SANDS CAPITAL MANAGEMENT, LLC

CIK

1020066

Location

ARLINGTON, VA

Portfolio Value

Large $24,821,719,744

Diversification

Diversified

Filing Date

Global Rank

#234 / 8,605 ▼ 35 · as of Mar 2026

Top Industry

Semiconductors 22.4%

3Y Alpha vs SPY

-4.8%

Period ended 3 months ago

Filed May 8, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

+56.3%

SPY

+76.5%

Annualised alpha

-4.8%

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

66 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

12.7%

+1.0 pts

Top 5

36.5%

+3.2 pts

Top 10

53.8%

+3.8 pts

HHI

452

Diversified+47

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	42.3%	$10,507,945,368	27
Communication Services	18.2%	$4,521,584,934	6
Consumer Cyclical	16.2%	$4,029,776,693	10
Industrials	10.1%	$2,509,719,307	10
Financial Services	8.2%	$2,043,237,147	5
Healthcare	4.8%	$1,182,391,270	7
Basic Materials	0.1%	$27,065,025	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
SPOT	Spotify Technology S.A.	+324,378	1,794,226	$870,038,129
CRS	Carpenter Technology Corp	+201,593	823,277	$324,494,629
GOOGL	Alphabet Inc.	+185,445	5,124,494	$1,473,599,494
PWR	Quanta Services, Inc.	+49,452	626,348	$343,877,578
MCK	Mckesson Corp	+27,015	201,283	$174,182,256
META	Meta Platforms, Inc.	+24,250	1,279,121	$731,823,497
STVN	Stevanato Group S.p.A.	+4,304	497,310	$6,838,012
PLTR	Palantir Technologies Inc.	+3,079	22,919	$3,352,591
BABA	Alibaba Group Holding Ltd	+282	7,793	$977,709
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	−10,081,674	34,342,221	$493,497,715
HDB	Hdfc Bank Ltd	−5,209,710	907,652	$22,582,381
NOW	ServiceNow, Inc.	−3,811,393	31,521	$3,295,520
IOT	Samsara Inc.	−3,465,574	15,657,744	$496,193,907
GRAB	Grab Holdings Ltd	−2,121,623	9,122,432	$33,388,101
NVDA	Nvidia Corp	−1,957,829	18,085,742	$3,154,153,404
YMM	Full Truck Alliance Co. Ltd.	−1,152,989	4,970,779	$41,257,465
CPNG	Coupang, Inc.	−1,147,478	9,172,187	$173,170,890
ICE	Intercontinental Exchange, Inc.	−1,118,598	4,384,298	$689,562,389
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−963,490	5,862,685	$1,981,294,395
MSFT	Microsoft Corp	−940,645	1,530,124	$566,406,001
SE	Sea Ltd	−772,463	4,728,550	$391,571,225
AMZN	Amazon Com Inc	−720,957	6,719,055	$1,399,377,584
AVGO	Broadcom Inc.	−711,686	1,402,835	$434,191,460
NFLX	Netflix Inc	−608,420	9,414,668	$905,220,328
SHOP	Shopify Inc.	−570,370	8,935,666	$1,059,948,700
DASH	DoorDash, Inc.	−539,547	3,957,060	$594,152,559
APP	AppLovin Corp	−491,790	971,561	$386,681,278
RBLX	Roblox Corp	−456,698	2,726,701	$154,222,208
XYZ	Block, Inc.	−419,048	5,510,835	$331,642,050
KSPI	Joint Stock Co Kaspi.kz	−362,427	1,586,334	$117,499,759
TTEK	Tetra Tech Inc	−348,181	6,658,823	$200,563,748
KVYO	Klaviyo, Inc.	−333,595	595,160	$11,581,813
WCN	Waste Connections, Inc.	−330,977	634,903	$103,133,643
CVNA	Carvana Co.	−325,286	2,117,248	$133,124,085
No positions match the current search.

New Positions

Positions the filer opened this quarter

9 positions

Ticker	Company	Shares	Value
BE	Bloom Energy Corp	1,779,038	$241,041,858
STX	Seagate Technology Holdings plc	531,892	$208,374,009
LRCX	Lam Research Corp	755,222	$161,360,732
LLY	ELI LILLY & Co	32,887	$30,248,475
AAPL	Apple Inc.	3,219	$816,950
ANET	Arista Networks, Inc.	2,698	$331,260
HOOD	Robinhood Markets, Inc.	3,746	$259,597
AVAV	AeroVironment Inc	1,342	$245,653
LITE	Lumentum Holdings Inc.	312	$219,261
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
IRTC	iRhythm Holdings, Inc.	1,699,645	$301,585,008
ROP	Roper Technologies Inc	287,318	$127,893,861
SAP	Sap SE	394,117	$95,734,960
CDNS	Cadence Design Systems Inc	252,008	$78,772,660
AJG	Arthur J. Gallagher & Co.	244,255	$63,210,751
GLOB	Globant S.A.	770,560	$50,371,507
DUOL	Duolingo, Inc.	39,975	$7,015,612
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

