Global Growth Fund is Re-Evaluating Flutter Entertainment’s (FLUT) Strategic Fit

Sands Capital , an investment management company, released its second-quarter 2026 investor letter for "Sands Capital Global Growth Fund". The letter can be downloaded here . Global Growth seeks the best growth businesses worldwide, leveraging a research team that explores both developed and emerging markets for sustainable competitive advantages. In the quarter, global equities rebounded strongly, driven by AI infrastructure, a key market theme, with demand for computing capacity remaining robust and large tech firms maintaining significant capital investments. Emerging markets, led by Korea and Taiwan, outperformed U.S. and developed markets for six consecutive quarters. The strategy's portfolio returned 22.2%, outperforming the MSCI All Country World Index's 14.9%. The quarter's gains were mainly due to earnings growth in AI infrastructure businesses. Relative results were driven by information technology and industrials, while financials and communication services detracted. The strategy is positioned to capitalize on evolving growth opportunities, with substantial exposure to AI infrastructure and other long-term prospects. Also, check the fund's top five holdings to see its best picks in 2026.

In its second-quarter 2026 investor letter, Sands Capital Global Growth Fund highlighted Flutter Entertainment plc (NYSE: FLUT ). Headquartered in New York, New York, Flutter Entertainment plc (NYSE:FLUT) is a leading gambling and sports betting company. On September 04, 2026, Flutter Entertainment plc (NYSE:FLUT) closed at $100.11 per share. Over the past month, Flutter Entertainment plc (NYSE:FLUT) returned 6.19%, but its shares are down 65.24% over the past year. Flutter Entertainment plc (NYSE:FLUT) has a market capitalization of $17.37 billion.

Sands Capital Global Growth Fund stated the following regarding Flutter Entertainment plc (NYSE:FLUT) in its Q2 2026 investor letter:

"Flutter Entertainment plc (NYSE:FLUT) is the world's leading sports betting and gaming business by revenue. The company operates a multibrand global portfolio across sports betting and online gaming, with FanDuel representing what we viewed as the most attractive asset within the portfolio. Flutter is one of several internet businesses in Global Growth facing what we describe as terminal value purgatory (TVP). In Flutter's case, the primary investor concern centers on the potential impact of prediction markets on long-term revenue growth and margins. More broadly, we believe the portfolio's exposure to debated internet businesses is too high, and we are seeking to consolidate into businesses in which we have the highest conviction in our investment cases. While Flutter's valuation and expected returns remain attractive, we believe the business faces a wider range of potential outcomes than other internet businesses in the Global Growth peer group that are also facing TVP."