Sands Capital 13F holdings, Q4 2004
Sands Capital disclosed 44 US equity positions worth $11.0bn in its Q4 2004 13F filing. Its largest position is EBAY at 11.7% of the reported book, followed by CSCO and SBUX. Versus Q3 2004 it opened 3 new positions, added to 27, reduced 12 and exited 42.
- $11.0bn
- Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
- 44
- Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
- 11.7%
- Largest position The largest single position as a share of the reported equity book.
- 65.4%
- Top 10 weight The ten largest positions together, as a share of the reported equity book.
- 18
- Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
- 106
- Quarters on file since Q1 1999 Quarters for which this manager's 13F holdings are on record.
Holdings
Against Q3 2004: 3 new, 27 added, 12 reduced, 42 exited
| EBAY EBAY INC. | 11.7% | +6.9% | added |
| CSCO CISCO SYS INC | 7.9% | +17% | added |
| SBUX STARBUCKS CORP | 7.8% | +17% | added |
| APOLLO ED GROUP INC no ticker | 6.9% | +42% | added |
| Dell Computer no ticker | 6.0% | +16% | added |
| Genentech no ticker | 5.9% | +18% | added |
| COF CAPITAL ONE FINL CORP | 5.9% | +17% | added |
| LOW LOWES COS INC | 4.9% | +16% | added |
| QCOM QUALCOMM INC | 4.9% | +14% | added |
| MDT MEDTRONIC INC | 3.6% | +17% | added |
| TEVA TEVA PHARMACEUTICAL INDS LTD | 3.3% | +18% | added |
| AMGN AMGEN INC | 3.2% | +17% | added |
| Genzyme no ticker | 3.1% | +18% | added |
| ALLERGAN INC no ticker | 2.9% | +18% | added |
| MCO MOODYS CORP | 2.9% | +17% | added |
| MSFT MICROSOFT CORP | 2.7% | +15% | added |
| BBBYEUR BED BATH & BEYOND INC | 2.5% | +17% | added |
| WALGREEN CO no ticker | 2.4% | +17% | added |
| KSS KOHLS CORP | 2.2% | +16% | added |
| SYK STRYKER CORPORATION | 2.2% | +20% | added |
| HOG HARLEY DAVIDSON INC | 2.0% | −48% | reduced |
| PDCOEUR PATTERSON COS INC | 1.8% | +138% | added |
| WMT WALMART INC | 1.8% | +14% | added |
| RHT1EUR RED HAT INC | 1.4% | +16% | added |
| INTC INTEL CORP | 0.03% | +12% | added |
| GE GENERAL ELECTRIC CO | 0.01% | +0.7% | added |
| JNJ JOHNSON & JOHNSON | 0.01% | −59% | reduced |
| AMAT APPLIED MATLS INC | 0.01% | −11% | reduced |
| TGT TARGET CORP | 0.01% | −54% | reduced |
| TROW PRICE T ROWE GROUP INC | 0.0% | −1.2% | reduced |
| YAHOO INC no ticker | 0.0% | −25% | reduced |
| IBM INTERNATIONAL BUSINESS MACHS | 0.0% | −41% | reduced |
| E M C CORP MASS no ticker | 0.0% | +35% | added |
| BP BP PLC | 0.0% | −3.5% | reduced |
| ROK ROCKWELL AUTOMATION INC | 0.0% | 0.0% | held |
| First Data Corp no ticker | 0.0% | −30% | reduced |
| SYMCEUR SYMANTEC CORP | 0.0% | +48% | added |
| L-3 COMMUNICATIONS HLDGS INC no ticker | 0.0% | −58% | reduced |
| ROCKWELL COLLINS INC no ticker | 0.0% | 0.0% | held |