66 positions · $24,821,719,744 total · as of Mar 31, 2026

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

Showing 1–50 of 66 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	18,085,742	-1,957,829	$3,154,153,404	−15.6%	12.71%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	5,862,685	-963,490	$1,981,294,395	−4.5%	7.98%
GOOGL	Alphabet Inc. Communication Services	Added	5,124,494	+185,445	$1,473,599,494	−4.7%	5.94%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	6,719,055	-720,957	$1,399,377,584	−18.5%	5.64%
SHOP	Shopify Inc. Technology	Reduced	8,935,666	-570,370	$1,059,948,700	−30.7%	4.27%
NFLX	Netflix Inc Communication Services	Reduced	9,414,668	-608,420	$905,220,328	−3.7%	3.65%
SPOT	Spotify Technology S.A. Communication Services	Added	1,794,226	+324,378	$870,038,129	+1.9%	3.51%
ASML	Asml Holding NV Technology	Reduced	639,833	-30,152	$845,110,621	+17.9%	3.40%
V	Visa Inc. Financial Services	Reduced	2,770,431	-319,698	$837,335,065	−22.7%	3.37%
MELI	Mercadolibre Inc Consumer Cyclical	Reduced	475,455	-34,190	$822,071,204	−19.9%	3.31%
NET	Cloudflare, Inc. Technology	Reduced	3,661,749	-69,538	$755,565,288	+2.7%	3.04%
META	Meta Platforms, Inc. Communication Services	Added	1,279,121	+24,250	$731,823,497	−11.7%	2.95%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	4,384,298	-1,118,598	$689,562,389	−22.6%	2.78%
AXON	Axon Enterprise, Inc. Industrials	Reduced	1,564,504	-44,932	$664,429,203	−27.3%	2.68%
ISRG	Intuitive Surgical Inc Healthcare	Reduced	1,321,274	-55,684	$609,094,101	−21.9%	2.45%
DASH	DoorDash, Inc. Consumer Cyclical	Reduced	3,957,060	-539,547	$594,152,559	−41.7%	2.39%
MSFT	Microsoft Corp Technology	Reduced	1,530,124	-940,645	$566,406,001	−52.6%	2.28%
IOT	Samsara Inc. Technology	Reduced	15,657,744	-3,465,574	$496,193,907	−26.8%	2.00%
NU	Nu Holdings Ltd. Financial Services	Reduced	34,342,221	-10,081,674	$493,497,715	−33.6%	1.99%
AVGO	Broadcom Inc. Technology	Reduced	1,402,835	-711,686	$434,191,460	−40.7%	1.75%
SE	Sea Ltd Consumer Cyclical	Reduced	4,728,550	-772,463	$391,571,225	−44.2%	1.58%
APP	AppLovin Corp Communication Services	Reduced	971,561	-491,790	$386,681,278	−60.8%	1.56%
PWR	Quanta Services, Inc. Industrials	Added	626,348	+49,452	$343,877,578	+41.2%	1.39%
XYZ	Block, Inc. Technology	Reduced	5,510,835	-419,048	$331,642,050	−14.1%	1.34%
CRS	Carpenter Technology Corp Industrials	Added	823,277	+201,593	$324,494,629	+65.8%	1.31%
CSL	Carlisle Companies Inc Industrials	Reduced	919,614	-48,026	$306,801,622	−0.9%	1.24%
ARGX	Argenx SE Healthcare	Reduced	340,285	-16,585	$248,493,121	−17.2%	1.00%
BE	Bloom Energy Corp Industrials	NEW	1,779,038	NEW	$241,041,858	NEW	0.97%
BLDR	Builders FirstSource, Inc. Industrials	Reduced	2,621,085	-136,884	$215,793,928	−24.0%	0.87%
ONON	On Holding AG Consumer Cyclical	Reduced	6,325,547	-309,503	$215,195,108	−30.2%	0.87%
STX	Seagate Technology Holdings plc Technology	NEW	531,892	NEW	$208,374,009	NEW	0.84%
FLUT	Flutter Entertainment plc Consumer Cyclical	Reduced	1,988,830	-98,218	$202,761,218	−54.8%	0.82%
TTEK	Tetra Tech Inc Industrials	Reduced	6,658,823	-348,181	$200,563,748	−14.7%	0.81%
MCK	Mckesson Corp Healthcare	Added	201,283	+27,015	$174,182,256	+21.8%	0.70%
CPNG	Coupang, Inc. Consumer Cyclical	Reduced	9,172,187	-1,147,478	$173,170,890	−28.9%	0.70%
DDOG	Datadog, Inc. Technology	Reduced	1,406,366	-107,434	$166,021,506	−19.4%	0.67%
LRCX	Lam Research Corp Technology	NEW	755,222	NEW	$161,360,732	NEW	0.65%
RBLX	Roblox Corp Communication Services	Reduced	2,726,701	-456,698	$154,222,208	−40.2%	0.62%
CVNA	Carvana Co. Consumer Cyclical	Reduced	2,117,248	-325,286	$133,124,085	−35.4%	0.54%
KSPI	Joint Stock Co Kaspi.kz Technology	Reduced	1,586,334	-362,427	$117,499,759	−22.8%	0.47%
TDG	TransDigm Group INC Industrials	Reduced	94,341	-8,838	$109,337,445	−20.3%	0.44%
WCN	Waste Connections, Inc. Industrials	Reduced	634,903	-330,977	$103,133,643	−39.1%	0.42%
APH	Amphenol Corp /De/ Technology	Reduced	805,602	-73,402	$101,787,812	−14.3%	0.41%
RACE	Ferrari N.V. Consumer Cyclical	Reduced	287,709	-22,274	$97,375,111	−15.0%	0.39%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Reduced	3,214,533	-271,191	$67,344,466	−16.0%	0.27%
BSX	Boston Scientific Corp Healthcare	Reduced	736,109	-69,055	$46,190,839	−39.8%	0.19%
YMM	Full Truck Alliance Co. Ltd. Technology	Reduced	4,970,779	-1,152,989	$41,257,465	−37.2%	0.17%
GRAB	Grab Holdings Ltd Technology	Reduced	9,122,432	-2,121,623	$33,388,101	−40.5%	0.13%
LLY	ELI LILLY & Co Healthcare	NEW	32,887	NEW	$30,248,475	NEW	0.12%
LIN	Linde PLC Basic Materials	Reduced	54,593	-4,621	$27,065,025	+7.2%	0.11%