Sands Capital Management 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Sands Capital Management disclosed 66 US equity positions worth $32.9bn in its Q4 2025 13F filing. The largest position was NVDA at 11.4% of the reported book, followed by TSM and AMZN. Against the Q3 2025 filing, it opened 3 new positions, added to 21 and reduced 25 among the top 50 holdings.
What did Sands Capital Management own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | NVDA NVIDIA CORPORATION | Technology | 11.4% | $3.7bn | 20,043,571 | -4% | reduced |
| 2 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 6.3% | $2.1bn | 6,826,175 | -26% | reduced |
| 3 | AMZN AMAZON COM INC | Consumer Cyclical | 5.2% | $1.7bn | 7,440,012 | -12% | reduced |
| 4 | GOOGL ALPHABET INC | Communication Services | 4.7% | $1.5bn | 4,939,049 | 4% | added |
| 5 | SHOP SHOPIFY INC | Technology | 4.7% | $1.5bn | 9,506,036 | 37% | added |
| 6 | MSFT MICROSOFT CORP | Technology | 3.6% | $1.2bn | 2,470,769 | -14% | reduced |
| 7 | V VISA INC | Financial Services | 3.3% | $1.1bn | 3,090,129 | -23% | reduced |
| 8 | CVNA CARVANA CO | Consumer Cyclical | 3.1% | $1.0bn | 2,442,534 | 44% | added |
| 9 | MELI MERCADOLIBRE INC | Consumer Cyclical | 3.1% | $1.0bn | 509,645 | -0% | held |
| 10 | DASH DOORDASH INC | Consumer Cyclical | 3.1% | $1.0bn | 4,496,607 | 12% | added |
| 11 | APP APPLOVIN CORP | Communication Services | 3.0% | $986.0m | 1,463,351 | 44% | added |
| 12 | NFLX NETFLIX INC | Communication Services | 2.9% | $939.8m | 10,023,088 | 794% | added |
| 13 | AXON AXON ENTERPRISE INC | Industrials | 2.8% | $914.0m | 1,609,436 | 12% | added |
| 14 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 2.7% | $891.2m | 5,502,896 | -3% | reduced |
| 15 | SPOT SPOTIFY TECHNOLOGY S A | Communication Services | 2.6% | $853.6m | 1,469,848 | -5% | reduced |
| 16 | META META PLATFORMS INC | Communication Services | 2.5% | $828.3m | 1,254,871 | -10% | reduced |
| 17 | ISRG INTUITIVE SURGICAL INC | Healthcare | 2.4% | $779.9m | 1,376,958 | 3% | added |
| 18 | NU NU HLDGS LTD | Financial Services | 2.3% | $743.7m | 44,423,895 | -12% | reduced |
| 19 | NET CLOUDFLARE INC | Technology | 2.2% | $735.6m | 3,731,287 | -2% | reduced |
| 20 | AVGO BROADCOM INC | Technology | 2.2% | $731.8m | 2,114,521 | 3% | added |
| 21 | ASML ASML HOLDING N V | Technology | 2.2% | $716.8m | 669,985 | 27% | added |
| 22 | SE SEA LTD | Consumer Cyclical | 2.1% | $701.8m | 5,501,013 | 13% | added |
| 23 | IOT SAMSARA INC | Technology | 2.1% | $677.9m | 19,123,318 | -7% | reduced |
| 24 | NOW SERVICENOW INC | Technology | 1.8% | $588.7m | 3,842,914 | 208% | added |
| 25 | FLUTTER ENTMT PLC | 1.4% | $448.8m | 2,087,048 | -2% | reduced | |
| 26 | XYZ BLOCK INC | Technology | 1.2% | $386.0m | 5,929,883 | -49% | reduced |
| 27 | CSL CARLISLE COS INC | Industrials | 0.9% | $309.5m | 967,640 | 14% | added |
| 28 | ON HLDG AG | 0.9% | $308.4m | 6,635,050 | -2% | reduced | |
| 29 | IRTC IRHYTHM TECHNOLOGIES INC | Healthcare | 0.9% | $301.6m | 1,699,645 | -24% | reduced |
| 30 | ARGX ARGENX SE | Healthcare | 0.9% | $300.1m | 356,870 | 2047% | added |
| 31 | BLDR BUILDERS FIRSTSOURCE INC | Industrials | 0.9% | $283.8m | 2,757,969 | 13% | added |
| 32 | RBLX ROBLOX CORP | Communication Services | 0.8% | $258.0m | 3,183,399 | -8% | reduced |
| 33 | PWR QUANTA SVCS INC | Industrials | 0.7% | $243.5m | 576,896 | – | new |
| 34 | CPNG COUPANG INC | Consumer Cyclical | 0.7% | $243.4m | 10,319,665 | -6% | reduced |
| 35 | TTEK TETRA TECH INC NEW | Industrials | 0.7% | $235.0m | 7,007,004 | -2% | reduced |
| 36 | HDB HDFC BANK LTD | Financial Services | 0.7% | $223.5m | 6,117,362 | -1% | reduced |
| 37 | DDOG DATADOG INC | Technology | 0.6% | $205.9m | 1,513,800 | -20% | reduced |
| 38 | LIBERTY MEDIA CORP DEL | 0.6% | $205.1m | 2,082,513 | 3% | added | |
| 39 | CRS CARPENTER TECHNOLOGY CORP | Industrials | 0.6% | $195.7m | 621,684 | – | new |
| 40 | WCN WASTE CONNECTIONS INC | Industrials | 0.5% | $169.4m | 965,880 | -18% | reduced |
| 41 | KASPI KZ JSC | 0.5% | $152.3m | 1,948,761 | 19% | added | |
| 42 | MCK MCKESSON CORP | Healthcare | 0.4% | $143.0m | 174,268 | 11% | added |
| 43 | TDG TRANSDIGM GROUP INC | Industrials | 0.4% | $137.2m | 103,179 | 11% | added |
| 44 | ROP ROPER TECHNOLOGIES INC | Technology | 0.4% | $127.9m | 287,318 | -18% | reduced |
| 45 | APH AMPHENOL CORP NEW | Technology | 0.4% | $118.8m | 879,004 | 11% | added |
| 46 | RACE FERRARI N V | Consumer Cyclical | 0.3% | $114.6m | 309,983 | 23% | added |
| 47 | SAP SAP SE | Technology | 0.3% | $95.7m | 394,117 | -10% | reduced |
| 48 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 0.2% | $80.2m | 3,485,724 | -8% | reduced |
| 49 | CDNS CADENCE DESIGN SYSTEM INC | Technology | 0.2% | $78.8m | 252,008 | -24% | reduced |
| 50 | BSX BOSTON SCIENTIFIC CORP | Healthcare | 0.2% | $76.8m | 805,164 | – | new |
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.