SANDS CAPITAL MANAGEMENT, LLC
Sector Allocation
- Technology60.9%$16.4B
- Consumer Discretionary12.2%$3.3B
- Industrials8.1%$2.2B
- Communication Services5.8%$1.6B
- Financials5.6%$1.5B
- Healthcare3.5%$944.4M
- Materials3.0%$803.5M
- Consumer Staples0.5%$138.9M
- Utilities0.4%$101.6M
- Other0.0%$2.8M
AUM History
13fpro.ai/research/fund/sands-capital-management-llc-1020066
Conviction and streaks
Diversifying · top 10 = 47.6%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
NVDA
$2.8BTSM
$1.9BGOOGL
$1.7BAMZN
$1.2BASML
$1.1BBE
$885.9MAXON
$830.2MSHOP
$826.9MV
$815.6MSPOT
$808.6MNET
$794.6MSTX
$695.5MMELI
$642.0MMU
$608.1MCVNA
$557.0MMETA
$546.3MPWR
$540.4MICE
$499.3MISRG
$498.1MLRCX
$491.4M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/sands-capital-management-llc-1020066
SANDS CAPITAL MANAGEMENT, LLC 13F holdings — Q2 2026
$26.9B portfolio (+5.7% QoQ) · 71 holdings · Q2 2026 13F · top 10 are 48% of the stock portfolio
$2.8B
10.4% of stocks
-22%This quarter-4.1%Since filed17 qtrsHeld$1.9B
7.0% of stocks
-33%This quarter-1.4%Since filed10 qtrsHeld$1.7B
6.5% of stocks
-5%This quarter-8.7%Since filed10 qtrsHeld$1.2B
4.3% of stocks
-28%This quarter-6.0%Since filed19+ qtrsHeldAIQuality67.5#364Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 8 qtrs in a row$1.1B
3.9% of stocks
-17%This quarter-13.9%Since filed10 qtrsHeld$885.9M
3.3% of stocks
+65%This quarter-13.7%Since filed2 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$830.2M
3.1% of stocks
-5%This quarter-31.0%Since filed14 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$826.9M
3.1% of stocks
-19%This quarter+6.1%Since filed19+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$815.6M
3.0% of stocks
-14%This quarter+10.6%Since filed19+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$808.6M
3.0% of stocks
-2%This quarter+14.9%Since filed8 qtrsHeld
All holdings — SANDS CAPITAL MANAGEMENT, LLC (Q2 2026)
71 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Cloudflare, Inc. | Technology | $794.6M | 3.0% | 3.24M | -12% | 19+ qtrsTrimmed 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Seagate Technology Holdings plc | Technology | $695.5M | 2.6% | 721K | +36% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | MERCADOLIBRE INC | Consumer Discretionary | $642.0M | 2.4% | 378K | -20% | 19+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | MICRON TECHNOLOGY INC | Technology | $608.1M | 2.3% | 527K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | CARVANA CO. | Consumer Discretionary | $557.0M | 2.1% | 8.46M | +300% | 6 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Meta Platforms, Inc. | Technology | $546.3M | 2.0% | 970K | -24% | 13 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | QUANTA SERVICES, INC. | Industrials | $540.4M | 2.0% | 750K | +20% | 3 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Intercontinental Exchange, Inc. | Financials | $499.3M | 1.9% | 4.06M | -7% | 19+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | INTUITIVE SURGICAL INC | Healthcare | $498.1M | 1.9% | 1.25M | -5% | 6 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | LAM RESEARCH CORP | Technology | $491.4M | 1.8% | 1.13M | +50% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | MICROSOFT CORP | Technology | $488.4M | 1.8% | 1.31M | -14% | 19+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | CARPENTER TECHNOLOGY CORP | Materials | $484.9M | 1.8% | 786K | -5% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | DoorDash, Inc. | Consumer Discretionary | $429.2M | 1.6% | 2.33M | -41% | 19+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | AppLovin Corp | Technology | $428.5M | 1.6% | 832K | -14% | 7 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Block, Inc. | Technology | $428.1M | 1.6% | 5.63M | +2% | 19+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $AVGO | Broadcom Inc. | Technology | $425.7M | 1.6% | 1.13M | -20% | |||
