In plain English: this page lists every stock Sands Capital's fund told the SEC it owned at the end of the quarter, biggest first, and what changed since the quarter before — "New" means they bought it for the first time, "Sold" means they sold all of it. The list is at least 6 weeks old, and it is only part of their investments (no cash, bonds or bets against stocks).
Educational and informational only, not personalized investment advice. Based on public filings that may be delayed or contain errors; verify with the original filings. Disclaimer
Reported value ⓘTotal of long stock positions in this 13F. Options are listed separately and not included.
$26.93B
Q2 2026
Quarter change
+5.7%
vs Q1 2026 ($25.49B)
Holdings
71
Top-10 weight 47.6%
Activity
13 new · 9 sold out
15 added to · 42 trimmed
Investing style at a glance · Q2 2026
- Moderately diversified: 71 stocks, with 47.6% of the portfolio in the 10 largest.
- Biggest sector: Information Technology (43.1% of the portfolio).
- Turnover this quarter: high — 13 new positions and 9 sold out (15 added to, 42 trimmed).
- Largest position: NVDA at 10.4% of the portfolio.
Worked out from this 13F only (long stock positions). ⓘConcentration: The share of a portfolio in its 10 largest positions. High = a few big bets; low = spread out. Guide ⓘTurnover: How many positions were opened or closed this quarter compared with the number held. Guide
Portfolio value over time
Reported 13F value per quarter
Sector allocation
Q2 2026
- Information Technology43.1%
- Industrials20.6%
- Communication Services13.5%
- Consumer Discretionary8.9%
- Financials5.6%
- Health Care4.0%
- Materials4.0%
- Utilities0.4%
- ETFs & Funds0.0%
- Consumer Staples0.0%
Top holdings over time
Share of the portfolio each quarter (current top 5)
Quarter-by-quarter activity
Positions bought (new or added) vs sold (trimmed or exited)
Insights
Adds vs. trims · Q2 2026
Largest estimated dollar adds (green) and trims (red) this quarter. Click a bar to open the stock.
Sector allocation over time
Share of the reported portfolio in each sector, by quarter
Performance context
Reported 13F value vs. the S&P 500 between the same quarter-end dates, and a hypothetical “copy the top 10” strategy vs. SPY. Prices through Oct 27, 2026.
Reported value change ⓘChange in total reported 13F value from Sep 30, 2024 to Jun 30, 2026. Includes deposits/withdrawals and is not the fund’s return.
-18.3%
Sep 30, 2024 – Jun 30, 2026
S&P 500, same dates
+30.1%
Price index (^GSPC)
Hypothetical top-10 ⓘBuy the reported top 10 (value-weighted) at the close of the first trading day after each filing, hold until the next filing. Covers 100% of top-10 value on average (positions with price data).
+28.6%
Nov 14, 2024 – Oct 27, 2026
SPY, same days
+32.7%
Total return (dividends included)
Read these numbers carefully: “Reported value change” is the change in the total value of the shares on this manager’s 13F — it is not the fund’s investment return. The total also moves when investors put money into the fund or take it out, and a 13F covers only long US-listed shares — no shorts, bonds, cash or foreign stocks — so the fund’s actual return can be higher or lower.
Reported value vs. S&P 500 (cumulative)
Hypothetical top-10 vs. SPY (cumulative)
Quarter-by-quarter numbers
| Quarter | Reported value | Value change | S&P 500 | Top-10 held | Top-10 | SPY | Coverage |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $26.93B | +5.7% | +14.9% | Aug 14, 2026 – Oct 27, 2026 (open) | -3.2% | -0.6% | 100% |
| Q1 2026 | $25.49B | -22.5% | -4.6% | May 11, 2026 – Aug 14, 2026 | +8.0% | +5.3% | 100% |
| Q4 2025 | $32.88B | -9.3% | +2.3% | Feb 17, 2026 – May 11, 2026 | +10.7% | +8.6% | 100% |
| Q3 2025 | $36.25B | +4.1% | +7.8% | Nov 14, 2025 – Feb 17, 2026 | -6.0% | +1.9% | 100% |
| Q2 2025 | $34.83B | +18.5% | +10.6% | Aug 14, 2025 – Nov 14, 2025 | -2.3% | +4.5% | 100% |
| Q1 2025 | $29.39B | -13.0% | -4.6% | May 15, 2025 – Aug 14, 2025 | +12.0% | +9.6% | 100% |
