Sands Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Sands Capital Management, LLC reported 66 stock positions worth $32.9 billion. Its top holding was Nvidia (NVDA) at 11.4% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 6.3%) and Amazon.com (AMZN, 5.2%). Compared with Q3 2025, it opened 6 new positions, sold out of 4, added to 20 and reduced 38. The biggest buy was Shopify Class A (SHOP, shares +37%) and the biggest sale ServiceNow (NOW, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- ARLINGTON, VA
- CIK
- 0001020066
- Portfolio Value
- $32.9B (Q4 2025)
- SEC Filing
- 0001020066-26-000005 ↗ filed Feb 13, 2026
Holdings Value
Holdings 66 stocks · $32.9B
| NVDA Nvidia Corp. | 11.37% | 20,043,571 | $3.7B | Reduce -3.8% |
| TSM Taiwan Semiconductor-SP ADR | 6.31% | 6,826,175 | $2.1B | Reduce -26.2% |
| AMZN Amazon.com Inc. | 5.22% | 7,440,012 | $1.7B | Reduce -11.6% |
| GOOGL Alphabet Inc. Class A | 4.70% | 4,939,049 | $1.5B | Add +3.5% |
| SHOP Shopify Inc. Class A | 4.65% | 9,506,036 | $1.5B | Add +37.0% |
| MSFT Microsoft Corp. | 3.63% | 2,470,769 | $1.2B | Reduce -13.8% |
| V Visa Inc. Class A | 3.30% | 3,090,129 | $1.1B | Reduce -23.3% |
| CVNA Carvana Co. | 3.14% | 2,442,534 | $1.0B | Add +44.4% |
| MELI MercadoLibre Inc. | 3.12% | 509,645 | $1.0B | Reduce -0.0% |
| DASH DoorDash Inc. Class A | 3.10% | 4,496,607 | $1.0B | Add +11.8% |
| APP AppLovin Corp. Class A | 3.00% | 1,463,351 | $986.0M | Add +43.9% |
| NFLX Netflix Inc. | 2.86% | 10,023,088 | $939.8M | Reduce -10.6% |
| AXON Axon Enterprise Inc. | 2.78% | 1,609,436 | $914.0M | Add +11.6% |
| ICE Intercontinental Exchange Inc. | 2.71% | 5,502,896 | $891.2M | Reduce -3.1% |
| SPOT Spotify Technology SA | 2.60% | 1,469,848 | $853.6M | Reduce -5.0% |
| META Meta Platforms Inc. Class A | 2.52% | 1,254,871 | $828.3M | Reduce -9.6% |
| ISRG Intuitive Surgical Inc. | 2.37% | 1,376,958 | $779.9M | Add +2.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.26% | 44,423,895 | $743.7M | Reduce -12.1% |
| NET Cloudflare Inc. Class A | 2.24% | 3,731,287 | $735.6M | Reduce -2.0% |
| AVGO Broadcom Inc. | 2.23% | 2,114,521 | $731.8M | Add +2.6% |
| ASML ASML Holding NV-NY Reg SHS | 2.18% | 669,985 | $716.8M | Add +26.6% |
| SE Sea Ltd.-ADR | 2.13% | 5,501,013 | $701.8M | Add +12.7% |
| IOT Samsara Inc. Class A | 2.06% | 19,123,318 | $677.9M | Reduce -6.8% |
| NOW ServiceNow Inc. | 1.79% | 3,842,914 | $588.7M | Reduce -38.3% |
| FLUT Flutter Entertainment PLC-Di | 1.37% | 2,087,048 | $448.8M | Reduce -1.9% |
| XYZ Block Inc. | 1.17% | 5,929,883 | $386.0M | Reduce -48.9% |
| CSL Carlisle Cos Inc. | 0.94% | 967,640 | $309.5M | Add +13.9% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.94% | 6,635,050 | $308.4M | Reduce -2.0% |
| IRTC Irhythm Holdings Inc. | 0.92% | 1,699,645 | $301.6M | Reduce -24.0% |
| ARGX Argenx SE - ADR | 0.91% | 356,870 | $300.1M | Add +2046.6% |
| BLDR Builders Firstsource Inc. | 0.86% | 2,757,969 | $283.8M | Add +13.4% |
| RBLX Roblox Corp. Class A | 0.78% | 3,183,399 | $258.0M | Reduce -8.4% |
| PWR Quanta Services Inc. | 0.74% | 576,896 | $243.5M | New |
| CPNG Coupang Inc. | 0.74% | 10,319,665 | $243.4M | Reduce -6.4% |
| TTEK Tetra Tech Inc. | 0.71% | 7,007,004 | $235.0M | Reduce -2.4% |
