Sands Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Sands Capital Management, LLC reported 66 stock positions worth $34.8 billion. Its top holding was Nvidia (NVDA) at 9.8% of the portfolio, followed by Amazon.com (AMZN, 5.8%) and Taiwan Semiconductor-SP ADR (TSM, 5.6%). Compared with Q1 2025, it opened 3 new positions, sold out of 12, added to 25 and reduced 37. The biggest buy was Nvidia (NVDA, shares +8%) and the biggest sale Shopify Class A (SHOP, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001020066
- Portfolio Value
- $34.8B (Q2 2025)
- SEC Filing
- 0001020066-25-000028 ↗ filed Aug 13, 2025
Holdings Value
Holdings 66 stocks · $34.8B
| NVDA Nvidia Corp. | 9.78% | 21,557,208 | $3.4B | Add +8.2% |
| AMZN Amazon.com Inc. | 5.81% | 9,230,023 | $2.0B | Reduce -16.8% |
| TSM Taiwan Semiconductor-SP ADR | 5.56% | 8,552,278 | $1.9B | Add +6.5% |
| NFLX Netflix Inc. | 4.35% | 1,131,679 | $1.5B | Reduce -22.9% |
| MSFT Microsoft Corp. | 4.22% | 2,954,745 | $1.5B | Add +11.6% |
| NOW ServiceNow Inc. | 4.16% | 1,408,333 | $1.4B | Reduce -3.4% |
| V Visa Inc. Class A | 4.11% | 4,030,104 | $1.4B | Add +5.7% |
| MELI MercadoLibre Inc. | 3.85% | 513,532 | $1.3B | Reduce -16.1% |
| AXON Axon Enterprise Inc. | 3.83% | 1,611,295 | $1.3B | Reduce -15.2% |
| DASH DoorDash Inc. Class A | 3.39% | 4,792,181 | $1.2B | Reduce -13.0% |
| SPOT Spotify Technology SA | 2.98% | 1,354,803 | $1.0B | Reduce -24.3% |
| ICE Intercontinental Exchange Inc. | 2.80% | 5,313,039 | $974.8M | Add +97.3% |
| NET Cloudflare Inc. Class A | 2.77% | 4,928,874 | $965.2M | Reduce -23.3% |
| META Meta Platforms Inc. Class A | 2.77% | 1,306,041 | $964.0M | Reduce -13.4% |
| SE Sea Ltd.-ADR | 2.61% | 5,678,005 | $908.1M | Reduce -16.7% |
| DXCM Dexcom Inc. | 2.49% | 9,947,944 | $868.4M | Reduce -4.5% |
| SHOP Shopify Inc. Class A | 2.48% | 7,492,615 | $864.3M | Reduce -38.3% |
| IOT Samsara Inc. Class A | 2.20% | 19,276,210 | $766.8M | Add +17.2% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.15% | 54,504,428 | $747.8M | Add +6.0% |
| XYZ Block Inc. | 2.02% | 10,340,740 | $702.4M | Add +21.2% |
| FLUT Flutter Entertainment PLC-Di | 1.74% | 2,121,637 | $606.3M | Reduce -3.4% |
| GOOGL Alphabet Inc. Class A | 1.56% | 3,085,879 | $543.8M | Reduce -7.9% |
| TEAM Atlassian Corp. Class A | 1.51% | 2,588,723 | $525.7M | Reduce -33.9% |
| AVGO Broadcom Inc. | 1.46% | 1,843,327 | $508.1M | Add +29.7% |
| IRTC Irhythm Holdings Inc. | 1.29% | 2,915,527 | $448.9M | Reduce -3.3% |
| ASML ASML Holding NV-NY Reg SHS | 1.22% | 530,562 | $425.2M | Reduce -4.8% |
| ISRG Intuitive Surgical Inc. | 1.18% | 757,570 | $411.7M | Add +39.2% |
| RBLX Roblox Corp. Class A | 1.08% | 3,586,543 | $377.3M | Reduce -10.5% |
| DDOG Datadog Inc. Class A | 1.07% | 2,772,015 | $372.4M | Reduce -4.9% |
| CPNG Coupang Inc. | 1.03% | 11,999,721 | $359.5M | Reduce -0.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.03% | 1,121,249 | $358.9M | Add +453.4% |
| CVNA Carvana Co. | 0.87% | 901,227 | $303.7M | Add +1374.3% |
| APP AppLovin Corp. Class A | 0.82% | 817,346 | $286.1M | Reduce -60.3% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.69% | 4,614,347 | $240.2M | New |
| HDB HDFC Bank Ltd.-ADR | 0.63% | 2,883,335 | $221.1M | Reduce -1.0% |
| WCN Waste Connections Inc. | 0.60% | 1,120,082 | $209.1M | Add +1.1% |
| FWONK Liberty Media Corp. Class C | 0.57% | 1,911,033 | $199.7M | Reduce -0.4% |
