Sands Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Sands Capital Management, LLC reported 64 stock positions worth $36.2 billion. Its top holding was Nvidia (NVDA) at 10.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 7.1%) and Amazon.com (AMZN, 5.1%). Compared with Q2 2025, it opened 4 new positions, sold out of 6, added to 28 and reduced 30. The biggest buy was Alphabet Class A (GOOGL, shares +55%) and the biggest sale Dexcom (DXCM, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001020066
- Portfolio Value
- $36.2B (Q3 2025)
- SEC Filing
- 0001020066-25-000038 ↗ filed Nov 13, 2025
Holdings Value
Holdings 64 stocks · $36.2B
| NVDA Nvidia Corp. | 10.72% | 20,828,827 | $3.9B | Reduce -3.4% |
| TSM Taiwan Semiconductor-SP ADR | 7.13% | 9,251,889 | $2.6B | Add +8.2% |
| AMZN Amazon.com Inc. | 5.10% | 8,413,999 | $1.8B | Reduce -8.8% |
| MSFT Microsoft Corp. | 4.09% | 2,865,638 | $1.5B | Reduce -3.0% |
| V Visa Inc. Class A | 3.79% | 4,027,033 | $1.4B | Reduce -0.1% |
| NFLX Netflix Inc. | 3.71% | 1,120,658 | $1.3B | Reduce -1.0% |
| MELI MercadoLibre Inc. | 3.29% | 509,845 | $1.2B | Reduce -0.7% |
| GOOGL Alphabet Inc. Class A | 3.20% | 4,771,097 | $1.2B | Add +54.6% |
| NOW ServiceNow Inc. | 3.16% | 1,246,277 | $1.1B | Reduce -11.5% |
| DASH DoorDash Inc. Class A | 3.02% | 4,023,291 | $1.1B | Reduce -16.0% |
| SPOT Spotify Technology SA | 2.98% | 1,547,640 | $1.1B | Add +14.2% |
| AXON Axon Enterprise Inc. | 2.86% | 1,442,341 | $1.0B | Reduce -10.5% |
| SHOP Shopify Inc. Class A | 2.84% | 6,937,271 | $1.0B | Reduce -7.4% |
| META Meta Platforms Inc. Class A | 2.81% | 1,388,064 | $1.0B | Add +6.3% |
| ICE Intercontinental Exchange Inc. | 2.64% | 5,677,266 | $956.5M | Add +6.9% |
| SE Sea Ltd.-ADR | 2.41% | 4,883,167 | $872.8M | Reduce -14.0% |
| XYZ Block Inc. | 2.31% | 11,603,057 | $838.6M | Add +12.2% |
| NET Cloudflare Inc. Class A | 2.25% | 3,808,319 | $817.2M | Reduce -22.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.23% | 50,562,162 | $809.5M | Reduce -7.2% |
| IOT Samsara Inc. Class A | 2.11% | 20,518,332 | $764.3M | Add +6.4% |
| APP AppLovin Corp. Class A | 2.02% | 1,016,959 | $730.7M | Add +24.4% |
| AVGO Broadcom Inc. | 1.88% | 2,060,624 | $679.8M | Add +11.8% |
| CVNA Carvana Co. | 1.76% | 1,691,515 | $638.1M | Add +87.7% |
| ISRG Intuitive Surgical Inc. | 1.65% | 1,341,109 | $599.8M | Add +77.0% |
| FLUT Flutter Entertainment PLC-Di | 1.49% | 2,126,306 | $540.1M | Add +0.2% |
| ASML ASML Holding NV-NY Reg SHS | 1.41% | 529,164 | $512.3M | Reduce -0.3% |
| RBLX Roblox Corp. Class A | 1.33% | 3,476,488 | $481.6M | Reduce -3.1% |
| TEAM Atlassian Corp. Class A | 1.16% | 2,641,730 | $421.9M | Add +2.0% |
| IRTC Irhythm Holdings Inc. | 1.06% | 2,236,110 | $384.6M | Reduce -23.3% |
| CPNG Coupang Inc. | 0.98% | 11,024,177 | $355.0M | Reduce -8.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.93% | 1,094,070 | $338.9M | Reduce -2.4% |
| DXCM Dexcom Inc. | 0.92% | 4,934,189 | $332.0M | Reduce -50.4% |
| BLDR Builders Firstsource Inc. | 0.81% | 2,430,902 | $294.7M | Add +139.1% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.79% | 6,769,430 | $286.7M | Add +46.7% |
