Sandler Capital Management
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Sandler Capital Management reported 88 stock positions worth $507.4 million. Its top holding was Clean Harbors (CLH) at 7.4% of the portfolio, followed by Xylem (XYL, 3.6%) and Live Nation Entertainment (LYV, 3.1%). Compared with Q1 2024, it opened 23 new positions, sold out of 37, added to 11 and reduced 42. The biggest buy was a new position in BlackRock Finance (BLK) and the biggest sale an exit from Royal Caribbean Cruises (RCL).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001000742
- Portfolio Value
- $507.4M (Q2 2024)
- SEC Filing
- 0001140361-24-037298 ↗ filed Aug 14, 2024
Holdings Value
Holdings 88 stocks · $507.4M
| CLH Clean Harbors Inc. | 7.37% | 165,456 | $37.4M | Reduce -24.1% |
| XYL Xylem Inc. | 3.59% | 134,161 | $18.2M | Reduce -46.9% |
| LYV Live Nation Entertainment Inc. | 3.14% | 170,110 | $15.9M | Reduce -39.5% |
| META Meta Platforms Inc. Class A | 3.02% | 30,402 | $15.3M | Add +5.4% |
| TKO Tko Group Holdings Inc. | 2.94% | 137,940 | $14.9M | Reduce -27.3% |
| CAE Cae Inc. | 2.30% | 627,610 | $11.7M | Reduce -49.5% |
| BLK BlackRock Finance Inc. | 2.24% | 14,450 | $11.4M | New |
| FWONK Liberty Media Corp. Class C | 2.12% | 150,056 | $10.8M | Reduce -20.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.08% | 96,049 | $10.6M | Reduce -40.6% |
| VMC Vulcan Materials Co. | 2.04% | 41,703 | $10.4M | Reduce -6.9% |
| LLY Eli Lilly & Co. | 1.98% | 11,121 | $10.1M | Add +7.5% |
| MLM Martin Marietta Materials | 1.98% | 18,550 | $10.1M | Reduce -54.1% |
| VRSK Verisk Analytics Inc. | 1.98% | 37,180 | $10.0M | New |
| PG The Procter & Gamble Co. | 1.96% | 60,244 | $9.9M | Reduce -32.2% |
| FORM Formfactor Inc. | 1.85% | 154,910 | $9.4M | New |
| SYK Stryker Corp. | 1.80% | 26,900 | $9.2M | Add +104.4% |
| BAH Booz Allen Hamilton Holdings | 1.73% | 56,930 | $8.8M | Reduce -34.3% |
| RSG Republic Services Inc. | 1.69% | 44,000 | $8.6M | New |
| AMAT Applied Materials Inc. | 1.60% | 34,480 | $8.1M | Reduce -7.5% |
| WDC Western Digital Corp. | 1.59% | 106,571 | $8.1M | Reduce -46.3% |
| ISRG Intuitive Surgical Inc. | 1.58% | 18,046 | $8.0M | Reduce -15.7% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 1.58% | 170,960 | $8.0M | Add +1.3% |
| ENTG Entegris Inc. | 1.57% | 58,980 | $8.0M | Add +163.4% |
| FTAI Ftai Aviation Ltd. | 1.56% | 76,610 | $7.9M | Reduce -36.5% |
| NFLX Netflix Inc. | 1.46% | 10,971 | $7.4M | Reduce -51.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.46% | 19,310 | $7.4M | Reduce -1.3% |
| ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN | 1.44% | 123,807 | $7.3M | Reduce -13.2% |
| AER Aercap Holdings NV | 1.34% | 73,050 | $6.8M | Add +27.0% |
| TMO Thermo Fisher Scientific Inc. | 1.26% | 11,560 | $6.4M | New |
| CBOE Cboe Global Markets Inc. | 1.24% | 37,016 | $6.3M | Reduce -34.7% |
| GM General Motors Co. | 1.24% | 135,000 | $6.3M | New |
| AVGO Broadcom Inc. | 1.22% | 3,869 | $6.2M | Add +823.4% |
| ZS Zscaler Inc. | 1.21% | 32,000 | $6.2M | New |
| ORCL Oracle Corp. | 1.20% | 43,000 | $6.1M | New |
