— Know what they know.
Not Investment Advice
Asset Manager ← All Institutions

SANDLER CAPITAL MANAGEMENT

Q4 2025 · Filed 2026-02-17
Market Value
$215M
-20.1%
Holdings
149
-17
New Purchases
32
Added To
25
Closed
44
Reduced
48
Top 10 Concentration
30.3%
Turnover
51.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
KEYS 4.68% 2.33% +2.35% $10M
TEL 1.77% 0.00% +1.77% $4M
PLD 2.72% 1.16% +1.56% $6M
GOOG 2.03% 0.52% +1.52% $4M
HON 1.42% 0.00% +1.42% $3M
MRK 1.36% 0.00% +1.36% $3M
AVY 1.20% 0.00% +1.20% $3M
BAC 1.19% 0.00% +1.19% $3M
RL 1.15% 0.00% +1.15% $2M
DHR 1.52% 0.38% +1.14% $3M
MSGS 2.38% 1.25% +1.12% $5M
XRT 1.08% 0.00% +1.08% $2M
BLK 0.90% 0.00% +0.90% $2M
EGP 2.00% 1.12% +0.88% $4M
SBUX 0.87% 0.00% +0.87% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
META 0.52% 3.85% -3.33% $1M
LITE 0.00% 2.05% -2.05% $0
TJX 0.00% 1.47% -1.47% $0
CLH 0.00% 1.43% -1.43% $0
BX 0.00% 1.34% -1.34% $0
SPOT 0.00% 1.14% -1.14% $0
GVA 0.00% 1.09% -1.09% $0
GLD 0.00% 1.02% -1.02% $0
GDX 0.00% 0.96% -0.96% $0
SLV 0.00% 0.93% -0.93% $0
HD 0.00% 0.92% -0.92% $0
VRT 0.00% 0.83% -0.83% $0
CW 0.48% 1.29% -0.81% $1M
AVGO 0.00% 0.79% -0.79% $0
NFLX 0.23% 0.99% -0.76% $489K

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 23 $40M 18.7%
Large Cap 92 $140M 65.3%
Mid Cap 24 $25M 11.8%
Small Cap 10 $9M 4.2%

Portfolio Analytics

Avg Market Cap
$251.8B
Median Market Cap
$32.5B
Avg P/E
52.7
Median P/E
32.8
Avg Dividend Yield
0.01%
Avg Beta
1.25
# Stocks
144
# ETFs / Funds
5

