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Sands Capital Management

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
+877.17%
AUM
$34.8B
AUM Growth
+$5.44B
Cap. Flow
-$2.2B
Cap. Flow %
-6.31%
Top 10 Hldgs %
49.06%
Holding
78
New
3
Increased
25
Reduced
37
Closed
12

Top Buys

Rank Stock Value
1
ICE icon
Intercontinental Exchange
ICE
+$450M
2
AJG icon
Arthur J. Gallagher & Co
AJG
+$303M
3
ONON icon
On Holding
ONON
+$235M
4
CVNA icon
Carvana
CVNA
+$230M
5
NVDA icon
NVIDIA
NVDA
+$205M

Top Sells

Rank Stock Value
1
SHOP icon
Shopify
SHOP
+$465M
2
APP icon
Applovin
APP
+$402M
3
NFLX icon
Netflix
NFLX
+$380M
4
AMZN icon
Amazon
AMZN
+$369M
5
UBER icon
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
ASML icon
26
ASML
ASML
$626B
$425M 1.22%
530,562
-26,866
-5% -$19.3M
ISRG icon
27
Intuitive Surgical
ISRG
$127B
$412M 1.18%
757,570
+213,494
+39% +$112M
RBLX icon
28
Roblox
RBLX
$25.4B
$377M 1.08%
3,586,543
-419,787
-10% -$33M
DDOG icon
29
Datadog
DDOG
$95.4B
$372M 1.07%
2,772,015
-143,461
-5% -$15.9M
CPNG icon
30
Coupang
CPNG
$29.3B
$360M 1.03%
11,999,721
-80,763
-0.7% -$2.07M
AJG icon
31
Arthur J. Gallagher & Co
AJG
$64.1B
$359M 1.03%
1,121,249
+918,618
+453% +$303M
CVNA icon
32
Carvana
CVNA
$68.6B
$304M 0.87%
4,506,135
+4,200,480
+1,374% +$230M
APP icon
33
Applovin
APP
$133B
$286M 0.82%
817,346
-1,240,847
-60% -$402M
ONON icon
34
On Holding
ONON
$12.1B
$240M 0.69%
+4,614,347
New +$235M
HDB icon
35
HDFC Bank
HDB
$123B
$221M 0.63%
5,766,670
-55,710
-1% -$2.02M
WCN
36
Waste Connections
WCN
$42.2B
$209M 0.6%
1,120,082
+11,678
+1% +$2.25M
FWONK icon
37
Liberty Media Series C
FWONK
$24.6B
$200M 0.57%
1,911,033
-8,196
-0.4% -$762K
TTEK icon
38
Tetra Tech
TTEK
$8.49B
$187M 0.54%
5,200,335
+1,089,599
+27% +$36.3M
ROP icon
39
Roper Technologies
ROP
$38.8B
$186M 0.53%
327,846
+1,734
+0.5% +$980K
CSL icon
40
Carlisle Companies
CSL
$14.3B
$159M 0.46%
+426,360
New +$158M
RGEN icon
41
Repligen
RGEN
$7.96B
$156M 0.45%
1,251,088
-43,108
-3% -$5.49M
RARE icon
42
Ultragenyx Pharmaceutical
RARE
$2.45B
$143M 0.41%
3,943,485
-220,076
-5% -$7.93M
KSPI icon
43
Kaspi.kz JSC
KSPI
$16.9B
$143M 0.41%
1,682,013
+370,556
+28% +$31.6M
TDG icon
44
TransDigm Group
TDG
$70.2B
$132M 0.38%
86,900
+1,014
+1% +$1.42M
VG
45
Venture Global Inc
VG
$33.2B
$122M 0.35%
7,854,539
-678,369
-8% -$7.85M
RACE icon
46
Ferrari
RACE
$69.2B
$120M 0.34%
243,717
-2,352
-1% -$1.09M
BLDR icon
47
Builders FirstSource
BLDR
$7.15B
$119M 0.34%
1,016,773
-34,771
-3% -$4.01M
GOOG icon
48
Alphabet (Google) Class C
GOOG
$4.36T
$107M 0.31%
603,385
-20,799
-3% -$3.44M
MCK icon
49
McKesson
MCK
$100B
$107M 0.31%
145,867
+54,117
+59% +$38.2M
CHTR icon
50
Charter Communications
CHTR
$17.3B
$99.1M 0.28%
242,432
+2,828
+1% +$1.08M
1
2
3 4

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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.