Sands Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Sands Capital Management, LLC reported 75 stock positions worth $29.4 billion. Its top holding was Nvidia (NVDA) at 7.3% of the portfolio, followed by Amazon.com (AMZN, 7.2%) and Netflix (NFLX, 4.7%). Compared with Q4 2024, it opened 9 new positions, sold out of 5, added to 14 and reduced 51. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +82%) and the biggest sale ASML Holding NV-NY Reg SHS (ASML, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001020066
- Portfolio Value
- $29.4B (Q1 2025)
- SEC Filing
- 0001846444-25-000006 ↗ filed May 14, 2025
Holdings Value
Holdings 75 stocks · $29.4B
| NVDA Nvidia Corp. | 7.35% | 19,926,183 | $2.2B | Reduce -9.6% |
| AMZN Amazon.com Inc. | 7.18% | 11,094,543 | $2.1B | Reduce -6.0% |
| NFLX Netflix Inc. | 4.66% | 1,467,474 | $1.4B | Reduce -1.0% |
| V Visa Inc. Class A | 4.55% | 3,813,042 | $1.3B | Reduce -16.2% |
| TSM Taiwan Semiconductor-SP ADR | 4.53% | 8,027,318 | $1.3B | Add +82.4% |
| MELI MercadoLibre Inc. | 4.06% | 611,999 | $1.2B | Reduce -8.4% |
| NOW ServiceNow Inc. | 3.95% | 1,457,978 | $1.2B | Add +0.4% |
| SHOP Shopify Inc. Class A | 3.95% | 12,145,821 | $1.2B | Reduce -11.8% |
| DASH DoorDash Inc. Class A | 3.42% | 5,507,021 | $1.0B | Reduce -6.5% |
| AXON Axon Enterprise Inc. | 3.40% | 1,899,822 | $999.2M | Reduce -3.9% |
| MSFT Microsoft Corp. | 3.38% | 2,648,248 | $994.1M | Reduce -5.5% |
| SPOT Spotify Technology SA | 3.35% | 1,788,550 | $983.8M | Reduce -3.8% |
| SE Sea Ltd.-ADR | 3.03% | 6,817,994 | $889.7M | Reduce -7.8% |
| META Meta Platforms Inc. Class A | 2.96% | 1,507,762 | $869.0M | Add +13.2% |
| TEAM Atlassian Corp. Class A | 2.83% | 3,918,588 | $831.6M | Reduce -13.3% |
| NET Cloudflare Inc. Class A | 2.46% | 6,427,446 | $724.3M | Reduce -17.2% |
| DXCM Dexcom Inc. | 2.42% | 10,414,156 | $711.2M | Reduce -6.3% |
| IOT Samsara Inc. Class A | 2.14% | 16,443,161 | $630.3M | Add +58.6% |
| APP AppLovin Corp. Class A | 1.86% | 2,058,193 | $545.4M | Add +149.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.79% | 51,443,965 | $526.8M | Reduce -11.3% |
| GOOGL Alphabet Inc. Class A | 1.76% | 3,349,727 | $518.0M | Reduce -7.5% |
| FLUT Flutter Entertainment PLC-Di | 1.65% | 2,195,271 | $486.4M | Reduce -5.0% |
| ICE Intercontinental Exchange Inc. | 1.58% | 2,692,729 | $464.5M | Reduce -1.9% |
| XYZ Block Inc. | 1.58% | 8,531,831 | $463.5M | Reduce -17.5% |
| ASML ASML Holding NV-NY Reg SHS | 1.26% | 557,428 | $369.4M | Reduce -68.8% |
| IRTC Irhythm Holdings Inc. | 1.07% | 3,016,207 | $315.7M | Reduce -5.0% |
| DDOG Datadog Inc. Class A | 0.98% | 2,915,476 | $289.2M | Reduce -17.3% |
| UBER Uber Technologies Inc. | 0.97% | 3,913,222 | $285.1M | Reduce -2.7% |
