SANDS CAPITAL MANAGEMENT, LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| NVIDIA CORPORATION | NVDA | $2.8B | 14,059,454 | -1.93pp | 17q | -22.3%-$805.6M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $1.9B | 3,925,440 | -0.81pp | 31q | -33.0%-$925.2M | |
| ALPHABET INC | GOOGL | $1.7B | 4,893,397 | +0.71pp | 31q | -4.5%-$82.6M | |
| AMAZON COM INC | AMZN | $1.2B | 4,861,223 | -1.19pp | 31q | -27.7%-$442.8M | |
| ASML HLDG NV | ASML | $1.1B | 533,693 | +0.63pp | 31q | -16.6%-$211.2M | |
| BLOOM ENERGY CORP | BE | $885.9M | 2,926,558 | +2.34pp | 2q | +64.5%+$347.4M | |
| AXON ENTERPRISE INC | AXON | $830.2M | 1,480,817 | +0.48pp | 14q | -5.3%-$46.9M | |
| SHOPIFY INC | SHOP | $826.9M | 7,242,079 | -1.09pp | 31q | -19.0%-$193.4M | |
| VISA INC | V | $815.6M | 2,377,099 | -0.26pp | 31q | -14.2%-$134.9M | |
| SPOTIFY TECHNOLOGY S A | SPOT | $808.6M | 1,761,206 | -0.41pp | 8q | -1.8%-$15.2M | |
| CLOUDFLARE INC | NET | $794.6M | 3,239,504 | -0.01pp | 22q | -11.5%-$103.6M | |
| SEAGATE TECHNOLOGY HLDNGS PL | STX | $695.5M | 720,741 | +1.77pp | 2q | +35.5%+$182.2M | |
| nan | MELI | $642.0M | 378,208 | -0.84pp | 31q | -20.5%-$165.1M | |
| MICRON TECHNOLOGY INC | MU | $608.1M | 526,810 | - | new | NEW | |
| CARVANA CO | CVNA | $557.0M | 8,462,945 | -0.54pp | 6q | -20.1%-$139.8M | |
| META PLATFORMS INC | META | $546.3M | 969,879 | -0.84pp | 13q | -24.2%-$174.2M | |
| QUANTA SVCS INC | PWR | $540.4M | 750,479 | +0.66pp | 3q | +19.8%+$89.4M | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $499.3M | 4,055,771 | -0.85pp | 31q | -7.5%-$40.4M | |
| INTUITIVE SURGICAL INC | ISRG | $498.1M | 1,252,424 | -0.54pp | 6q | -5.2%-$27.4M | |
| LAM RESEARCH CORP | LRCX | $491.4M | 1,133,965 | +1.19pp | 2q | +50.1%+$164.1M | |
| MICROSOFT CORP | MSFT | $488.4M | 1,309,230 | -0.41pp | 30q | -14.4%-$82.4M | |
| CARPENTER TECHNOLOGY CORP | CRS | $484.9M | 786,150 | +0.53pp | 3q | -4.5%-$22.9M | |
| DOORDASH INC | DASH | $429.2M | 2,325,795 | -0.74pp | 23q | -41.2%-$301.0M | |
| APPLOVIN CORP | APP | $428.5M | 831,697 | +0.07pp | 7q | -14.4%-$72.1M | |
| BLOCK INC | XYZ | $428.1M | 5,632,505 | +0.29pp | 26q | +2.2%+$9.2M | |
| BROADCOM INC | AVGO | $425.7M | 1,126,912 | -0.12pp | 6q | -19.7%-$104.2M | |
| ADVANCED MICRO DEVICES INC | AMD | $390.7M | 672,555 | - | new | NEW | |
| SPACE EXPLORATION TECHN CORP | SPCX | $389.0M | 2,276,744 | - | new | NEW | |
| NETFLIX INC. | NFLX | $381.0M | 5,336,614 | -2.14pp | 31q | -43.3%-$291.2M | |
| SAMSARA INC | IOT | $368.0M | 11,348,732 | -0.58pp | 19q | -27.5%-$139.7M | |
| SANDISK CORP | SNDK | $348.1M | 153,093 | - | new | NEW | |
| CARLISLE COS INC | CSL | $290.2M | 799,872 | -0.13pp | 5q | -13.0%-$43.4M | |
| SEA LTD | SE | $287.3M | 2,998,337 | -0.47pp | 31q | -36.6%-$165.8M | |
| ARGENX SE | ARGX | $277.0M | 298,599 | +0.05pp | 4q | -12.3%-$38.7M | |
| ON HLDG AG | ONON | $265.1M | 7,485,043 | +0.14pp | 5q | +18.3%+$41.1M | |
| DATADOG INC | DDOG | $260.3M | 999,799 | +0.32pp | 17q | -28.9%-$105.9M | |
| SPHERE ENTERTAINMENT CO | SPHR | $235.0M | 1,358,321 | - | new | NEW | |
| ARM HOLDINGS PLC | ARM | $227.9M | 642,829 | - | new | NEW | |
| BUILDERS FIRSTSOURCE INC | BLDR | $204.3M | 2,283,236 | -0.09pp | 6q | -12.9%-$30.2M | |