Top Holdings (149 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 KEYS 4.68% 49,571 $10M $203.19 $4M +13,609 +37.8%
2 GLW 4.60% 113,038 $10M $87.56 -$4M -54,583 -32.6%
3 TKO 4.42% 45,478 $10M $209.00 -$3M -15,698 -25.7%
4 PLD 2.72% 45,863 $6M $127.66 $3M +18,474 +67.5%
5 RTX 2.61% 30,600 $6M $183.40 $690K +1,186 +4.0%
6 TSM 2.51% 17,737 $5M $303.89 $829K +1,405 +8.6%
7 HOLX 2.38% 68,864 $5M $74.49 -$448K -13,774 -16.7%
8 MSGS 2.38% 19,786 $5M $258.65 $2M +4,898 +32.9%
9 GOOG 2.03% 13,948 $4M $313.80 $3M +8,249 +144.7%
10 EGP 2.00% 24,175 $4M $178.14 $1M +6,359 +35.7%
11 APH 1.89% 30,071 $4M $135.14 -$454K -6,437 -17.6%
12 TEL 1.77% 16,737 $4M $227.51 +16,737 NEW
13 CCJ 1.54% 36,185 $3M $91.49 $595K +3,806 +11.8%
14 DHR 1.52% 14,300 $3M $228.92 $2M +9,080 +173.9%
15 HON 1.42% 15,650 $3M $195.09 +15,650 NEW
16 AMZN 1.38% 12,838 $3M $230.82 -$261K -1,846 -12.6%
17 MRK 1.36% 27,900 $3M $105.26 +27,900 NEW
18 SPHR 1.34% 30,377 $3M $95.08 $128K -14,051 -31.6%
19 DY 1.32% 8,405 $3M $337.90 -$423K -2,779 -24.9%
20 BHP 1.31% 46,732 $3M $60.37 -$360K -10,336 -18.1%
21 CRH.L 1.23% 21,246 $3M $124.80 -$164K -2,235 -9.5%
22 FOR 1.21% 105,354 $3M $24.63 $1M +55,589 +111.7%
23 AVY 1.20% 14,200 $3M $181.88 +14,200 NEW
24 BAC 1.19% 46,664 $3M $55.00 +46,664 NEW
25 RL 1.15% 7,006 $2M $353.61 +7,006 NEW
26 TDY 1.15% 4,848 $2M $510.73 -$630K -452 -8.5%
27 A 1.15% 18,113 $2M $136.07 -$306K -3,476 -16.1%
28 TRMB 1.14% 31,350 $2M $78.35 -$801K -8,545 -21.4%
29 0HQN.L 1.12% 9,630 $2M $251.00 -$966K -4,166 -30.2%
30 MLM 1.10% 3,799 $2M $622.66 -$562K -845 -18.2%
31 HNGE 1.08% 50,179 $2M $46.45 -$257K -2,549 -4.8%
32 XRT 1.08% 27,300 $2M $85.29 +27,300 NEW
33 LLY 1.07% 2,152 $2M $1,074.68 $832K +211 +10.9%
34 TLN 1.03% 5,928 $2M $374.84 $90K +915 +18.2%
35 ULTA 1.02% 3,633 $2M $605.01 $1M +1,961 +117.3%
36 LYV 1.00% 15,109 $2M $142.50 $874K +7,281 +93.0%
37 CBRE 0.99% 13,193 $2M $160.79 -$489K -3,371 -20.4%
38 LHX 0.98% 7,217 $2M $293.57 $1M +3,565 +97.6%
39 AAPL 0.95% 7,554 $2M $271.86 -$2M -9,498 -55.7%
40 SXT 0.94% 21,521 $2M $93.95 $1M +11,201 +108.5%
41 BLK 0.90% 1,800 $2M $1,070.34 +1,800 NEW
42 SBUX 0.87% 22,200 $2M $84.21 +22,200 NEW
43 SHOO 0.86% 44,599 $2M $41.64 +44,599 NEW
44 QDEL 0.85% 64,313 $2M $28.56 +64,313 NEW
45 STLD 0.85% 10,790 $2M $169.45 $1M +4,948 +84.7%
46 AXON 0.77% 2,930 $2M $567.93 -$182K +357 +13.9%
47 VMI 0.76% 4,047 $2M $402.32 -$2M -4,889 -54.7%
48 GD 0.76% 4,830 $2M $336.66 $1M +3,330 +222.0%
49 MSFT 0.75% 3,333 $2M $483.62 -$1M -1,873 -36.0%
50 CRM 0.74% 6,000 $2M $264.91 +6,000 NEW
51 ROK 0.73% 4,020 $2M $389.07 $483K +927 +30.0%
52 ATMU 0.71% 29,327 $2M $51.91 $118K -1,808 -5.8%
53 SNOW 0.69% 6,805 $1M $219.36 -$2M -10,193 -60.0%
54 CRWD 0.69% 3,183 $1M $468.76 +3,183 NEW
55 FORM 0.67% 26,019 $1M $55.78 +26,019 NEW
56 JBL 0.66% 6,200 $1M $228.02 +6,200 NEW
57 COHR 0.66% 7,638 $1M $184.57 $858K +2,519 +49.2%
58 SPXC 0.62% 6,615 $1M $200.06 -$2M -9,390 -58.7%
59 MRCY 0.60% 17,800 $1M $73.01 -$142K -828 -4.4%
60 COST 0.60% 1,500 $1M $862.34 +1,500 NEW
61 ABNB 0.59% 9,397 $1M $135.72 $651K +4,252 +82.6%
62 CIEN 0.57% 5,255 $1M $233.87 +5,255 NEW
63 VST 0.56% 7,463 $1M $161.33 $249K +2,588 +53.1%
64 TER 0.55% 6,123 $1M $193.56 +6,123 NEW
65 PL 0.55% 59,690 $1M $19.72 -$334K -56,749 -48.7%
66 ETN 0.54% 3,666 $1M $318.51 -$698K -1,320 -26.5%
67 NVT 0.54% 11,385 $1M $101.97 -$1M -15,127 -57.1%
68 VSCO 0.53% 20,911 $1M $54.17 +20,911 NEW
69 CYBR 0.53% 2,534 $1M $446.06 -$1M -2,272 -47.3%
70 KTOS 0.52% 14,800 $1M $75.91 +14,800 NEW
71 META 0.52% 1,700 $1M $660.09 -$9M -12,420 -88.0%
72 LRCX 0.52% 6,500 $1M $171.18 +6,500 NEW
73 CTOS 0.50% 187,296 $1M $5.76 -$342K -33,993 -15.4%
74 VLTO 0.50% 10,717 $1M $99.78 -$132K -547 -4.9%
75 IDXX 0.49% 1,552 $1M $676.53 -$458K -808 -34.2%
76 AER 0.49% 7,270 $1M $143.76 -$743K -7,505 -50.8%
77 WCC 0.48% 4,251 $1M $244.64 -$127K -1,268 -23.0%
78 CW 0.48% 1,886 $1M $551.27 -$2M -4,514 -70.5%
79 ATRO 0.48% 19,094 $1M $54.24 +19,094 NEW
80 SHOP 0.47% 6,228 $1M $160.97 -$2M -11,967 -65.8%
81 WWD 0.45% 3,173 $959K $302.32 +3,173 NEW
82 TECH 0.42% 15,443 $908K $58.81 +15,443 NEW
83 AMAT 0.41% 3,426 $880K $256.99 +3,426 NEW
84 LEU 0.40% 3,569 $866K $242.76 -$236K +15 +0.4%
85 MC 0.38% 11,988 $824K $68.74 -$1M -16,132 -57.4%
86 CAT 0.38% 1,438 $824K $572.87 -$2M -4,397 -75.4%
87 CEG 0.38% 2,291 $809K $353.27 -$361K -1,264 -35.6%
88 HURN 0.38% 4,677 $809K $172.91 -$1M -10,351 -68.9%
89 GEV 0.36% 1,200 $784K $653.57 +1,200 NEW
90 BLFS 0.36% 31,637 $765K $24.18 +31,637 NEW
91 NVDA 0.34% 3,943 $735K $186.50 -$1M -6,627 -62.7%
92 FOXA 0.34% 9,883 $722K $73.07 $67K -501 -4.8%
93 DDOG 0.33% 5,149 $700K $135.99 +5,149 NEW
94 NOC 0.32% 1,205 $687K $570.21 -$1M -2,065 -63.1%
95 CCCX 0.32% 43,500 $679K $15.60 -$575K -54,000 -55.4%
96 HUBB 0.31% 1,521 $675K $444.11 -$534K -1,289 -45.9%
97 XLV 0.30% 4,134 $640K $154.80 +4,134 NEW
98 UEC 0.27% 49,980 $584K $11.68 -$452K -27,683 -35.6%
99 SHW 0.27% 1,801 $584K $324.03 -$419K -1,094 -37.8%
100 QBTS 0.24% 20,000 $523K $26.15 +20,000 NEW

