer Discretionary 3.9 -11.8 0.6
EssilorLuxottica 1.2 -18.2 -0.5 -0.5 Consumer Discretionary
Materials -4.8 -42.0 0.5
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite and were selected based on the performance measures
presented. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred
in the management of the account. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The attribution analysis approximates the gross excess returns of the
portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra-
day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s
attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 16Contribution & Attribution Analysis: Since Inception
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
TOP ABSOLUTE CONTRIBUTORS (%) REGION ATTRIBUTION
ACTIVE RELATIVE TOTAL
AVERAGE TOTAL ABSOLUTE RELATIVE REGION WEIGHT RETURN EFFECT
COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. US/Canada 0.4 46.0 26.1
Developed Asia 3.6 171.4 17.8
TransDigm 3.8 256.8 8.5 8.5 Industrials
Emerging Asia 1.1 99.1 10.7
Sea 1.1 636.2 8.2 8.2 Communication Services W. Europe -4.7 22.9 8.9
Latin America -0.3 -19.1 1.2
Visa 4.6 170.4 8.0 7.2 Information Technology
Mid-East & Africa -1.0 -18.3 1.1
Zoetis 3.3 258.5 7.2 7.0 Health Care E. Europe -0.7 -38.8 0.7
Adobe 3.1 235.8 7.1 6.5 Information Technology
SECTOR ATTRIBUTION
TOP ABSOLUTE DETRACTORS (%) ACTIVE RELATIVE TOTAL
SECTOR WEIGHT RETURN EFFECT
Industrials 7.1 101.0 14.9
AVERAGE TOTAL ABSOLUTE RELATIVE Information Technology 7.6 28.9 12.5
COMPANY GICS SECTOR
WEIGHT RETURN CONTRIB. CONTRIB. Communication Services -1.8 199.4 10.6
Financials -6.2 75.6 10.5
Allergan 0.7 -35.5 -2.1 -2.0 Health Care
Energy -5.2 – 4.6
Celgene 0.3 -38.7 -1.8 -1.7 Health Care Consumer Discretionary 7.8 -15.2 3.9
Real Estate -0.5 131.8 3.5
O'Reilly Automotive 0.2 -22.3 -0.9 -0.9 Consumer Discretionary
Consumer Staples -2.9 -5.3 3.0
Zur Rose 0.2 -31.8 -0.8 -0.8 Consumer Staples Utilities -3.2 -35.4 1.4
Health Care 0.7 7.3 1.0
Bank Central Asia 0.4 -5.1 -0.5 -0.5 Financials
Materials -5.0 -65.3 0.7
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite and were selected based on the performance measures
presented. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred
in the management of the account. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The attribution analysis approximates the gross excess returns of the
portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra-
day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s
attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 17Trailing Attribution Effects
Global Leaders vs. MSCI All Country World Index
Period Ending June 30, 2021
Total Effect Selection Effect Allocation Effect Currency Effect
70.0
60.0
50.0
40.0
BY REGION (%) 30.0
20.0
10.0
0.0
-10.0
QTD YTD 1 Yr. 3 Yrs. ITD
Portfolio Return 9.4 8.0 35.7 80.0 138.9
Index Return 7.4 12.3 39.3 50.4 73.6
Relative Return 2.0 -4.3 -3.6 29.6 65.3
70.0
60.0
50.0
BY SECTOR 40.0
(%) 30.0
(GICS Sectors)
20.0
10.0
0.0
-10.0
QTD YTD 1 Yr. 3 Yrs. ITD
Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Global Leaders may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Leaders Equity Composite. The investments results shown are gross of advisory fees and
reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates
the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the
performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and
complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 18Significant Transactions
Global Leaders
Period Started January 1, 2021 and Ended June 30, 2021
PURCHASES SCM SECTOR SALES SCM SECTOR
1Q21 Bio-Techne Life Sciences Adobe Technology
Cloudflare Technology Boston Scientific Life Sciences
Coupa Software Technology
