Sands Capital Management 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Sands Capital Management disclosed 64 US equity positions worth $36.2bn in its Q3 2025 13F filing. The largest position was NVDA at 10.7% of the reported book, followed by TSM and AMZN. Against the Q2 2025 filing, it opened 1 new position, added to 25 and reduced 21 among the top 50 holdings.
What did Sands Capital Management own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | NVDA NVIDIA CORPORATION | Technology | 10.7% | $3.9bn | 20,828,827 | -3% | reduced |
| 2 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 7.1% | $2.6bn | 9,251,889 | 8% | added |
| 3 | AMZN AMAZON COM INC | Consumer Cyclical | 5.1% | $1.8bn | 8,413,999 | -9% | reduced |
| 4 | MSFT MICROSOFT CORP | Technology | 4.1% | $1.5bn | 2,865,638 | -3% | reduced |
| 5 | V VISA INC | Financial Services | 3.8% | $1.4bn | 4,027,033 | -0% | held |
| 6 | NFLX NETFLIX INC | Communication Services | 3.7% | $1.3bn | 1,120,658 | -1% | reduced |
| 7 | MELI MERCADOLIBRE INC | Consumer Cyclical | 3.3% | $1.2bn | 509,845 | -1% | reduced |
| 8 | GOOGL ALPHABET INC | Communication Services | 3.2% | $1.2bn | 4,771,097 | 55% | added |
| 9 | NOW SERVICENOW INC | Technology | 3.2% | $1.1bn | 1,246,277 | -12% | reduced |
| 10 | DASH DOORDASH INC | Consumer Cyclical | 3.0% | $1.1bn | 4,023,291 | -16% | reduced |
| 11 | SPOT SPOTIFY TECHNOLOGY S A | Communication Services | 3.0% | $1.1bn | 1,547,640 | 14% | added |
| 12 | AXON AXON ENTERPRISE INC | Industrials | 2.9% | $1.0bn | 1,442,341 | -10% | reduced |
| 13 | SHOP SHOPIFY INC | Technology | 2.8% | $1.0bn | 6,937,271 | -7% | reduced |
| 14 | META META PLATFORMS INC | Communication Services | 2.8% | $1.0bn | 1,388,064 | 6% | added |
| 15 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 2.6% | $956.5m | 5,677,266 | 7% | added |
| 16 | SE SEA LTD | Consumer Cyclical | 2.4% | $872.8m | 4,883,167 | -14% | reduced |
| 17 | XYZ BLOCK INC | Technology | 2.3% | $838.6m | 11,603,057 | 12% | added |
| 18 | NET CLOUDFLARE INC | Technology | 2.3% | $817.2m | 3,808,319 | -23% | reduced |
| 19 | NU NU HLDGS LTD | Financial Services | 2.2% | $809.5m | 50,562,162 | -7% | reduced |
| 20 | IOT SAMSARA INC | Technology | 2.1% | $764.3m | 20,518,332 | 6% | added |
| 21 | APP APPLOVIN CORP | Communication Services | 2.0% | $730.7m | 1,016,959 | 24% | added |
| 22 | AVGO BROADCOM INC | Technology | 1.9% | $679.8m | 2,060,624 | 12% | added |
| 23 | CVNA CARVANA CO | Consumer Cyclical | 1.8% | $638.1m | 1,691,515 | 88% | added |
| 24 | ISRG INTUITIVE SURGICAL INC | Healthcare | 1.7% | $599.8m | 1,341,109 | 77% | added |
| 25 | FLUTTER ENTMT PLC | 1.5% | $540.1m | 2,126,306 | 0% | held | |
| 26 | ASML ASML HOLDING N V | Technology | 1.4% | $512.3m | 529,164 | -0% | held |
| 27 | RBLX ROBLOX CORP | Communication Services | 1.3% | $481.6m | 3,476,488 | -3% | reduced |
| 28 | TEAM ATLASSIAN CORPORATION | Technology | 1.2% | $421.9m | 2,641,730 | 2% | added |
| 29 | IRTC IRHYTHM TECHNOLOGIES INC | Healthcare | 1.1% | $384.6m | 2,236,110 | -23% | reduced |
| 30 | CPNG COUPANG INC | Consumer Cyclical | 1.0% | $355.0m | 11,024,177 | -8% | reduced |
| 31 | AJG GALLAGHER ARTHUR J & CO | Financial Services | 0.9% | $338.9m | 1,094,070 | -2% | reduced |
| 32 | DXCM DEXCOM INC | Healthcare | 0.9% | $332.0m | 4,934,189 | -50% | reduced |
| 33 | BLDR BUILDERS FIRSTSOURCE INC | Industrials | 0.8% | $294.7m | 2,430,902 | 139% | added |
| 34 | ON HLDG AG | 0.8% | $286.7m | 6,769,430 | 47% | added | |
| 35 | CSL CARLISLE COS INC | Industrials | 0.8% | $279.5m | 849,501 | 99% | added |
| 36 | DDOG DATADOG INC | Technology | 0.7% | $269.8m | 1,894,680 | -32% | reduced |
| 37 | ORCL ORACLE CORP | Technology | 0.7% | $263.3m | 936,043 | – | new |
| 38 | TTEK TETRA TECH INC NEW | Industrials | 0.7% | $239.6m | 7,179,032 | 38% | added |
| 39 | HDB HDFC BANK LTD | Financial Services | 0.6% | $211.5m | 6,190,788 | 115% | added |
| 40 | LIBERTY MEDIA CORP DEL | 0.6% | $210.4m | 2,014,627 | 5% | added | |
| 41 | WCN WASTE CONNECTIONS INC | Industrials | 0.6% | $208.0m | 1,183,194 | 6% | added |
| 42 | ROP ROPER TECHNOLOGIES INC | Technology | 0.5% | $175.4m | 351,775 | 7% | added |
| 43 | KASPI KZ JSC | 0.4% | $134.3m | 1,644,240 | -2% | reduced | |
| 44 | TDG TRANSDIGM GROUP INC | Industrials | 0.3% | $123.0m | 93,296 | 7% | added |
| 45 | RACE FERRARI N V | Consumer Cyclical | 0.3% | $122.1m | 251,698 | 3% | added |
| 46 | MCK MCKESSON CORP | Healthcare | 0.3% | $121.4m | 157,146 | 8% | added |
| 47 | SAP SAP SE | Technology | 0.3% | $117.6m | 440,270 | 52% | added |
| 48 | CDNS CADENCE DESIGN SYSTEM INC | Technology | 0.3% | $116.6m | 331,887 | 8% | added |
| 49 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 0.3% | $113.4m | 3,769,853 | -4% | reduced |
| 50 | VG VENTURE GLOBAL INC | Energy | 0.3% | $106.2m | 7,484,070 | -5% | reduced |
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.