SANDLER CAPITAL MANAGEMENT

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
141
Total value ($000)
$305,294
Net value change ($000)
-35,156 (-10.3%)
New positions
33
Sold out positions
44
Turnover %
55.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 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)
TE CONNECTIVITY PLC 3,808 NEW
KEYS 3,782 60.1%
HON 3,053 NEW
GOOGL 2,989 215.3%
MRK 2,937 NEW
PLD 2,718 86.6%
AVY 2,583 NEW
BAC 2,567 NEW
RL 2,477 NEW
XRT 2,328 NEW
Top Reduces (Value $000, Stocks/ETFs)
META -9,247 -89.2%
LITE -5,531 -100.0%
TJX -3,950 -100.0%
GLW -3,852 -28.0%
CLH -3,841 -100.0%
BX -3,599 -100.0%
SPOT -3,076 -100.0%
GVA -2,933 -100.0%
TKO -2,850 -23.1%
GLD -2,737 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 83,056 (27.2% 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