| ISRG Intuitive Surgical Inc. | 0.92% | 544,076 | $269.5M | New |
| CPNG Coupang Inc. | 0.90% | 12,080,484 | $264.9M | Reduce -7.5% |
| NKE Nike Inc. Class B | 0.81% | 3,754,580 | $238.3M | Reduce -5.1% |
| AVGO Broadcom Inc. | 0.81% | 1,420,870 | $237.9M | New |
| RBLX Roblox Corp. Class A | 0.79% | 4,006,330 | $233.5M | Reduce -5.0% |
| WCN Waste Connections Inc. | 0.74% | 1,108,404 | $216.3M | Add +85.7% |
| HDB HDFC Bank Ltd.-ADR | 0.66% | 2,911,190 | $193.4M | Add +1.2% |
| ROP Roper Technologies Inc. | 0.65% | 326,112 | $192.3M | Add +0.1% |
| FWONK Liberty Media Corp. Class C | 0.59% | 1,919,229 | $172.7M | Reduce -23.4% |
| RGEN Repligen Corp. | 0.56% | 1,294,196 | $164.7M | Reduce -5.1% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.51% | 4,163,561 | $150.8M | Reduce -3.1% |
| HTHT H World Group Ltd.-ADR | 0.45% | 3,587,089 | $132.8M | Add +5.5% |
| BLDR Builders Firstsource Inc. | 0.45% | 1,051,544 | $131.4M | New |
| YMM Full Truck Alliance -SPN ADR | 0.45% | 10,250,292 | $130.9M | Add +66.5% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.41% | 1,311,457 | $121.8M | Reduce -9.0% |
| TTEK Tetra Tech Inc. | 0.41% | 4,110,736 | $120.2M | Reduce -5.2% |
| TDG Transdigm Group Inc. | 0.40% | 85,886 | $118.8M | Reduce -0.6% |
| ABNB Airbnb Inc. Class A | 0.39% | 950,809 | $113.6M | Reduce -5.1% |
| GLOB Globant SA | 0.36% | 902,535 | $106.2M | Reduce -9.0% |
| RACE Ferrari NV | 0.36% | 246,069 | $105.3M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 0.33% | 624,184 | $97.5M | Reduce -5.1% |
| UNH Unitedhealth Group Inc. | 0.31% | 174,787 | $91.5M | Reduce -0.5% |
| CHTR Charter Communications Inc. Class A | 0.30% | 239,604 | $88.3M | Reduce -0.6% |
| GRAB Grab Holdings Ltd. Class A | 0.30% | 19,477,077 | $88.2M | Reduce -8.9% |
| VG Venture Global Inc. Class A | 0.30% | 8,532,908 | $87.9M | New |
| SNOW Snowflake Inc. | 0.30% | 596,443 | $87.2M | Reduce -79.6% |
| AAPL Apple Inc. | 0.27% | 355,649 | $79.0M | Reduce -86.9% |
| CDNS Cadence Design SYS Inc. | 0.26% | 304,719 | $77.5M | Add +61.9% |
| BZ Kanzhun Ltd. - ADR | 0.26% | 3,934,331 | $75.4M | Reduce -8.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.24% | 202,631 | $70.0M | New |
| MCK McKesson Corp. | 0.21% | 91,750 | $61.7M | New |
| APH Amphenol Corp. Class A | 0.21% | 929,152 | $60.9M | New |
| SAP Sap SE-Sponsored ADR | 0.20% | 223,032 | $59.9M | New |
| LIN Linde PLC | 0.14% | 89,288 | $41.6M | Reduce -0.4% |
| OKTA Okta Inc. | 0.13% | 358,721 | $37.7M | Reduce -21.6% |
| KVYO Klaviyo Inc. Class A | 0.10% | 972,749 | $29.4M | Reduce -21.4% |
| MNDY Monday.com Ltd. | 0.10% | 115,041 | $28.0M | Add +31.5% |
| GLBE Global-E Online Ltd. | 0.06% | 522,035 | $18.6M | Reduce -22.2% |