| CW Curtiss-Wright Corp. | 1.15% | 21,610 | $5.9M | Add +68.3% |
| AMZN Amazon.com Inc. | 1.15% | 30,290 | $5.9M | Reduce -53.4% |
| ONTO Onto Innovation Inc. | 1.15% | 26,490 | $5.8M | New |
| QCOM Qualcomm Inc. | 1.13% | 28,890 | $5.8M | Reduce -22.4% |
| ANET Arista Networks Inc. | 1.11% | 16,000 | $5.6M | Reduce -18.0% |
| CYBR Cyberark Software Ltd./Israel | 1.10% | 20,480 | $5.6M | Reduce -22.7% |
| AXON Axon Enterprise Inc. | 1.10% | 19,005 | $5.6M | Reduce -55.4% |
| TRMB Trimble Inc. | 1.10% | 99,745 | $5.6M | Reduce -46.9% |
| GOOG Alphabet Inc. Class C | 1.07% | 29,700 | $5.4M | New |
| LRCX Lam Research Corp. | 1.07% | 5,110 | $5.4M | Reduce -42.1% |
| CEG Constellation Energy | 1.04% | 26,410 | $5.3M | New |
| ADI Analog Devices Inc. | 0.99% | 22,000 | $5.0M | Reduce -45.3% |
| CRL Charles River Laboratories | 0.93% | 22,921 | $4.7M | Reduce -60.7% |
| TER Teradyne Inc. | 0.93% | 31,900 | $4.7M | New |
| MSFT Microsoft Corp. | 0.89% | 10,091 | $4.5M | Reduce -61.0% |
| WMB Williams Cos Inc. | 0.88% | 104,500 | $4.4M | New |
| FICO Fair Isaac Corp. | 0.83% | 2,830 | $4.2M | Add +12.8% |
| ARM Arm Holdings PLC-ADR | 0.83% | 25,600 | $4.2M | New |
| TECH Bio-Techne Corp. | 0.82% | 58,252 | $4.2M | Add +27.5% |
| BSX Boston Scientific Corp. | 0.79% | 51,972 | $4.0M | Reduce -28.1% |
| EXPO Exponent Inc. | 0.75% | 40,193 | $3.8M | Add +10.0% |
| STE Steris PLC | 0.69% | 15,924 | $3.5M | Reduce -51.0% |
| IJR iShares Core S&P Small-Cap E | 0.67% | 32,000 | $3.4M | New |
| TTEK Tetra Tech Inc. | 0.67% | 16,599 | $3.4M | Reduce -75.4% |
| IJT iShares S&P Small-Cap 600 GR | 0.67% | 26,350 | $3.4M | New |
| FOR Forestar Group Inc. | 0.65% | 102,840 | $3.3M | Reduce -48.3% |
| DHI D.R. Horton Inc. | 0.64% | 23,000 | $3.2M | New |
| ETN Eaton Corp. PLC | 0.61% | 9,900 | $3.1M | Reduce -61.0% |
| CB Chubb Ltd. | 0.59% | 11,700 | $3.0M | Reduce -68.6% |
| AAON Aaon Inc. | 0.59% | 34,125 | $3.0M | Reduce -48.3% |
| Z Zillow Group Inc. Class C | 0.56% | 61,080 | $2.8M | Reduce -35.6% |
| SNPS Synopsys Inc. | 0.50% | 4,230 | $2.5M | Reduce -38.7% |
| STLD Steel Dynamics Inc. | 0.47% | 18,573 | $2.4M | Reduce -84.2% |
| NXPI NXP Semiconductors NV | 0.42% | 7,960 | $2.1M | New |
| LBRT Liberty Energy Inc. | 0.41% | 99,010 | $2.1M | New |
| ESTC Elastic NV | 0.40% | 18,000 | $2.1M | New |
| WHD Cactus Inc. Class A | 0.38% | 36,740 | $1.9M | Reduce -68.0% |
| RSP Invesco S&P 500 Equal Weight | 0.32% | 10,000 | $1.6M | New |
| GAP The Gap Inc. | 0.29% | 62,500 | $1.5M | New |
| CATX Perspective Therapeutics Inc. | 0.21% | 106,697 | $1.1M | New |
| CAVA Cava Group Inc. | 0.20% | 10,923 | $1.0M | Reduce -91.0% |
| ARCH Arch Resources Inc. | 0.10% | 3,500 | $533K | No change |
| ON On Semiconductor | 0.10% | 7,066 | $484K | No change |
| EDR Endeavor Group Hold Class A | 0.08% | 15,000 | $405K | Reduce -96.3% |
| FISV Fiserv Inc. | 0.08% | 2,650 | $395K | No change |
| ELV Elevance Health Inc. | 0.07% | 700 | $379K | No change |
| TECK Teck Resources Ltd.-CLS B | 0.07% | 7,500 | $359K | No change |
| SPGI S&P Global Inc. | 0.06% | 700 | $312K | No change |
