Sands Capital, an funding administration firm, launched its Q3 2025 investor letter for the “Sands Capital Know-how Innovators Fund.” A replica of the letter may be downloaded right here. Know-how Innovators deal with pioneering companies worldwide that function key drivers or beneficiaries of great, long-term technological adjustments. The fund returned 8.4% (web) within the third quarter in comparison with a 12.5% return for the benchmark, MSCI ACWI Information Tech and Communication Companies Index. Regardless of concentrated management, international equities appreciated within the third quarter, as measured by the MSCI ACWI. The US accounted for nearly 70 % of the index’s improve, whereas developed markets exterior the U.S. and rising markets additionally offered constructive returns. You may examine the fund’s prime 5 holdings to know extra about its greatest picks for 2025.
In its third-quarter 2025 investor letter, Sands Capital Know-how Innovators Fund highlighted shares comparable to Okta, Inc. (NASDAQ:OKTA). Okta, Inc. (NASDAQ:OKTA) is an id accomplice that gives services and products to handle and safe identities. The one-month return of Okta, Inc. (NASDAQ:OKTA) was -11.80%, and its shares misplaced 0.64% of their worth during the last 52 weeks. On November 28, 2025, Okta, Inc. (NASDAQ:OKTA) inventory closed at $80.33 per share, with a market capitalization of $14.161 billion.
Sands Capital Know-how Innovators Fund said the next relating to Okta, Inc. (NASDAQ:OKTA) in its third quarter 2025 investor letter:
“Lastly, we exited our funding in Okta, Inc. (NASDAQ:OKTA) to reallocate capital to higher-conviction alternatives. Since our preliminary funding in March 2020, Okta has confronted challenges, together with safety breaches and a smaller-than-expected addressable market, due partially to Microsoft’s bundled choices. These points contributed to a faster-than anticipated deceleration in income development. Whereas we remained affected person, anticipating improved execution, broader product adoption, and a tailwind from agentic AI, we misplaced confidence in administration’s capability to ascertain Okta because the chief in id. After a protracted downturn throughout the software program sector, we now not seen Okta as providing a compelling stability of danger and alternative relative to different companies wherein we maintain stronger conviction.”
Okta, Inc. (NASDAQ:OKTA) is just not on our listing of 30 Most Standard Shares Amongst Hedge Funds. As per our database, 55 hedge fund portfolios held Okta, Inc. (NASDAQ:OKTA) on the finish of the third quarter, which was 57 within the earlier quarter. Whereas we acknowledge the potential of Okta, Inc. (NASDAQ:OKTA) as an funding, we imagine sure AI shares supply larger upside potential and carry much less draw back danger. In case you’re searching for an especially undervalued AI inventory that additionally stands to profit considerably from Trump-era tariffs and the onshoring pattern, see our free report on the greatest short-term AI inventory.