| ICLR Icon PLC | 0.06% | 94,324 | $16.5M | Reduce -0.4% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.05% | 44,417 | $15.7M | Reduce -43.8% |
| CVNA Carvana Co. | 0.04% | 61,131 | $12.8M | New |
| STVN Stevanato Group SPA | 0.03% | 485,476 | $9.9M | Reduce -3.0% |
| IWF iShares Russell 1000 Growth | 0.03% | 26,465 | $9.6M | Add +63.1% |
| GTLB Gitlab Inc. Class A | 0.02% | 127,475 | $6.0M | No change |
| EW Edwards Lifesciences Corp. | 0.00% | 19,244 | $1.4M | Add +6.5% |
| ENTG Entegris Inc. | 0.00% | 11,172 | $977K | Reduce -99.8% |
| PATH Uipath Inc. Class A | 0.00% | 44,642 | $460K | Reduce -39.4% |
Portfolio Sells Q4 2024 → Q1 2025
| ASML ASML Holding NV-NY Reg SHS | Reduce -68.8% | 1.26% | −2.41 |
| ENTG Entegris Inc. | Reduce -99.8% | 0.00% | −2.11 |
| AAPL Apple Inc. | Reduce -86.9% | 0.27% | −1.74 |
| NVDA Nvidia Corp. | Reduce -9.6% | 7.35% | −1.41 |
| SNOW Snowflake Inc. | Reduce -79.6% | 0.30% | −1.04 |
| XYZ Block Inc. | Reduce -17.5% | 1.58% | −1.02 |
| DDOG Datadog Inc. Class A | Reduce -17.3% | 0.98% | −0.51 |
| AMZN Amazon.com Inc. | Reduce -6.0% | 7.18% | −0.48 |
| TEAM Atlassian Corp. Class A | Reduce -13.3% | 2.83% | −0.43 |
| SHOP Shopify Inc. Class A | Reduce -11.8% | 3.95% | −0.39 |
| GLOB Globant SA | Reduce -9.0% | 0.36% | −0.27 |
| GOOGL Alphabet Inc. Class A | Reduce -7.5% | 1.76% | −0.27 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.22 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.17 |
| SITE Siteone Landscape Supply Inc. | Sold out | 0.00% | −0.16 |
| DXCM Dexcom Inc. | Reduce -6.3% | 2.42% | −0.14 |
| MSFT Microsoft Corp. | Reduce -5.5% | 3.38% | −0.12 |
| FLUT Flutter Entertainment PLC-Di | Reduce -5.0% | 1.65% | −0.11 |
| TTEK Tetra Tech Inc. | Reduce -5.2% | 0.41% | −0.10 |
| FWONK Liberty Media Corp. Class C | Reduce -23.4% | 0.59% | −0.10 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.09 |
| AXON Axon Enterprise Inc. | Reduce -3.9% | 3.40% | −0.08 |
| NKE Nike Inc. Class B | Reduce -5.1% | 0.81% | −0.08 |
| KVYO Klaviyo Inc. Class A | Reduce -21.4% | 0.10% | −0.05 |
| GLBE Global-E Online Ltd. | Reduce -22.2% | 0.06% | −0.04 |
| GOOG Alphabet Inc. Class C | Reduce -5.1% | 0.33% | −0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -43.8% | 0.05% | −0.03 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -3.1% | 0.51% | −0.02 |
| RGEN Repligen Corp. | Reduce -5.1% | 0.56% | −0.02 |
| NET Cloudflare Inc. Class A | Reduce -17.2% | 2.46% | −0.01 |
| ABNB Airbnb Inc. Class A | Reduce -5.1% | 0.39% | −0.00 |
| ICLR Icon PLC | Reduce -0.4% | 0.06% | −0.00 |
| PATH Uipath Inc. Class A | Reduce -39.4% | 0.00% | −0.00 |
| TXG 10X Genomics Inc. Class A | Sold out | 0.00% | −0.00 |
| STVN Stevanato Group SPA | Reduce -3.0% | 0.03% | +0.00 |
| GRAB Grab Holdings Ltd. Class A | Reduce -8.9% | 0.30% | +0.00 |