Zur Rose Life Sciences
2Q21 Allfunds Financial Services Rightmove Financial Services
The securities identified represent new securities purchased and sold within the current and prior quarter but do not include weight changes. The list above does not include in progress purchase investment actions. Upon request, a
complete list of securities purchased and sold in the Global Leaders Equity Composite will be provided. It should not be assumed that these holdings were or will be profitable. GIPS® Reports and additional disclosures for the related
composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 19Portfolio Holdings by Sector Global Leaders vs. MSCI All Country World Index Period Ending June 30, 2021 SECTOR/COMPANY BUSINESS SPACE DOMICILE PORTFOLIO (%) BENCHMARK (%) OWNED SINCE Communication Services 10.2 9.4 Charter Communications Internet Service Provider U.S. 3.9 0.1 2020 Naver Internet Search and Media Korea 3.1 0.1 2020 Sea1 Internet Software and Services Singapore 3.3 0.0 2019 Consumer Discretionary 10.8 12.7 Aptiv Automotive Technology U.S. 2.5 0.1 2018 Bright Horizons Education Services U.S. 1.8 – 2020 Chegg Education Services U.S. 3.7 – 2020 Dollar General Multiline Retail U.S. 1.8 0.1 2017 Pan Pacific Food and Specialty Retail Japan 1.1 0.0 2017 Consumer Staples 6.6 6.9 Alimentation Couche-Tard Convenience Stores Canada 4.2 0.0 2017 Zur Rose Pharmacy Retail Switzerland 2.4 – 2021 Energy 3.4 Financials 10.4 14.1 AIA Insurance Hong Kong 3.4 0.2 2018 Allfunds Diversified Financial Services Netherlands 2.0 – 2021 HDFC Bank1 Commercial Banks India 2.6 – 2017 Intercontinental Exchange Futures/OTC Exchange and Interdealer Broker U.S. 2.4 0.1 2017 Health Care 13.9 11.6 Bio-Techne Medical Consumables and Instruments U.S. 1.1 0.0 2021 CSL Biotech Therapeutic Drugs Australia 2.2 0.1 2018 IQVIA Contract Research Organization U.S. 3.3 0.1 2019 Lonza Pharmaceuticals and Biotech Therapeutic Drugs Switzerland 2.5 0.1 2019 UnitedHealth Health Insurance and Healthcare Services U.S. 2.3 0.6 2018 Zoetis Animal Health Pharmaceuticals U.S. 2.4 0.1 2017 Industrials 19.9 9.9 CoStar Group Real Estate Information Services U.S. 3.1 0.0 2020 MonotaRO Industrial Supplies Distribution Japan 2.0 0.0 2019 Recruit Integrated Human Resources Services Japan 2.4 0.1 2017 Rentokil Initial Industrial Supplies Distribution United Kingdom 2.5 0.0 2019 Roper Technologies Industrial Conglomerate U.S. 4.6 0.1 2019 Safran Aerospace Engines and Aftermarket Parts France 2.7 0.1 2017 TransDigm Aerospace Component Designer and Manufacturer U.S. 2.5 0.1 2017 Information Technology 25.4 21.9 Cloudflare Software-as-a-Service - IT Service Management U.S. 2.8 0.0 2021 Coupa Software Software-as-a-Service—Accounting and Financials U.S. 1.5 0.0 2021 Intuit Accounting and Tax Software U.S. 3.5 0.2 2017 Keyence Industrial Sensors and Controls Japan 3.7 0.1 2017 Microsoft Software U.S. 3.3 2.9 2019 Taiwan Semiconductor 1 Semiconductors and Semiconductor Equipment Taiwan 3.7 0.8 2017 Texas Instruments Semiconductors and Semiconductor Equipment U.S. 3.2 0.3 2019 Visa Payment Processing U.S. 3.7 0.6 2017 Materials 4.9 Real Estate 2.0 2.6 Equinix Real Estate Management and Development U.S. 2.0 0.1 2018 Utilities 2.6 [Cash] 0.9 1 ADRs. Data presented is that of the Global Leaders Equity Composite. The index represented will differ in characteristics, holdings, and sector weightings from that of the composite. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: Factset, SCM, MSCI. SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 20
Our Portfolio
Our approach to investment research, portfolio construction, and risk management results in
a portfolio of high-quality, leading growth businesses located around the world.
