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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
-1.36%
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
$32.9B
AUM Growth
-$3.37B
(-9.3%)
Cap. Flow
-$2.09B
Cap. Flow
% of AUM
-6.37%
Top 10 Holdings %
Top 10 Hldgs %
48.55%
Holding
70
New
6
Increased
20
Reduced
38
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Shopify
SHOP
|
+$412M |
| 2 |
argenx
ARGX
|
+$291M |
| 3 |
Applovin
APP
|
+$281M |
| 4 |
Carvana
CVNA
|
+$279M |
| 5 |
Quanta Services
PWR
|
+$253M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$712M |
| 2 |
ServiceNow
NOW
|
+$410M |
| 3 |
Atlassian
TEAM
|
+$393M |
| 4 |
XYZ
Block Inc
XYZ
|
+$391M |
| 5 |
DexCom
DXCM
|
+$332M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 40.86% |
| 2 | Consumer Discretionary | 20.11% |
| 3 | Communication Services | 17.08% |
| 4 | Financials | 9.14% |
| 5 | Industrials | 7.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
NVIDIA
NVDA
$5.42T
| $3.74B | 11.37% |
20,043,571
-785,256
| -4% | -$146M |
|
|
2
TSMC
TSM
$2.18T
| $2.07B | 6.31% |
6,826,175
-2,425,714
| -26% | -$712M |
|
3
Amazon
AMZN
$2.96T
| $1.72B | 5.22% |
7,440,012
-973,987
| -12% | -$223M |
|
4
Alphabet (Google) Class A
GOOGL
$4.33T
| $1.55B | 4.7% |
4,939,049
+167,952
| +4% | +$48M |
|
|
5
Shopify
SHOP
$195B
| $1.53B | 4.65% |
9,506,036
+2,568,765
| +37% | +$412M |
|
6
Microsoft
MSFT
$3.71T
| $1.19B | 3.63% |
2,470,769
-394,869
| -14% | -$198M |
|
7
Visa
V
$677B
| $1.08B | 3.3% |
3,090,129
-936,904
| -23% | -$319M |
|
|
8
Carvana
CVNA
$77.9B
| $1.03B | 3.14% |
12,212,670
+3,755,095
| +44% | +$279M |
|
9
Mercado Libre
MELI
$92.3B
| $1.03B | 3.12% |
509,645
-200
| -0% | -$420K |
|
10
DoorDash
DASH
$93.7B
| $1.02B | 3.1% |
4,496,607
+473,316
| +12% | +$111M |
|
|
11
Applovin
APP
$116B
| $986M | 3% |
1,463,351
+446,392
| +44% | +$281M |
|
12
Netflix
NFLX
$309B
| $940M | 2.86% |
10,023,088
-1,183,492
| -11% | -$128M |
|
|
AXON
13
Axon Enterprise
AXON
$46.4B
| $914M | 2.78% |
1,609,436
+167,095
| +12% | +$104M |
|
14
Intercontinental Exchange
ICE
$84.4B
| $891M | 2.71% |
5,502,896
-174,370
| -3% | -$27.3M |
|
15
Spotify
SPOT
$100B
| $854M | 2.6% |
1,469,848
-77,792
| -5% | -$48.6M |
|
16
Meta Platforms (Facebook)
META
$1.51T
| $828M | 2.52% |
1,254,871
-133,193
| -10% | -$88.9M |
|
17
Intuitive Surgical
ISRG
$134B
| $780M | 2.37% |
1,376,958
+35,849
| +3% | +$19.1M |
|
18
Nu Holdings
NU
$66.9B
| $744M | 2.26% |
44,423,895
-6,138,267
| -12% | -$98.6M |
|
19
Cloudflare
NET
$107B
| $736M | 2.24% |
3,731,287
-77,032
| -2% | -$16.3M |
|
20
Broadcom
AVGO
$2.04T
| $732M | 2.23% |
2,114,521
+53,897
| +3% | +$19.3M |
|
21
ASML
ASML
$669B
| $717M | 2.18% |
669,985
+140,821
| +27% | +$147M |
|
22
Sea Limited
SE
$69.5B
| $702M | 2.13% |
5,501,013
+617,846
| +13% | +$91.5M |
|
23
Samsara
IOT
$23.8B
| $678M | 2.06% |
19,123,318
-1,395,014
| -7% | -$54M |
|
|
24
ServiceNow
NOW
$129B
| $589M | 1.79% |
3,842,914
-2,388,471
| -38% | -$410M |
|
25
Flutter Entertainment
FLUT
$16.4B
| $449M | 1.37% |
2,087,048
-39,258
| -2% | -$8.83M |
|
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Sands Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, Sands Capital Management held 70 positions worth $32.9B, down 9.3% from $36.2B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Sands Capital Management withdrew a net $2.09B in Q4 2025, closing 4 positions and reducing 38 holdings. Its most notable exit was DexCom, an estimated $332M position sold in full.
By sector, the portfolio is most concentrated in Technology at 41% of assets, down from 43% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Sands Capital Management opened a new position in Quanta Services worth $243M.
- Sands Capital Management's largest Q4 2025 buy was Quanta Services: 576,896 shares worth $243M.
- Sands Capital Management added most to Shopify in Q4 2025, an estimated $412M increase.
- Sands Capital Management's biggest Q4 2025 reduction was TSMC, cutting an estimated $712M.
- Sands Capital Management fully exited DexCom in Q4 2025, selling an estimated $332M.
- Sands Capital Management's ten largest holdings make up 49% of its $32.9B portfolio in Q4 2025.
- Sands Capital Management opened 6 new positions and closed 4 in Q4 2025.
- Sands Capital Management's portfolio value fell 9.3% quarter-over-quarter to $32.9B.
Based on Sands Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.