Sands Capital Management, LLC
Reported US equity positions for Q1 2026 — $25.5B across 67 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $3.2B | 12.4% | 18,085,742 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $2.0B | 7.8% | 5,862,685 |
| GOOGL Alphabet Inc. | $1.5B | 5.8% | 5,124,494 |
| AMZN Amazon.com, Inc. | $1.4B | 5.5% | 6,719,055 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $1.1B | 4.2% | 8,935,666 |
| NFLX Netflix, Inc. | $905.2M | 3.6% | 9,414,668 |
| L8681T102 Spotify Technology S A | $870.0M | 3.4% | 1,794,226 |
| N07059210 Asml Hldg Nv | $845.1M | 3.3% | 639,833 |
| V Visa Inc. | $837.3M | 3.3% | 2,770,431 |
| MELI MercadoLibre, Inc. | $822.1M | 3.2% | 475,455 |
| NET Cloudflare, Inc. Class A | $755.6M | 3.0% | 3,661,749 |
| META Meta Platforms, Inc. | $731.8M | 2.9% | 1,279,121 |
| ICE Intercontinental Exchange Inc. | $689.6M | 2.7% | 4,384,298 |
| CVNA Carvana Co. Class A | $665.6M | 2.6% | 2,117,248 |
| AXON Axon Enterprise, Inc. | $664.4M | 2.6% | 1,564,504 |
| ISRG Intuitive Surgical, Inc. | $609.1M | 2.4% | 1,321,274 |
| DASH DoorDash, Inc. | $594.2M | 2.3% | 3,957,060 |
| MSFT Microsoft Corporation | $566.4M | 2.2% | 1,530,124 |
| IOT Samsara Inc. Class A | $496.2M | 1.9% | 15,657,744 |
| G6683N103 Nu Hldgs LTD | $493.5M | 1.9% | 34,342,221 |
| AVGO Broadcom Inc. | $434.2M | 1.7% | 1,402,835 |
| SE Sea Limited American Preferred | $391.6M | 1.5% | 4,728,550 |
| APP Applovin Corporation | $386.7M | 1.5% | 971,561 |
| PWR Quanta Services, Inc. | $343.9M | 1.3% | 626,348 |
| XYZ Block, Inc. Class A Common Stock | $331.6M | 1.3% | 5,510,835 |
| CRS Carpenter Technology Corporation | $324.5M | 1.3% | 823,277 |
| CSL Carlisle Companies Incorporated | $306.8M | 1.2% | 919,614 |
| ARGX argenx SE | $248.5M | 1.0% | 340,285 |
| BE Bloom Energy Corporation Class A | $241.0M | 0.9% | 1,779,038 |
| BLDR Builders FirstSource, Inc. | $215.8M | 0.8% | 2,621,085 |
| H5919C104 On Hldg Ag | $215.2M | 0.8% | 6,325,547 |
| G7997R103 Seagate Technology Hldngs Pl | $208.4M | 0.8% | 531,892 |
| G3643J108 Flutter Entmt PLC | $202.8M | 0.8% | 1,988,830 |
| TTEK Tetra Tech, Inc. | $200.6M | 0.8% | 6,658,823 |
| MCK McKesson Corporation | $174.2M | 0.7% | 201,283 |
| CPNG Coupang, Inc. Class A | $173.2M | 0.7% | 9,172,187 |
| DDOG Datadog, Inc. | $166.0M | 0.7% | 1,406,366 |
| LRCX Lam Research Corporation | $161.4M | 0.6% | 755,222 |
| RBLX Roblox Corporation Class A | $154.2M | 0.6% | 2,726,701 |
| FWONK Liberty Media Corporation - Series C Liberty Formula One | $132.6M | 0.5% | 1,559,760 |
| KSPI Joint Stock Company Kaspi.kz - American Depository Shares | $117.5M | 0.5% | 1,586,334 |
| TDG Transdigm Group Incorporated | $109.3M | 0.4% | 94,341 |
| WCN Waste Connections, Inc. | $103.1M | 0.4% | 634,903 |
| APH Amphenol Corporation | $101.8M | 0.4% | 805,602 |
| N3167Y103 Ferrari N V | $97.4M | 0.4% | 287,709 |
| RARE Ultragenyx Pharmaceutical Inc. | $67.3M | 0.3% | 3,214,533 |
| BSX Boston Scientific Corporation | $46.2M | 0.2% | 736,109 |
| YMM Full Truck Alliance Co. Ltd. American Preferred | $41.3M | 0.2% | 4,970,779 |
| G4124C109 Grab Holdings Limited | $33.4M | 0.1% | 9,122,432 |