| 27 | $AMD | ADVANCED MICRO DEVICES INC | Technology | $390.7M | 1.4% | 673K | New | |||
| 28 | $SPCX | SPACE EXPLORATION TECHNOLOGIES CORP | Technology | $389.0M | 1.4% | 2.28M | New | |||
| 29 | $NFLX | NETFLIX INC | Communication Services | $381.0M | 1.4% | 5.34M | -43% | |||
| 30 | $IOT | Samsara Inc. | Technology | $368.0M | 1.4% | 11.35M | -28% | |||
| 31 | $SNDK | Sandisk Corp | Technology | $348.1M | 1.3% | 153K | New | |||
| 32 | $CSL | CARLISLE COMPANIES INC | Materials | $290.2M | 1.1% | 800K | -13% | |||
| 33 | $SE | Sea Ltd | Industrials | $287.3M | 1.1% | 3.00M | -37% | |||
| 34 | $ARGX | ARGENX SE | Healthcare | $277.0M | 1.0% | 299K | -12% | |||
| 35 | $ONON | On Holding AG | Consumer Discretionary | $265.1M | 1.0% | 7.49M | +18% | |||
| 36 | $DDOG | Datadog, Inc. | Technology | $260.3M | 1.0% | 1000K | -29% | |||
| 37 | $SPHR | Sphere Entertainment Co. | Communication Services | $235.0M | 0.9% | 1.36M | New | |||
| 38 | $ARM | ARM HOLDINGS PLC /UK | Technology | $227.9M | 0.8% | 643K | New | |||
| 39 | $BLDR | Builders FirstSource, Inc. | Industrials | $204.3M | 0.8% | 2.28M | -13% | |||
| 40 | $NU | Nu Holdings Ltd. | Financials | $166.7M | 0.6% | 12.48M | -64% | |||
| 41 | $FWONA | Liberty Media Corp | Communication Services | $143.6M | 0.5% | 1.51M | -3% | |||
| 42 | $MCK | MCKESSON CORP | Consumer Staples | $138.7M | 0.5% | 184K | -9% | |||
| 43 | $APH | AMPHENOL CORP /DE/ | Technology | $134.7M | 0.5% | 764K | -5% | |||
| 44 | $KSPI | Joint Stock Co Kaspi.kz | Industrials | $132.6M | 0.5% | 1.53M | -3% | |||
| 45 | $CPNG | Coupang, Inc. | Consumer Discretionary | $131.3M | 0.5% | 7.56M | -18% | |||
| 46 | $TDG | TransDigm Group INC | Industrials | $119.4M | 0.4% | 90K | -5% | |||
| 47 | $RARE | Ultragenyx Pharmaceutical Inc. | Healthcare | $105.5M | 0.4% | 3.16M | -2% | |||
| 48 | $RACE | Ferrari N.V. | Consumer Discretionary | $104.3M | 0.4% | 280K | -3% | |||
| 49 | $WCN | Waste Connections, Inc. | Utilities | $101.6M | 0.4% | 610K | -4% | |||
| 50 | $WWD | Woodward, Inc. | Technology | $65.4M | 0.2% | 154K | New | |||
| 51 | $GRAB | Grab Holdings Ltd | Industrials | $61.8M | 0.2% | 16.39M | +80% | |||
| 52 | $LLY | ELI LILLY & Co | Healthcare | $54.4M | 0.2% | 45K | +38% | |||
| 53 | $YMM | Full Truck Alliance Co. Ltd. | Technology | $34.9M | 0.1% | 4.29M | -14% | |||
| 54 | $LIN | LINDE PLC | Materials | $28.4M | 0.1% | 55K | +0.3% | |||
| 55 | $HDB | HDFC BANK LTD | Financials | $22.4M | 0.1% | 866K | -5% | |||
| 56 | $AAPL | Apple Inc. | Technology | $13.2M | 0.1% | 46K | +1317% | |||
| 57 | $PANW | Palo Alto Networks Inc | Technology | $10.7M | 0.0% | 31K | -81% | |||
| 58 | $STVN | Stevanato Group S.p.A. | Healthcare | $9.5M | 0.0% | 524K | +5% | |||
| 59 | $CRWD | CrowdStrike Holdings, Inc. | Technology | $7.6M | 0.0% | 10K | New | |||
| 60 | $INTC | INTEL CORP | Technology | $5.5M | 0.0% | 39K | New | |||