| Chicago Mercantile no ticker | 0.0% | – | new |
| PG PROCTER & GAMBLE CO | 0.0% | −81% | reduced |
| SAP SAP SE | 0.0% | – | new |
| ZBH ZIMMER BIOMET HOLDINGS INC | 0.0% | −78% | reduced |
| NKE NIKE INC | 0.0% | – | new |
Exited since Q3 2004
| TIFEUR TIFFANY & CO NEW | 1.4% | $123m |
| WTWEUR WEIGHT WATCHERS INTL INC NEW | 0.7% | $61.9m |
| MAR MARRIOTT INTL INC NEW | 0.02% | $2.1m |
| Univision no ticker | 0.02% | $2.0m |
| Gillette no ticker | 0.02% | $1.9m |
| PFE PFIZER INC | 0.02% | $1.9m |
| ADM ARCHER DANIELS MIDLAND CO | 0.02% | $1.4m |
| AMD ADVANCED MICRO DEVICES INC | 0.01% | $1.2m |
| ALL ALLSTATE CORP | 0.01% | $1.1m |
| LINEAR TECHNOLOGY CORP no ticker | 0.01% | $1.0m |
| American Intl Gp no ticker | 0.01% | $1.0m |
| Tellabs no ticker | 0.01% | $1.0m |
| Sun Microsystems no ticker | 0.01% | $945k |
| MEADWESTVACO CORP no ticker | 0.01% | $893k |
| NSC NORFOLK SOUTHERN CORP | 0.01% | $832k |
| Storage Tech no ticker | 0.01% | $808k |
| Caesars Entertainment no ticker | 0.01% | $801k |
| BUNGE LIMITED no ticker | 0.01% | $759k |
| Burlington Nthn no ticker | 0.01% | $747k |
| Gen Probe no ticker | 0.01% | $717k |
| Sara Lee Corp no ticker | 0.01% | $685k |
| MetroGoldwynMayer no ticker | 0.01% | $665k |
| GWW WW GRAINGER INC | 0.01% | $662k |
| MCHP MICROCHIP TECHNOLOGY INC. | 0.01% | $630k |
| CAT CATERPILLAR INC | 0.01% | $603k |
| JCPCHF PENNEY J C INC | 0.01% | $599k |
| GILD GILEAD SCIENCES INC | 0.01% | $598k |
| TransOcean no ticker | 0.01% | $572k |
| AMZN AMAZON COM INC | 0.01% | $551k |
| EA ELECTRONIC ARTS INC | 0.01% | $549k |
| Providian Financial no ticker | 0.01% | $528k |
| FederatedDeptStores no ticker | 0.01% | $522k |
| TECD1USD TECH DATA CORP | 0.01% | $520k |
| Siebel Systems no ticker | 0.01% | $512k |
| SBC Comms no ticker | 0.01% | $497k |
| APC3EUR ANADARKO PETE CORP | 0.01% | $497k |
| AXP AMERICAN EXPRESS CO | 0.01% | $474k |
| EL LAUDER ESTEE COS INC | 0.01% | $438k |
| General Motors no ticker | 0.0% | $424k |
| MU MICRON TECHNOLOGY INC | 0.0% | $396k |
| SYY SYSCO CORP | 0.0% | $328k |
| Eon Labs no ticker | 0.0% | $325k |
Sector mix
Book over time
Every quarter on file (106)
| Quarter | Positions | Equity book |
|---|---|---|
| Q2 2026 | 71 | $26.9bn |
| Q1 2026 | 67 | $25.5bn |
| Q4 2025 | 66 | $32.9bn |
| Q3 2025 | 64 | $36.2bn |
| Q2 2025 | 66 | $34.8bn |
| Q1 2025 | 75 | $29.4bn |
| Q4 2024 | 71 | $33.8bn |
| Q3 2024 | 67 | $32.9bn |
| Q2 2024 | 66 | $34.0bn |
| Q1 2024 | 76 | $35.8bn |
| Q4 2023 | 74 | $32.9bn |
| Q3 2023 | 75 | $29.4bn |
| Q2 2023 | 66 | $32.2bn |
| Q1 2023 | 66 | $30.4bn |
| Q4 2022 | 67 | $26.5bn |
| Q3 2022 | 67 | $26.6bn |
| Q2 2022 | 69 | $28.9bn |
| Q1 2022 | 68 | $43.5bn |
| Q4 2021 | 71 | $53.9bn |
| Q3 2021 | 71 | $60.0bn |