| NU HLDGS LTD | NU | $166.7M | 12,475,806 | -1.32pp | 19q | -63.7%-$292.1M | |
| LIBERTY MEDIA CORP DEL | FWONK | $143.6M | 1,509,193 | +0.01pp | 12q | -3.2%-$4.8M | |
| MCKESSON CORP | MCK | $138.7M | 183,535 | -0.17pp | 6q | -8.8%-$13.4M | |
| AMPHENOL CORP | APH | $134.7M | 763,951 | +0.10pp | 6q | -5.2%-$7.3M | |
| KASPI KZ JSC | KSPI | $132.6M | 1,531,017 | +0.03pp | 10q | -3.5%-$4.8M | |
| COUPANG INC | CPNG | $131.3M | 7,559,132 | -0.19pp | 15q | -17.6%-$28.0M | |
| TRANSDIGM GROUP INC | TDG | $119.4M | 89,669 | +0.01pp | 31q | -5.0%-$6.2M | |
| ULTRAGENYX PHARMACEUTICAL IN | RARE | $105.5M | 3,158,368 | +0.13pp | 13q | -1.7%-$1.9M | |
| FERRARI N V | RACE | $104.3M | 280,101 | +0.01pp | 14q | -2.6%-$2.8M | |
| WASTE CONNECTIONS INC | WCN | $101.6M | 609,721 | -0.03pp | 21q | -4.0%-$4.2M | |
| WOODWARD INC | WWD | $65.4M | 153,660 | - | new | NEW | |
| GRAB HOLDINGS LIMITED | GRAB | $61.8M | 16,385,578 | +0.10pp | 8q | +79.6%+$27.4M | |
| ELI LILLY & CO | LLY | $54.4M | 45,332 | +0.08pp | 2q | +37.8%+$14.9M | |
| FULL TRUCK ALLIANCE CO LTD | YMM | $34.9M | 4,294,886 | -0.03pp | 7q | -13.6%-$5.5M | |
| LINDE PLC | LIN | $28.4M | 54,778 | flat | 7q | HELD | |
| HDFC BANK LTD | HDB | $22.4M | 865,858 | -0.01pp | 31q | -4.6%-$1.1M | |
| APPLE INC | AAPL | $13.2M | 45,598 | +0.05pp | 2q | +1316.5%+$12.3M | |
| PALO ALTO NETWORKS INC | PANW | $10.7M | 31,312 | -0.06pp | 5q | -80.6%-$44.3M | |
| STEVANATO GROUP S P | STVN | $9.5M | 524,481 | +0.01pp | 13q | +5.5%+$491.0K | |
| CROWDSTRIKE HLDGS INC | CRWD | $7.6M | 10,020 | - | new | NEW | |
| INTEL CORP | INTC | $5.5M | 39,132 | - | new | NEW | |
| ROBINHOOD MKTS INC | HOOD | $5.3M | 53,032 | +0.02pp | 2q | +1315.7%+$4.9M | |
| TTM TECHNOLOGIES INC | TTMI | $4.4M | 23,625 | - | new | NEW | |
| GITLAB INC | GTLB | $3.9M | 127,475 | flat | 17q | HELD | |
| AEROVIRONMENT INC | AVAV | $3.1M | 18,993 | +0.01pp | 2q | +1315.3%+$2.9M | |
| KLAVIYO INC | KVYO | $3.0M | 198,806 | -0.03pp | 12q | -66.6%-$6.0M | |
| ISHARES TR | IWF | $2.8M | 22,200 | - | new | NEW | |
| LUMENTUM HLDGS INC | LITE | $2.5M | 2,961 | +0.01pp | 2q | +849.0%+$2.3M | |
| CEREBRAS SYSTEMS INC | CBRS | $2.5M | 11,419 | - | new | NEW | |
| PALANTIR TECHNOLOGIES INC | PLTR | $2.1M | 17,944 | -0.01pp | 3q | -21.7%-$580.4K | |
| ALIBABA GROUP HLDG LTD | BABA | $667.1K | 6,950 | flat | 3q | -10.8%-$80.9K | |
| BBB Foods Inc | TBBB | $261.7K | 6,281 | - | new | NEW |
Q2 2026 in brief
Sands Capital Management, Llc reported 71 positions worth $26.9B for Q2 2026, filed 44 days after the quarter ended. Its five largest holdings made up 32.1% of the portfolio. It added most to Bloom Energy Corp (about $347.4M), Seagate Technology Hldngs Pl (about $182.2M) and Lam Research Corp (about $164.1M). It cut Taiwan Semiconductor Manufac (about $925.2M), Nvidia Corporation (about $805.6M) and Amazon Com Inc (about $442.8M). New positions: Micron Technology Inc ($608.1M), Advanced Micro Devices Inc ($390.7M) and Space Exploration Techn Corp ($389.0M). Sold out of: Flutter Entmt Plc, Tetra Tech Inc New and Roblox Corp. Longest held of its top ten: Taiwan Semiconductor Manufac, 31 quarters in a row - every quarter on file.
