Sands Capital Management 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
Sands Capital Management disclosed 66 US equity positions worth $34.8bn in its Q2 2025 13F filing. The largest position was NVDA at 9.8% of the reported book, followed by AMZN and TSM. Against the Q1 2025 filing, it opened 2 new positions, added to 19 and reduced 28 among the top 50 holdings.
What did Sands Capital Management own in Q2 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | NVDA NVIDIA CORPORATION | Technology | 9.8% | $3.4bn | 21,557,208 | 8% | added |
| 2 | AMZN AMAZON COM INC | Consumer Cyclical | 5.8% | $2.0bn | 9,230,023 | -17% | reduced |
| 3 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 5.6% | $1.9bn | 8,552,278 | 7% | added |
| 4 | NFLX NETFLIX INC | Communication Services | 4.4% | $1.5bn | 1,131,679 | -23% | reduced |
| 5 | MSFT MICROSOFT CORP | Technology | 4.2% | $1.5bn | 2,954,745 | 12% | added |
| 6 | NOW SERVICENOW INC | Technology | 4.2% | $1.4bn | 1,408,333 | -3% | reduced |
| 7 | V VISA INC | Financial Services | 4.1% | $1.4bn | 4,030,104 | 6% | added |
| 8 | MELI MERCADOLIBRE INC | Consumer Cyclical | 3.9% | $1.3bn | 513,532 | -16% | reduced |
| 9 | AXON AXON ENTERPRISE INC | Industrials | 3.8% | $1.3bn | 1,611,295 | -15% | reduced |
| 10 | DASH DOORDASH INC | Consumer Cyclical | 3.4% | $1.2bn | 4,792,181 | -13% | reduced |
| 11 | SPOT SPOTIFY TECHNOLOGY S A | Communication Services | 3.0% | $1.0bn | 1,354,803 | -24% | reduced |
| 12 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 2.8% | $974.8m | 5,313,039 | 97% | added |
| 13 | NET CLOUDFLARE INC | Technology | 2.8% | $965.2m | 4,928,874 | -23% | reduced |
| 14 | META META PLATFORMS INC | Communication Services | 2.8% | $964.0m | 1,306,041 | -13% | reduced |
| 15 | SE SEA LTD | Consumer Cyclical | 2.6% | $908.1m | 5,678,005 | -17% | reduced |
| 16 | DXCM DEXCOM INC | Healthcare | 2.5% | $868.4m | 9,947,944 | -4% | reduced |
| 17 | SHOP SHOPIFY INC | Technology | 2.5% | $864.3m | 7,492,615 | -38% | reduced |
| 18 | IOT SAMSARA INC | Technology | 2.2% | $766.8m | 19,276,210 | 17% | added |
| 19 | NU NU HLDGS LTD | Financial Services | 2.1% | $747.8m | 54,504,428 | 6% | added |
| 20 | XYZ BLOCK INC | Technology | 2.0% | $702.4m | 10,340,740 | 21% | added |
| 21 | FLUTTER ENTMT PLC | 1.7% | $606.3m | 2,121,637 | -3% | reduced | |
| 22 | GOOGL ALPHABET INC | Communication Services | 1.6% | $543.8m | 3,085,879 | -8% | reduced |
| 23 | TEAM ATLASSIAN CORPORATION | Technology | 1.5% | $525.7m | 2,588,723 | -34% | reduced |
| 24 | AVGO BROADCOM INC | Technology | 1.5% | $508.1m | 1,843,327 | 30% | added |
| 25 | IRTC IRHYTHM TECHNOLOGIES INC | Healthcare | 1.3% | $448.9m | 2,915,527 | -3% | reduced |
| 26 | ASML ASML HOLDING N V | Technology | 1.2% | $425.2m | 530,562 | -5% | reduced |
| 27 | ISRG INTUITIVE SURGICAL INC | Healthcare | 1.2% | $411.7m | 757,570 | 39% | added |
| 28 | RBLX ROBLOX CORP | Communication Services | 1.1% | $377.3m | 3,586,543 | -10% | reduced |
| 29 | DDOG DATADOG INC | Technology | 1.1% | $372.4m | 2,772,015 | -5% | reduced |
| 30 | CPNG COUPANG INC | Consumer Cyclical | 1.0% | $359.5m | 11,999,721 | -1% | reduced |
| 31 | AJG GALLAGHER ARTHUR J & CO | Financial Services | 1.0% | $358.9m | 1,121,249 | 453% | added |
| 32 | CVNA CARVANA CO | Consumer Cyclical | 0.9% | $303.7m | 901,227 | 1374% | added |
| 33 | APP APPLOVIN CORP | Communication Services | 0.8% | $286.1m | 817,346 | -60% | reduced |
| 34 | ON HLDG AG | 0.7% | $240.2m | 4,614,347 | – | new | |
| 35 | HDB HDFC BANK LTD | Financial Services | 0.6% | $221.1m | 2,883,335 | -1% | reduced |
| 36 | WCN WASTE CONNECTIONS INC | Industrials | 0.6% | $209.1m | 1,120,082 | 1% | added |
| 37 | LIBERTY MEDIA CORP DEL | 0.6% | $199.7m | 1,911,033 | -0% | held | |
| 38 | TTEK TETRA TECH INC NEW | Industrials | 0.5% | $187.0m | 5,200,335 | 27% | added |
| 39 | ROP ROPER TECHNOLOGIES INC | Technology | 0.5% | $185.8m | 327,846 | 1% | added |
| 40 | CSL CARLISLE COS INC | Industrials | 0.5% | $159.2m | 426,360 | – | new |
| 41 | RGEN REPLIGEN CORP | Healthcare | 0.4% | $155.6m | 1,251,088 | -3% | reduced |
| 42 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 0.4% | $143.4m | 3,943,485 | -5% | reduced |
| 43 | KASPI KZ JSC | 0.4% | $142.8m | 1,682,013 | 28% | added | |
| 44 | TDG TRANSDIGM GROUP INC | Industrials | 0.4% | $132.1m | 86,900 | 1% | added |
| 45 | VG VENTURE GLOBAL INC | Energy | 0.4% | $122.4m | 7,854,539 | -8% | reduced |
| 46 | RACE FERRARI N V | Consumer Cyclical | 0.3% | $119.6m | 243,717 | -1% | reduced |
| 47 | BLDR BUILDERS FIRSTSOURCE INC | Industrials | 0.3% | $118.6m | 1,016,773 | -3% | reduced |
| 48 | GOOG ALPHABET INC | Communication Services | 0.3% | $107.0m | 603,385 | -3% | reduced |
| 49 | MCK MCKESSON CORP | Healthcare | 0.3% | $106.9m | 145,867 | 59% | added |
| 50 | CHTR CHARTER COMMUNICATIONS INC N | Communication Services | 0.3% | $99.1m | 242,432 | 1% | added |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.