Here's Why Sands Capital Global Growth Fund Holding Conviction in Carlisle Companies Incorporated (CSL)

Sands Capital, an investment management company, released its “Sands Capital Global Growth Strategy” second-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 outperformed the MSCI ACWI in the quarter. The portfolio returned 21.7% in the quarter compared to 11.5% for the index. The second quarter results were the fourth best in both absolute and relative terms since its 2008 inception. You can check the fund’s top 5 holdings to know more about its best picks for 2025.

In its second-quarter 2025 investor letter, Sands Capital Global Growth Strategy highlighted stocks such as Carlisle Companies Incorporated (NYSE:CSL). Headquartered in Scottsdale, Arizona, Carlisle Companies Incorporated (NYSE:CSL) engages in the manufacturing and supply of building envelope products and solutions. The one-month return of Carlisle Companies Incorporated (NYSE:CSL) was -11.31%, and its shares lost 19.99% of their value over the last 52 weeks. On September 16, 2025, Carlisle Companies Incorporated (NYSE:CSL) stock closed at $340.26 per share, with a market capitalization of $14.546 billion.

Sands Capital Global Growth Strategy stated the following regarding Carlisle Companies Incorporated (NYSE:CSL) in its second quarter 2025 investor letter:

"Carlisle Companies Incorporated (NYSE:CSL) is the largest manufacturer and supplier of commercial roofing materials in the United States by market share. It is also a new addition to the portfolio, purchased in May. While the stock traded lower since our purchase, we have high conviction in the business’ growth drivers, competitive advantages, and portfolio diversification benefits, as detailed below.

The company primarily serves exterior contractors working on large-scale projects, with a business mix concentrated in commercial rather than residential, and on repair and replacement rather than new construction. This orientation has supported resilient earnings across economic cycles. Roofing is, in our view, the most attractive sub-sector within building materials, given its non-discretionary, recurring nature. Commercial roofs typically last 20 to 30 years and are replaced as needed, providing insulation from broader macroeconomic volatility. U.S. commercial floorspace has expanded by approximately 3 percent annually over the past 50 years, and a wave of pre-2008 construction is now reaching replacement age—creating a visible and compelling."

Carlisle Companies Incorporated (NYSE:CSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 29 hedge fund portfolios held Carlisle Companies Incorporated (NYSE:CSL) at the end of the second quarter, compared to 26 in the previous quarter. Carlisle Companies Incorporated (NYSE:CSL) reported revenue of $1.4 billion in Q2 2025, which was unchanged compared to Q2 2024. While we acknowledge the potential of Carlisle Companies Incorporated (NYSE:CSL) 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.

In another article, we covered Carlisle Companies Incorporated (NYSE:CSL) and shared the list of best stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.

Disclosure: None. This article is originally published at Insider Monkey.