Options Breakdown

23 Calls $30M Call Value 25 Puts $51M Put Value 1.69 P/C Ratio

Top Calls

SymbolSharesValueStatus
AVY 24,200 $4M NEW
AAPL 15,000 $4M NEW
NVDA 20,000 $4M NEW
INFY 180,000 $3M NEW
UAL 24,200 $3M
APH 20,000 $3M NEW
SOFI 82,500 $2M NEW
SHOO 50,000 $2M NEW
MD 63,000 $1M NEW
CCCX 55,000 $1M NEW

Top Puts

SymbolSharesValueStatus
TSM 25,000 $8M NEW
GLW 75,000 $7M NEW
C 45,000 $5M NEW
LYV 26,500 $4M NEW
MS 19,400 $3M NEW
COIN 15,000 $3M NEW
CZR 120,000 $3M
SYY 35,000 $3M NEW
M 97,100 $2M
UPST 48,400 $2M

New Positions

SymbolValue% Port
TEL $4M 1.77%
HON $3M 1.42%
MRK $3M 1.36%
AVY $3M 1.20%
BAC $3M 1.19%
RL $2M 1.15%
XRT $2M 1.08%
BLK $2M 0.90%
SBUX $2M 0.87%
SHOO $2M 0.86%
QDEL $2M 0.85%
CRM $2M 0.74%
CRWD $1M 0.69%
FORM $1M 0.67%
JBL $1M 0.66%

Sold Out Positions

SymbolValue% Port
GVA —%
GE —%
SPOT —%
HD —%
AROC —%
AIT —%
ACM —%
ELF —%
LMT —%
TJX —%
EVR —%
BX —%
FERG —%
CLH —%
PH —%
View SEC EDGAR Filings for SANDLER CAPITAL MANAGEMENT →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

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