Sandler Capital Management

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Sandler Capital Management reported 100 stock positions worth $147.2 million. Its top holding was Keysight Technologies (KEYS) at 6.3% of the portfolio, followed by Tko (TKO, 4.4%) and Madison Square Garden Sports (MSGS, 3.6%). Compared with Q4 2025, it opened 39 new positions, sold out of 47, added to 14 and reduced 47. The biggest buy was a new position in Clean Harbors (CLH) and the biggest sale Corning (GLW, shares −82%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001000742
Portfolio Value
$147.2M (Q1 2026)
SEC Filing
0001140361-26-021674 ↗ filed May 15, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $820.4M Q1 2024 Q2 2024: $507.4M Q2 2024 Q3 2024: $517.0M Q3 2024 Q4 2024: $610.4M Q4 2024 Q1 2025: $306.0M Q1 2025 Q2 2025: $287.8M Q2 2025 Q3 2025: $272.1M Q3 2025 Q4 2025: $222.2M Q4 2025 Q1 2026: $147.2M $147.2M Q1 2026 Q2 2026: $169.3M Q2 2026

Holdings 100 stocks · $147.2M

KEYS Keysight Technologies Inc. 6.35% 33,077 $9.3M Reduce -33.3%
TKO Tko Group Holdings Inc. 4.44% 32,419 $6.5M Reduce -28.7%
MSGS Madison Square Garden Sports 3.56% 16,325 $5.2M Reduce -17.5%
EGP Eastgroup Properties Inc. 3.23% 25,723 $4.8M Add +6.4%
PLD Prologis Inc. 3.00% 33,376 $4.4M Reduce -27.2%
MSGE Madison Square Garden Entert 2.87% 71,696 $4.2M Add +20.0%
TSM Taiwan Semiconductor-SP ADR 2.38% 10,357 $3.5M Reduce -41.6%
CLH Clean Harbors Inc. 2.15% 11,027 $3.2M New
DGX Quest Diagnostics Inc. 1.99% 14,955 $2.9M New
RL Ralph Lauren Corp. 1.91% 8,168 $2.8M Add +16.6%
GLW Corning Inc. 1.84% 19,970 $2.7M Reduce -82.3%
FOR Forestar Group Inc. 1.84% 110,965 $2.7M Add +5.3%
LYV Live Nation Entertainment Inc. 1.63% 15,706 $2.4M Add +4.0%
ADI Analog Devices Inc. 1.59% 7,338 $2.3M New
DHR Danaher Corp. 1.58% 12,250 $2.3M Reduce -14.3%
LHX L3HARRIS Technologies Inc. 1.55% 6,604 $2.3M Reduce -8.5%
AME Ametek Inc. 1.49% 10,258 $2.2M New
HUBB Hubbell Inc. 1.45% 4,348 $2.1M Add +185.9%
TDY Teledyne Technologies Inc. 1.40% 3,403 $2.1M Reduce -29.8%
LLY Eli Lilly & Co. 1.36% 2,171 $2.0M Add +0.9%
HON Honeywell International Inc. 1.28% 8,350 $1.9M Reduce -46.6%
RTX RTX Corp. 1.27% 9,724 $1.9M Reduce -68.2%
WAB Wabtec Corp. 1.26% 7,411 $1.9M New
HD Home Depot Inc. 1.25% 5,609 $1.8M New
BA The Boeing Co. 1.15% 8,500 $1.7M New
TRMB Trimble Inc. 1.14% 25,756 $1.7M Reduce -17.8%
FDX FedEx Corp. 1.14% 4,700 $1.7M New
LMT Lockheed Martin Corp. 1.14% 2,765 $1.7M New
FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD 1.13% 25,358 $1.7M New
WWD Woodward Inc. 1.12% 4,622 $1.7M Add +45.7%
TER Teradyne Inc. 1.11% 5,523 $1.6M Reduce -9.8%
AMZN Amazon.com Inc. 1.09% 7,707 $1.6M Reduce -40.0%
MTSI Macom Technology Solutions H 1.03% 6,857 $1.5M New
NOK Nokia Corp.-Spon ADR 0.99% 180,418 $1.5M New
EQIX Equinix Inc. 0.97% 1,460 $1.4M New
LIN Linde PLC 0.96% 2,850 $1.4M New
CEPT Cantor Equity Partners Class A 0.90% 121,000 $1.3M New
RBC RBC Bearings Inc. 0.89% 2,407 $1.3M New
A Agilent Technologies Inc. 0.84% 10,893 $1.2M Reduce -39.9%
NET Cloudflare Inc. Class A 0.83% 5,954 $1.2M New
HNGE Hinge Health Inc. Class A 0.82% 31,341 $1.2M Reduce -37.5%