CANADA
NETHERLANDS SOUTH KOREA
U.K.
FRANCE JAPAN
SWITZERLAND
TAIWAN
U.S.
INDIA HONG KONG
SINGAPORE
AUSTRALIA
Data shown is as of June 30, 2021. The above information is that of the Global Leaders Equity Composite.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 21Business Results of Portfolio Companies
Period Ended June 30, 2021
SCM Estimate Latest Quarter Y/Y Latest Fiscal Year Y/Y Cash Generation and Profitability Capital Return
3 Year Average
SCM LONG-TERM REVENUE EPS FCF CAPITAL SHARES DIVIDEND PER
SECTOR EPS GROWTH REVENUE EPS GROWTH GROWTH CONVERSION FCF MARGIN RETURN RATIO OUTSTANDING SHARE
WEIGHTS (%)1 ESTIMATE (%) 2 GROWTH (%) GROWTH (%) (%) (%) (%) (%) ROIC (%) (%) 3 YR CAGR (%) 3 YR CAGR (%)
Communication Services 10 71 -2 121 12 91 119 -0.9 7 65 6.3 3.0
Consumer Discretionary 11 20 19 16 19 3 -216 9.4 7 45 2.3 -4.5
Consumer Staples 7 15 19 1 -12 13 109 0.9 4 19 6.1 12.5
Financials 10 19 17 20 31 5 126 24.0 4 60 0.0 4.8
Health Care 14 15 14 30 4 6 162 12.3 11 74 -0.7 10.4
Industrials 20 23 2 -12 1 -13 138 18.2 11 38 1.2 1.2
Information Technology 26 21 25 23 16 20 94 26.4 17 60 -0.2 12.6
Real Estate 2 12 10 26 8 -30 n/a n/a n/a n/a 4.5 10.0
Total Portfolio 100 25 14 18 10 11 82 15.4 11 53 1.5 6.0
1
Includes Cash. 2 Long-Term EPS Growth Forecasts are SCM estimates at the given slide content as of date. These figures are subject to change during a reporting period. Based on the Global Leaders Equity Composite. Forward earnings
projections are not predictors of stock price or investment performance and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of
the companies involved, and no guarantee that owning securities of companies with relatively high price to earnings ratios will cause the portfolio to outperform its benchmark or index. Free Cash Flow (FCF) represents the cash that a
company is able to generate after spending the money required to maintain or expand its asset base. FCF is not applicable to companies in following industries and is represented by n/a: Banks, Insurance, and REITs. FCF Conversion
represents how efficiently a company is able to convert earnings to cash and return cash to shareholders. It is calculated as FCF divided by net income. FCF Margin is calculated as FCF divided by sales. ROIC is defined as the Return on
Average Invested Capital and is calculated as net income divided by the two fiscal period average of total invested capital. Capital Return Ratio is calculated as the dividends plus share repurchases, divided by FCF. Shares Outstanding
refer to all authorized & issued shares that are currently held by a company’s shareholders. The CAGR measures the change in shares outstanding over time. Dividend Per Share is total dividends declared divided by ordinary shares