| KSPI JSC Kaspi.kz ADR | Reduce -9.0% | 0.41% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -11.3% | 1.79% | +0.01 |
| OKTA Okta Inc. | Reduce -21.6% | 0.13% | +0.02 |
| LIN Linde PLC | Reduce -0.4% | 0.14% | +0.03 |
| RACE Ferrari NV | Reduce -0.9% | 0.36% | +0.05 |
| UNH Unitedhealth Group Inc. | Reduce -0.5% | 0.31% | +0.05 |
| CPNG Coupang Inc. | Reduce -7.5% | 0.90% | +0.05 |
| CHTR Charter Communications Inc. Class A | Reduce -0.6% | 0.30% | +0.06 |
| RBLX Roblox Corp. Class A | Reduce -5.0% | 0.79% | +0.07 |
| BZ Kanzhun Ltd. - ADR | Reduce -8.9% | 0.26% | +0.08 |
| TDG Transdigm Group Inc. | Reduce -0.6% | 0.40% | +0.08 |
| IRTC Irhythm Holdings Inc. | Reduce -5.0% | 1.07% | +0.23 |
| UBER Uber Technologies Inc. | Reduce -2.7% | 0.97% | +0.25 |
| V Visa Inc. Class A | Reduce -16.2% | 4.55% | +0.29 |
Portfolio Buys Q4 2024 → Q1 2025
| TSM Taiwan Semiconductor-SP ADR | Add +82.4% | 4.53% | +1.96 |
| APP AppLovin Corp. Class A | Add +149.1% | 1.86% | +1.06 |
| ISRG Intuitive Surgical Inc. | New | 0.92% | +0.92 |
| AVGO Broadcom Inc. | New | 0.81% | +0.81 |
| IOT Samsara Inc. Class A | Add +58.6% | 2.14% | +0.80 |
| META Meta Platforms Inc. Class A | Add +13.2% | 2.96% | +0.65 |
| BLDR Builders Firstsource Inc. | New | 0.45% | +0.45 |
| WCN Waste Connections Inc. | Add +85.7% | 0.74% | +0.43 |
| VG Venture Global Inc. Class A | New | 0.30% | +0.30 |
| YMM Full Truck Alliance -SPN ADR | Add +66.5% | 0.45% | +0.25 |
| AJG Arthur J Gallagher & Co. | New | 0.24% | +0.24 |
| MCK McKesson Corp. | New | 0.21% | +0.21 |
| APH Amphenol Corp. Class A | New | 0.21% | +0.21 |
| SAP Sap SE-Sponsored ADR | New | 0.20% | +0.20 |
| ROP Roper Technologies Inc. | Add +0.1% | 0.65% | +0.15 |
| HTHT H World Group Ltd.-ADR | Add +5.5% | 0.45% | +0.12 |
| HDB HDFC Bank Ltd.-ADR | Add +1.2% | 0.66% | +0.11 |
| CDNS Cadence Design SYS Inc. | Add +61.9% | 0.26% | +0.10 |
| CVNA Carvana Co. | New | 0.04% | +0.04 |
| MNDY Monday.com Ltd. | Add +31.5% | 0.10% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +63.1% | 0.03% | +0.01 |
| EW Edwards Lifesciences Corp. | Add +6.5% | 0.00% | +0.00 |
| NOW ServiceNow Inc. | Add +0.4% | 3.95% | −0.61 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 71 | $26.9B | NVDA, TSM, GOOGL, AMZN, ASML |
| Q1 2026 | 67 | $25.5B | NVDA, TSM, GOOGL, AMZN, SHOP |
| Q4 2025 | 66 | $32.9B | NVDA, TSM, AMZN, GOOGL, SHOP |
| Q3 2025 | 64 | $36.2B | NVDA, TSM, AMZN, MSFT, V |
| Q2 2025 | 66 | $34.8B | NVDA, AMZN, TSM, NFLX, MSFT |
| Q1 2025 | 75 | $29.4B | NVDA, AMZN, NFLX, V, TSM |
| Q4 2024 | 71 | $33.8B | NVDA, AMZN, NOW, SHOP, V |
| Q3 2024 | 67 | $32.9B | NVDA, AMZN, ASML, MELI, V |
| Q2 2024 | 66 | $34.0B | NVDA, AMZN, ASML, MSFT, V |
| Q1 2024 | 76 | $35.8B | NVDA, AMZN, ASML, V, DXCM |