| Q4 2024 | $33.80B | +2.6% | +2.1% | Feb 14, 2025 – May 15, 2025 | +1.2% | -2.9% | 100% |
Not investment advice. Hypothetical, not actual results. 13F filings arrive up to 45 days after quarter end, so anyone copying them buys late; the top-10 figures start the day after each filing was published. Reported value changes include deposits and withdrawals and are not the fund's return. Costs, taxes and positions without price data are ignored. Past performance does not predict future results. How this is calculated
Column filters
| Ticker | Company | Sector | Shares | Value ↓ | % of portfolio | Change | Δ shares | Δ shares % | Est. Δ value ⓘChange in shares × this quarter's price |
|---|---|---|---|---|---|---|---|---|---|
| NVDA | Nvidia Corp | Information Technology | 14.06M | $2.81B | 10.4% | Reduced | -4.0M | -22.3% | -$805.62M |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | Information Technology | 3.93M | $1.87B | 7.0% | Reduced | -1.9M | -33.0% | -$925.17M |
| GOOGL | Alphabet Inc (Class A) | Communication Services | 4.89M | $1.75B | 6.5% | Reduced | -231.1K | -4.5% | -$82.59M |
| AMZN | Amazon Com Inc | Consumer Discretionary | 4.86M | $1.16B | 4.3% | Reduced | -1.9M | -27.7% | -$442.80M |
| ASML | ASML Holding NV | Industrials | 533.69K | $1.06B | 3.9% | Reduced | -106.1K | -16.6% | -$211.16M |
| BE | Bloom Energy Corp (Class A) | Industrials | 2.93M | $885.87M | 3.3% | Added | +1.1M | +64.5% | +$347.35M |
| AXON | Axon Enterprise, Inc | Industrials | 1.48M | $830.16M | 3.1% | Reduced | -83.7K | -5.3% | -$46.92M |
| SHOP | Shopify Inc (Class A) | Information Technology | 7.24M | $826.90M | 3.1% | Reduced | -1.7M | -19.0% | -$193.37M |
| V | Visa Inc (Class A) | Financials | 2.38M | $815.56M | 3.0% | Reduced | -393.3K | -14.2% | -$134.95M |
| SPOT | Spotify Technology S.A. | Communication Services | 1.76M | $808.62M | 3.0% | Reduced | -33.0K | -1.8% | -$15.16M |
| NET | Cloudflare, Inc (Class A) | Information Technology | 3.24M | $794.59M | 3.0% | Reduced | -422.2K | -11.5% | -$103.57M |
| STX | Seagate Technology Holdings plc | Information Technology | 720.74K | $695.52M | 2.6% | Added | +188.8K | +35.5% | +$182.24M |
| MELI | Mercadolibre Inc | Industrials | 378.21K | $641.97M | 2.4% | Reduced | -97.2K | -20.5% | -$165.07M |
| MU | Micron Technology Inc | Information Technology | 526.81K | $608.09M | 2.3% | New | +526.8K | — | +$608.09M |
| CVNA | Carvana Co (Class A) | Consumer Discretionary | 8.46M | $557.03M | 2.1% | Added | +6.3M | +299.7% | +$417.67M |
| META | Meta Platforms, Inc (Class A) | Communication Services | 969.88K | $546.32M | 2.0% | Reduced | -309.2K | -24.2% | -$174.19M |
| PWR | Quanta Services, Inc | Industrials | 750.48K | $540.37M | 2.0% | Added | +124.1K | +19.8% | +$89.38M |
| ICE | Intercontinental Exchange, Inc | Financials | 4.06M | $499.31M | 1.9% | Reduced | -328.5K | -7.5% | -$40.44M |
| ISRG | Intuitive Surgical Inc | Health Care | 1.25M | $498.06M | 1.8% | Reduced | -68.8K | -5.2% | -$27.38M |
| LRCX | Lam Research Corp | Industrials | 1.13M | $491.38M | 1.8% | Added | +378.7K | +50.1% | +$164.12M |
| MSFT | Microsoft Corp | Information Technology | 1.31M | $488.37M | 1.8% | Reduced | -220.9K | -14.4% | -$82.40M |
| CRS | Carpenter Technology Corp | Materials | 786.15K | $484.93M | 1.8% | Reduced | -37.1K | -4.5% | -$22.90M |
| DASH | DoorDash, Inc (Class A) | Industrials | 2.33M | $429.18M | 1.6% | Reduced | -1.6M | -41.2% | -$301.02M |
| APP | AppLovin Corp (Class A) | Information Technology | 831.70K | $428.52M | 1.6% | Reduced | -139.9K | -14.4% | -$72.06M |
| XYZ | Block, Inc | Information Technology | 5.63M | $428.07M | 1.6% | Added | +121.7K | +2.2% | +$9.25M |
| AVGO | Broadcom Inc | Information Technology | 1.13M | $425.69M | 1.6% | Reduced | -275.9K | -19.7% | -$104.23M |
| AMD | Advanced Micro Devices Inc | Information Technology | 672.55K | $390.69M | 1.5% | New | +672.6K | — | +$390.69M |
| SPCX | Space Exploration Technologies Corp (Class A) | Information Technology | 2.28M | $389.00M | 1.4% | New | +2.3M | — | +$389.00M |
