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SANDLER CAPITAL MANAGEMENT

Q3 2025 · Filed 2025-11-14
Market Value
$269M
-5.5%
Holdings
166
+21
New Purchases
46
Added To
21
Closed
49
Reduced
50
Top 10 Concentration
26.8%
Turnover
57.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TKO 4.59% 2.56% +2.02% $12M
GLW 5.10% 3.30% +1.81% $14M
APH 1.68% 0.00% +1.68% $5M
AAPL 1.61% 0.00% +1.61% $4M
META 3.85% 2.41% +1.43% $10M
DY 1.21% 0.00% +1.21% $3M
TJX 1.47% 0.26% +1.21% $4M
BHP 1.18% 0.00% +1.18% $3M
MLM 1.09% 0.00% +1.09% $3M
TSM 1.69% 0.61% +1.08% $5M
CAT 1.03% 0.00% +1.03% $3M
GLD 1.02% 0.00% +1.02% $3M
NVT 0.97% 0.00% +0.97% $3M
GDX 0.96% 0.00% +0.96% $3M
SLV 0.93% 0.00% +0.93% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EBAY 0.00% 2.21% -2.21% $0
BLK 0.00% 1.95% -1.95% $0
VRSK 0.00% 1.79% -1.79% $0
RL 0.00% 1.46% -1.46% $0
VST 0.35% 1.75% -1.40% $955K
KVUE 0.00% 1.34% -1.34% $0
GS 0.00% 1.13% -1.13% $0
AEIS 0.20% 1.33% -1.13% $549K
VMI 1.29% 2.40% -1.11% $3M
JBL 0.00% 1.09% -1.09% $0
CORZ 0.00% 1.02% -1.02% $0
FIS 0.38% 1.39% -1.01% $1M
NET 0.00% 1.01% -1.01% $0
ISRG 0.00% 0.87% -0.87% $0
DDOG 0.00% 0.86% -0.86% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 20 $50M 18.7%
Large Cap 111 $176M 65.2%
Mid Cap 27 $34M 12.7%
Small Cap 8 $9M 3.3%

Portfolio Analytics

Avg Market Cap
$221.7B
Median Market Cap
$32.5B
Avg P/E
46.4
Median P/E
31.1
Avg Dividend Yield
0.01%
Avg Beta
1.26
# Stocks
162
# ETFs / Funds
4