outstanding. Outliers that fall outside five standard deviations from the mean for Consensus Long Term EPS Growth and three standard deviations from the mean for remaining figures are excluded. Outlier logic is not applied to the Sands
Capital's Long-Term EPS Growth Forecasts. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: Factset, SCM calculations.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 22Business Results of Portfolio Companies
Period Ended June 30, 2021
SCM Estimate Latest Quarter Y/Y Latest Fiscal Year Y/Y Cash Generation and Profitability Capital Return
3 Year Average
LONG-TERM REVENUE EPS FCF CAPITAL SHARES DIVIDEND PER
REPORT EPS GROWTH REVENUE EPS GROWTH GROWTH CONVERSION FCF MARGIN RETURN RATIO OUTSTANDING SHARE
GICS SECTORS DATE FORECAST (%)1 GROWTH (%) GROWTH (%) (%) (%) (%) (%) ROIC (%) (%) 3 YR CAGR (%) 3YR CAGR (%)
Communication Services
Charter Communications 4/30/2021 18 7 121 5 107 237 10.3 2 157 -11.0 0.0
Naver 5/14/2021 19 -13 n.m. -20 72 76 14.0 14 18 0.2 10.0
Sea 5/18/2021 181 n.m. n.m. 50 n.m. 23 -28.0 n.m. 0 32.4 0.0
Consumer Discretionary
Aptiv 5/06/2021 31 25 56 -9 -60 68 5.8 15 61 0.3 -42.6
Bright Horizons 5/06/2021 15 -23 -69 -27 -58 235 9.8 6 35 0 0.0
Chegg 5/04/2021 21 51 27 57 47 -862 15.3 -1 19 7.8 0.0
Dollar General 5/27/2021 14 -1 10 22 58 94 6.4 15 99 -2.9 11.5
Pan Pacific 5/12/2021 12 2 34 27 4 57 1.9 7 29 0.1 32.5
Consumer Staples
Alimentation Couche-Tard 6/30/2021 15 15 1 -23 13 103 4.6 13 31 -0.8 19.5
Zur Rose 4/20/2021 n/a 25 n.m. 9 n.m. 119 -5.6 -11 -3 18.1 0.0
Financials
AIA 5/14/2021 26 n.m. 30 53 -13 n/a n/a n/a n/a 0.1 10.8
Allfunds 6/02/2021 20 n.m. n.m. n.m. n.m. n.m. 6.7 0 42 0 0.0
HDFC Bank 4/19/2021 18 19 21 16 19 n/a n/a n/a n/a 1.8 -7.8
Intercontinental Exchange 4/29/2021 10 15 5 16 16 126 38.7 8 76 -2.2 14.5
Health Care
Bio-Techne 5/06/2021 19 25 29 3 1 116 22.0 10 46 1.7 0.0
CSL 6/02/2021 11 2 26 0 6 51 11.5 21 85 -0.1 14.3
IQVIA 4/22/2021 16 24 45 2 0 408 9.0 1 94 -4.3 0.0
Lonza 4/22/2021 17 6 0 4 10 51 7.0 7 86 3.0 4.6
UnitedHealth 4/15/2021 13 9 43 6 12 121 6.9 15 52 -0.8 18.9
Zoetis 5/06/2021 14 22 33 7 6 98 23.8 18 56 -1.0 24.5
Industrials
CoStar Group 4/28/2021 35 17 13 19 -3 158 28.4 8 7 4.5 0.0
MonotaRO 5/03/2021 22 25 34 20 25 78 6.7 31 41 0 19.8
Recruit 5/18/2021 25 4 -61 -5 -26 166 11.3 14 36 -0.5 -3.1
Rentokil Initial 4/22/2021 22 10 17 4 7 41 12.6 5 16 0.2 11.6
Roper Technologies 4/27/2021 13 13 18 3 -2 128 26.6 9 13 0.7 12.8
Safran 4/30/2021 34 -38 -74 -33 -69 223 9.5 9 55 1.8 -35.2
TransDigm 5/11/2021 14 -17 -49 -2 -21 156 21.4 6 125 1.1 0.0
Information Technology
Cloudflare 5/07/2021 n/a 51 n.m. 50 n.m. 80 -30.2 -27 0 0.1 0.0
Coupa Software 6/08/2021 57 40 -65 39 48 -51 12.7 -14 0 9.0 0.0
Intuit 5/26/2021 20 39 35 13 16 139 31.8 42 40 0.4 16.0
Keyence 4/29/2021 25 15 29 -2 0 94 34.9 13 16 0 n.m.