| Q2 2021 | 77 | $59.0bn |
| Q1 2021 | 75 | $51.7bn |
| Q4 2020 | 76 | $52.7bn |
| Q3 2020 | 77 | $46.2bn |
| Q2 2020 | 77 | $41.3bn |
| Q1 2020 | 76 | $30.0bn |
| Q4 2019 | 75 | $34.4bn |
| Q3 2019 | 78 | $31.1bn |
| Q2 2019 | 79 | $33.6bn |
| Q1 2019 | 71 | $32.4bn |
| Q4 2018 | 71 | $28.0bn |
| Q3 2018 | 68 | $35.4bn |
| Q2 2018 | 66 | $34.9bn |
| Q1 2018 | 67 | $33.8bn |
| Q4 2017 | 68 | $33.0bn |
| Q3 2017 | 70 | $33.4bn |
| Q2 2017 | 69 | $33.3bn |
| Q1 2017 | 67 | $31.8bn |
| Q4 2016 | 53 | $28.7bn |
| Q3 2016 | 51 | $34.0bn |
| Q2 2016 | 52 | $32.4bn |
| Q1 2016 | 51 | $33.9bn |
| Q4 2015 | 53 | $38.8bn |
| Q3 2015 | 53 | $35.8bn |
| Q2 2015 | 51 | $40.7bn |
| Q1 2015 | 49 | $42.0bn |
| Q4 2014 | 54 | $42.0bn |
| Q3 2014 | 51 | $40.2bn |
| Q2 2014 | 49 | $39.7bn |
| Q1 2014 | 44 | $38.4bn |
| Q4 2013 | 43 | $38.2bn |
| Q3 2013 | 42 | $35.8bn |
| Q2 2013 | 39 | $29.7bn |
| Q1 2013 | 29 | $24.7bn |
| Q4 2012 | 31 | $22.5bn |
| Q3 2012 | 33 | $21.9bn |
| Q2 2012 | 33 | $19.3bn |
| Q1 2012 | 35 | $19.4bn |
| Q4 2011 | 48 | $15.1bn |
| Q3 2011 | 50 | $13.0bn |
| Q2 2011 | 49 | $14.9bn |
| Q1 2011 | 52 | $14.4bn |
| Q4 2010 | 51 | $14.0bn |
| Q3 2010 | 45 | $11.9bn |
| Q2 2010 | 45 | $10.1bn |
| Q1 2010 | 45 | $11.5bn |
| Q4 2009 | 47 | $11.8bn |
| Q3 2009 | 45 | $11.0bn |
| Q2 2009 | 42 | $9.5bn |
| Q1 2009 | 40 | $8.1bn |
| Q4 2008 | 36 | $6.2bn |
| Q3 2008 | 36 | $9.3bn |
| Q2 2008 | 38 | $12.6bn |
| Q1 2008 | 38 | $11.4bn |
| Q4 2007 | 49 | $15.1bn |
| Q1 2007 | 51 | $13.6bn |
| Q2 2006 | 35 | $11.5bn |
| Q1 2006 | 37 | $12.7bn |
| Q4 2005 | 43 | $12.8bn |
| Q3 2005 | 43 | $11.4bn |
| Q2 2005 | 44 | $9.2bn |
| Q1 2005 | 40 | $8.2bn |
| Q4 2004 | 44 | $11.0bn |
| Q3 2004 | 83 | $8.5bn |
| Q2 2004 | 40 | $8.3bn |
| Q1 2004 | 45 | $6.7bn |
| Q4 2003 | 42 | $5.3bn |
| Q3 2003 | 38 | $4.1bn |
| Q2 2003 | 41 | $2.5bn |
| Q1 2003 | 37 | $2.0bn |
| Q4 2002 | 38 | $1.8bn |
| Q3 2002 | 40 | $1.4bn |
| Q2 2002 | 39 | $1.3bn |
| Q1 2002 | 35 | $1.4bn |
| Q4 2001 | 39 | $1.4bn |
| Q3 2001 | 36 | $1.0bn |
| Q2 2001 | 37 | $1.3bn |
| Q1 2001 | 35 | $1.1bn |
| Q4 2000 | 39 | $878m |
| Q3 2000 | 42 | $962m |
| Q2 2000 | 33 | $917m |
| Q1 2000 | 35 | $919m |
| Q4 1999 | 33 | $648m |
| Q3 1999 | 29 | $533m |
| Q2 1999 | 30 | $440m |
| Q1 1999 | 25 | $342m |
Where Sands Capital was early
| ADP Auto Data Processing | Q2 1999 | 1 of 148 | 2.2% | Exited by Q4 2002 | −21% |
| PFE Pfizer | Q2 1999 | 1 of 208 | 0.09% | Exited by Q4 2004 | −16% |
| MDT Medtronic | Q1 2000 | 1 of 173 | 0.04% | Exited by Q1 2005 | −3.4% |
| TXN TEXAS INSTRS INC | Q1 2000 | 17 of 202 | 0.03% | Exited by Q1 2025 | +134% |
| NOK Nokia Corp SPON | Q3 2000 | 1 of 167 | 3.9% | Exited by Q1 2003 | −62% |
| EBAY EBAY INC | Q4 2000 | 2 of 186 | 1.1% | Exited by Q4 2007 | +302% |