| NFLX | Netflix Inc | Communication Services | 5.34M | $381.03M | 1.4% | Reduced | -4.1M | -43.3% | -$291.17M |
| IOT | Samsara Inc (Class A) | Information Technology | 11.35M | $368.04M | 1.4% | Reduced | -4.3M | -27.5% | -$139.74M |
| SNDK | Sandisk Corp | Information Technology | 153.09K | $348.09M | 1.3% | New | +153.1K | — | +$348.09M |
| CSL | Carlisle Companies Inc | Materials | 799.87K | $290.15M | 1.1% | Reduced | -119.7K | -13.0% | -$43.44M |
| SE | Sea Ltd | Industrials | 3.00M | $287.33M | 1.1% | Reduced | -1.7M | -36.6% | -$165.81M |
| ARGX | Argenx SE | Health Care | 298.60K | $277.03M | 1.0% | Reduced | -41.7K | -12.3% | -$38.68M |
| ONON | On Holding AG (Class A) | Materials | 7.49M | $265.12M | 1.0% | Added | +1.2M | +18.3% | +$41.07M |
| DDOG | Datadog, Inc (Class A) | Information Technology | 999.80K | $260.31M | 1.0% | Reduced | -406.6K | -28.9% | -$105.85M |
| SPHR | Sphere Entertainment Co (Class A) | Consumer Discretionary | 1.36M | $235.03M | 0.9% | New | +1.4M | — | +$235.03M |
| ARM | Arm Holdings plc | Information Technology | 642.83K | $227.93M | 0.8% | New | +642.8K | — | +$227.93M |
| BLDR | Builders FirstSource, Inc | Consumer Discretionary | 2.28M | $204.30M | 0.8% | Reduced | -337.8K | -12.9% | -$30.23M |
| NU | Nu Holdings Ltd (Class A) | Financials | 12.48M | $166.68M | 0.6% | Reduced | -21.9M | -63.7% | -$292.14M |
| FWONK | Liberty Media Corp (Class C) | Communication Services | 1.51M | $143.58M | 0.5% | Reduced | -50.6K | -3.2% | -$4.81M |
| MCK | McKesson Corp | Health Care | 183.53K | $138.68M | 0.5% | Reduced | -17.7K | -8.8% | -$13.41M |
| APH | Amphenol Corp (Class A) | Information Technology | 763.95K | $134.70M | 0.5% | Reduced | -41.7K | -5.2% | -$7.34M |
| KSPI | Joint Stock Co Kaspi.kz | Industrials | 1.53M | $132.65M | 0.5% | Reduced | -55.3K | -3.5% | -$4.79M |
| CPNG | Coupang, Inc (Class A) | Consumer Discretionary | 7.56M | $131.30M | 0.5% | Reduced | -1.6M | -17.6% | -$28.02M |
| TDG | TransDigm Group INC | Industrials | 89.67K | $119.44M | 0.4% | Reduced | -4.7K | -5.0% | -$6.22M |
| RARE | Ultragenyx Pharmaceutical Inc | Health Care | 3.16M | $105.46M | 0.4% | Reduced | -56.2K | -1.7% | -$1.88M |
| RACE | Ferrari N.V. | Consumer Discretionary | 280.10K | $104.28M | 0.4% | Reduced | -7.6K | -2.6% | -$2.83M |
| WCN | Waste Connections, Inc | Utilities | 609.72K | $101.63M | 0.4% | Reduced | -25.2K | -4.0% | -$4.20M |
| WWD | Woodward, Inc | Industrials | 153.66K | $65.37M | 0.2% | New | +153.7K | — | +$65.37M |
Column filters
| Ticker | Company | Sector | Shares sold | Value last quarter ↓ |
|---|---|---|---|---|
| FLUT | Flutter Entertainment plc | Information Technology | -2.0M | $202.76M |
| TTEK | Tetra Tech Inc | Industrials | -6.7M | $200.56M |
| RBLX | Roblox Corp (Class A) | Information Technology | -2.7M | $154.22M |
| BSX | Boston Scientific Corp | Health Care | -736.1K | $46.19M |
| FIG | Figma, Inc (Class A) | Information Technology | -187.6K | $3.97M |
| NOW | ServiceNow, Inc | Information Technology | -31.5K | $3.30M |
| TEAM | Atlassian Corp (Class A) | Information Technology | -14.3K | $974.68K |
| SNOW | Snowflake Inc | Information Technology | -4.2K | $630.13K |
| ANET | Arista Networks, Inc | Information Technology | -2.7K | $331.26K |
13F filings on record (8)
| Quarter | Form | Filed | Type | Rows | Long value | |
|---|---|---|---|---|---|---|
| Q2 2026 | 13F-HR | Aug 13, 2026 | Original | 71 | $26.93B | SEC ↗ |
| Q1 2026 | 13F-HR | May 8, 2026 | Original | 67 | $25.49B | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | Original | 66 | $32.88B | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | Original | 64 | $36.25B | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | Original | 66 | $34.83B | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | Original | 75 | $29.39B | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | Original | 71 | $33.80B | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | Original | 67 | $32.95B | SEC ↗ |