Sands Capital Alternatives, LLC
Long book
$421.2M
Q1 2026
Positions
21
Top-10 weight
87%
concentration
Last quarter
+9.8%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsSands Capital Alternatives, LLC is a concentrated fundamental stock-picker, running a $421.2M US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NU HOLDINGS LTD/CAYMAN ISL-A, KLAVIYO INC-A, SPYGLASS PHARMA INC, BETA BIONICS INC, INHIBIKASE THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 3.6pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-12.7%
Q2 2024
+20.0%
Q3 2024
-1.0%
Q4 2024
-15.4%
Q1 2025
+21.2%
Q2 2025
+4.4%
Q3 2025
+14.1%
Q4 2025
-32.3%
Q1 2026
+9.8%
Sector allocation
Healthcare 41%
Technology 29%
Financials 22%
Consumer discretionary 5%
Services media 4%
Long book by quarter
What does Sands Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 6.5M | $93.9M | 22.3% | -4.7% |
| KVYO KLAVIYO INC-A | Technology | 3.6M | $71.0M | 16.9% | Held |
| SGP SPYGLASS PHARMA INC | Healthcare | 2.5M | $64.8M | 15.4% | New |
| BBNX BETA BIONICS INC | Healthcare | 3.7M | $37.2M | 8.8% | +3.9% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 13.0M | $21.9M | 5.2% | Held |
| CPNG COUPANG INC | Consumer discretionary | 1.0M | $19.1M | 4.5% | +16.3% |
| IOT SAMSARA INC-CL A | Technology | 560.3K | $17.8M | 4.2% | +20.2% |
| DASH DOORDASH INC - A | Services media | 111.2K | $16.7M | 4.0% | +16.3% |
| BIOA BIOAGE LABS INC | Healthcare | 786.4K | $13.8M | 3.3% | Held |
| TXG 10X GENOMICS INC-CLASS A | Healthcare | 481.8K | $10.2M | 2.4% | Held |
| DDOG DATADOG INC - CLASS A | Technology | 85.8K | $10.1M | 2.4% | Held |
| ABOS ACUMEN PHARMACEUTICALS INC | Healthcare | 3.7M | $8.8M | 2.1% | +8.9% |
| TOST TOAST INC-CLASS A | Technology | 301.6K | $8.0M | 1.9% | Held |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 85.0K | $6.0M | 1.4% | Held |
| TTAN SERVICETITAN INC-A | Technology | 89.9K | $5.7M | 1.4% | Held |
| MNDY MONDAY.COM LTD | Technology | 67.9K | $4.7M | 1.1% | Held |
| TSHA TAYSHA GENE THERAPIES INC | Healthcare | 724.9K | $3.2M | 0.8% | Held |
| SNOW SNOWFLAKE INC | Technology | 20.3K | $3.1M | 0.7% | Held |
| ACRV ACRIVON THERAPEUTICS INC | Healthcare | 2.1M | $3.0M | 0.7% | Held |
| CADL CANDEL THERAPEUTICS INC | Healthcare | 405.8K | $2.0M | 0.5% | Held |
| FIG FIGMA INC-CL A | Technology | 18.3K | $387K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 21 | $421.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 20 | $518.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 20 | $456.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 20 | $507.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 20 | $408.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 21 | $459.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 20 | $355.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 20 | $298.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 20 | $414.7M | canonical | SEC ↗ |
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