| TTEK Tetra Tech Inc. | 0.54% | 5,200,335 | $187.0M | Add +26.5% |
| ROP Roper Technologies Inc. | 0.53% | 327,846 | $185.8M | Add +0.5% |
| CSL Carlisle Cos Inc. | 0.46% | 426,360 | $159.2M | New |
| RGEN Repligen Corp. | 0.45% | 1,251,088 | $155.6M | Reduce -3.3% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.41% | 3,943,485 | $143.4M | Reduce -5.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.41% | 1,682,013 | $142.8M | Add +28.3% |
| TDG Transdigm Group Inc. | 0.38% | 86,900 | $132.1M | Add +1.2% |
| VG Venture Global Inc. Class A | 0.35% | 7,854,539 | $122.4M | Reduce -8.0% |
| RACE Ferrari NV | 0.34% | 243,717 | $119.6M | Reduce -1.0% |
| BLDR Builders Firstsource Inc. | 0.34% | 1,016,773 | $118.6M | Reduce -3.3% |
| GOOG Alphabet Inc. Class C | 0.31% | 603,385 | $107.0M | Reduce -3.3% |
| MCK McKesson Corp. | 0.31% | 145,867 | $106.9M | Add +59.0% |
| CHTR Charter Communications Inc. Class A | 0.28% | 242,432 | $99.1M | Add +1.2% |
| CDNS Cadence Design SYS Inc. | 0.27% | 308,191 | $95.0M | Add +1.1% |
| GRAB Grab Holdings Ltd. Class A | 0.27% | 18,757,824 | $94.4M | Reduce -3.7% |
| APH Amphenol Corp. Class A | 0.27% | 940,121 | $92.8M | Add +1.2% |
| SAP Sap SE-Sponsored ADR | 0.25% | 289,386 | $88.0M | Add +29.8% |
| YMM Full Truck Alliance -SPN ADR | 0.23% | 6,926,596 | $81.8M | Reduce -32.4% |
| GLOB Globant SA | 0.23% | 869,376 | $79.0M | Reduce -3.7% |
| LIN Linde PLC | 0.12% | 86,662 | $40.7M | Reduce -2.9% |
| KVYO Klaviyo Inc. Class A | 0.11% | 1,109,069 | $37.2M | Add +14.0% |
| MNDY Monday.com Ltd. | 0.11% | 116,591 | $36.7M | Add +1.4% |
| PANW Palo Alto Networks Inc. | 0.09% | 154,863 | $31.7M | New |
| OKTA Okta Inc. | 0.09% | 300,517 | $30.0M | Reduce -16.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.07% | 45,021 | $22.9M | Add +1.4% |
| ICLR Icon PLC | 0.04% | 91,550 | $13.3M | Reduce -2.9% |
| STVN Stevanato Group SPA | 0.03% | 464,635 | $11.4M | Reduce -4.3% |
| GTLB Gitlab Inc. Class A | 0.02% | 127,475 | $5.8M | No change |
| SNOW Snowflake Inc. | 0.01% | 11,960 | $2.7M | Reduce -98.0% |
Portfolio Sells Q1 2025 → Q2 2025
| SHOP Shopify Inc. Class A | Reduce -38.3% | 2.48% | −1.46 |
| AMZN Amazon.com Inc. | Reduce -16.8% | 5.81% | −1.37 |
| TEAM Atlassian Corp. Class A | Reduce -33.9% | 1.51% | −1.32 |
| APP AppLovin Corp. Class A | Reduce -60.3% | 0.82% | −1.03 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.97 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.81 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −0.45 |
| SE Sea Ltd.-ADR | Reduce -16.7% | 2.61% | −0.42 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.39 |
| SPOT Spotify Technology SA | Reduce -24.3% | 2.98% | −0.36 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.31 |
| NFLX Netflix Inc. | Reduce -22.9% | 4.35% | −0.30 |
| SNOW Snowflake Inc. | Reduce -98.0% | 0.01% | −0.29 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.27 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −0.26 |
| YMM Full Truck Alliance -SPN ADR | Reduce -32.4% | 0.23% | −0.21 |
| MELI MercadoLibre Inc. | Reduce -16.1% | 3.85% | −0.21 |
| GOOGL Alphabet Inc. Class A | Reduce -7.9% | 1.56% | −0.20 |
| META Meta Platforms Inc. Class A | Reduce -13.4% | 2.77% | −0.19 |
| GLOB Globant SA | Reduce -3.7% | 0.23% | −0.13 |
| RGEN Repligen Corp. | Reduce -3.3% | 0.45% | −0.11 |
