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Asset Manager ← All Institutions

SANDS CAPITAL MANAGEMENT, LLC

SANDS CAPITAL MANAGEMENT, LLC 1000 WILSON BLVD, SUITE 3000, ARLINGTON, VA 22209 • 703-562-4000

Q3 2025 · Filed 2025-11-13
Market Value
$35.4B
+4.4%
Holdings
67
-8
New Purchases
4
Added To
26
Closed
6
Reduced
29
Top 10 Concentration
48.4%
Turnover
14.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 3.28% 1.60% +1.67% $1.2B
TSM 7.30% 5.71% +1.59% $2.6B
APP 2.06% 0.84% +1.22% $731M
NVDA 10.98% 10.05% +0.93% $3.9B
CVNA 1.80% 0.90% +0.91% $638M
ORCL 0.74% 0.00% +0.74% $263M
BLDR 0.83% 0.35% +0.48% $295M
ISRG 1.69% 1.21% +0.48% $600M
AVGO 1.92% 1.50% +0.42% $680M
SHOP 2.91% 2.55% +0.36% $1.0B
CSL 0.79% 0.47% +0.32% $279M
SQ 2.37% 2.07% +0.30% $839M
RBLX 1.36% 1.11% +0.25% $482M
ASML 1.45% 1.25% +0.19% $512M
TTEK 0.68% 0.55% +0.13% $240M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DXCM 0.94% 2.56% -1.62% $332M
NOW 3.24% 4.27% -1.03% $1.1B
AXON 2.92% 3.93% -1.01% $1.0B
AMZN 5.22% 5.97% -0.75% $1.8B
NFLX 3.80% 4.47% -0.67% $1.3B
MELI 3.37% 3.96% -0.59% $1.2B
NET 2.31% 2.85% -0.54% $817M
RGEN 0.00% 0.46% -0.46% $0
DASH 3.09% 3.48% -0.39% $1.1B
TEAM 1.19% 1.55% -0.36% $422M
V 3.88% 4.22% -0.34% $1.4B
DDOG 0.76% 1.10% -0.34% $270M
GOOG 0.00% 0.32% -0.32% $0
CHTR 0.00% 0.29% -0.29% $0
IRTC 1.09% 1.32% -0.24% $385M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 43.9%
Communication Services 18.2%
Consumer Cyclical 15.0%
Industrials 10.0%
Financial Services 8.1%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 14 $16.3B 46.1%
Large Cap 40 $17.8B 50.4%
Mid Cap 12 $1.2B 3.4%
Small Cap 1 $49M 0.1%

Portfolio Analytics

Avg Market Cap
$469.8B
Median Market Cap
$61.5B
Avg P/E
40.6
Median P/E
32.2
Avg Dividend Yield
0.00%
Avg Beta
1.15
# Stocks
67
# ETFs / Funds
0

