SANDS CAPITAL MANAGEMENT, LLC

Q4 2025 13F-HR Holdings

Location
Arlington, VA
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
66
Total value ($000)
$32,875,166
Net value change ($000)
-3,373,038 (-9.3%)
New positions
6
Sold out positions
4
Turnover %
3.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/13/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
SHOP 499,239 48.4%
CVNA 392,691 61.5%
GOOGL 386,068 33.3%
ARGX 287,848 2347.5%
APP 255,309 34.9%
PWR 243,485 NEW
ASML 204,512 39.9%
CRS 195,731 NEW
ISRG 180,070 30.0%
BSX 76,772 NEW
Top Reduces (Value $000, Stocks/ETFs)
NOW -558,228 -48.7%
TSM -509,554 -19.7%
XYZ -452,577 -54.0%
NFLX -403,814 -30.1%
TEAM -399,746 -94.8%
DXCM -332,022 -100.0%
V -291,010 -21.2%
MSFT -289,344 -19.5%
AJG -275,666 -81.3%
ORCL -263,253 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type