Sands Capital Management
ARLINGTON, VAfiles as SANDS CAPITAL MANAGEMENT, LLC
$26.9bn in 71 US stocks at the end of 30 June 2026. The top 10 are 47.6% of the money. It changed about 18.2% of the portfolio this quarter.
Value
$26.9bn
Stocks
71
Top 10 share
47.6%
Turnover
18.2%
What changed this quarter
New
Bought for the first time this quarter.
- Micron TechnologyMU2.3% of the fund
- Advanced Micro DevicesAMD1.5% of the fund
- Space Exploration TechnologiesSPCX1.4% of the fund
- SandiskSNDK1.3% of the fund
- Sphere EntertainmentSPHR0.9% of the fund
- ARM HoldingsARM0.8% of the fund
- WoodwardWWD0.2% of the fund
- CrowdStrike HoldingsCRWD<0.1% of the fund
- IntelINTC<0.1% of the fund
- TTM TechnologiesTTMI<0.1% of the fund
- Ishares TRIWF<0.1% of the fund
- Cerebras SystemsCBRS<0.1% of the fund
- BBB FoodsTBBB<0.1% of the fund
Added
Bought more of a stock they already held.
- Bloom EnergyBE3.3% of the fund+65%
- Seagate Technology HoldingsSTX2.6% of the fund+36%
- Quanta ServicesPWR2.0% of the fund+20%
- Lam ResearchLRCX1.8% of the fund+50%
- BlockXYZ1.6% of the fund+2%
- On Holding AGONON1.0% of the fund+18%
- Grab HoldingsGRAB0.2% of the fund+80%
- Eli LillyLLY0.2% of the fund+38%
- AppleAAPL<0.1% of the fund+1317%
- Stevanato Group S.p.A.STVN<0.1% of the fund+5%
- Robinhood MarketsHOOD<0.1% of the fund+1316%
- AeroVironmentAVAV<0.1% of the fund+1315%
- Lumentum HoldingsLITE<0.1% of the fund+849%
Cut
Sold some of their stake.
- NvidiaNVDA10.4% of the fund-22%
- Taiwan Semiconductor ManufacturingTSM7.0% of the fund-33%
- AlphabetGOOGL6.5% of the fund-5%
- Amazon.comAMZN4.3% of the fund-28%
- ASML Holding NVASML3.9% of the fund-17%
- Axon EnterpriseAXON3.1% of the fund-5%
- ShopifySHOP3.1% of the fund-19%
- VisaV3.0% of the fund-14%
- CloudflareNET3.0% of the fund-12%
- MercadoLibreMELI2.4% of the fund-20%
- CarvanaCVNA2.1% of the fund-20%
- Meta PlatformsMETA2.0% of the fund-24%
- Intercontinental ExchangeICE1.9% of the fund-7%
- Intuitive SurgicalISRG1.8% of the fund-5%
- MicrosoftMSFT1.8% of the fund-14%
- Carpenter TechnologyCRS1.8% of the fund-5%
- DoorDashDASH1.6% of the fund-41%
- AppLovinAPP1.6% of the fund-14%
- BroadcomAVGO1.6% of the fund-20%
- NetflixNFLX1.4% of the fund-43%
- SamsaraIOT1.4% of the fund-28%
- Carlisle CompaniesCSL1.1% of the fund-13%
- SeaSE1.1% of the fund-37%
- Argenx SEARGX1.0% of the fund-12%
- DatadogDDOG1.0% of the fund-29%
Sold out
Sold their entire stake.
- Flutter EntertainmentFLUT-100%
- Tetra TechTTEK-100%
- RobloxRBLX-100%
- Boston ScientificBSX-100%
- FigmaFIG-100%
- ServiceNowNOW-100%
- AtlassianTEAM-100%
- SnowflakeSNOW-100%
- Arista NetworksANET-100%
Holdings
- Space Exploration TechnologiesSPCX
- Share
- 1.4%
- Value
- $389m
- Shares
- 2,276,744
New
- SeaSE
- Share
- 1.1%
- Value
- $287m
- Shares
- 2,998,337
-37%
- Argenx SEARGX
- Share
- 1.0%
- Value
- $277m
- Shares
- 298,599
-12%
- ARM HoldingsARM
- Share
- 0.8%
- Value
- $228m
- Shares
- 642,829
New
- Full Truck AllianceYMM
- Share
- 0.1%
- Value
- $35m
- Shares
- 4,294,886
-14%
- Ishares TRIWF
- Share
- <0.1%
- Value
- $3m
- Shares
- 22,200
New
- Cerebras SystemsCBRS
- Share
- <0.1%
- Value
- $3m
- Shares
- 11,419
New
- Alibaba Group HldgBABA
- Share
- <0.1%
- Value
- $667,061
- Shares
- 6,950
-11%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 10.4% | $2.8bn | 14,059,454 | -22% |
| Taiwan Semiconductor ManufacturingTSM | 7.0% | $1.9bn | 3,925,440 | -33% |
| AlphabetGOOGL | 6.5% | $1.7bn | 4,893,397 | -5% |
| Amazon.comAMZN | 4.3% | $1.2bn | 4,861,223 | -28% |
| ASML Holding NVASML | 3.9% | $1.1bn | 533,693 | -17% |
| Bloom EnergyBE | 3.3% | $886m | 2,926,558 | +65% |
| Axon EnterpriseAXON | 3.1% | $830m | 1,480,817 | -5% |
| ShopifySHOP | 3.1% | $827m | 7,242,079 | -19% |
