SANDS CAPITAL MANAGEMENT, LLC

CIK

1020066

Location

ARLINGTON, VA

Portfolio Value

Large $32,666,129,062

Diversification

Diversified

Filing Date

Global Rank

#130 / 8,420 ▲ 59

Top Industry

Semiconductors 20.0%

3Y Alpha vs SPY

-8.9%

Period ended 6 months ago

Filed Feb 13, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+40.3%

SPY

+76.3%

Annualised alpha

-8.9%

Max drawdown

−27.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

64 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

11.4%

−0.0 pts

Top 5

32.5%

−0.5 pts

Top 10

48.9%

−0.5 pts

HHI

394

Diversified−5

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Technology	41.1%	$13,433,324,928	27
Consumer Cyclical	20.2%	$6,611,110,186	10
Communication Services	16.6%	$5,411,556,287	6
Financial Services	9.2%	$3,005,383,337	5
Industrials	7.6%	$2,488,143,685	8
Healthcare	5.2%	$1,691,362,382	7
Basic Materials	0.1%	$25,248,257	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

21 positions

Ticker	Company	Δ Shares	Shares	Value
NFLX	Netflix Inc	+8,902,430	10,023,088	$939,764,730
NOW	ServiceNow, Inc.	+2,596,637	3,842,914	$588,695,995
SHOP	Shopify Inc.	+2,568,765	9,506,036	$1,530,186,614
CVNA	Carvana Co.	+751,019	2,442,534	$1,030,798,198
SE	Sea Ltd	+617,846	5,501,013	$701,764,228
DASH	DoorDash, Inc.	+473,316	4,496,607	$1,018,391,553
APP	AppLovin Corp	+446,392	1,463,351	$986,035,170
ARGX	Argenx SE	+340,245	356,870	$300,109,826
BLDR	Builders FirstSource, Inc.	+327,067	2,757,969	$283,767,430
KSPI	Joint Stock Co Kaspi.kz	+304,521	1,948,761	$152,256,696
GOOGL	Alphabet Inc.	+167,952	4,939,049	$1,545,922,337
AXON	Axon Enterprise, Inc.	+167,095	1,609,436	$914,046,987
ASML	Asml Holding NV	+140,821	669,985	$716,790,152
CSL	Carlisle Companies Inc	+118,139	967,640	$309,509,330
APH	Amphenol Corp /De/	+83,770	879,004	$118,788,600
RACE	Ferrari N.V.	+58,285	309,983	$114,557,317
AVGO	Broadcom Inc.	+53,897	2,114,521	$731,835,718
ISRG	Intuitive Surgical Inc	+35,849	1,376,958	$779,853,932
STVN	Stevanato Group S.p.A.	+28,075	493,006	$9,919,280
MCK	Mckesson Corp	+17,122	174,268	$142,950,297
TDG	TransDigm Group INC	+9,883	103,179	$137,212,593
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	−6,138,267	44,423,895	$743,656,002
XYZ	Block, Inc.	−5,673,174	5,929,883	$385,976,084
TEAM	Atlassian Corp	−2,505,196	136,534	$22,137,622
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−2,425,714	6,826,175	$2,074,406,320
IOT	Samsara Inc.	−1,395,014	19,123,318	$677,921,623
GRAB	Grab Holdings Ltd	−1,246,930	11,244,055	$56,107,834
AMZN	Amazon Com Inc	−973,987	7,440,012	$1,717,303,569
V	Visa Inc.	−936,904	3,090,129	$1,083,739,141
AJG	Arthur J. Gallagher & Co.	−849,815	244,255	$63,210,751
NVDA	Nvidia Corp	−785,256	20,043,571	$3,738,125,991
CPNG	Coupang, Inc.	−704,512	10,319,665	$243,440,897
YMM	Full Truck Alliance Co. Ltd.	−643,087	6,123,768	$65,708,030
IRTC	iRhythm Holdings, Inc.	−536,465	1,699,645	$301,585,008
MSFT	Microsoft Corp	−394,869	2,470,769	$1,194,913,303
DDOG	Datadog, Inc.	−380,880	1,513,800	$205,861,662
RBLX	Roblox Corp	−293,089	3,183,399	$257,950,820
RARE	Ultragenyx Pharmaceutical Inc.	−284,129	3,485,724	$80,171,652
WCN	Waste Connections, Inc.	−217,314	965,880	$169,376,716
KVYO	Klaviyo, Inc.	−176,804	928,755	$30,156,674
ICE	Intercontinental Exchange, Inc.	−174,370	5,502,896	$891,249,036
TTEK	Tetra Tech Inc	−172,028	7,007,004	$235,014,914
ONON	On Holding AG	−134,380	6,635,050	$308,397,124
META	Meta Platforms, Inc.	−133,193	1,254,871	$828,327,798
CDNS	Cadence Design Systems Inc	−79,879	252,008	$78,772,660
SPOT	Spotify Technology S.A.	−77,792	1,469,848	$853,555,432
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
PWR	Quanta Services, Inc.	576,896	$243,484,725
CRS	Carpenter Technology Corp	621,684	$195,730,990
BSX	Boston Scientific Corp	805,164	$76,772,387
PLTR	Palantir Technologies Inc.	19,840	$3,526,560
BABA	Alibaba Group Holding Ltd	7,511	$1,100,962
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
DXCM	Dexcom Inc	4,934,189	$332,021,577
ORCL	Oracle Corp	936,043	$263,252,733
VG	Venture Global, Inc.	7,484,070	$106,198,953
MNDY	monday.com Ltd.	116,213	$22,509,295
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