| CSL Carlisle Cos Inc. | 0.77% | 849,501 | $279.5M | Add +99.3% |
| DDOG Datadog Inc. Class A | 0.74% | 1,894,680 | $269.8M | Reduce -31.6% |
| ORCL Oracle Corp. | 0.73% | 936,043 | $263.3M | New |
| TTEK Tetra Tech Inc. | 0.66% | 7,179,032 | $239.6M | Add +38.0% |
| HDB HDFC Bank Ltd.-ADR | 0.58% | 6,190,788 | $211.5M | Add +7.3% |
| FWONK Liberty Media Corp. Class C | 0.58% | 2,014,627 | $210.4M | Add +5.4% |
| WCN Waste Connections Inc. | 0.57% | 1,183,194 | $208.0M | Add +5.6% |
| ROP Roper Technologies Inc. | 0.48% | 351,775 | $175.4M | Add +7.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.37% | 1,644,240 | $134.3M | Reduce -2.3% |
| TDG Transdigm Group Inc. | 0.34% | 93,296 | $123.0M | Add +7.4% |
| RACE Ferrari NV | 0.34% | 251,698 | $122.1M | Add +3.3% |
| MCK McKesson Corp. | 0.33% | 157,146 | $121.4M | Add +7.7% |
| SAP Sap SE-Sponsored ADR | 0.32% | 440,270 | $117.6M | Add +52.1% |
| CDNS Cadence Design SYS Inc. | 0.32% | 331,887 | $116.6M | Add +7.7% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.31% | 3,769,853 | $113.4M | Reduce -4.4% |
| VG Venture Global Inc. Class A | 0.29% | 7,484,070 | $106.2M | Reduce -4.7% |
| APH Amphenol Corp. Class A | 0.27% | 795,234 | $98.4M | Reduce -15.4% |
| YMM Full Truck Alliance -SPN ADR | 0.24% | 6,766,855 | $87.8M | Reduce -2.3% |
| GRAB Grab Holdings Ltd. Class A | 0.21% | 12,490,985 | $75.2M | Reduce -33.4% |
| GLOB Globant SA | 0.13% | 848,262 | $48.7M | Reduce -2.4% |
| LIN Linde PLC | 0.11% | 84,367 | $40.1M | Reduce -2.6% |
| PANW Palo Alto Networks Inc. | 0.11% | 194,619 | $39.6M | Add +25.7% |
| KVYO Klaviyo Inc. Class A | 0.08% | 1,105,559 | $30.6M | Reduce -0.3% |
| MNDY Monday.com Ltd. | 0.06% | 116,213 | $22.5M | Reduce -0.3% |
| DUOL Duolingo | 0.04% | 47,672 | $15.3M | New |
| ARGX Argenx SE - ADR | 0.03% | 16,625 | $12.3M | New |
| STVN Stevanato Group SPA | 0.03% | 464,931 | $12.0M | Add +0.1% |
| FIG Figma Inc. Class A | 0.03% | 226,752 | $11.8M | New |
| GTLB Gitlab Inc. Class A | 0.02% | 127,475 | $5.7M | No change |
| SNOW Snowflake Inc. | 0.01% | 11,960 | $2.7M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| DXCM Dexcom Inc. | Reduce -50.4% | 0.92% | −1.58 |
| NOW ServiceNow Inc. | Reduce -11.5% | 3.16% | −0.99 |
| AXON Axon Enterprise Inc. | Reduce -10.5% | 2.86% | −0.97 |
| AMZN Amazon.com Inc. | Reduce -8.8% | 5.10% | −0.72 |
| NFLX Netflix Inc. | Reduce -1.0% | 3.71% | −0.64 |
| MELI MercadoLibre Inc. | Reduce -0.7% | 3.29% | −0.57 |
| NET Cloudflare Inc. Class A | Reduce -22.7% | 2.25% | −0.52 |
| RGEN Repligen Corp. | Sold out | 0.00% | −0.45 |
| DASH DoorDash Inc. Class A | Reduce -16.0% | 3.02% | −0.37 |
| DDOG Datadog Inc. Class A | Reduce -31.6% | 0.74% | −0.32 |
| V Visa Inc. Class A | Reduce -0.1% | 3.79% | −0.32 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.31 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.28 |
| IRTC Irhythm Holdings Inc. | Reduce -23.3% | 1.06% | −0.23 |
| SE Sea Ltd.-ADR | Reduce -14.0% | 2.41% | −0.20 |
