# SANDS CAPITAL MANAGEMENT, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1020066. Source: https://holderbook.com/funds/1020066-sands-capital-management-llc/

- Reported value: $26.9B
- Positions: 71
- Weight of the ten largest: 47.6%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.8B | 14,059,454 | 10.4% | 17 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.9B | 3,925,440 | 7.0% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.7B | 4,893,397 | 6.5% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.2B | 4,861,223 | 4.3% | 31 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $1.1B | 533,693 | 3.9% | 31 |
| BLOOM ENERGY CORP | [BE](https://holderbook.com/stocks/BE/) | $885.9M | 2,926,558 | 3.3% | 2 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $830.2M | 1,480,817 | 3.1% | 14 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $826.9M | 7,242,079 | 3.1% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $815.6M | 2,377,099 | 3.0% | 31 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $808.6M | 1,761,206 | 3.0% | 8 |
| CLOUDFLARE INC | [NET](https://holderbook.com/stocks/NET/) | $794.6M | 3,239,504 | 3.0% | 22 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $695.5M | 720,741 | 2.6% | 2 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $642.0M | 378,208 | 2.4% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $608.1M | 526,810 | 2.3% | 1 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $557.0M | 8,462,945 | 2.1% | 6 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $546.3M | 969,879 | 2.0% | 13 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $540.4M | 750,479 | 2.0% | 3 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $499.3M | 4,055,771 | 1.9% | 31 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $498.1M | 1,252,424 | 1.8% | 6 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $491.4M | 1,133,965 | 1.8% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $488.4M | 1,309,230 | 1.8% | 30 |
| CARPENTER TECHNOLOGY CORP | [CRS](https://holderbook.com/stocks/CRS/) | $484.9M | 786,150 | 1.8% | 3 |
| DOORDASH INC | [DASH](https://holderbook.com/stocks/DASH/) | $429.2M | 2,325,795 | 1.6% | 23 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $428.5M | 831,697 | 1.6% | 7 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $428.1M | 5,632,505 | 1.6% | 26 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $425.7M | 1,126,912 | 1.6% | 6 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $390.7M | 672,555 | 1.5% | 1 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $389.0M | 2,276,744 | 1.4% | 1 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $381.0M | 5,336,614 | 1.4% | 31 |
| SAMSARA INC | [IOT](https://holderbook.com/stocks/IOT/) | $368.0M | 11,348,732 | 1.4% | 19 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $348.1M | 153,093 | 1.3% | 1 |
| CARLISLE COS INC | [CSL](https://holderbook.com/stocks/CSL/) | $290.2M | 799,872 | 1.1% | 5 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $287.3M | 2,998,337 | 1.1% | 31 |
| ARGENX SE | [ARGX](https://holderbook.com/stocks/ARGX/) | $277.0M | 298,599 | 1.0% | 4 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $265.1M | 7,485,043 | 1.0% | 5 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $260.3M | 999,799 | 1.0% | 17 |
| SPHERE ENTERTAINMENT CO | [SPHR](https://holderbook.com/stocks/SPHR/) | $235.0M | 1,358,321 | 0.9% | 1 |
| ARM HOLDINGS PLC | [ARM](https://holderbook.com/stocks/ARM/) | $227.9M | 642,829 | 0.8% | 1 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $204.3M | 2,283,236 | 0.8% | 6 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $166.7M | 12,475,806 | 0.6% | 19 |
| LIBERTY MEDIA CORP DEL | [FWONK](https://holderbook.com/stocks/FWONK/) | $143.6M | 1,509,193 | 0.5% | 12 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $138.7M | 183,535 | 0.5% | 6 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $134.7M | 763,951 | 0.5% | 6 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $132.6M | 1,531,017 | 0.5% | 10 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $131.3M | 7,559,132 | 0.5% | 15 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $119.4M | 89,669 | 0.4% | 31 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $105.5M | 3,158,368 | 0.4% | 13 |
| FERRARI N V | [RACE](https://holderbook.com/stocks/RACE/) | $104.3M | 280,101 | 0.4% | 14 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $101.6M | 609,721 | 0.4% | 21 |
| WOODWARD INC | [WWD](https://holderbook.com/stocks/WWD/) | $65.4M | 153,660 | 0.2% | 1 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $61.8M | 16,385,578 | 0.2% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $54.4M | 45,332 | 0.2% | 2 |
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $34.9M | 4,294,886 | 0.1% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $28.4M | 54,778 | 0.1% | 7 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $22.4M | 865,858 | 0.1% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $13.2M | 45,598 | 0.0% | 2 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $10.7M | 31,312 | 0.0% | 5 |
| STEVANATO GROUP S P A | [STVN](https://holderbook.com/stocks/STVN/) | $9.5M | 524,481 | 0.0% | 13 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $7.6M | 10,020 | 0.0% | 1 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $5.5M | 39,132 | 0.0% | 1 |
| ROBINHOOD MKTS INC | [HOOD](https://holderbook.com/stocks/HOOD/) | $5.3M | 53,032 | 0.0% | 2 |
| TTM TECHNOLOGIES INC | [TTMI](https://holderbook.com/stocks/TTMI/) | $4.4M | 23,625 | 0.0% | 1 |
| GITLAB INC | [GTLB](https://holderbook.com/stocks/GTLB/) | $3.9M | 127,475 | 0.0% | 17 |
| AEROVIRONMENT INC | [AVAV](https://holderbook.com/stocks/AVAV/) | $3.1M | 18,993 | 0.0% | 2 |
| KLAVIYO INC | [KVYO](https://holderbook.com/stocks/KVYO/) | $3.0M | 198,806 | 0.0% | 12 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $2.8M | 22,200 | 0.0% | 1 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $2.5M | 2,961 | 0.0% | 2 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $2.5M | 11,419 | 0.0% | 1 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $2.1M | 17,944 | 0.0% | 3 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $667.1K | 6,950 | 0.0% | 3 |
| BBB FOODS INC | [TBBB](https://holderbook.com/stocks/TBBB/) | $261.7K | 6,281 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +16.4% | +14.8% | +1.5% | 100% |
| Q1 2026 | -13.2% | -4.6% | -8.5% | 100% |
| Q4 2025 | -4.2% | +2.4% | -6.6% | 100% |
| Q3 2025 | +3.7% | +7.8% | -4.1% | 100% |
| Q2 2025 | +27.2% | +10.5% | +16.8% | 100% |
| Q1 2025 | -6.8% | -4.6% | -2.2% | 100% |
| Q4 2024 | +8.3% | +2.1% | +6.2% | 100% |
| Q3 2024 | +0.3% | +5.4% | -5.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $26.9B | 71 |
| Q1 2026 | $25.5B | 67 |
| Q4 2025 | $32.9B | 66 |
| Q3 2025 | $36.2B | 64 |
| Q2 2025 | $34.8B | 66 |
| Q1 2025 | $29.4B | 75 |
| Q4 2024 | $33.8B | 71 |
| Q3 2024 | $32.9B | 67 |
| Q2 2024 | $34.0B | 66 |
| Q1 2024 | $35.8B | 76 |
| Q4 2023 | $32.9B | 74 |
| Q3 2023 | $29.4B | 75 |