Data as of Q4 2025 (Dec 31, 2025)

SANDS CAPITAL MANAGEMENT, LLC

•CIK: 1020066•Filing: Q4 2025

SANDS CAPITAL MANAGEMENT, LLC, led by the seasoned investor Seth A. Sands, maintains a concentrated portfolio with a focus on technology and growth stocks, as evidenced by top holdings like NVDA and TSM. Recently, the fund has made notable shifts by adding ARGX and CVNA significantly, while cutting positions in TEAM1EUR and AJG, reflecting a strategic pivot towards healthcare and infrastructure sectors.

Total AUM
$32.9B
QoQ Performance
-9.3%
Positions
66
Top 10 Concentration
48.5%
Latest Filing
Q4 2025

Top Holdings Allocation

NVDA
TSM
AMZN
NVDA11.4%
TSM6.3%
AMZN5.2%
GOOGL4.7%
SHOP4.7%
MSFT3.6%
V3.3%
CVNA3.1%

📈 Biggest Buys

NFLX
NETFLIX INC
+794.4%
2.9% of portfolio
SHOP
SHOPIFY INC
+37.0%
4.7% of portfolio
NOW
SERVICENOW INC
+208.4%
1.8% of portfolio
CVNA
CARVANA CO
+44.4%
3.1% of portfolio
APP
APPLOVIN CORP
+43.9%
3.0% of portfolio

📉 Biggest Sells

TSM
TAIWAN SEMICONDUCTOR MFG LTD
-26.2%
6.3% of portfolio
TEAM1EUR
ATLASSIAN CORPORATION
-94.8%
0.1% of portfolio
XYZ
BLOCK INC
-48.9%
1.2% of portfolio
V
VISA INC
-23.3%
3.3% of portfolio
AMZN
AMAZON COM INC
-11.6%
5.2% of portfolio

Sector Breakdown

Other60.9%
Technology24.5%
Communication6.1%
Consumer5.2%
Financial3.3%
Materials0.1%

🚪 Exited Positionssold since Q3 2025

DC4
DEXCOM INC
SOLD
$332.0M
ORCL
ORACLE CORP
SOLD
$263.3M
VG
VENTURE GLOBAL INC
SOLD
$106.2M
MNDY
MONDAY COM LTD
SOLD
$22.5M

Changes from Q3 2025

NEW6 new positions
↑22 increased
↓36 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NVDA11.4%
NVIDIA CORPORATION
$3.7B
TSM6.3%
TAIWAN SEMICONDUCTOR MFG LTD
$2.1B
AMZN5.2%
AMAZON COM INC
$1.7B
GOOGL4.7%
ALPHABET INC
$1.5B
SHOP4.7%
SHOPIFY INC
$1.5B

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