Top Holdings (67 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 10.98% 20,828,827 $3.9B $186.58 $480M -728,381 -3.4%
2 TSM 7.30% 9,251,889 $2.6B $279.29 $647M +699,611 +8.2%
3 AMZN 5.22% 8,413,999 $1.8B $219.57 -$178M -816,024 -8.8%
4 MSFT 4.19% 2,865,638 $1.5B $517.95 $15M -89,107 -3.0%
5 V 3.88% 4,027,033 $1.4B $341.38 -$56M -3,071 -0.1%
6 NFLX 3.80% 1,120,658 $1.3B $1,198.92 -$172M -11,021 -1.0%
7 MELI 3.37% 509,845 $1.2B $2,336.94 -$151M -3,687 -0.7%
8 GOOGL 3.28% 4,771,097 $1.2B $243.10 $616M +1,685,218 +54.6%
9 NOW 3.24% 1,246,277 $1.1B $920.28 -$301M -162,056 -11.5%
10 DASH 3.09% 4,023,291 $1.1B $271.99 -$87M -768,890 -16.0%
11 SPOT 3.05% 1,547,640 $1.1B $698.00 $41M +192,837 +14.2%
12 AXON 2.92% 1,442,341 $1.0B $717.64 -$299M -168,954 -10.5%
13 SHOP 2.91% 6,937,271 $1.0B $148.61 $167M -555,344 -7.4%
14 META 2.88% 1,388,064 $1.0B $734.38 $55M +82,023 +6.3%
15 ICE 2.70% 5,677,266 $957M $168.48 -$18M +364,227 +6.9%
16 SE 2.47% 4,883,167 $873M $178.73 -$35M -794,838 -14.0%
17 SQ 2.37% 11,603,057 $839M $72.27 $136M +1,262,317 +12.2%
18 NET 2.31% 3,808,319 $817M $214.59 -$148M -1,120,555 -22.7%
19 NU 2.29% 50,562,162 $810M $16.01 $62M -3,942,266 -7.2%
20 IOT 2.16% 20,518,332 $764M $37.25 -$2M +1,242,122 +6.4%
21 APP 2.06% 1,016,959 $731M $718.54 $445M +199,613 +24.4%
22 AVGO 1.92% 2,060,624 $680M $329.91 $172M +217,297 +11.8%
23 CVNA 1.80% 1,691,515 $638M $377.24 $334M +790,288 +87.7%
24 ISRG 1.69% 1,341,109 $600M $447.23 $188M +583,539 +77.0%
25 ASML 1.45% 529,164 $512M $968.09 $87M -1,398 -0.3%
26 RBLX 1.36% 3,476,488 $482M $138.52 $104M -110,055 -3.1%
27 TEAM 1.19% 2,641,730 $422M $159.70 -$104M +53,007 +2.0%
28 IRTC 1.09% 2,236,110 $385M $171.99 -$64M -679,417 -23.3%
29 CPNG 1.00% 11,024,177 $355M $32.20 -$5M -975,544 -8.1%
30 AJG 0.96% 1,094,070 $339M $309.74 -$20M -27,179 -2.4%
31 DXCM 0.94% 4,934,189 $332M $67.29 -$536M -5,013,755 -50.4%
32 BLDR 0.83% 2,430,902 $295M $121.25 $176M +1,414,129 +139.1%
33 ONON 0.81% 6,769,430 $287M $42.35 $47M +2,155,083 +46.7%
34 CSL 0.79% 849,501 $279M $328.96 $120M +423,141 +99.2%
35 DDOG 0.76% 1,894,680 $270M $142.40 -$103M -877,335 -31.6%
36 ORCL 0.74% 936,043 $263M $281.24 +936,043 NEW
37 TTEK 0.68% 7,179,032 $240M $33.38 $53M +1,978,697 +38.0%
38 HDB 0.60% 6,190,788 $211M $34.16 -$10M +3,307,453 +114.7%
39 WCN 0.59% 1,183,194 $208M $175.80 -$1M +63,112 +5.6%
40 ROP 0.50% 351,775 $175M $498.69 -$10M +23,929 +7.3%
41 KSPI 0.38% 1,644,240 $134M $81.68 -$8M -37,773 -2.2%
42 TDG 0.35% 93,296 $123M $1,318.02 -$9M +6,396 +7.4%
43 RACE 0.35% 251,698 $122M $485.22 $3M +7,981 +3.3%
44 MCK 0.34% 157,146 $121M $772.54 $15M +11,279 +7.7%
45 SAP 0.33% 440,270 $118M $267.21 $30M +150,884 +52.1%
46 CDNS 0.33% 331,887 $117M $351.26 $22M +23,696 +7.7%
47 RARE 0.32% 3,769,853 $113M $30.08 -$30M -173,632 -4.4%
48 APH 0.28% 795,234 $98M $123.75 $6M -144,887 -15.4%
49 YMM 0.25% 6,766,855 $88M $12.97 $6M -159,741 -2.3%
50 GRAB 0.21% 12,490,985 $75M $6.02 -$19M -6,266,839 -33.4%
51 GLOB 0.14% 848,262 $49M $57.38 -$30M -21,114 -2.4%
52 LIN 0.11% 84,367 $40M $475.00 -$586K -2,295 -2.6%
53 PANW 0.11% 194,619 $40M $203.62 $8M +39,756 +25.7%
54 KVYO 0.09% 1,105,559 $31M $27.69 -$7M -3,510 -0.3%
55 MNDY 0.06% 116,213 $23M $193.69 -$14M -378 -0.3%
56 DUOL 0.04% 47,672 $15M $321.84 +47,672 NEW
57 ARGX 0.03% 16,625 $12M $737.56 +16,625 NEW
58 STVN 0.03% 464,931 $12M $25.75 $621K +296 +0.1%
59 FIG 0.03% 226,752 $12M $51.87 +226,752 NEW
60 GTLB 0.02% 127,475 $6M $45.08 -$4K
61 SNOW 0.01% 11,960 $3M $225.55 $21K
62 RGEN —% -$156M -1,251,088 -100.0% SOLD
63 CHTR —% -$99M -242,432 -100.0% SOLD
64 CRWD —% -$23M -45,021 -100.0% SOLD
65 ICLR —% -$13M -91,550 -100.0% SOLD
66 GOOG —% -$107M -603,385 -100.0% SOLD
67 OKTA —% -$30M -300,517 -100.0% SOLD

New Positions

SymbolValue% Port
ORCL $263M 0.74%
DUOL $15M 0.04%
ARGX $12M 0.03%
FIG $12M 0.03%

Sold Out Positions

SymbolValue% Port
CHTR —%
CRWD —%
ICLR —%
GOOG —%
OKTA —%
RGEN —%
View SEC EDGAR Filings for SANDS CAPITAL MANAGEMENT, LLC →

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