Sands Capital, an investment management company, released its “Sands Capital Global Growth Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Global Growth adopts a flexible approach to identify the most promising growth companies worldwide. Global equities surged in the quarter, although leadership remains concentrated. In this environment, the strategy returned -2.0% compared to 7.6% for the MSCI ACWI. 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 Global Growth Fund highlighted stocks such as Carvana Co. (NYSE:CVNA). Headquartered in Tempe, Arizona, Carvana Co. (NYSE:CVNA) is an e-commerce platform for buying and selling used cars. The one-month return for Carvana Co. (NYSE:CVNA) was 38.04%, and its shares gained 95.34% over the last 52 weeks. On December 16, 2025, Carvana Co. (NYSE:CVNA) stock closed at $455.18 per share, with a market capitalization of $98.685 billion.
Sands Capital Global Growth Fund stated the following regarding Carvana Co. (NYSE:CVNA) in its third quarter 2025 investor letter:
“Carvana Co. (NYSE:CVNA) is the world’s largest ecommerce used car retailer by revenue. The business seeks to transform the used car industry, which is massive, fragmented, and characterized by a complicated customer experience. Used cars are one of the largest consumer verticals—with over $1 trillion in annual sales—but only a low single-digit percentage of vehicles is purchased online today. It’s also a highly fragmented industry, with the current market leader accounting for a roughly 2 percent share. The buying process is often emotional, cumbersome, and anxiety inducing, which is worsened by low trust in traditional salespeople. Carvana seeks to improve this process through its vertically integrated platform, which provides a radically different experience through convenience, transparency, and competitive prices. Nationwide scale and verticalization also result in attractive unit economics, which we believe will drive strong margin expansion over our investment time horizon. Ultimately, we expect Carvana—by providing a service that is faster, better, and cheaper than brick-and-mortar car dealerships—to consolidate a significant portion of used car sales moving forward as more transactions shift online.”
Carvana Co. (NYSE:CVNA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held Carvana Co. (NYSE:CVNA) at the end of the third quarter, which was 91 in the previous quarter. While we acknowledge the potential of Carvana Co. (NYSE:CVNA) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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