| TROW PRICE T ROWE GROUP INC | Q1 2001 | 1 of 120 | 1.8% | Exited by Q4 2008 | +243% |
| KSS KOHLS CORP | Q2 2001 | 1 of 166 | 0.3% | Exited by Q1 2006 | −23% |
| COF CAPITAL ONE FINL CORP | Q2 2001 | 2 of 227 | 0.1% | Exited by Q2 2006 | +34% |
| SBUX STARBUCKS CORP | Q3 2001 | 1 of 217 | 0.02% | Exited by Q2 2019 | +1890% |
| AMGN AMGEN INC | Q3 2001 | 2 of 166 | 0.02% | Exited by Q2 2006 | +24% |
| LOW LOWES COS INC | Q4 2001 | 1 of 209 | 0.1% | Exited by Q1 2008 | −2.5% |
| QCOM QUALCOMM INC | Q4 2001 | 3 of 246 | 1.8% | Exited by Q4 2013 | +167% |
| SEIC SEI Investment | Q2 2002 | 1 of 88 | 1.6% | Exited by Q4 2003 | +16% |
| MCO MOODY'S CORP | Q2 2002 | 5 of 176 | 1.6% | Exited by Q3 2020 | +1004% |
| SYK STRYKER | Q1 2003 | 2 of 150 | 1.5% | Exited by Q3 2010 | +46% |
| TEVA TEVA PHARMACEUTICAL INDS LTD | Q4 2003 | 3 of 182 | 0.01% | Exited by Q1 2008 | +64% |
| ZBH ZIMMER HLDGS INC | Q2 2004 | 2 of 144 | 0.0% | Exited by Q1 2008 | −25% |
| GWW WW GRAINGER INC | Q3 2004 | 2 of 120 | 0.01% | Exited by Q4 2012 | +261% |
| AMZN AMAZON COM INC | Q3 2004 | 4 of 378 | 0.01% | Held at last filing, Q2 2026 | +11566% |
| AAPL APPLE INC | Q1 2005 | 6 of 275 | 0.0% | Held at last filing, Q2 2026 | +19343% |
| EXPD EXPEDITORS INTL WASH INC | Q1 2006 | 3 of 120 | 0.0% | Exited by Q4 2008 | −19% |
| ADBE ADOBE INC | Q1 2006 | 16 of 275 | 0.0% | Exited by Q2 2024 | +1344% |
| SLB SCHLUMBERGER LTD | Q2 2006 | 3 of 211 | 4.4% | Exited by Q2 2017 | +20% |
| V VISA INC | Q2 2008 | 7 of 284 | 6.0% | Held at last filing, Q2 2026 | +1588% |
| FLIR FLIR SYSTEMS INC | Q3 2009 | 3 of 80 | 1.7% | Exited by Q2 2012 | −9.5% |
| ILMN ILLUMINA INC | Q3 2009 | 3 of 215 | 0.7% | Exited by Q2 2024 | +223% |
| SCHW SCHWAB CHARLES CORP | Q3 2009 | 5 of 221 | 1.1% | Exited by Q3 2020 | +76% |
| EW EDWARDS LIFESCIENCES CORP | Q3 2009 | 6 of 149 | 0.02% | Exited by Q2 2025 | +1144% |
| TSM TAIWAN SEMICONDUCTOR MANUFAC | Q4 2009 | 30 of 329 | 0.01% | Held at last filing, Q2 2026 | +4075% |
| 1885807D ATHENAHEALTH INC | Q1 2010 | 3 of 81 | 0.0% | Exited by Q4 2017 | +665% |
| ALXN ALEXION PHARMACEUTICALS INC | Q2 2010 | 3 of 147 | 0.0% | Exited by Q1 2019 | +154% |
| FFIV F5 NETWORKS INC | Q3 2010 | 2 of 141 | 1.4% | Exited by Q1 2014 | −12% |
| PXGBX PRAXAIR INC | Q3 2010 | 5 of 68 | 2.3% | Exited by Q3 2013 | +28% |
| INCY INCYTE CORP | Q4 2010 | 4 of 156 | 0.01% | Exited by Q4 2019 | +348% |
| NFLX NETFLIX INC. | Q4 2010 | 5 of 301 | 1.8% | Held at last filing, Q2 2026 | +2745% |
| BIIB BIOGEN INC | Q3 2011 | 8 of 183 | 0.01% | Exited by Q1 2018 | +242% |
| BIDU BAIDU INC | Q1 2012 | 15 of 231 | 0.05% | Exited by Q4 2020 | −13% |
| META META PLATFORMS INC | Q2 2012 | 2 of 384 | 1.9% | Held at last filing, Q2 2026 | +1711% |
