SANDLER CAPITAL MANAGEMENT

Q3 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
144
Total value ($000)
$340,450
Net value change ($000)
-29,197 (-7.9%)
New positions
46
Sold out positions
51
Turnover %
58.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 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)
TKO 5,043 69.0%
APH 4,518 NEW
GLW 4,344 46.2%
AAPL 4,342 NEW
META 3,481 50.5%
DY 3,263 NEW
TJX 3,211 434.5%
BHP 3,182 NEW
MLM 2,927 NEW
TSM 2,817 161.5%
Top Reduces (Value $000, Stocks/ETFs)
EBAY -6,294 -100.0%
BLK -5,563 -100.0%
VRSK -5,105 -100.0%
RL -4,153 -100.0%
VST -4,044 -80.9%
KVUE -3,813 -100.0%
VMI -3,375 -49.3%
AEIS -3,245 -85.5%
GS -3,222 -100.0%
JBL -3,101 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 68,362 (20.1% of total reported value)
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