Top Holdings (166 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GLW 5.10% 167,621 $14M $82.03 $4M -11,228 -6.3%
2 TKO 4.59% 61,176 $12M $201.96 $5M +20,987 +52.2%
3 META 3.85% 14,120 $10M $734.38 $3M +4,788 +51.3%
4 KEYS 2.33% 35,962 $6M $174.92 $1M +6,093 +20.4%
5 HOLX 2.07% 82,638 $6M $67.49 -$1M -24,464 -22.8%
6 LITE 2.05% 33,994 $6M $162.71 $803K -15,744 -31.6%
7 RTX 1.83% 29,414 $5M $167.33 $526K -689 -2.3%
8 TSM 1.69% 16,332 $5M $279.29 $3M +8,632 +112.1%
9 APH 1.68% 36,508 $5M $123.75 +36,508 NEW
10 AAPL 1.61% 17,052 $4M $254.63 +17,052 NEW
11 TJX 1.47% 27,325 $4M $144.54 $3M +21,337 +356.3%
12 CLH 1.43% 16,540 $4M $232.22 -$88K -457 -2.7%
13 SNOW 1.42% 16,998 $4M $225.55 -$13K -192 -1.1%
14 BX 1.34% 21,063 $4M $170.85 $2M +9,770 +86.5%
15 CW 1.29% 6,400 $3M $542.94 $197K -310 -4.6%
16 VMI 1.29% 8,936 $3M $387.73 -$3M -12,010 -57.3%
17 0HQN.L 1.26% 13,796 $3M $245.25 $958K +3,394 +32.6%
18 MSGS 1.25% 14,888 $3M $227.00 -$359K -3,003 -16.8%
19 DY 1.21% 11,184 $3M $291.76 +11,184 NEW
20 TRMB 1.21% 39,895 $3M $81.65 -$1M -18,507 -31.7%
21 AMZN 1.20% 14,684 $3M $219.57 -$283K -1,301 -8.1%
22 BHP 1.18% 57,068 $3M $55.75 +57,068 NEW
23 PLD 1.16% 27,389 $3M $114.52 $706K +4,268 +18.5%
24 TDY 1.15% 5,300 $3M $586.04 -$606K -1,946 -26.9%
25 SPOT 1.14% 4,407 $3M $698.00 $271K +751 +20.5%
26 EGP 1.12% 17,816 $3M $169.26 -$626K -3,973 -18.2%
27 SPXC 1.11% 16,005 $3M $186.78 $1M +4,658 +41.0%
28 GVA 1.09% 26,750 $3M $109.65 -$2M -24,247 -47.5%
29 MLM 1.09% 4,644 $3M $630.28 +4,644 NEW
30 CRH.L 1.05% 23,481 $3M $119.90 $1M +4,060 +20.9%
31 CAT 1.03% 5,835 $3M $477.15 +5,835 NEW
32 A 1.03% 21,589 $3M $128.35 $902K +5,751 +36.3%
33 SPHR 1.02% 44,428 $3M $62.12 -$168K -25,612 -36.6%
34 GLD 1.02% 7,700 $3M $355.47 +7,700 NEW
35 CCJ 1.01% 32,379 $3M $83.86 -$834K -15,433 -32.3%
36 SHOP 1.00% 18,195 $3M $148.61 -$1M -14,352 -44.1%
37 MSFT 1.00% 5,206 $3M $517.95 -$328K -875 -14.4%
38 NFLX 0.99% 2,229 $3M $1,198.92 $198K +381 +20.6%
39 NVT 0.97% 26,512 $3M $98.64 +26,512 NEW
40 CBRE 0.97% 16,564 $3M $157.56 $1M +5,726 +52.8%
41 HNGE 0.96% 52,728 $3M $49.08 -$103K +728 +1.4%
42 GDX 0.96% 33,700 $3M $76.40 +33,700 NEW
43 SLV 0.93% 59,000 $2M $42.37 +59,000 NEW
44 HD 0.92% 6,104 $2M $405.19 +6,104 NEW
45 CYBR 0.86% 4,806 $2M $483.15 -$623K -2,431 -33.6%
46 VRT 0.83% 14,831 $2M $150.86 $265K -532 -3.5%
47 HURN 0.82% 15,028 $2M $146.77 +15,028 NEW
48 AVGO 0.79% 6,474 $2M $329.91 $2M +5,624 +661.6%
49 TLN 0.79% 5,013 $2M $425.38 -$2M -8,281 -62.3%
50 MC 0.74% 28,120 $2M $71.32 +28,120 NEW
51 NOC 0.74% 3,270 $2M $609.32 $1M +1,570 +92.3%
52 FERG 0.74% 8,844 $2M $224.58 +8,844 NEW
53 GRPN 0.74% 84,986 $2M $23.35 $713K +46,987 +123.7%
54 NVDA 0.73% 10,570 $2M $186.58 -$644K -5,987 -36.2%
55 PH 0.71% 2,533 $2M $758.15 +2,533 NEW
56 ETN 0.69% 4,986 $2M $374.25 -$1M -3,621 -42.1%
57 AXON 0.69% 2,573 $2M $717.64 $1M +2,112 +458.1%
58 ZS 0.67% 6,061 $2M $299.66 -$1M -3,115 -34.0%
59 AER 0.66% 14,775 $2M $121.00 -$2M -17,190 -53.8%
60 MIR 0.66% 76,526 $2M $23.26 -$144K -12,830 -14.4%
61 BSX 0.65% 18,004 $2M $97.63 $48K +2,089 +13.1%
62 PAAS 0.63% 43,681 $2M $38.73 +43,681 NEW
63 AROC 0.60% 61,164 $2M $26.31 -$219K -12,477 -16.9%
64 TXT 0.59% 18,900 $2M $84.49 +18,900 NEW
65 PL 0.56% 116,439 $2M $12.98 +116,439 NEW
66 RGEN 0.56% 11,304 $2M $133.67 +11,304 NEW
67 IDXX 0.56% 2,360 $2M $638.89 +2,360 NEW
68 LLY 0.55% 1,941 $1M $763.00 -$722K -885 -31.3%
69 LNG 0.54% 6,221 $1M $234.98 -$1M -4,141 -40.0%
70 ELF 0.54% 11,014 $1M $132.48 +11,014 NEW
71 MRCY 0.54% 18,628 $1M $77.40 +18,628 NEW
72 CTOS 0.53% 221,289 $1M $6.42 +221,289 NEW
73 ATMU 0.52% 31,135 $1M $45.09 +31,135 NEW
74 GOOG 0.52% 5,699 $1M $243.55 -$9K -2,178 -27.6%
75 EVR 0.51% 4,088 $1M $337.32 $137K -512 -11.1%
76 FOR 0.49% 49,765 $1M $26.59 +49,765 NEW
77 URI 0.49% 1,381 $1M $954.66 +1,381 NEW
78 LYV 0.47% 7,828 $1M $163.40 -$2M -13,336 -63.0%
79 GNRC 0.47% 7,583 $1M $167.40 +7,583 NEW
80 ACM 0.47% 9,652 $1M $130.47 +9,652 NEW
81 CCCX 0.47% 97,500 $1M $12.86 +97,500 NEW
82 HUBB 0.45% 2,810 $1M $430.31 -$1M -2,796 -49.9%
83 VLTO 0.45% 11,264 $1M $106.61 -$1M -14,298 -55.9%
84 LMT 0.44% 2,394 $1M $499.21 +2,394 NEW
85 CEG 0.43% 3,555 $1M $329.07 -$379K -1,244 -25.9%
86 WCC 0.43% 5,519 $1M $211.50 -$131K -1,493 -21.3%
87 GE 0.42% 3,802 $1M $300.82 +3,802 NEW
88 LHX 0.41% 3,652 $1M $305.41 +3,652 NEW
89 LEU 0.41% 3,554 $1M $310.07 +3,554 NEW
90 BABA 0.41% 6,136 $1M $178.73 +6,136 NEW
91 ROK 0.40% 3,093 $1M $349.53 -$1M -3,532 -53.3%
92 AIT 0.40% 4,099 $1M $261.05 +4,099 NEW
93 UEC 0.38% 77,663 $1M $13.34 +77,663 NEW
94 DHR 0.38% 5,220 $1M $198.26 +5,220 NEW
95 FIS 0.38% 15,401 $1M $65.94 -$3M -33,262 -68.3%
96 SHW 0.37% 2,895 $1M $346.26 -$774K -2,280 -44.1%
97 SXT 0.36% 10,320 $969K $93.85 -$2M -24,678 -70.5%
98 NTNX 0.36% 12,875 $958K $74.39 -$839K -10,625 -45.2%
99 VST 0.35% 4,875 $955K $195.92 -$4M -20,920 -81.1%
100 CELH 0.35% 16,591 $954K $57.49 +16,591 NEW