| ASML ASML HLDG NV | Q4 2012 | 2 of 234 | 4.2% | Held at last filing, Q2 2026 | +2990% |
| CMG CHIPOTLE MEXICAN GRILL INC | Q4 2012 | 8 of 185 | 3.0% | Exited by Q1 2018 | −2.8% |
| REGN REGENERON PHARMACEUTICALS | Q2 2013 | 1 of 171 | 2.4% | Exited by Q4 2020 | +149% |
| ULTA ULTA SALON COSMETCS AND FRAG I | Q2 2013 | 3 of 178 | 2.4% | Exited by Q2 2014 | −2.7% |
| ISRG INTUITIVE SURGICAL INC | Q2 2013 | 5 of 189 | 2.1% | Held at last filing, Q2 2026 | +607% |
| WDAY WORKDAY INC | Q1 2014 | 11 of 263 | 0.8% | Exited by Q4 2021 | +173% |
| BABA ALIBABA GROUP HLDG LTD | Q3 2014 | 17 of 377 | 1.5% | Held at last filing, Q2 2026 | +8.0% |
| CSGP COSTAR GROUP INC | Q4 2014 | 5 of 189 | 0.01% | Exited by Q3 2024 | +304% |
| PANW PALO ALTO NETWORKS INC | Q2 2015 | 13 of 242 | 1.0% | Held at last filing, Q2 2026 | +1071% |
| UAA UNDER ARMOUR INC | Q3 2015 | 4 of 140 | 0.3% | Exited by Q4 2017 | −66% |
| NOW SERVICENOW INC | Q2 2016 | 11 of 288 | 0.02% | Exited by Q2 2026 | +687% |
| MNST MONSTER BEVERAGE CORPORATION | Q4 2016 | 8 of 134 | 2.0% | Exited by Q4 2020 | +81% |
| SHOP SHOPIFY INC | Q1 2017 | 13 of 264 | 0.8% | Held at last filing, Q2 2026 | +1577% |
| INTU INTUIT | Q1 2017 | 20 of 239 | 0.0% | Exited by Q2 2024 | +460% |
| LKFT GALAPAGOS NV | Q2 2017 | 8 of 83 | 0.5% | Exited by Q4 2020 | +85% |
| APTV APTIV PLC | Q1 2018 | 9 of 175 | 0.03% | Exited by Q1 2024 | +5.6% |
| BKNG BOOKING HLDGS INC | Q1 2018 | 21 of 313 | 4.1% | Exited by Q2 2019 | −16% |
| FND FLOOR & DECOR HLDGS INC | Q2 2018 | 8 of 179 | 0.7% | Exited by Q4 2024 | +152% |
| TEAM ATLASSIAN CORPORATION | Q2 2018 | 8 of 224 | 0.9% | Exited by Q2 2026 | +9.2% |
| SRPT SAREPTA THERAPEUTICS INC | Q3 2018 | 16 of 182 | 0.9% | Exited by Q2 2023 | −15% |
| MTCH MATCH GROUP INC NEW | Q4 2018 | 11 of 239 | 1.2% | Exited by Q2 2024 | −15% |
| GLOB GLOBANT S A | Q1 2020 | 4 of 125 | 0.2% | Exited by Q1 2026 | −26% |
| WMG WARNER MUSIC GROUP CORP | Q2 2020 | 6 of 125 | 1.0% | Exited by Q2 2023 | +13% |
| IRTC IRHYTHM TECHNOLOGIES INC | Q3 2020 | 6 of 129 | 1.0% | Exited by Q1 2026 | −25% |
| SNOW SNOWFLAKE INC | Q3 2020 | 13 of 302 | 1.2% | Exited by Q2 2026 | −40% |
| DASH DOORDASH INC | Q4 2020 | 8 of 262 | 1.2% | Held at last filing, Q2 2026 | +29% |
| NET CLOUDFLARE INC | Q1 2021 | 20 of 215 | 0.1% | Held at last filing, Q2 2026 | +249% |
| IOT SAMSARA INC | Q4 2021 | 9 of 131 | 0.07% | Held at last filing, Q2 2026 | +15% |
Concentration and tenure
- 8.6%
- Median largest position, all quarters The largest single position as a share of the reported equity book.
- 55.5%
- Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
- Concentrated
- Style, by median largest position
- 5
- Median completed holding, quarters