SANDS CAPITAL MANAGEMENT, LLC

CIK

1020066

Location

ARLINGTON, VA

Portfolio Value

Micro $25,248,257

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

1 positions · $25,248,257 total · Basic Materials only · as of Dec 31, 2025

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio	History
LIN	Linde PLC Basic Materials	Reduced	59,214	-25,153	$25,248,257	−37.0%	100.00%