| HDB HDFC Bank Ltd.-ADR | 0.68% | 6,117,362 | $223.5M | Reduce -1.2% |
| DDOG Datadog Inc. Class A | 0.63% | 1,513,800 | $205.9M | Reduce -20.1% |
| FWONK Liberty Media Corp. Class C | 0.62% | 2,082,513 | $205.1M | Add +3.4% |
| CRS Carpenter Technology | 0.60% | 621,684 | $195.7M | New |
| WCN Waste Connections Inc. | 0.52% | 965,880 | $169.4M | Reduce -18.4% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.46% | 1,948,761 | $152.3M | Add +18.5% |
| MCK McKesson Corp. | 0.43% | 174,268 | $143.0M | Add +10.9% |
| TDG Transdigm Group Inc. | 0.42% | 103,179 | $137.2M | Add +10.6% |
| ROP Roper Technologies Inc. | 0.39% | 287,318 | $127.9M | Reduce -18.3% |
| APH Amphenol Corp. Class A | 0.36% | 879,004 | $118.8M | Add +10.5% |
| RACE Ferrari NV | 0.35% | 309,983 | $114.6M | Add +23.2% |
| SAP Sap SE-Sponsored ADR | 0.29% | 394,117 | $95.7M | Reduce -10.5% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.24% | 3,485,724 | $80.2M | Reduce -7.5% |
| CDNS Cadence Design SYS Inc. | 0.24% | 252,008 | $78.8M | Reduce -24.1% |
| BSX Boston Scientific Corp. | 0.23% | 805,164 | $76.8M | New |
| YMM Full Truck Alliance -SPN ADR | 0.20% | 6,123,768 | $65.7M | Reduce -9.5% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.19% | 244,255 | $63.2M | Reduce -77.7% |
| GRAB Grab Holdings Ltd. Class A | 0.17% | 11,244,055 | $56.1M | Reduce -10.0% |
| GLOB Globant SA | 0.15% | 770,560 | $50.4M | Reduce -9.2% |
| KVYO Klaviyo Inc. Class A | 0.09% | 928,755 | $30.2M | Reduce -16.0% |
| PANW Palo Alto Networks Inc. | 0.09% | 162,963 | $30.0M | Reduce -16.3% |
| LIN Linde PLC | 0.08% | 59,214 | $25.2M | Reduce -29.8% |
| TEAM Atlassian Corp. Class A | 0.07% | 136,534 | $22.1M | Reduce -94.8% |
| STVN Stevanato Group SPA | 0.03% | 493,006 | $9.9M | Add +6.0% |
| FIG Figma Inc. Class A | 0.02% | 189,782 | $7.1M | Reduce -16.3% |
| DUOL Duolingo | 0.02% | 39,975 | $7.0M | Reduce -16.1% |
| GTLB Gitlab Inc. Class A | 0.01% | 127,475 | $4.8M | No change |
| IWF iShares Russell 1000 Growth | 0.01% | 8,215 | $3.9M | New |
| PLTR Palantir Technologies Inc. Class A | 0.01% | 19,840 | $3.5M | New |
| SNOW Snowflake Inc. | 0.01% | 11,960 | $2.6M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.00% | 7,511 | $1.1M | New |
Portfolio Sells Q3 2025 → Q4 2025
| NOW ServiceNow Inc. | Reduce -38.3% | 1.79% | −1.37 |
| XYZ Block Inc. | Reduce -48.9% | 1.17% | −1.14 |
| TEAM Atlassian Corp. Class A | Reduce -94.8% | 0.07% | −1.10 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.92 |
| NFLX Netflix Inc. | Reduce -10.6% | 2.86% | −0.85 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -26.2% | 6.31% | −0.82 |
| AJG Arthur J Gallagher & Co. | Reduce -77.7% | 0.19% | −0.74 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.73 |
| RBLX Roblox Corp. Class A | Reduce -8.4% | 0.78% | −0.54 |
| V Visa Inc. Class A | Reduce -23.3% | 3.30% | −0.50 |
| MSFT Microsoft Corp. | Reduce -13.8% | 3.63% | −0.46 |
| SPOT Spotify Technology SA | Reduce -5.0% | 2.60% | −0.38 |
| VG Venture Global Inc. Class A | Sold out | 0.00% | −0.29 |
| META Meta Platforms Inc. Class A | Reduce -9.6% | 2.52% | −0.29 |
| CPNG Coupang Inc. | Reduce -6.4% | 0.74% | −0.24 |