| AZN Astrazeneca PLC-Spons ADR | 0.06% | 4,000 | $312K | No change |
| MRK Merck & Co. Inc. | 0.05% | 2,000 | $248K | No change |
| AVB Avalonbay Communities Inc. | 0.05% | 1,150 | $238K | No change |
| PLD Prologis Inc. | 0.04% | 1,900 | $213K | No change |
| GLPI Gaming and Leisure Propertie | 0.04% | 4,600 | $208K | No change |
| EGP Eastgroup Properties Inc. | 0.04% | 1,200 | $204K | No change |
Options reported separately and not counted above: QCOM calls ($39.8M), SNA puts ($39.2M), TSM puts ($34.8M), XYZ puts ($32.8M), UPST puts ($21.7M), VLY puts ($16.7M), LYV puts ($16.3M), PAYC puts ($14.3M), COF puts ($13.8M), ROKU puts ($12.0M), CLH puts ($12.0M), PAYX puts ($11.9M), and 21 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $541K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 250,000 | $276K | Add +25.0% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 250,000 | $265K | Add +25.0% |
Total filed on the 13F, all lines: $507.9M.
Portfolio Sells Q1 2024 → Q2 2024
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −1.91 |
| STLD Steel Dynamics Inc. | Reduce -84.2% | 0.47% | −1.65 |
| NTNX Nutanix Inc. Class A | Sold out | 0.00% | −1.40 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −1.34 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −1.30 |
| HUBB Hubbell Inc. | Sold out | 0.00% | −1.28 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −1.26 |
| EDR Endeavor Group Hold Class A | Reduce -96.3% | 0.08% | −1.19 |
| MLM Martin Marietta Materials | Reduce -54.1% | 1.98% | −1.04 |
| VST Vistra Corp. | Sold out | 0.00% | −1.02 |
| RTX RTX Corp. | Sold out | 0.00% | −1.01 |
| DELL Dell Technologies -C | Sold out | 0.00% | −1.01 |
| CRL Charles River Laboratories | Reduce -60.7% | 0.93% | −0.99 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.97 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.96 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.93 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.92 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.85 |
| TTEK Tetra Tech Inc. | Reduce -75.4% | 0.67% | −0.85 |
| NTAP Netapp Inc. | Sold out | 0.00% | −0.85 |
| CAVA Cava Group Inc. | Reduce -91.0% | 0.20% | −0.84 |
| CAE Cae Inc. | Reduce -49.5% | 2.30% | −0.83 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.79 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.76 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −0.73 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.71 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.70 |
| MS Morgan Stanley | Sold out | 0.00% | −0.70 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.67 |
| ACM Aecom | Sold out | 0.00% | −0.61 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.60 |
| CB Chubb Ltd. | Reduce -68.6% | 0.59% | −0.59 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.58 |
| CDNS Cadence Design SYS Inc. | Sold out | 0.00% | −0.52 |
| AXON Axon Enterprise Inc. | Reduce -55.4% | 1.10% | −0.52 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.50 |
| LYV Live Nation Entertainment Inc. | Reduce -39.5% | 3.14% | −0.48 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.46 |
| ONT Onterris Inc. | Sold out | 0.00% | −0.45 |
| MSFT Microsoft Corp. | Reduce -61.0% | 0.89% | −0.44 |
| SYM Symbotic Inc. | Sold out | 0.00% | −0.42 |
| RH RH | Sold out | 0.00% | −0.41 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −0.39 |
| XYL Xylem Inc. | Reduce -46.9% | 3.59% | −0.39 |
| TRMB Trimble Inc. | Reduce -46.9% | 1.10% | −0.37 |
| FBIN Fortune Brands Innovations I | Sold out | 0.00% | −0.37 |
| ETN Eaton Corp. PLC | Reduce -61.0% | 0.61% | −0.36 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.35 |
| FOR Forestar Group Inc. | Reduce -48.3% | 0.65% | −0.33 |
| WHD Cactus Inc. Class A | Reduce -68.0% | 0.38% | −0.32 |
Portfolio Buys Q1 2024 → Q2 2024
| BLK BlackRock Finance Inc. | New | 2.24% | +2.24 |
| VRSK Verisk Analytics Inc. | New | 1.98% | +1.98 |
| FORM Formfactor Inc. | New | 1.85% | +1.85 |
| RSG Republic Services Inc. | New | 1.69% | +1.69 |
| META Meta Platforms Inc. Class A | Add +5.4% | 3.02% | +1.31 |
| TMO Thermo Fisher Scientific Inc. | New | 1.26% | +1.26 |
| GM General Motors Co. | New | 1.24% | +1.24 |
| SYK Stryker Corp. | Add +104.4% | 1.80% | +1.23 |
| ZS Zscaler Inc. | New | 1.21% | +1.21 |
| ORCL Oracle Corp. | New | 1.20% | +1.20 |
| ENTG Entegris Inc. | Add +163.4% | 1.57% | +1.19 |
| AVGO Broadcom Inc. | Add +823.4% | 1.22% | +1.16 |
| ONTO Onto Innovation Inc. | New | 1.15% | +1.15 |
| GOOG Alphabet Inc. Class C | New | 1.07% | +1.07 |
| CEG Constellation Energy | New | 1.04% | +1.04 |
| LLY Eli Lilly & Co. | Add +7.5% | 1.98% | +1.00 |
| TER Teradyne Inc. | New | 0.93% | +0.93 |
| WMB Williams Cos Inc. | New | 0.88% | +0.88 |
| ARM Arm Holdings PLC-ADR | New | 0.83% | +0.83 |
| CW Curtiss-Wright Corp. | Add +68.3% | 1.15% | +0.75 |
| AER Aercap Holdings NV | Add +27.0% | 1.34% | +0.73 |
| IJR iShares Core S&P Small-Cap E | New | 0.67% | +0.67 |
| IJT iShares S&P Small-Cap 600 GR | New | 0.67% | +0.67 |
| DHI D.R. Horton Inc. | New | 0.64% | +0.64 |
| FICO Fair Isaac Corp. | Add +12.8% | 0.83% | +0.45 |
| TECH Bio-Techne Corp. | Add +27.5% | 0.82% | +0.43 |
| NXPI NXP Semiconductors NV | New | 0.42% | +0.42 |
| NXT Nextpower Inc. | Add +1.3% | 1.58% | +0.42 |
| LBRT Liberty Energy Inc. | New | 0.41% | +0.41 |
| ESTC Elastic NV | New | 0.40% | +0.40 |
| EXPO Exponent Inc. | Add +10.0% | 0.75% | +0.39 |
| RSP Invesco S&P 500 Equal Weight | New | 0.32% | +0.32 |
| GAP The Gap Inc. | New | 0.29% | +0.29 |
| CATX Perspective Therapeutics Inc. | New | 0.21% | +0.21 |
Options Activity Q1 2024 → Q2 2024
| QCOM Qualcomm Inc. | call | New | 200,000 | $39.8M |
| SNA Snap-on Inc. | put | New | 150,000 | $39.2M |
| TSM Taiwan Semiconductor-SP ADR | put | Reduce -13.0% | 200,000 | $34.8M |
| XYZ Block Inc. | put | Add +10.9% | 509,000 | $32.8M |
| FANG Diamondback Energy Inc. | call | Sold out | 116,000 | $23.0Mbefore exit |
| UPST Upstart Holdings Inc. | put | Reduce -13.9% | 918,000 | $21.7M |
| PYPL PayPal Holdings Inc. | call | Sold out | 288,000 | $19.3Mbefore exit |
| VLY Valley National Bancorp | put | Add +6.7% | 2,399,000 | $16.7M |
| UAL United Airlines Holdings Inc. | put | Sold out | 342,000 | $16.4Mbefore exit |
| LYV Live Nation Entertainment Inc. | put | Reduce -46.3% | 174,000 | $16.3M |
| STX Seagate Technology Holdings | put | Sold out | 167,000 | $15.5Mbefore exit |
| PAYC Paycom Software Inc. | put | New | 100,000 | $14.3M |
| COF Capital One Financial Corp. | put | Reduce -54.3% | 100,000 | $13.8M |
| SBUX Starbucks Corp. | put | Sold out | 150,000 | $13.7Mbefore exit |
| FCX Freeport-McMoran Inc. | call | Sold out | 288,000 | $13.5Mbefore exit |
| TECK Teck Resources Ltd.-CLS B | call | Sold out | 288,000 | $13.2Mbefore exit |
| ROKU Roku Inc. | put | Add +77.0% | 200,000 | $12.0M |
| PAYX Paychex Inc. | put | New | 100,000 | $11.9M |
| NTNX Nutanix Inc. Class A | put | Sold out | 188,000 | $11.6Mbefore exit |
| MARA Mara Holdings Inc. | put | Reduce -32.9% | 540,000 | $10.7M |
| MGA Magna International Inc. | put | Add +32.3% | 250,000 | $10.5M |
| CTSH Cognizant Tech Solutions-A | put | New | 150,000 | $10.2M |
| ROKU Roku Inc. | call | Add +46.5% | 170,000 | $10.2M |
| WDC Western Digital Corp. | call | Sold out | 145,000 | $9.9Mbefore exit |
| ALB Albemarle Corp. | put | New | 100,000 | $9.6M |
| TCOM Trip.com Group Ltd.-ADR | call | Reduce -13.0% | 200,000 | $9.4M |
| GES Guess? Inc. | put | Sold out | 275,000 | $8.7Mbefore exit |
| AOS Smith (a.o.) Corp. | put | New | 100,000 | $8.2M |
| HOLX Hologic Inc. | call | Reduce -50.0% | 106,000 | $7.9M |
| GME Gamestop Corp. Class A | put | Reduce -91.3% | 300,000 | $7.4M |
| ABR Arbor Realty Trust Inc. | put | Reduce -62.8% | 500,000 | $7.2M |
| WEN The Wendy's Co. | put | Reduce -48.6% | 400,000 | $6.8M |
| ZM Zoom Communications Inc. | call | Reduce -55.8% | 114,000 | $6.7M |
| QCOM Qualcomm Inc. | put | Sold out | 34,000 | $5.8Mbefore exit |
| CAG Conagra Brands Inc. | put | New | 200,000 | $5.7M |
| W Wayfair Inc. Class A | put | New | 100,000 | $5.3M |
| HP Helmerich & Payne | call | Sold out | 115,000 | $4.8Mbefore exit |
| KHC The Kraft Heinz Co. | put | New | 150,000 | $4.8M |
| RIG Transocean Ltd. | call | Sold out | 688,000 | $4.3Mbefore exit |
| INFY Infosys Ltd.-SP ADR | put | New | 200,000 | $3.7M |
| NXT Nextpower Inc. | call | New | 75,000 | $3.5M |
| INFY Infosys Ltd.-SP ADR | call | New | 170,000 | $3.2M |
| LBRT Liberty Energy Inc. | call | Sold out | 115,000 | $2.4Mbefore exit |
| LCID Lucid Group Inc. | put | Sold out | 247,400 | $705Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +25.0% | 250,000 | $276K |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Add +25.0% | 250,000 | $265K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 112 | $169.3M | KEYS, MSGS, EGP, MSM, PLD |
| Q1 2026 | 100 | $147.2M | KEYS, TKO, MSGS, EGP, PLD |
| Q4 2025 | 108 | $222.2M | KEYS, GLW, TKO, PLD, RTX |
| Q3 2025 | 119 | $272.1M | GLW, TKO, META, KEYS, HOLX |
| Q2 2025 | 123 | $287.8M | GLW, TKO, HOLX, META, VMI |
| Q1 2025 | 100 | $306.0M | VRSK, RTX, AMZN, LLY, GLW |
| Q4 2024 | 119 | $610.4M | SHOP, SYK, NET, AMZN, CRL |
| Q3 2024 | 113 | $517.0M | TKO, META, LYV, ETN, GLW |
| Q2 2024 | 88 | $507.4M | CLH, XYL, LYV, META, TKO |
| Q1 2024 | 102 | $820.4M | CLH, XYL, LYV, CAE, MLM |