Sands Capital released its Q3 2025 investor letter for the Technology Innovators Fund, which returned 8.4% compared to the benchmark’s 12.5% gain. The fund focuses on pioneering businesses worldwide driving long-term technological changes. Global equities rose in the third quarter, with the U.S. accounting for almost 70% of the increase. Sands Capital’s top 5 holdings for 2025 are worth checking out.

In its Q3 2025 letter, Sands Capital highlighted Okta, Inc. (NASDAQ:OKTA), an identity partner. Okta’s one-month return was -11.80%, and shares lost 0.64% over 52 weeks. On November 28, 2025, Okta closed at $80.33 per share, with a market cap of $14.161 billion. Sands Capital exited its investment in Okta due to challenges faced by the company, including security breaches and a smaller addressable market.

Okta, Inc. (NASDAQ:OKTA) is not among the 30 Most Popular Stocks Among Hedge Funds. While 55 hedge fund portfolios held Okta at the end of Q3, down from 57 in the previous quarter, certain AI stocks offer greater upside potential with less downside risk. For those seeking an undervalued AI stock benefiting from Trump-era tariffs and onshoring trends, consider exploring the best short-term AI stock for potential investment opportunities.

Read more at Yahoo Finance: Sands Capital Technology Innovators Fund Exited Its Position in Okta (OKTA) in Q3