Dollar amounts for buying and selling are estimates: the change in shares at the quarter-end price implied by the filing. A 13F shows long US stock positions only, at quarter end.
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Semiconductors & Electronics | $7.4B | 27.6% |
| Software & IT Services | $6.3B | 23.5% |
| Industrials | $2.4B | 8.9% |
| Business Services | $2.4B | 8.8% |
| Retail & Consumer | $2.1B | 7.6% |
| Telecom & Media | $1.6B | 5.8% |
| Computer Hardware | $1.1B | 4.0% |
| Chemicals | $583.7M | 2.2% |
| Construction & Building | $540.4M | 2.0% |
| Medical Devices | $507.5M | 1.9% |
| Capital Markets | $504.6M | 1.9% |
| Mining & Metals | $484.9M | 1.8% |
| Other sectors | $1.1B | 4.1% |
| Not classified | $2.8M | 0.0% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $26.9B | 71 | 13 | 13 | 43 | 9 | 47.6% | 44 |
| Q1 2026 | $25.5B | 67 | 9 | 9 | 48 | 8 | 52.4% | 38 |
| Q4 2025 | $32.9B | 66 | 6 | 20 | 37 | 4 | 48.5% | 44 |
| Q3 2025 | $36.2B | 64 | 4 | 26 | 26 | 6 | 47.2% | 44 |
| Q2 2025 | $34.8B | 66 | 3 | 25 | 36 | 12 | 49.1% | 44 |
| Q1 2025 | $29.4B | 75 | 9 | 12 | 49 | 5 | 47.0% | 44 |
| Q4 2024 | $33.8B | 71 | 9 | 14 | 44 | 5 | 47.5% | 44 |
| Q3 2024 | $32.9B | 67 | 3 | 9 | 43 | 2 | 46.2% | 44 |
| Q2 2024 | $34.0B | 66 | 1 | 23 | 40 | 11 | 47.8% | 44 |
| Q1 2024 | $35.8B | 76 | 4 | 19 | 45 | 2 | 45.7% | 44 |
| Q4 2023 | $32.9B | 74 | 1 | 32 | 35 | 2 | 44.8% | 44 |
| Q3 2023 | $29.4B | 75 | 10 | 15 | 48 | 1 | 45.6% | 45 |
| Q2 2023 | $32.2B | 66 | 3 | 8 | 50 | 3 | 44.5% | 46 |
| Q1 2023 | $30.4B | 66 | 2 | 24 | 36 | 3 | 44.9% | 42 |
| Q4 2022 | $26.5B | 67 | 3 | 22 | 38 | 3 | 45.9% | 44 |
| Q3 2022 | $26.6B | 67 | 1 | 21 | 41 | 3 | 45.5% | 40 |
| Q2 2022 | $28.9B | 69 | 6 | 20 | 35 | 5 | 46.1% | 43 |
| Q1 2022 | $43.5B | 68 | 2 | 38 | 26 | 5 | 46.3% | 43 |
| Q4 2021 | $53.9B | 71 | 7 | 19 | 44 | 7 | 43.6% | 42 |
| Q3 2021 | $60.0B | 71 | 3 | 45 | 21 | 9 | 46.7% | 34 |
| Q2 2021 | $59.0B | 77 | 5 | 47 | 16 | 3 | 43.8% | 47 |
| Q1 2021 | $51.7B | 75 | 4 | 2 | 66 | 5 | 44.6% | 47 |
| Q4 2020 | $105.0B | 76 | 9 | 62 | 3 | 10 | 44.0% | 47 |
| Q3 2020 | $46.2B | 77 | 4 | 26 | 44 | 4 | 45.2% | 48 |
| Q2 2020 | $41.3B | 77 | 6 | 26 | 30 | 5 | 45.2% | 42 |
| Q1 2020 | $30.0B | 76 | 5 | 17 | 35 | 4 | 47.5% | 44 |
| Q4 2019 | $34.4B | 75 | 2 | 34 | 29 | 5 | 47.1% | 44 |
| Q3 2019 | $31.1B | 78 | 3 | 28 | 46 | 4 | 49.2% | 45 |
| Q2 2019 | $33.6B | 79 | 10 | 29 | 35 | 2 | 51.5% | 45 |
| Q1 2019 | $32.4B | 71 | 5 | 19 | 42 | 5 | 52.8% | 45 |
| Q4 2018 | $28.0B | 71 | 0 | 0 | 0 | 0 | 52.5% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.