Sands Capital Management released its Q3 2025 investor letter for the Technology Innovators Fund, which returned 8.4% net in the third quarter. The fund focuses on pioneering businesses driving long-term technological changes. U.S. equities accounted for nearly 70% of the MSCI ACWI index’s increase, with positive returns from developed and emerging markets.

Klaviyo, Inc. (NYSE: KVYO) was highlighted in Sands Capital’s Q3 2025 investor letter. The technology company provides a software-as-a-service platform. Klaviyo, Inc. (NYSE: KVYO) had a one-month return of 7.65% and closed at $28.56 per share on November 28, 2025, with a market cap of $8.624 billion.

Sands Capital Technology Innovators Fund discussed Klaviyo, Inc. (NYSE: KVYO) in its Q3 2025 investor letter, praising the company’s strong performance and outlook. Despite concerns about application software and tariffs, Sands Capital remains optimistic about Klaviyo’s growth potential as a platform business with new product launches.

In the third quarter of 2025, Klaviyo, Inc. (NYSE: KVYO) reported revenue of $311 million, up 32% year-over-year. While 48 hedge funds held Klaviyo, Inc. (NYSE: KVYO) at the end of the quarter, Insider Monkey suggests other AI stocks may offer greater upside potential with less downside risk. For an undervalued AI stock benefiting from tariffs and onshoring trends, check out their free report.

Read more at Yahoo Finance: Should You Expect Investor Sentiment for Klaviyo (KVYO) to Improve?