64 positions · $32,666,129,062 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Financial Services Healthcare Industrials Technology

Showing 1–50 of 64 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	20,043,571	-785,256	$3,738,125,991	−3.8%	11.44%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	6,826,175	-2,425,714	$2,074,406,320	−19.7%	6.35%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	7,440,012	-973,987	$1,717,303,569	−7.0%	5.26%
GOOGL	Alphabet Inc. Communication Services	Added	4,939,049	+167,952	$1,545,922,337	+33.3%	4.73%
SHOP	Shopify Inc. Technology	Added	9,506,036	+2,568,765	$1,530,186,614	+48.4%	4.68%
MSFT	Microsoft Corp Technology	Reduced	2,470,769	-394,869	$1,194,913,303	−19.5%	3.66%
V	Visa Inc. Financial Services	Reduced	3,090,129	-936,904	$1,083,739,141	−21.2%	3.32%
CVNA	Carvana Co. Consumer Cyclical	Added	2,442,534	+751,019	$1,030,798,198	+61.5%	3.16%
MELI	Mercadolibre Inc Consumer Cyclical	Reduced	509,645	-200	$1,026,557,537	−13.8%	3.14%
DASH	DoorDash, Inc. Consumer Cyclical	Added	4,496,607	+473,316	$1,018,391,553	−6.9%	3.12%
APP	AppLovin Corp Communication Services	Added	1,463,351	+446,392	$986,035,170	+34.9%	3.02%
NFLX	Netflix Inc Communication Services	Added	10,023,088	+8,902,430	$939,764,730	+599.4%	2.88%
AXON	Axon Enterprise, Inc. Industrials	Added	1,609,436	+167,095	$914,046,987	−11.7%	2.80%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	5,502,896	-174,370	$891,249,036	−6.8%	2.73%
SPOT	Spotify Technology S.A. Communication Services	Reduced	1,469,848	-77,792	$853,555,432	−21.0%	2.61%
META	Meta Platforms, Inc. Communication Services	Reduced	1,254,871	-133,193	$828,327,798	−18.7%	2.54%
ISRG	Intuitive Surgical Inc Healthcare	Added	1,376,958	+35,849	$779,853,932	+30.0%	2.39%
NU	Nu Holdings Ltd. Financial Services	Reduced	44,423,895	-6,138,267	$743,656,002	−8.1%	2.28%
NET	Cloudflare, Inc. Technology	Reduced	3,731,287	-77,032	$735,623,232	−10.0%	2.25%
AVGO	Broadcom Inc. Technology	Added	2,114,521	+53,897	$731,835,718	+7.7%	2.24%
ASML	Asml Holding NV Technology	Added	669,985	+140,821	$716,790,152	+39.9%	2.19%
SE	Sea Ltd Consumer Cyclical	Added	5,501,013	+617,846	$701,764,228	−19.6%	2.15%
IOT	Samsara Inc. Technology	Reduced	19,123,318	-22,512,260	$677,921,623	−56.3%	2.08%
NOW	ServiceNow, Inc. Technology	Added	3,842,914	+2,596,637	$588,695,995	+156.6%	1.80%