| MELI MercadoLibre Inc. | Reduce -0.0% | 3.12% | −0.16 |
| IRTC Irhythm Holdings Inc. | Reduce -24.0% | 0.92% | −0.14 |
| FLUT Flutter Entertainment PLC-Di | Reduce -1.9% | 1.37% | −0.12 |
| DDOG Datadog Inc. Class A | Reduce -20.1% | 0.63% | −0.12 |
| ROP Roper Technologies Inc. | Reduce -18.3% | 0.39% | −0.09 |
| CDNS Cadence Design SYS Inc. | Reduce -24.1% | 0.24% | −0.08 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -7.5% | 0.24% | −0.07 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −0.06 |
| WCN Waste Connections Inc. | Reduce -18.4% | 0.52% | −0.06 |
| IOT Samsara Inc. Class A | Reduce -6.8% | 2.06% | −0.05 |
| YMM Full Truck Alliance -SPN ADR | Reduce -9.5% | 0.20% | −0.04 |
| GRAB Grab Holdings Ltd. Class A | Reduce -10.0% | 0.17% | −0.04 |
| LIN Linde PLC | Reduce -29.8% | 0.08% | −0.03 |
| SAP Sap SE-Sponsored ADR | Reduce -10.5% | 0.29% | −0.03 |
| DUOL Duolingo | Reduce -16.1% | 0.02% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -16.3% | 0.09% | −0.02 |
| NET Cloudflare Inc. Class A | Reduce -2.0% | 2.24% | −0.02 |
| FIG Figma Inc. Class A | Reduce -16.3% | 0.02% | −0.01 |
| KVYO Klaviyo Inc. Class A | Reduce -16.0% | 0.09% | +0.01 |
| GLOB Globant SA | Reduce -9.2% | 0.15% | +0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -12.1% | 2.26% | +0.03 |
| TTEK Tetra Tech Inc. | Reduce -2.4% | 0.71% | +0.05 |
| ICE Intercontinental Exchange Inc. | Reduce -3.1% | 2.71% | +0.07 |
| HDB HDFC Bank Ltd.-ADR | Reduce -1.2% | 0.68% | +0.10 |
| AMZN Amazon.com Inc. | Reduce -11.6% | 5.22% | +0.13 |
| ONON On Holding AG Class A | Reduce -2.0% | 0.94% | +0.15 |
| NVDA Nvidia Corp. | Reduce -3.8% | 11.37% | +0.65 |
Portfolio Buys Q3 2025 → Q4 2025
| SHOP Shopify Inc. Class A | Add +37.0% | 4.65% | +1.81 |
| GOOGL Alphabet Inc. Class A | Add +3.5% | 4.70% | +1.50 |
| CVNA Carvana Co. | Add +44.4% | 3.14% | +1.38 |
| APP AppLovin Corp. Class A | Add +43.9% | 3.00% | +0.98 |
| ARGX Argenx SE - ADR | Add +2046.6% | 0.91% | +0.88 |
| ASML ASML Holding NV-NY Reg SHS | Add +26.6% | 2.18% | +0.77 |
| PWR Quanta Services Inc. | New | 0.74% | +0.74 |
| ISRG Intuitive Surgical Inc. | Add +2.7% | 2.37% | +0.72 |
| CRS Carpenter Technology | New | 0.60% | +0.60 |
| AVGO Broadcom Inc. | Add +2.6% | 2.23% | +0.35 |
| BSX Boston Scientific Corp. | New | 0.23% | +0.23 |
| CSL Carlisle Cos Inc. | Add +13.9% | 0.94% | +0.17 |
| MCK McKesson Corp. | Add +10.9% | 0.43% | +0.10 |
| KSPI JSC Kaspi.kz ADR | Add +18.5% | 0.46% | +0.09 |
| APH Amphenol Corp. Class A | Add +10.5% | 0.36% | +0.09 |
| DASH DoorDash Inc. Class A | Add +11.8% | 3.10% | +0.08 |
| TDG Transdigm Group Inc. | Add +10.6% | 0.42% | +0.08 |
| BLDR Builders Firstsource Inc. | Add +13.4% | 0.86% | +0.05 |
| FWONK Liberty Media Corp. Class C | Add +3.4% | 0.62% | +0.04 |
| IWF iShares Russell 1000 Growth | New | 0.01% | +0.01 |
| RACE Ferrari NV | Add +23.2% | 0.35% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | New | 0.01% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | New | 0.00% | +0.00 |
| STVN Stevanato Group SPA | Add +6.0% | 0.03% | −0.00 |
| AXON Axon Enterprise Inc. | Add +11.6% | 2.78% | −0.08 |
| SE Sea Ltd.-ADR | Add +12.7% | 2.13% | −0.27 |
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 |