Options Breakdown

18 Calls $28M Call Value 19 Puts $39M Put Value 1.42 P/C Ratio

Top Calls

SymbolSharesValueStatus
GOOG 24,900 $6M NEW
OKTA 39,000 $4M
GM 49,000 $3M NEW
EBAY 29,300 $3M NEW
DHI 13,400 $2M NEW
CORZ 123,400 $2M NEW
TECH 39,500 $2M
UAL 14,500 $1M
TOL 9,700 $1M NEW
UEC 98,800 $1M NEW

Top Puts

SymbolSharesValueStatus
ROKU 100,000 $10M NEW
GOGO 919,200 $8M
TSLA 9,700 $4M NEW
G 98,200 $4M NEW
FLO 247,400 $3M
EL 29,100 $3M
NKE 29,600 $2M NEW
M 100,000 $2M NEW
UPST 29,400 $1M
CZR 39,000 $1M NEW

New Positions

SymbolValue% Port
APH $5M 1.68%
AAPL $4M 1.61%
DY $3M 1.21%
BHP $3M 1.18%
MLM $3M 1.09%
CAT $3M 1.03%
GLD $3M 1.02%
NVT $3M 0.97%
GDX $3M 0.96%
SLV $2M 0.93%
HD $2M 0.92%
HURN $2M 0.82%
MC $2M 0.74%
FERG $2M 0.74%
PH $2M 0.71%

Sold Out Positions

SymbolValue% Port
AVB —%
NOW —%
CNR —%
STAG —%
GS —%
BLK —%
ONON —%
RL —%
TECK —%
SPGI —%
IP —%
GEV —%
SYK —%
KVUE —%
CCI —%
View SEC EDGAR Filings for SANDLER CAPITAL MANAGEMENT →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms