Sands Capital Management (Frank M. Sands) latest 13F portfolio: 67 holdings worth $25.5B as of Q1 2026.
Backtested since 2020: mirroring Sands Capital Management's reported 13F equity holdings each quarter would have returned +75.3% versus +193.9%for the S&P 500 (+9.4% annualized). See the Performance tab for the full equity curve.
Investor: Frank M. Sands
Number of Assets: 67
Reporting Period: Q1 - 2026
Holdings at Report: $25,486,826,915
Return $ Since Report: +$4,826,234,418
Return % Since Report: +18.94%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Axon Enterprise Inc. (AXON) | Equity | -2.79% | 1,564,504 | 2.61% | $424.69 | $595.85 | $664,429,204 | $932,209,708 | +$267,780,504 | +40.30% |
| Argenx Se (ARGX) | Equity | -4.65% | 340,285 | 0.97% | $730.25 | $857.34 | $248,493,121 | $291,739,942 | +$43,246,821 | +17.40% |
| Arista Networks Inc. (ANET) | Equity | +100% | 2,698 | 0.00% | $122.78 | $197.49 | $331,260 | $532,828 | +$201,568 | +60.85% |
| ASML Holding N.V. (ASML) | Equity | -4.50% | 639,833 | 3.32% | $1,320.83 | $1,691.61 | $845,110,621 | $1,082,344,702 | +$237,234,081 | +28.07% |
| Atlassian Corp. (TEAM) | Equity | -89.54% | 14,281 | 0.00% | $68.25 | $110.33 | $974,678 | $1,575,623 | +$600,945 | +61.66% |
| Broadcom Inc. (AVGO) | Equity | -33.66% | 1,402,835 | 1.70% | $309.51 | $421.17 | $434,191,461 | $590,832,017 | +$156,640,556 | +36.08% |
| Carlisle Companies Inc. (CSL) | Equity | -4.96% | 919,614 | 1.20% | $333.62 | $388.75 | $306,801,623 | $357,499,943 | +$50,698,319 | +16.52% |
| Carpenter Technology Corp. (CRS) | Equity | +32.43% | 823,277 | 1.27% | $394.15 | $579.78 | $324,494,630 | $477,319,539 | +$152,824,909 | +47.10% |
| Cloudflare Inc. (NET) | Equity | -1.86% | 3,661,749 | 2.96% | $206.34 | $296.03 | $755,565,289 | $1,083,987,556 | +$328,422,267 | +43.47% |
| Coupang Inc. (CPNG) | Equity | -11.12% | 9,172,187 | 0.68% | $18.88 | $16.01 | $173,170,891 | $146,800,853 | -$26,370,038 | -15.23% |
| Datadog Inc. (DDOG) | Equity | -7.10% | 1,406,366 | 0.65% | $118.05 | $284.59 | $166,021,506 | $400,230,668 | +$234,209,162 | +141.07% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | -18.83% | 4,970,779 | 0.16% | $8.30 | $9.50 | $41,257,466 | $47,197,547 | +$5,940,081 | +14.40% |
| Applovin Corp. (APP) | Equity | -33.61% | 971,561 | 1.52% | $398.00 | $426.71 | $386,681,278 | $414,574,794 | +$27,893,516 | +7.21% |
| Aerovironment Inc. (AVAV) | Equity | +100% | 1,342 | 0.00% | $183.05 | $167.65 | $245,653 | $224,986 | -$20,667 | -8.41% |
| Alibaba Group Holding Limited (BABA) | Equity | +3.75% | 7,793 | 0.00% | $125.46 | $128.83 | $977,710 | $1,003,972 | +$26,262 | +2.69% |
| Alphabet Inc. (GOOGL) | Equity | +3.75% | 5,124,494 | 5.78% | $287.56 | $378.44 | $1,473,599,495 | $1,939,313,509 | +$465,714,014 | +31.60% |
| Amazon.com Inc. (AMZN) | Equity | -9.69% | 6,719,055 | 5.49% | $208.27 | $274.96 | $1,399,377,585 | $1,847,471,363 | +$448,093,778 | +32.02% |
| Amphenol Corp. (APH) | Equity | -8.35% | 805,602 | 0.40% | $126.35 | $174.21 | $101,787,813 | $140,339,896 | +$38,552,083 | +37.87% |
| Block Inc. (XYZ) | Equity | -7.07% | 5,510,835 | 1.30% | $60.18 | $84.28 | $331,642,050 | $464,453,174 | +$132,811,124 | +40.05% |
| Bloom Energy Corp. (BE) | Equity | +100% | 1,779,038 | 0.95% | $135.49 | $235.51 | $241,041,859 | $418,981,239 | +$177,939,380 | +73.82% |
| Boston Scientific Corp. (BSX) | Equity | -8.58% | 736,109 | 0.18% | $62.75 | $47.64 | $46,190,840 | $35,068,233 | -$11,122,607 | -24.08% |
| Builders Firstsource Inc. (BLDR) | Equity | -4.96% | 2,621,085 | 0.85% | $82.33 | $75.39 | $215,793,928 | $197,590,493 | -$18,203,435 | -8.44% |
| Figma INC (FIG) | Equity | -1.16% | 187,577 | 0.02% | $21.14 | $27.42 | $3,965,378 | $5,143,361 | +$1,177,983 | +29.71% |
| Apple Inc. (AAPL) | Equity | +100% | 3,219 | 0.00% | $253.79 | $308.62 | $816,950 | $993,448 | +$176,498 | +21.60% |
| Carvana Co. (CVNA) | Equity | -13.32% | 2,117,248 | 2.61% | $314.38 | $69.33 | $665,620,426 | $146,788,804 | -$518,831,622 | -77.95% |
| Doordash Inc. (DASH) | Equity | -12.00% | 3,957,060 | 2.33% | $150.15 | $205.80 | $594,152,559 | $814,362,948 | +$220,210,389 | +37.06% |
| Eli Lilly And Company (LLY) | Equity | +100% | 32,887 | 0.12% | $919.77 | $1,146.61 | $30,248,476 | $37,708,563 | +$7,460,087 | +24.66% |
| Ferrari N.V. (RACE) | Equity | -7.19% | 287,709 | 0.38% | $338.45 | $406.63 | $97,375,111 | $116,991,111 | +$19,616,000 | +20.14% |
| Gitlab Inc. (GTLB) | Equity | 0% | 127,475 | 0.01% | $21.64 | $36.23 | $2,758,559 | $4,618,419 | +$1,859,860 | +67.42% |
| Klaviyo Inc. (KVYO) | Equity | -35.92% | 595,160 | 0.05% | $19.46 | $19.40 | $11,581,814 | $11,546,104 | -$35,710 | -0.31% |
| Lam Research Corp. (LRCX) | Equity | +100% | 755,222 | 0.63% | $213.66 | $311.29 | $161,360,733 | $235,093,056 | +$73,732,323 | +45.69% |
| Formula One Group (FWONK) | Equity | -25.10% | 1,559,760 | 0.52% | $85.02 | $95.21 | $132,610,795 | $148,504,750 | +$15,893,955 | +11.99% |
| Linde PLC (LIN) | Equity | -7.80% | 54,593 | 0.11% | $495.76 | $489.99 | $27,065,026 | $26,750,024 | -$315,002 | -1.16% |
| Flutter Entertainment PLC (FLUT) | Equity | -4.71% | 1,988,830 | 0.80% | $101.95 | $93.63 | $202,761,218 | $186,204,209 | -$16,557,009 | -8.17% |
| Grab Holdings Limited (GRAB) | Equity | -18.87% | 9,122,432 | 0.13% | $3.66 | $3.69 | $33,388,101 | $33,616,162 | +$228,061 | +0.68% |
| HDFC Bank Limited (HDB) | Equity | -85.16% | 907,652 | 0.09% | $24.88 | $23.75 | $22,582,382 | $21,552,197 | -$1,030,185 | -4.56% |
| Intercontinental Exchange Inc. (ICE) | Equity | -20.33% | 4,384,298 | 2.71% | $157.28 | $147.66 | $689,562,389 | $647,363,521 | -$42,198,868 | -6.12% |