CBOE Cboe Global Markets Inc. 0.80% 4,188 $1.2M Reduce -56.5%
STLD Steel Dynamics Inc. 0.80% 6,508 $1.2M Reduce -39.7%
SPHR Sphere Entertainment Co. 0.78% 9,822 $1.2M Reduce -67.7%
NVT Nvent Electric PLC 0.77% 9,553 $1.1M Reduce -16.1%
EBAY eBay Inc. 0.75% 12,143 $1.1M New
IDXX Idexx Laboratories Inc. 0.75% 1,965 $1.1M Add +26.6%
SBUX Starbucks Corp. 0.75% 12,300 $1.1M Reduce -44.6%
SHOP Shopify Inc. Class A 0.74% 9,188 $1.1M Add +47.5%
GE General Electric filed as GE AEROSPACE 0.73% 3,800 $1.1M New
AMRZ Amrize Ltd. 0.72% 18,806 $1.1M Add +98.0%
XLV SS Health Care Select Sector 0.71% 7,134 $1.0M Add +72.6%
MCO Moody's Corp. 0.71% 2,382 $1.0M New
AEHR Aehr Test Systems 0.70% 27,807 $1.0M New
CSX CSX Corp. 0.70% 25,007 $1.0M New
CW Curtiss-Wright Corp. 0.68% 1,462 $996K Reduce -22.5%
COST Costco Wholesale Corp. 0.66% 982 $978K Reduce -34.5%
SXT Sensient Technologies Corp. 0.65% 11,005 $951K Reduce -48.9%
TECH Bio-Techne Corp. 0.64% 17,936 $937K Add +16.1%
APH Amphenol Corp. Class A 0.61% 7,100 $897K Reduce -76.4%
VLTO Veralto Corp. 0.60% 9,947 $880K Reduce -7.2%
COHR Coherent Corp. 0.59% 3,651 $870K Reduce -52.2%
HSY The Hershey Co. 0.59% 4,168 $866K New
CRH CRH PLC 0.58% 8,192 $861K Reduce -61.4%
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 0.58% 11,810 $859K Reduce -74.7%
SPXC SPX Technologies Inc. 0.58% 4,295 $859K Reduce -35.1%
VMI Valmont Industries 0.58% 2,144 $857K Reduce -47.0%
CTOS Custom Truck One Source Inc. 0.55% 123,281 $810K Reduce -34.2%
AEIS Advanced Energy Industries 0.55% 2,500 $807K New
AMD Advanced Micro Devices 0.55% 3,950 $804K New
VIAV Viavi Solutions Inc. 0.53% 23,525 $783K New
ETN Eaton Corp. PLC 0.52% 2,153 $770K Reduce -41.3%
CAVA Cava Group Inc. 0.50% 9,150 $740K New
TSEM Tower Semiconductor Ltd. 0.49% 4,100 $719K New
ROK Rockwell Automation Inc. 0.48% 1,973 $708K Reduce -50.9%
AER Aercap Holdings NV 0.47% 5,055 $693K Reduce -30.5%
CAT Caterpillar Inc. 0.46% 965 $684K Reduce -32.9%
DY Dycom Industries Inc. 0.46% 1,999 $677K Reduce -76.2%
KRMN Karman Holdings Inc. 0.46% 8,450 $676K New
DECK Deckers Outdoor Corp. 0.45% 6,673 $668K New
GOOG Alphabet Inc. Class C 0.41% 2,097 $602K Reduce -85.0%
INFQ Infleqtion Inc. 0.41% 60,792 $596K New
NOC Northrop Grumman Corp. 0.38% 825 $563K Reduce -31.5%
TLN Talen Energy Corp. 0.38% 1,760 $562K Reduce -70.3%
JBL Jabil Inc. 0.37% 2,028 $539K Reduce -67.3%
CBRE CBRE Group Inc. Class A 0.36% 3,899 $528K Reduce -70.5%
LITE Lumentum Holdings Inc. 0.36% 750 $527K New
UEC Uranium Energy Corp. 0.36% 39,008 $527K Reduce -21.9%
MRVL Marvell Technology Inc. 0.35% 5,199 $515K New
KLAC KLA Corp. 0.32% 320 $471K New
ABNB Airbnb Inc. Class A 0.31% 3,567 $450K Reduce -62.0%
BE Bloom Energy Corp. Class A 0.28% 3,063 $415K New
MIR Mirion Technologies Inc. 0.24% 18,982 $353K Add +24.9%
ENTG Entegris Inc. 0.23% 2,902 $340K New
LEU Centrus Energy Corp. Class A 0.23% 1,942 $337K Reduce -45.6%
AXON Axon Enterprise Inc. 0.21% 730 $310K Reduce -75.1%
RDDT Reddit Inc. Class A 0.20% 2,212 $298K New
SOLS Solstice Adv Materials Inc. 0.17% 3,337 $254K New
KTOS Kratos Defense & Security 0.16% 3,237 $228K Reduce -78.1%
HOOD Robinhood Markets Inc. Class A 0.14% 2,888 $200K New

Options reported separately and not counted above: TSM puts ($8.2M), MS puts ($4.1M), CRWV puts ($3.8M), XYZ puts ($3.6M), MRVL calls ($2.9M), AVY calls ($2.7M), ROKU calls ($2.6M), AAPL calls ($2.5M), ARES puts ($2.5M), HNGE calls ($1.9M), CHYM puts ($1.8M), SOFI puts ($1.4M), and 8 more.

Portfolio Sells Q4 2025 → Q1 2026

GLW Corning Inc. Reduce -82.3% 1.84% −2.61
HOLX Hologic Inc. Sold out 0.00% −2.31
TEL Te Connectivity PLC Sold out 0.00% −1.71
GOOG Alphabet Inc. Class C Reduce -85.0% 0.41% −1.56
FWONK Liberty Media Corp. Class C Sold out 0.00% −1.51
CCJ Cameco Corp. Sold out 0.00% −1.49
MRK Merck & Co. Inc. Sold out 0.00% −1.32
RTX RTX Corp. Reduce -68.2% 1.27% −1.25
APH Amphenol Corp. Class A Reduce -76.4% 0.61% −1.22
AVY Avery Dennison Corp. Sold out 0.00% −1.16
BAC Bank of America Corp. Sold out 0.00% −1.15
MLM Martin Marietta Materials Sold out 0.00% −1.06
XRT SS SPDR S&P Retail ETF Sold out 0.00% −1.05
ULTA Ulta Beauty Inc. Sold out 0.00% −0.99
AAPL Apple Inc. Sold out 0.00% −0.92
BLK BlackRock Inc. Sold out 0.00% −0.87
SHOO Steven Madden Ltd. Sold out 0.00% −0.84
QDEL Quidelortho Corp. Sold out 0.00% −0.83
DY Dycom Industries Inc. Reduce -76.2% 0.46% −0.82
GD General Dynamics Corp. Sold out 0.00% −0.73
MSFT Microsoft Corp. Sold out 0.00% −0.73
CRM Salesforce Inc. Sold out 0.00% −0.72
BHP BHP Group Ltd.-Spon ADR Reduce -74.7% 0.58% −0.69
ATMU Atmus Filtration Technologie Sold out 0.00% −0.69
SNOW Snowflake Inc. Sold out 0.00% −0.67
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.67
FORM Formfactor Inc. Sold out 0.00% −0.65
TLN Talen Energy Corp. Reduce -70.3% 0.38% −0.62
CRH CRH PLC Reduce -61.4% 0.58% −0.61
CBRE CBRE Group Inc. Class A Reduce -70.5% 0.36% −0.60
MRCY Mercury Systems Inc. Sold out 0.00% −0.58
CIEN Ciena Corp. Sold out 0.00% −0.55
VST Vistra Corp. Sold out 0.00% −0.54
AXON Axon Enterprise Inc. Reduce -75.1% 0.21% −0.54
PL Planet Labs PBC Sold out 0.00% −0.53
SPHR Sphere Entertainment Co. Reduce -67.7% 0.78% −0.52
VSXY Victoria's Secret & Co. Sold out 0.00% −0.51
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.51
META Meta Platforms Inc. Class A Sold out 0.00% −0.50
LRCX Lam Research Corp. Sold out 0.00% −0.50
WCC Wesco International Inc. Sold out 0.00% −0.47
ATRO Astronics Corp. Sold out 0.00% −0.47
AMAT Applied Materials Inc. Sold out 0.00% −0.40
MC Moelis & Co. Class A Sold out 0.00% −0.37
CEG Constellation Energy Sold out 0.00% −0.36
HURN Huron Consulting Group Inc. Sold out 0.00% −0.36
GEV GE Vernova Inc. Sold out 0.00% −0.35
KTOS Kratos Defense & Security Reduce -78.1% 0.16% −0.35
BLFS Biolife Solutions Inc. Sold out 0.00% −0.34
NVDA Nvidia Corp. Sold out 0.00% −0.33

Portfolio Buys Q4 2025 → Q1 2026

CLH Clean Harbors Inc. New 2.15% +2.15
DGX Quest Diagnostics Inc. New 1.99% +1.99
ADI Analog Devices Inc. New 1.59% +1.59
AME Ametek Inc. New 1.49% +1.49
MSGE Madison Square Garden Entert Add +20.0% 2.87% +1.42
EGP Eastgroup Properties Inc. Add +6.4% 3.23% +1.30
WAB Wabtec Corp. New 1.26% +1.26
HD Home Depot Inc. New 1.25% +1.25
BA The Boeing Co. New 1.15% +1.15
HUBB Hubbell Inc. Add +185.9% 1.45% +1.15
FDX FedEx Corp. New 1.14% +1.14
LMT Lockheed Martin Corp. New 1.14% +1.14
FLEX Flex Ltd. New 1.13% +1.13
MTSI Macom Technology Solutions H New 1.03% +1.03
NOK Nokia Corp.-Spon ADR New 0.99% +0.99
EQIX Equinix Inc. New 0.97% +0.97
LIN Linde PLC New 0.96% +0.96
CEPT Cantor Equity Partners Class A New 0.90% +0.90
RBC RBC Bearings Inc. New 0.89% +0.89
NET Cloudflare Inc. Class A New 0.83% +0.83
RL Ralph Lauren Corp. Add +16.6% 1.91% +0.79
EBAY eBay Inc. New 0.75% +0.75
GE General Electric New 0.73% +0.73
MCO Moody's Corp. New 0.71% +0.71
AEHR Aehr Test Systems New 0.70% +0.70
CSX CSX Corp. New 0.70% +0.70
WWD Woodward Inc. Add +45.7% 1.12% +0.69
FOR Forestar Group Inc. Add +5.3% 1.84% +0.67
LYV Live Nation Entertainment Inc. Add +4.0% 1.63% +0.66
HSY The Hershey Co. New 0.59% +0.59
AEIS Advanced Energy Industries New 0.55% +0.55
AMD Advanced Micro Devices New 0.55% +0.55
VIAV Viavi Solutions Inc. New 0.53% +0.53
CAVA Cava Group Inc. New 0.50% +0.50
TSEM Tower Semiconductor Ltd. New 0.49% +0.49
AMRZ Amrize Ltd. Add +98.0% 0.72% +0.48
KRMN Karman Holdings Inc. New 0.46% +0.46
DECK Deckers Outdoor Corp. New 0.45% +0.45
XLV SS Health Care Select Sector Add +72.6% 0.71% +0.42
INFQ Infleqtion Inc. New 0.41% +0.41
LITE Lumentum Holdings Inc. New 0.36% +0.36
MRVL Marvell Technology Inc. New 0.35% +0.35
KLAC KLA Corp. New 0.32% +0.32
LLY Eli Lilly & Co. Add +0.9% 1.36% +0.32
SHOP Shopify Inc. Class A Add +47.5% 0.74% +0.29
BE Bloom Energy Corp. Class A New 0.28% +0.28
IDXX Idexx Laboratories Inc. Add +26.6% 0.75% +0.28
ENTG Entegris Inc. New 0.23% +0.23
TECH Bio-Techne Corp. Add +16.1% 0.64% +0.23
RDDT Reddit Inc. Class A New 0.20% +0.20

Options Activity Q4 2025 → Q1 2026

TSM Taiwan Semiconductor-SP ADR put Reduce -2.8% 24,300 $8.2M
GLW Corning Inc. put Sold out 75,000 $6.6Mbefore exit
C Citigroup Inc. put Sold out 45,000 $5.3Mbefore exit
MS Morgan Stanley put Add +28.9% 25,000 $4.1M
CRWV Coreweave Inc. Class A put New 48,900 $3.8M
LYV Live Nation Entertainment Inc. put Sold out 26,500 $3.8Mbefore exit
NVDA Nvidia Corp. call Sold out 20,000 $3.7Mbefore exit
XYZ Block Inc. put New 60,000 $3.6M
COIN Coinbase Global Inc. Class A put Sold out 15,000 $3.4Mbefore exit
INFY Infosys Ltd.-SP ADR call Sold out 180,000 $3.2Mbefore exit
MRVL Marvell Technology Inc. call New 29,100 $2.9M
CZR Caesars Entertainment Inc. put Sold out 120,000 $2.8Mbefore exit
AVY Avery Dennison Corp. call Reduce -34.7% 15,800 $2.7M
UAL United Airlines Holdings Inc. call Sold out 24,200 $2.7Mbefore exit
APH Amphenol Corp. Class A call Sold out 20,000 $2.7Mbefore exit
SYY Sysco Corp. put Sold out 35,000 $2.6Mbefore exit
ROKU Roku Inc. call New 27,100 $2.6M
AAPL Apple Inc. call Reduce -35.3% 9,700 $2.5M
ARES Ares Management Corp. Class A put New 22,500 $2.5M
SOFI Sofi Technologies Inc. call Sold out 82,500 $2.2Mbefore exit
M Macy's Inc. put Sold out 97,100 $2.1Mbefore exit
SHOO Steven Madden Ltd. call Sold out 50,000 $2.1Mbefore exit
EL Estee Lauder Companies Class A put Sold out 18,900 $2.0Mbefore exit
HIMS Hims & Hers Health Inc. put Sold out 60,000 $1.9Mbefore exit
HNGE Hinge Health Inc. Class A call New 48,400 $1.9M
CHYM Chime Financial Inc. Class A put Add +94.2% 97,100 $1.8M
MSTR Strategy Inc. put Sold out 10,000 $1.5Mbefore exit
SOFI Sofi Technologies Inc. put New 90,000 $1.4M
MD Pediatrix Medical Group Inc. call Sold out 63,000 $1.3Mbefore exit
UPST Upstart Holdings Inc. put Add +7.4% 52,000 $1.3M
ORCL Oracle Corp. put New 8,700 $1.3M
INFQ Infleqtion Inc. call Sold out 55,000 $1.3Mbefore exit
LION Lionsgate Studios Corp. call Reduce -31.4% 127,100 $1.2M
INTC Intel Corp. put New 25,700 $1.1M
UEC Uranium Energy Corp. call Sold out 97,000 $1.1Mbefore exit
NTNX Nutanix Inc. Class A call New 28,800 $1.1M
RHI Robert Half Inc. put Sold out 40,000 $1.1Mbefore exit
STM Stmicroelectronics NV-NY SHS call New 30,000 $1.0M
GRPN Groupon Inc. call Sold out 44,400 $782Kbefore exit
XPEV Xpeng Inc. - ADR call Sold out 33,900 $687Kbefore exit
CRCL Circle Internet Group Inc. put Sold out 8,500 $674Kbefore exit
FLO Flowers Foods Inc. put Reduce -61.6% 65,100 $531K
HRB H&R Block Inc. put Sold out 9,800 $427Kbefore exit
GOGO Gogo Inc. put Reduce -34.3% 95,600 $384K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 112$169.3MKEYS, MSGS, EGP, MSM, PLD
Q1 2026 100$147.2MKEYS, TKO, MSGS, EGP, PLD
Q4 2025 108$222.2MKEYS, GLW, TKO, PLD, RTX
Q3 2025 119$272.1MGLW, TKO, META, KEYS, HOLX
Q2 2025 123$287.8MGLW, TKO, HOLX, META, VMI
Q1 2025 100$306.0MVRSK, RTX, AMZN, LLY, GLW
Q4 2024 119$610.4MSHOP, SYK, NET, AMZN, CRL
Q3 2024 113$517.0MTKO, META, LYV, ETN, GLW
Q2 2024 88$507.4MCLH, XYL, LYV, META, TKO
Q1 2024 102$820.4MCLH, XYL, LYV, CAE, MLM