| MSFT Microsoft Corp. | Reduce -3.0% | 4.09% | −0.12 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -4.4% | 0.31% | −0.10 |
| AJG Arthur J Gallagher & Co. | Reduce -2.4% | 0.93% | −0.10 |
| GLOB Globant SA | Reduce -2.4% | 0.13% | −0.09 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.09 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.07 |
| GRAB Grab Holdings Ltd. Class A | Reduce -33.4% | 0.21% | −0.06 |
| VG Venture Global Inc. Class A | Reduce -4.7% | 0.29% | −0.06 |
| CPNG Coupang Inc. | Reduce -8.1% | 0.98% | −0.05 |
| MNDY Monday.com Ltd. | Reduce -0.3% | 0.06% | −0.04 |
| KSPI JSC Kaspi.kz ADR | Reduce -2.3% | 0.37% | −0.04 |
| ICLR Icon PLC | Sold out | 0.00% | −0.04 |
| KVYO Klaviyo Inc. Class A | Reduce -0.3% | 0.08% | −0.02 |
| LIN Linde PLC | Reduce -2.6% | 0.11% | −0.01 |
| APH Amphenol Corp. Class A | Reduce -15.4% | 0.27% | +0.01 |
| YMM Full Truck Alliance -SPN ADR | Reduce -2.3% | 0.24% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -7.2% | 2.23% | +0.09 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -0.3% | 1.41% | +0.19 |
| RBLX Roblox Corp. Class A | Reduce -3.1% | 1.33% | +0.25 |
| SHOP Shopify Inc. Class A | Reduce -7.4% | 2.84% | +0.36 |
| NVDA Nvidia Corp. | Reduce -3.4% | 10.72% | +0.94 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +54.6% | 3.20% | +1.64 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.2% | 7.13% | +1.57 |
| APP AppLovin Corp. Class A | Add +24.4% | 2.02% | +1.19 |
| CVNA Carvana Co. | Add +87.7% | 1.76% | +0.89 |
| ORCL Oracle Corp. | New | 0.73% | +0.73 |
| ISRG Intuitive Surgical Inc. | Add +77.0% | 1.65% | +0.47 |
| BLDR Builders Firstsource Inc. | Add +139.1% | 0.81% | +0.47 |
| AVGO Broadcom Inc. | Add +11.8% | 1.88% | +0.42 |
| CSL Carlisle Cos Inc. | Add +99.3% | 0.77% | +0.31 |
| XYZ Block Inc. | Add +12.2% | 2.31% | +0.30 |
| TTEK Tetra Tech Inc. | Add +38.0% | 0.66% | +0.12 |
| ONON On Holding AG Class A | Add +46.7% | 0.79% | +0.10 |
| SAP Sap SE-Sponsored ADR | Add +52.1% | 0.32% | +0.07 |
| CDNS Cadence Design SYS Inc. | Add +7.7% | 0.32% | +0.05 |
| META Meta Platforms Inc. Class A | Add +6.3% | 2.81% | +0.04 |
| DUOL Duolingo | New | 0.04% | +0.04 |
| ARGX Argenx SE - ADR | New | 0.03% | +0.03 |
| FIG Figma Inc. Class A | New | 0.03% | +0.03 |
| MCK McKesson Corp. | Add +7.7% | 0.33% | +0.03 |
| PANW Palo Alto Networks Inc. | Add +25.7% | 0.11% | +0.02 |
| FWONK Liberty Media Corp. Class C | Add +5.4% | 0.58% | +0.01 |
| STVN Stevanato Group SPA | Add +0.1% | 0.03% | +0.00 |
| SPOT Spotify Technology SA | Add +14.2% | 2.98% | −0.00 |
| RACE Ferrari NV | Add +3.3% | 0.34% | −0.01 |
| WCN Waste Connections Inc. | Add +5.6% | 0.57% | −0.03 |
| TDG Transdigm Group Inc. | Add +7.4% | 0.34% | −0.04 |
| ROP Roper Technologies Inc. | Add +7.3% | 0.48% | −0.05 |
| HDB HDFC Bank Ltd.-ADR | Add +7.3% | 0.58% | −0.05 |
| IOT Samsara Inc. Class A | Add +6.4% | 2.11% | −0.09 |
| ICE Intercontinental Exchange Inc. | Add +6.9% | 2.64% | −0.16 |
| FLUT Flutter Entertainment PLC-Di | Add +0.2% | 1.49% | −0.25 |
| TEAM Atlassian Corp. Class A | Add +2.0% | 1.16% | −0.35 |
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 |