| 61 | $HOOD | Robinhood Markets, Inc. | Financials | $5.3M | 0.0% | 53K | +1316% | |||
| 62 | $TTMI | TTM TECHNOLOGIES INC | Technology | $4.4M | 0.0% | 24K | New | |||
| 63 | $GTLB | Gitlab Inc. | Technology | $3.9M | 0.0% | 127K | — | |||
| 64 | $AVAV | AeroVironment Inc | Industrials | $3.1M | 0.0% | 19K | +1315% | |||
| 65 | $KVYO | Klaviyo, Inc. | Technology | $3.0M | 0.0% | 199K | -67% | |||
| 66 | — | ISHARES TR - RUS 1000 GRW ETF | — | $2.8M | 0.0% | 22K | New | |||
| 67 | $LITE | Lumentum Holdings Inc. | Technology | $2.5M | 0.0% | 2,961 | +849% | |||
| 68 | $CBRS | Cerebras Systems Inc. | Technology | $2.5M | 0.0% | 11K | New | |||
| 69 | $PLTR | Palantir Technologies Inc. | Technology | $2.1M | 0.0% | 18K | -22% | |||
| 70 | $BABA | Alibaba Group Holding Ltd | Consumer Discretionary | $667K | 0.0% | 6,950 | -11% | |||
| 71 | $TBBB | BBB FOODS INC | Consumer Staples | $262K | 0.0% | 6,281 | New |
What changed in Q2 2026
Against the previous quarter's 13F: 13 new, 15 added to, 42 trimmed, 9 sold out. Share-count changes; largest moves by dollar size first.
New positions (13)
first bought this quarter
$AMDADVANCED MICRO DEVICES INC$390.7M
first bought this quarter
$SPCXSPACE EXPLORATION TECHNOLOGIES CORP$389.0Mfirst bought this quarter
$SNDKSandisk Corp$348.1M
first bought this quarter
$SPHRSphere Entertainment Co.$235.0M
first bought this quarter
$ARMARM HOLDINGS PLC /UK$227.9M
first bought this quarter
+7 more in the Excel export
Added to (15)
now $557.0M · held 6 qtrs
now $885.9M · held 2 qtrs, 2 adds in a row
now $695.5M · held 2 qtrs, 2 adds in a row
now $491.4M · held 2 qtrs, 2 adds in a row
now $540.4M · held 3 qtrs, 3 adds in a row
$ONONOn Holding AG+18%
now $265.1M · held 5 qtrs
+9 more in the Excel export
Trimmed (42)
now $1.9B · held 10 qtrs, 3 trims in a row
now $2.8B · held 17 qtrs, 4 trims in a row
now $1.2B · held 19+ qtrs, 8 trims in a row
$DASHDoorDash, Inc.-41%
now $429.2M · held 19+ qtrs, 2 trims in a row
$NUNu Holdings Ltd.-64%
now $166.7M · held 10 qtrs, 4 trims in a row
$NFLXNETFLIX INC-43%
now $381.0M · held 19+ qtrs, 3 trims in a row
+36 more in the Excel export
Holdings by quarter
Every 13F SANDS CAPITAL MANAGEMENT, LLC has filed, 38 earlier quarters. Pick one to see what it held then.
Is it too late to follow SANDS CAPITAL MANAGEMENT?
Q2 2026 13F filed with the SEC on Aug 13, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of SANDS CAPITAL MANAGEMENT's top 20 holdings: 76/100 (our AI quality score, weighted by position size; 16 of the 20 are scored)
Top 10 since filing
-4.9%
Value-weighted move of the 10 largest stock positions
Turnover
12%
Last quarter; 30% over the last 4
Top 10 weight
48%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
80%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2021 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
SANDS CAPITAL MANAGEMENT, LLC disclosed 71 positions worth $26.9B in its Form 13F-HR for Q2 2026, led by $NVDA (NVIDIA CORP) at 10.4% of the equity portfolio, followed by $TSM and $GOOGL. During the quarter the fund opened 13 new positions and exited 9 — including a new stake in $MU and a full exit from $FLUT. The portfolio is most concentrated in Technology (60.9% of disclosed assets). All figures are sourced directly from SANDS CAPITAL MANAGEMENT, LLC’s Form 13F-HR filing with the SEC under CIK 1020066.
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