Sands Capital Select Growth Fund, in its Q2 2026 investor letter, noted that Carpenter Technology Corporation (NYSE:CRS), a specialty metals manufacturer, has been held since 2025 with a 4.2% portfolio weight. The fund maintains conviction in CRS due to its specialized materials leadership, pricing power, and exposure to a multiyear aerospace production recovery. The company's fiscal third-quarter results reinforced Sands Capital's margin thesis, showing significant operating leverage as the aerospace equipment cycle continued to recover, with Specialty Alloys Operations generating an 86% incremental margin.