Microsoft 4/28/2021 19 19 39 14 21 131 30.5 19 82 -0.6 9.4
Taiwan Semiconductor 4/15/2021 14 23 26 35 61 64 22.4 23 93 0 10.6
Texas Instruments 4/28/2021 14 29 51 1 14 108 38.9 38 113 -2.7 20.6
Visa 4/28/2021 16 -2 -1 -5 -7 106 51.7 21 91 -2.5 22.1
Real Estate
Equinix 4/29/2021 12 10 26 8 -30 n/a n/a n/a n/a 4.5 10.0
Results shown are based on the Global Leaders Equity Composite. 1 Long-Term EPS Growth Forecasts are SCM estimates at the given slide content as of date. These figures are subject to change during a reporting period. Forward
earnings projections are not predictors of stock price or investment performance and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience
of any of the companies involved, and no guarantee that owning securities of companies with relatively high price to earnings ratios will cause the portfolio to outperform its benchmark or index. Free Cash Flow (FCF) represents the cash
that a company is able to generate after spending the money required to maintain or expand its asset base. FCF is not applicable to companies in following industries and is represented by n/a: Banks, Insurance, and REITs. FCF Conversion
represents how efficiently a company is able to convert earnings to cash and return cash to shareholders. It is calculated as FCF divided by net income. FCF Margin is calculated as FCF divided by sales. ROIC is defined as the Return on
Average Invested Capital and is calculated as net income divided by the two fiscal period average of total invested capital. Capital Return Ratio is calculated as the dividends plus share repurchases, divided by FCF. Shares Outstanding
refer to all authorized & issued shares that are currently held by a company’s shareholders. The CAGR measures the change in shares outstanding over time. Dividend Per Share is total dividends declared divided by ordinary shares
outstanding. Outliers that fall outside five standard deviations from the mean for Consensus Long Term EPS Growth and three standard deviations from the mean for remaining figures are excluded. Outlier logic is not applied to the Sands
Capital's Long-Term EPS Growth Forecasts. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this
presentation. Source: Factset, SCM calculations.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 23Appendix
1000 Wilson Boulevard
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703.562.4000
sandscapital.com
The views expressed are the opinion of Sands Capital Management and are not
intended as a forecast, a guarantee of future results, investment
recommendations, or an offer to buy or sell any securities. The views expressed
were current as of the date indicated and are subject to change. Past
performance is not indicative of future results. Differences in account size, timing
of transactions and market conditions prevailing at the time of investment may
lead to different results, and clients may lose money. A company’s fundamentals
or earnings growth is no guarantee that its share price will increase. Forward
earnings projections are not predictors of stock price or investment performance,
and do not represent past performance. Characteristics, sector exposure and
holdings information are subject to change, and should not be considered as
recommendations. The specific securities identified and described do not
represent all of the securities purchased, sold, or recommended for advisory
clients. There is no assurance that any securities discussed will remain in the
portfolio or that securities sold have not been repurchased. You should not
assume that any investment is or will be profitable.
The Global Industry Classification Standard ("GICS") was developed by and is the
exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard &
Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for
use by Sands Capital Management, LLC. Neither MSCI, S&P nor any third party
involved in making or compiling the GICS or any GICS classifications makes any
express or implied warranties or representations with respect to such standard or
classification (or the results to be obtained by the use thereof), and all such
parties hereby expressly disclaim express or implied warranties or representations
with respect to any such standard or classification. Without limiting any of the
foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party
involved in making or compiling the GICS or any GICS classifications have any
liability for any direct, indirect, special, punitive, consequential or any other
damages (including lost profits) even if notified of the possibility of such
damages.
All company logos and website images are used for illustrative purposes only and
were obtained directly from the company websites. Company logos and website
images are trademarks or registered trademarks of their respective owners and
use of a logo does not imply any connection between Sands Capital and the
company. GIPS®-compliant presentations and additional disclosures for the
On the Cover related composites may be found at
Chiyoda, Japan is home to Global Leaders portfolio business Recruit. Recruit is a human resources http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf
company that owns the job search engine Indeed. or at the end of this presentation.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 24Sands Capital exists to add value and
enhance the wealth of our clients
with prudence over time.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 25Investment Philosophy
We believe that, over time, common stock prices will reflect the earnings power and growth of the
underlying businesses. To be successful we must:
• Identify the few truly exceptional businesses with sustainable above-average growth
• Construct a concentrated conviction-weighted portfolio
• Accept short-term market volatility in exchange for long-term wealth creation
“As long-term investors, we buy leading growth
businesses… we do not trade stocks.”
Frank M. Sands, Sr., Founder
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 26You can also read
