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Sands Capital Management Portfolio holdings
AUM
$25.5B
1-Year Est. Return
26.46%
This Fund
S&P 500
This Quarter
Est. Return
+29.86%
1 Year Est. Return
+26.46%
3 Year Est. Return
+130.81%
5 Year Est. Return
+100.92%
10 Year Est. Return
+877.1%
AUM
$34.8B
AUM Growth
+$5.44B
(+18%)
Cap. Flow
-$2.2B
Cap. Flow
% of AUM
-6.31%
Top 10 Holdings %
Top 10 Hldgs %
49.06%
Holding
78
New
3
Increased
25
Reduced
37
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intercontinental Exchange
ICE
|
+$450M |
| 2 |
Arthur J. Gallagher & Co
AJG
|
+$303M |
| 3 |
On Holding
ONON
|
+$235M |
| 4 |
Carvana
CVNA
|
+$230M |
| 5 |
NVIDIA
NVDA
|
+$205M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Shopify
SHOP
|
+$465M |
| 2 |
Applovin
APP
|
+$402M |
| 3 |
Netflix
NFLX
|
+$380M |
| 4 |
Amazon
AMZN
|
+$369M |
| 5 |
Uber
UBER
|
+$285M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 41.39% |
| 2 | Consumer Discretionary | 20.34% |
| 3 | Communication Services | 14.73% |
| 4 | Financials | 10.72% |
| 5 | Healthcare | 6.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.3T
| $3.41B | 9.78% |
21,557,208
+1,631,025
| +8% | +$205M |
|
|
2
Amazon
AMZN
$2.94T
| $2.02B | 5.81% |
9,230,023
-1,864,520
| -17% | -$369M |
|
3
TSMC
TSM
$2.17T
| $1.94B | 5.56% |
8,552,278
+524,960
| +7% | +$97.3M |
|
|
4
Netflix
NFLX
$307B
| $1.52B | 4.35% |
11,316,790
-3,357,950
| -23% | -$380M |
|
5
Microsoft
MSFT
$3.71T
| $1.47B | 4.22% |
2,954,745
+306,497
| +12% | +$133M |
|
6
ServiceNow
NOW
$121B
| $1.45B | 4.16% |
7,041,665
-248,225
| -3% | -$46.8M |
|
7
Visa
V
$692B
| $1.43B | 4.11% |
4,030,104
+217,062
| +6% | +$75.7M |
|
8
Mercado Libre
MELI
$92.8B
| $1.34B | 3.85% |
513,532
-98,467
| -16% | -$230M |
|
|
AXON
9
Axon Enterprise
AXON
$42.1B
| $1.33B | 3.83% |
1,611,295
-288,527
| -15% | -$196M |
|
10
DoorDash
DASH
$92.9B
| $1.18B | 3.39% |
4,792,181
-714,840
| -13% | -$143M |
|
11
Spotify
SPOT
$97.7B
| $1.04B | 2.98% |
1,354,803
-433,747
| -24% | -$278M |
|
|
12
Intercontinental Exchange
ICE
$84.1B
| $975M | 2.8% |
5,313,039
+2,620,310
| +97% | +$450M |
|
13
Cloudflare
NET
$101B
| $965M | 2.77% |
4,928,874
-1,498,572
| -23% | -$218M |
|
14
Meta Platforms (Facebook)
META
$1.5T
| $964M | 2.77% |
1,306,041
-201,721
| -13% | -$125M |
|
15
Sea Limited
SE
$68B
| $908M | 2.61% |
5,678,005
-1,139,989
| -17% | -$165M |
|
16
DexCom
DXCM
$31.3B
| $868M | 2.49% |
9,947,944
-466,212
| -4% | -$36.5M |
|
|
17
Shopify
SHOP
$191B
| $864M | 2.48% |
7,492,615
-4,653,206
| -38% | -$465M |
|
18
Samsara
IOT
$22.3B
| $767M | 2.2% |
19,276,210
+2,833,049
| +17% | +$117M |
|
19
Nu Holdings
NU
$68.2B
| $748M | 2.15% |
54,504,428
+3,060,463
| +6% | +$36.6M |
|
|
XYZ
20
Block Inc
XYZ
$47B
| $702M | 2.02% |
10,340,740
+1,808,909
| +21% | +$105M |
|
21
Flutter Entertainment
FLUT
$16.1B
| $606M | 1.74% |
2,121,637
-73,634
| -3% | -$18.1M |
|
22
Alphabet (Google) Class A
GOOGL
$4.38T
| $544M | 1.56% |
3,085,879
-263,848
| -8% | -$43.2M |
|
23
Atlassian
TEAM
$28B
| $526M | 1.51% |
2,588,723
-1,329,865
| -34% | -$277M |
|
24
Broadcom
AVGO
$2T
| $508M | 1.46% |
1,843,327
+422,457
| +30% | +$91.7M |
|
25
iRhythm Holdings
IRTC
$4.21B
| $449M | 1.29% |
2,915,527
-100,680
| -3% | -$13M |
|
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Sands Capital Management's Q2 2025 Portfolio in Review
As of Q2 2025, Sands Capital Management held 78 positions worth $34.8B, up 18% from $29.4B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Sands Capital Management withdrew a net $2.2B in Q2 2025, closing 12 positions and reducing 37 holdings. Its most notable exit was Uber, an estimated $285M position sold in full.
By sector, the portfolio is most concentrated in Technology at 41% of assets, up from 40% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Sands Capital Management opened a new position in On Holding worth $240M.
- Sands Capital Management's largest Q2 2025 buy was On Holding: 4,614,347 shares worth $240M.
- Sands Capital Management added most to Intercontinental Exchange in Q2 2025, an estimated $450M increase.
- Sands Capital Management's biggest Q2 2025 reduction was Shopify, cutting an estimated $465M.
- Sands Capital Management fully exited Uber in Q2 2025, selling an estimated $285M.
- Sands Capital Management's ten largest holdings make up 49% of its $34.8B portfolio in Q2 2025.
- Sands Capital Management opened 3 new positions and closed 12 in Q2 2025.
- Sands Capital Management's portfolio value rose 18% quarter-over-quarter to $34.8B.
Based on Sands Capital Management's 13F filing for Q2 2025, filed 13 Aug 2025.