Institutional Manager · CIK 0001020066
SANDS CAPITAL MANAGEMENT, LLC
ARLINGTON, VA · File #028-05734
Latest AUM
$32.88B
Positions
66
Top-10 Concentration
49.1%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | NETFLIX INC | NFLX | +8,902,430 | +$834.7M | -$1.24B |
| REDUCE | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | -2,425,714 | -$737.2M | +$227.6M |
| ADD | SHOPIFY INC | SHOP | +2,568,765 | +$413.5M | +$85.7M |
| REDUCE | ATLASSIAN CORPORATION | TEAM | -2,505,196 | -$406.2M | +$6.4M |
| ADD | SERVICENOW INC | NOW | +2,596,637 | +$397.8M | -$956.0M |
| REDUCE | BLOCK INC | BSQKZ | -5,673,174 | -$369.3M | -$83.3M |
| EXITED | DEXCOM INC | 252131107 | -4,934,189 | -$332.0M | $0 |
| REDUCE | VISA INC | V | -936,904 | -$328.6M | +$37.6M |
| ADD | CARVANA CO | CVNA | +751,019 | +$316.9M | +$75.7M |
| ADD | APPLOVIN CORP | APP | +446,392 | +$300.8M | -$45.5M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202566 pos · $32.88B
- 13F HOLDINGS REPORTQ/E Sep 202564 pos · $36.25B
- 13F HOLDINGS REPORTQ/E Jun 202566 pos · $34.83B
- 13F HOLDINGS REPORTQ/E Mar 202575 pos · $29.39B
- 13F HOLDINGS REPORTQ/E Dec 202471 pos · $33.80B
- 13F HOLDINGS REPORTQ/E Sep 202467 pos · $32.95B
- 13F HOLDINGS REPORTQ/E Jun 202466 pos · $34.03B
- 13F HOLDINGS REPORTQ/E Mar 202476 pos · $35.75B
- 13F HOLDINGS REPORTQ/E Dec 202375 pos · $29.38B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | NVIDIA CORPORATION | NVDA | 20,043,571 | $3.74B | 11.50% |
| 2 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 6,826,175 | $2.07B | 6.38% |
| 3 | AMAZON COM INC | AMZN | 7,440,012 | $1.72B | 5.29% |
| 4 | ALPHABET INC | GOOG | 4,939,049 | $1.55B | 4.76% |
| 5 | SHOPIFY INC | SHOP | 9,506,036 | $1.53B | 4.71% |
| 6 | MICROSOFT CORP | MSFT | 2,470,769 | $1.19B | 3.68% |
| 7 | VISA INC | V | 3,090,129 | $1.08B | 3.34% |
| 8 | CARVANA CO | CVNA | 2,442,534 | $1.03B | 3.17% |
| 9 | MERCADOLIBRE INC | MELI | 509,645 | $1.03B | 3.16% |
| 10 | DOORDASH INC | DASH | 4,496,607 | $1.02B | 3.13% |
| 11 | APPLOVIN CORP | APP | 1,463,351 | $986.0M | 3.03% |
| 12 | NETFLIX INC | NFLX | 10,023,088 | $939.8M | 2.89% |
| 13 | AXON ENTERPRISE INC | AXON | 1,609,436 | $914.0M | 2.81% |
| 14 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 5,502,896 | $891.2M | 2.74% |
| 15 | SPOTIFY TECHNOLOGY S A | SPOT | 1,469,848 | $853.6M | 2.63% |
| 16 | META PLATFORMS INC | META | 1,254,871 | $828.3M | 2.55% |
| 17 | INTUITIVE SURGICAL INC | ISRG | 1,376,958 | $779.9M | 2.40% |
| 18 | NU HLDGS LTD | NU | 44,423,895 | $743.7M | 2.29% |
| 19 | CLOUDFLARE INC | NET | 3,731,287 | $735.6M | 2.26% |
| 20 | BROADCOM INC | AVGO | 2,114,521 | $731.8M | 2.25% |