| VisaV | 3.0% | $816m | 2,377,099 | -14% |
| Spotify TechnologySPOT | 3.0% | $809m | 1,761,206 | Held |
| CloudflareNET | 3.0% | $795m | 3,239,504 | -12% |
| Seagate Technology HoldingsSTX | 2.6% | $696m | 720,741 | +36% |
| MercadoLibreMELI | 2.4% | $642m | 378,208 | -20% |
| Micron TechnologyMU | 2.3% | $608m | 526,810 | New |
| CarvanaCVNA | 2.1% | $557m | 8,462,945 | -20% |
| Meta PlatformsMETA | 2.0% | $546m | 969,879 | -24% |
| Quanta ServicesPWR | 2.0% | $540m | 750,479 | +20% |
| Intercontinental ExchangeICE | 1.9% | $499m | 4,055,771 | -7% |
| Intuitive SurgicalISRG | 1.8% | $498m | 1,252,424 | -5% |
| Lam ResearchLRCX | 1.8% | $491m | 1,133,965 | +50% |
| MicrosoftMSFT | 1.8% | $488m | 1,309,230 | -14% |
| Carpenter TechnologyCRS | 1.8% | $485m | 786,150 | -5% |
| DoorDashDASH | 1.6% | $429m | 2,325,795 | -41% |
| AppLovinAPP | 1.6% | $429m | 831,697 | -14% |
| BlockXYZ | 1.6% | $428m | 5,632,505 | +2% |
| BroadcomAVGO | 1.6% | $426m | 1,126,912 | -20% |
| Advanced Micro DevicesAMD | 1.5% | $391m | 672,555 | New |
| Space Exploration TechnologiesSPCX | 1.4% | $389m | 2,276,744 | New |
| NetflixNFLX | 1.4% | $381m | 5,336,614 | -43% |
| SamsaraIOT | 1.4% | $368m | 11,348,732 | -28% |
| SandiskSNDK | 1.3% | $348m | 153,093 | New |
| Carlisle CompaniesCSL | 1.1% | $290m | 799,872 | -13% |
| SeaSE | 1.1% | $287m | 2,998,337 | -37% |
| Argenx SEARGX | 1.0% | $277m | 298,599 | -12% |
| On Holding AGONON | 1.0% | $265m | 7,485,043 | +18% |
| DatadogDDOG | 1.0% | $260m | 999,799 | -29% |
| Sphere EntertainmentSPHR | 0.9% | $235m | 1,358,321 | New |
| ARM HoldingsARM | 0.8% | $228m | 642,829 | New |
| Builders FirstSourceBLDR | 0.8% | $204m | 2,283,236 | -13% |
| Nu HoldingsNU | 0.6% | $167m | 12,475,806 | -64% |
| Liberty MediaFWONK | 0.5% | $144m | 1,509,193 | -3% |
| MckessonMCK | 0.5% | $139m | 183,535 | -9% |
| AmphenolAPH | 0.5% | $135m | 763,951 | -5% |
| Joint Stock Co Kaspi.kzKSPI | 0.5% | $133m | 1,531,017 | -3% |
| CoupangCPNG | 0.5% | $131m | 7,559,132 | -18% |
| TransDigm GroupTDG | 0.4% | $119m | 89,669 | -5% |
| Ultragenyx PharmaceuticalRARE | 0.4% | $105m | 3,158,368 | Held |
| FerrariRACE | 0.4% | $104m | 280,101 | -3% |
| Waste ConnectionsWCN | 0.4% | $102m | 609,721 | -4% |
| WoodwardWWD | 0.2% | $65m | 153,660 | New |
| Grab HoldingsGRAB | 0.2% | $62m | 16,385,578 | +80% |
| Eli LillyLLY | 0.2% | $54m | 45,332 | +38% |
| Full Truck AllianceYMM | 0.1% | $35m | 4,294,886 | -14% |
| LindeLIN | 0.1% | $28m | 54,778 | Held |
| HDFC BankHDB | <0.1% | $22m | 865,858 | -5% |
| AppleAAPL | <0.1% | $13m | 45,598 | +1317% |
| Palo Alto NetworksPANW | <0.1% | $11m | 31,312 | -81% |
| Stevanato Group S.p.A.STVN | <0.1% | $9m | 524,481 | +5% |
| CrowdStrike HoldingsCRWD | <0.1% | $8m | 10,020 | New |
| IntelINTC | <0.1% | $5m | 39,132 | New |
| Robinhood MarketsHOOD | <0.1% | $5m | 53,032 | +1316% |
| TTM TechnologiesTTMI | <0.1% | $4m | 23,625 | New |
| GitlabGTLB | <0.1% | $4m | 127,475 | Held |
| AeroVironmentAVAV | <0.1% | $3m | 18,993 | +1315% |
| KlaviyoKVYO | <0.1% | $3m | 198,806 | -67% |
| Ishares TRIWF | <0.1% | $3m | 22,200 | New |
| Lumentum HoldingsLITE | <0.1% | $3m | 2,961 | +849% |
| Cerebras SystemsCBRS | <0.1% | $3m | 11,419 | New |
| Palantir TechnologiesPLTR | <0.1% | $2m | 17,944 | -22% |
| Alibaba Group HldgBABA | <0.1% | $667,061 | 6,950 | -11% |
| BBB FoodsTBBB | <0.1% | $261,729 | 6,281 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 22.7% since 30 June 2025.
Where the money is
Technology44.7%
Industrials15.9%
Media & telecom15.1%
Retail & consumer11.5%
Financial services7.2%
Health care3.0%
Utilities0.4%
Materials0.1%
Everyday goods0.0%
Other2.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.