| BLDR Builders Firstsource Inc. | Reduce -3.3% | 0.34% | −0.11 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -5.3% | 0.41% | −0.10 |
| GLBE Global-E Online Ltd. | Sold out | 0.00% | −0.06 |
| OKTA Okta Inc. | Reduce -16.2% | 0.09% | −0.04 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -4.8% | 1.22% | −0.04 |
| DASH DoorDash Inc. Class A | Reduce -13.0% | 3.39% | −0.03 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −0.03 |
| GRAB Grab Holdings Ltd. Class A | Reduce -3.7% | 0.27% | −0.03 |
| LIN Linde PLC | Reduce -2.9% | 0.12% | −0.02 |
| GOOG Alphabet Inc. Class C | Reduce -3.3% | 0.31% | −0.02 |
| HDB HDFC Bank Ltd.-ADR | Reduce -1.0% | 0.63% | −0.02 |
| ICLR Icon PLC | Reduce -2.9% | 0.04% | −0.02 |
| RACE Ferrari NV | Reduce -1.0% | 0.34% | −0.01 |
| FWONK Liberty Media Corp. Class C | Reduce -0.4% | 0.57% | −0.01 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.00 |
| ENTG Entegris Inc. | Sold out | 0.00% | −0.00 |
| PATH Uipath Inc. Class A | Sold out | 0.00% | −0.00 |
| STVN Stevanato Group SPA | Reduce -4.3% | 0.03% | −0.00 |
| VG Venture Global Inc. Class A | Reduce -8.0% | 0.35% | +0.05 |
| DXCM Dexcom Inc. | Reduce -4.5% | 2.49% | +0.07 |
| DDOG Datadog Inc. Class A | Reduce -4.9% | 1.07% | +0.09 |
| FLUT Flutter Entertainment PLC-Di | Reduce -3.4% | 1.74% | +0.09 |
| CPNG Coupang Inc. | Reduce -0.7% | 1.03% | +0.13 |
| NOW ServiceNow Inc. | Reduce -3.4% | 4.16% | +0.21 |
| IRTC Irhythm Holdings Inc. | Reduce -3.3% | 1.29% | +0.21 |
| RBLX Roblox Corp. Class A | Reduce -10.5% | 1.08% | +0.29 |
| NET Cloudflare Inc. Class A | Reduce -23.3% | 2.77% | +0.31 |
| AXON Axon Enterprise Inc. | Reduce -15.2% | 3.83% | +0.43 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +8.2% | 9.78% | +2.43 |
| ICE Intercontinental Exchange Inc. | Add +97.3% | 2.80% | +1.22 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.5% | 5.56% | +1.03 |
| MSFT Microsoft Corp. | Add +11.6% | 4.22% | +0.84 |
| CVNA Carvana Co. | Add +1374.3% | 0.87% | +0.83 |
| AJG Arthur J Gallagher & Co. | Add +453.4% | 1.03% | +0.79 |
| ONON On Holding AG Class A | New | 0.69% | +0.69 |
| AVGO Broadcom Inc. | Add +29.7% | 1.46% | +0.65 |
| CSL Carlisle Cos Inc. | New | 0.46% | +0.46 |
| XYZ Block Inc. | Add +21.2% | 2.02% | +0.44 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +6.0% | 2.15% | +0.35 |
| ISRG Intuitive Surgical Inc. | Add +39.2% | 1.18% | +0.27 |
| TTEK Tetra Tech Inc. | Add +26.5% | 0.54% | +0.13 |
| MCK McKesson Corp. | Add +59.0% | 0.31% | +0.10 |
| PANW Palo Alto Networks Inc. | New | 0.09% | +0.09 |
| APH Amphenol Corp. Class A | Add +1.2% | 0.27% | +0.06 |
| IOT Samsara Inc. Class A | Add +17.2% | 2.20% | +0.06 |
| SAP Sap SE-Sponsored ADR | Add +29.8% | 0.25% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +1.4% | 0.07% | +0.01 |
| MNDY Monday.com Ltd. | Add +1.4% | 0.11% | +0.01 |
| CDNS Cadence Design SYS Inc. | Add +1.1% | 0.27% | +0.01 |
| KVYO Klaviyo Inc. Class A | Add +14.0% | 0.11% | +0.01 |
| KSPI JSC Kaspi.kz ADR | Add +28.3% | 0.41% | −0.00 |
| CHTR Charter Communications Inc. Class A | Add +1.2% | 0.28% | −0.02 |
| TDG Transdigm Group Inc. | Add +1.2% | 0.38% | −0.02 |
| ROP Roper Technologies Inc. | Add +0.5% | 0.53% | −0.12 |
| WCN Waste Connections Inc. | Add +1.1% | 0.60% | −0.14 |
| V Visa Inc. Class A | Add +5.7% | 4.11% | −0.44 |
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 |