| LLY Eli Lilly and Company | $30.2M | 0.1% | 32,887 |
| G54950103 Linde PLC | $27.1M | 0.1% | 54,593 |
| PANW Palo Alto Networks, Inc. | $25.8M | 0.1% | 161,078 |
| HDB HDFC Bank Limited | $22.6M | 0.1% | 907,652 |
| KVYO Klaviyo, Inc. Series A | $11.6M | 0.0% | 595,160 |
| T9224W109 Stevanato Group S P A | $6.8M | 0.0% | 497,310 |
| FIG Figma INC | $4.0M | 0.0% | 187,577 |
| PLTR Palantir Technologies Inc. | $3.4M | 0.0% | 22,919 |
| NOW ServiceNow, Inc. | $3.3M | 0.0% | 31,521 |
| GTLB GitLab Inc. | $2.8M | 0.0% | 127,475 |
| BABA Alibaba Group Holding Limited American Preferred | $977,710 | 0.0% | 7,793 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| BE Bloom Energy Corporation Class A | New | $241.0M | — | — |
| G7997R103 Seagate Technology Hldngs Pl | New | $208.4M | — | — |
| LRCX Lam Research Corporation | New | $161.4M | — | — |
| LLY Eli Lilly and Company | New | $30.2M | — | — |
| AAPL Apple Inc. | New | $816,950 | — | — |
| ANET Arista Networks, Inc. | New | $331,260 | — | — |
| HOOD Robinhood Markets, Inc. | New | $259,598 | — | — |
| AVAV AeroVironment, Inc. | New | $245,653 | — | — |
| LITE Lumentum Holdings Inc. | New | $219,261 | — | — |
| IRTC iRhythm Holdings, Inc. | Exit | — | $301.6M | -100% |
| ROP Roper Technologies, Inc. | Exit | — | $127.9M | -100% |
| SAP SAP SE ADS | Exit | — | $95.7M | -100% |
| CDNS Cadence Design Systems, Inc. | Exit | — | $78.8M | -100% |
| AJG Arthur J. Gallagher & Co. | Exit | — | $63.2M | -100% |
| L44385109 Globant S A | Exit | — | $50.4M | -100% |
| DUOL Duolingo, Inc. | Exit | — | $7.0M | -100% |
| IWF iShares Russell 1000 Growth Fund | Exit | — | $3.9M | -100% |
| NVDA NVIDIA Corporation | Trim | $3.2B | $3.7B | -10% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $2.0B | $2.1B | -14% |
| GOOGL Alphabet Inc. | Add | $1.5B | $1.5B | +4% |
| AMZN Amazon.com, Inc. | Trim | $1.4B | $1.7B | -10% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Trim | $1.1B | $1.5B | -6% |
| NFLX Netflix, Inc. | Trim | $905.2M | $939.8M | -6% |
| L8681T102 Spotify Technology S A | Add | $870.0M | $853.6M | +22% |
| N07059210 Asml Hldg Nv | Trim | $845.1M | $716.8M | -5% |
| V Visa Inc. | Trim | $837.3M | $1.1B | -10% |
| MELI MercadoLibre, Inc. | Trim | $822.1M | $1.0B | -7% |
| NET Cloudflare, Inc. Class A | Trim | $755.6M | $735.6M | -2% |
| META Meta Platforms, Inc. | Add | $731.8M | $828.3M | +2% |
| ICE Intercontinental Exchange Inc. | Trim | $689.6M | $891.2M | -20% |
| CVNA Carvana Co. Class A | Trim | $665.6M | $1.0B | -13% |
| AXON Axon Enterprise, Inc. | Trim | $664.4M | $914.0M | -3% |
| ISRG Intuitive Surgical, Inc. | Trim | $609.1M | $779.9M | -4% |
| DASH DoorDash, Inc. | Trim | $594.2M | $1.0B | -12% |
| MSFT Microsoft Corporation | Trim | $566.4M | $1.2B | -38% |
| IOT Samsara Inc. Class A | Trim | $496.2M | $677.9M | -18% |
| G6683N103 Nu Hldgs LTD | Trim | $493.5M | $743.7M | -23% |
| AVGO Broadcom Inc. | Trim | $434.2M | $731.8M | -34% |
| SE Sea Limited American Preferred | Trim | $391.6M | $701.8M | -14% |
| APP Applovin Corporation | Trim | $386.7M | $986.0M | -34% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.