SANDS CAPITAL MANAGEMENT, LLC
Long book
$25.49B
Q1 2026
Positions
67
Top-10 weight
52%
concentration
Last quarter
+15.6%
SPY +14.8%
Turnover
23%
of book per quarter
Strategy in plain words
auto-generated from filingsSANDS CAPITAL MANAGEMENT, LLC is a diversified fundamental manager, running a $25.49B US long book across 67 positions.
The portfolio is concentrated: the top 10 names carry 52% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, TAIWAN SEMICONDUCTOR-SP ADR, ALPHABET INC-CL A, AMAZON.COM INC, SHOPIFY INC - CLASS A.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.5%
Q2 2024
+0.0%
Q3 2024
+8.4%
Q4 2024
-6.6%
Q1 2025
+27.3%
Q2 2025
+4.0%
Q3 2025
-4.0%
Q4 2025
-12.6%
Q1 2026
+15.6%
Sector allocation
Technology 43%
Services media 15%
Industrials 12%
Consumer discretionary 12%
Financials 5%
Communications 4%
Other 4%
Healthcare 3%
Long book by quarter
What does SANDS CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 18.1M | $3.15B | 12.4% | -9.8% |
| GOOGL ALPHABET INC-CL A | Technology | 5.1M | $1.47B | 5.8% | +3.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 6.7M | $1.40B | 5.5% | -9.7% |
| SHOP SHOPIFY INC - CLASS A | Technology | 8.9M | $1.06B | 4.2% | -6.0% |
| NFLX NETFLIX INC | Services media | 9.4M | $905.2M | 3.6% | -6.1% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 1.8M | $870.0M | 3.4% | +22.1% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 639.8K | $845.1M | 3.3% | -4.5% |
| V VISA INC-CLASS A SHARES | Services media | 2.8M | $837.3M | 3.3% | -10.3% |
| MELI MERCADOLIBRE INC | Services media | 475.5K | $822.1M | 3.2% | -6.7% |
| NET CLOUDFLARE INC - CLASS A | Technology | 3.7M | $755.6M | 3.0% | -1.9% |
| META META PLATFORMS INC-CLASS A | Technology | 1.3M | $731.8M | 2.9% | +1.9% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 4.4M | $689.6M | 2.7% | -20.3% |
| CVNA CARVANA CO | Consumer discretionary | 2.1M | $665.6M | 2.6% | -13.3% |
| AXON AXON ENTERPRISE INC | Industrials | 1.6M | $664.4M | 2.6% | -2.8% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 1.3M | $609.1M | 2.4% | -4.0% |
| DASH DOORDASH INC - A | Services media | 4.0M | $594.2M | 2.3% | -12.0% |
| MSFT MICROSOFT CORP | Technology | 1.5M | $566.4M | 2.2% | -38.1% |
| IOT SAMSARA INC-CL A | Technology | 15.7M | $496.2M | 1.9% | -18.1% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 34.3M | $493.5M | 1.9% | -22.7% |
| AVGO BROADCOM INC | Technology | 1.4M | $434.2M | 1.7% | -33.7% |
| APP APPLOVIN CORP-CLASS A | Technology | 971.6K | $386.7M | 1.5% | -33.6% |
| PWR QUANTA SERVICES INC | Industrials | 626.3K | $343.9M | 1.3% | +8.6% |
| XYZ BLOCK INC | Technology | 5.5M | $331.6M | 1.3% | -7.1% |
| CRS CARPENTER TECHNOLOGY | Industrials | 823.3K | $324.5M | 1.3% | +32.4% |
| CSL CARLISLE COS INC | Other | 919.6K | $306.8M | 1.2% | -5.0% |
| BE BLOOM ENERGY CORP- A | Industrials | 1.8M | $241.0M | 0.9% | New |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 2.6M | $215.8M | 0.8% | -5.0% |
| ONON ON HOLDING AG-CLASS A | Other | 6.3M | $215.2M | 0.8% | -4.7% |
| STXN SEAGATE TECHNOLOGY HOLDINGS | — | 531.9K | $208.4M | 0.8% | New |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 2.0M | $202.8M | 0.8% | -4.7% |
| TTEK TETRA TECH INC | Services media | 6.7M | $200.6M | 0.8% | -5.0% |
| MCK MCKESSON CORP | Consumer discretionary | 201.3K | $174.2M | 0.7% | +15.5% |
| CPNG COUPANG INC | Consumer discretionary | 9.2M | $173.2M | 0.7% | -11.1% |
| DDOG DATADOG INC - CLASS A | Technology | 1.4M | $166.0M | 0.7% | -7.1% |
| LRCX LAM RESEARCH CORP | Industrials | 755.2K | $161.4M | 0.6% | New |
| RBLX ROBLOX CORP -CLASS A | Technology | 2.7M | $154.2M | 0.6% | -14.3% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 1.6M | $132.6M | 0.5% | -25.1% |
| TDG TRANSDIGM GROUP INC | Industrials | 94.3K | $109.3M | 0.4% | -8.6% |
| WCN WASTE CONNECTIONS INC | Utilities | 634.9K | $103.1M | 0.4% | -34.3% |
| APH AMPHENOL CORP-CL A | Technology | 805.6K | $101.8M | 0.4% | -8.4% |
| RACE FERRARI NV | Industrials | 287.7K | $97.4M | 0.4% | -7.2% |
| RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 3.2M | $67.3M | 0.3% | -7.8% |
| BSX BOSTON SCIENTIFIC CORP | Healthcare | 736.1K | $46.2M | 0.2% | -8.6% |
| GRAB GRAB HOLDINGS LTD - CL A | Services media | 9.1M | $33.4M | 0.1% | -18.9% |
| LLY ELI LILLY & CO | Healthcare | 32.9K | $30.2M | 0.1% | New |
| LIN LINDE PLC | Materials | 54.6K | $27.1M | 0.1% | -7.8% |
| PANW PALO ALTO NETWORKS INC | Technology | 161.1K | $25.8M | 0.1% | -1.2% |
| KVYO KLAVIYO INC-A | Technology | 595.2K | $11.6M | 0.0% | -35.9% |
| STVN STEVANATO GROUP SPA | Healthcare | 497.3K | $6.8M | 0.0% | +0.9% |
| FIG FIGMA INC-CL A | Technology | 187.6K | $4.0M | 0.0% | -1.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 67 | $25.49B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 66 | $32.88B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 64 | $36.25B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 66 | $34.83B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 75 | $29.39B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 71 | $33.80B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 67 | $32.95B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 66 | $34.03B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 76 | $35.75B | canonical | SEC ↗ |
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