SANDS CAPITAL MANAGEMENT, LLC
CIK
1020066
Location
ARLINGTON, VA
Portfolio Value
Large
$10,507,945,368
Diversification
Diversified
Filing Date
Global Rank
#233
/ 8,586
▼ 34
Top Industry
Semiconductors
22.0%
3Y Alpha vs SPY
-8.3%
Period ended 3 months ago
Filed May 8, 2026 · 39d
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+44.8%
SPY
+78.1%
Annualised alpha
-8.1%
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, 2025Top Position
12.4%
+1.0 pts
Top 5
35.8%
+3.3 pts
Top 10
52.6%
+3.8 pts
HHI
440
Diversified+46
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Technology | 41.4% | $10,507,945,368 |
| Consumer Cyclical | 18.0% | $4,562,273,034 |
| Communication Services | 17.8% | $4,521,584,934 |
| Industrials | 9.9% | $2,509,719,307 |
| Financial Services | 8.1% | $2,043,237,147 |
| Healthcare | 4.7% | $1,182,391,270 |
| Basic Materials | 0.1% | $27,065,025 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
9 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | $665,620,426 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
9 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
27 positions ·
$10,507,945,368 total
· Technology only
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Financial Services
Healthcare
Industrials
Technology
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| NVDA |
Nvidia Corp
Technology
|
Reduced | 18,085,742 | $3,154,153,404 | 30.02% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Reduced | 5,862,685 | $1,981,294,395 | 18.86% | |
| SHOP |
Shopify Inc.
Technology
|
Reduced | 8,935,666 | $1,059,948,700 | 10.09% | |
| ASML |
Asml Holding NV
Technology
|
Reduced | 639,833 | $845,110,621 | 8.04% | |
| NET |
Cloudflare, Inc.
Technology
|
Reduced | 3,661,749 | $755,565,288 | 7.19% | |
| MSFT |
Microsoft Corp
Technology
|
Reduced | 1,530,124 | $566,406,001 | 5.39% | |
| IOT |
Samsara Inc.
Technology
|
Reduced | 15,657,744 | $496,193,907 | 4.72% | |
| AVGO |
Broadcom Inc.
Technology
|
Reduced | 1,402,835 | $434,191,460 | 4.13% | |
| XYZ |
Block, Inc.
Technology
|
Reduced | 5,510,835 | $331,642,050 | 3.16% | |
| STX |
Seagate Technology Holdings plc
Technology
|
NEW | 531,892 | $208,374,009 | 1.98% | |
| DDOG |
Datadog, Inc.
Technology
|
Reduced | 1,406,366 | $166,021,506 | 1.58% | |
| LRCX |
Lam Research Corp
Technology
|
NEW | 755,222 | $161,360,732 | 1.54% | |
| KSPI |
Joint Stock Co Kaspi.kz
Technology
|
Reduced | 1,586,334 | $117,499,759 | 1.12% | |
| APH |
Amphenol Corp /De/
Technology
|
Reduced | 805,602 | $101,787,812 | 0.97% | |
| YMM |
Full Truck Alliance Co. Ltd.
Technology
|
Reduced | 4,970,779 | $41,257,465 | 0.39% | |
| GRAB |
Grab Holdings Ltd
Technology
|
Reduced | 9,122,432 | $33,388,101 | 0.32% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Reduced | 161,078 | $25,824,024 | 0.25% | |
| KVYO |
Klaviyo, Inc.
Technology
|
Reduced | 595,160 | $11,581,813 | 0.11% | |
| FIG |
Figma, Inc.
Technology
|
Reduced | 187,577 | $3,965,377 | 0.04% | |
| PLTR |
Palantir Technologies Inc.
Technology
|
Added | 22,919 | $3,352,591 | 0.03% | |
| NOW |
ServiceNow, Inc.
Technology
|
Reduced | 31,521 | $3,295,520 | 0.03% | |
| GTLB |
Gitlab Inc.
Technology
|
Held | 127,475 | $2,758,559 | 0.03% | |
| TEAM |
Atlassian Corp
Technology
|
Reduced | 14,281 | $974,678 | 0.01% | |
| AAPL |
Apple Inc.
Technology
|
NEW | 3,219 | $816,950 | 0.01% | |
| SNOW |
Snowflake Inc.
Technology
|
Reduced | 4,178 | $630,125 | 0.01% | |
| ANET |
Arista Networks, Inc.
Technology
|
NEW | 2,698 | $331,260 | 0.00% | |
| LITE |
Lumentum Holdings Inc.
Technology
|
NEW | 312 | $219,261 | 0.00% |