FLUT	Flutter Entertainment plc Consumer Cyclical	Reduced	2,087,048	-39,258	$448,798,801	−16.9%	1.37%
XYZ	Block, Inc. Technology	Reduced	5,929,883	-5,673,174	$385,976,084	−54.0%	1.18%
CSL	Carlisle Companies Inc Industrials	Added	967,640	+118,139	$309,509,330	+10.8%	0.95%
ONON	On Holding AG Consumer Cyclical	Reduced	6,635,050	-134,380	$308,397,124	+7.6%	0.94%
IRTC	iRhythm Holdings, Inc. Healthcare	Reduced	1,699,645	-536,465	$301,585,008	−21.6%	0.92%
ARGX	Argenx SE Healthcare	Added	356,870	+340,245	$300,109,826	+2347.5%	0.92%
BLDR	Builders FirstSource, Inc. Industrials	Added	2,757,969	+327,067	$283,767,430	−3.7%	0.87%
RBLX	Roblox Corp Communication Services	Reduced	3,183,399	-293,089	$257,950,820	−46.4%	0.79%
PWR	Quanta Services, Inc. Industrials	NEW	576,896	NEW	$243,484,725	NEW	0.75%
CPNG	Coupang, Inc. Consumer Cyclical	Reduced	10,319,665	-704,512	$243,440,897	−31.4%	0.75%
TTEK	Tetra Tech Inc Industrials	Reduced	7,007,004	-172,028	$235,014,914	−1.9%	0.72%
HDB	Hdfc Bank Ltd Financial Services	Reduced	6,117,362	-73,426	$223,528,407	+5.7%	0.68%
DDOG	Datadog, Inc. Technology	Reduced	1,513,800	-380,880	$205,861,662	−23.7%	0.63%
CRS	Carpenter Technology Corp Industrials	NEW	621,684	NEW	$195,730,990	NEW	0.60%
WCN	Waste Connections, Inc. Industrials	Reduced	965,880	-217,314	$169,376,716	−18.6%	0.52%
KSPI	Joint Stock Co Kaspi.kz Technology	Added	1,948,761	+304,521	$152,256,696	+13.4%	0.47%
MCK	Mckesson Corp Healthcare	Added	174,268	+17,122	$142,950,297	+17.7%	0.44%
TDG	TransDigm Group INC Industrials	Added	103,179	+9,883	$137,212,593	+11.6%	0.42%
ROP	Roper Technologies Inc Technology	Reduced	287,318	-64,457	$127,893,861	−27.1%	0.39%
APH	Amphenol Corp /De/ Technology	Added	879,004	+83,770	$118,788,600	+20.7%	0.36%
RACE	Ferrari N.V. Consumer Cyclical	Added	309,983	+58,285	$114,557,317	−6.2%	0.35%
SAP	Sap SE Technology	Reduced	394,117	-46,153	$95,734,960	−18.6%	0.29%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Reduced	3,485,724	-284,129	$80,171,652	−29.3%	0.25%
CDNS	Cadence Design Systems Inc Technology	Reduced	252,008	-79,879	$78,772,660	−32.4%	0.24%
BSX	Boston Scientific Corp Healthcare	NEW	805,164	NEW	$76,772,387	NEW	0.24%
YMM	Full Truck Alliance Co. Ltd. Technology	Reduced	6,123,768	-643,087	$65,708,030	−25.1%	0.20%