| Intuitive Surgical Inc. (ISRG) | Equity | -4.04% | 1,321,274 | 2.39% | $460.99 | $370.48 | $609,094,101 | $489,505,592 | -$119,588,509 | -19.63% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | -18.60% | 1,586,334 | 0.46% | $74.07 | $92.37 | $117,499,759 | $146,529,672 | +$29,029,913 | +24.71% |
| Spotify Technology S.A. (SPOT) | Equity | +22.07% | 1,794,226 | 3.41% | $484.91 | $490.34 | $870,038,130 | $879,780,777 | +$9,742,647 | +1.12% |
| Meta Platforms Inc. (META) | Equity | +1.93% | 1,279,121 | 2.87% | $572.13 | $586.06 | $731,823,498 | $749,641,653 | +$17,818,155 | +2.43% |
| Microsoft Corp. (MSFT) | Equity | -38.07% | 1,530,124 | 2.22% | $370.17 | $489.73 | $566,406,001 | $749,347,627 | +$182,941,626 | +32.30% |
| Netflix Inc. (NFLX) | Equity | -6.07% | 9,414,668 | 3.55% | $96.15 | $73.89 | $905,220,328 | $695,602,745 | -$209,617,583 | -23.16% |
| Nu Holdings Ltd. (NU) | Equity | -22.69% | 34,342,221 | 1.94% | $14.37 | $14.38 | $493,497,716 | $493,738,111 | +$240,395 | +0.05% |
| Nvidia Corp. (NVDA) | Equity | -9.77% | 18,085,742 | 12.38% | $174.40 | $219.85 | $3,154,153,405 | $3,976,059,950 | +$821,906,545 | +26.06% |
| On Holding AG (ONON) | Equity | -4.66% | 6,325,547 | 0.84% | $34.02 | $38.19 | $215,195,109 | $241,572,640 | +$26,377,531 | +12.26% |
| Palantir Technologies Inc. (PLTR) | Equity | +15.52% | 22,919 | 0.01% | $146.28 | $159.86 | $3,352,591 | $3,663,900 | +$311,309 | +9.29% |
| Palo Alto Networks Inc. (PANW) | Equity | -1.16% | 161,078 | 0.10% | $160.32 | $363.23 | $25,824,025 | $58,507,557 | +$32,683,532 | +126.56% |
| Robinhood Markets Inc. (HOOD) | Equity | +100% | 3,746 | 0.00% | $69.30 | $93.48 | $259,598 | $350,176 | +$90,578 | +34.89% |
| Roblox Corp. (RBLX) | Equity | -14.35% | 2,726,701 | 0.61% | $56.56 | $36.32 | $154,222,209 | $99,033,780 | -$55,188,429 | -35.79% |
| Samsara Inc. (IOT) | Equity | -18.12% | 15,657,744 | 1.95% | $31.69 | $38.29 | $496,193,907 | $599,535,018 | +$103,341,111 | +20.83% |
| Seagate Technology Holdings PLC (STX) | Equity | +100% | 531,892 | 0.82% | $391.76 | $879.92 | $208,374,010 | $468,019,749 | +$259,645,739 | +124.61% |
| Shopify Inc. (SHOP) | Equity | -6.00% | 8,935,666 | 4.16% | $118.62 | $145.40 | $1,059,948,701 | $1,299,201,158 | +$239,252,457 | +22.57% |
| Servicenow Inc. (NOW) | Equity | -99.18% | 31,521 | 0.01% | $104.55 | $116.71 | $3,295,521 | $3,678,816 | +$383,295 | +11.63% |
| Lumentum Holdings Inc. (LITE) | Equity | +100% | 312 | 0.00% | $702.76 | $849.93 | $219,261 | $265,178 | +$45,917 | +20.94% |
| Mckesson Corp. (MCK) | Equity | +15.50% | 201,283 | 0.68% | $865.36 | $843.64 | $174,182,257 | $169,810,390 | -$4,371,867 | -2.51% |
| Mercadolibre Inc. (MELI) | Equity | -6.71% | 475,455 | 3.23% | $1,729.02 | $1,922.67 | $822,071,204 | $914,143,065 | +$92,071,861 | +11.20% |
| Quanta Services Inc. (PWR) | Equity | +8.57% | 626,348 | 1.35% | $549.02 | $689.25 | $343,877,579 | $431,707,227 | +$87,829,648 | +25.54% |
| Sea Limited (SE) | Equity | -14.04% | 4,728,550 | 1.54% | $82.81 | $113.09 | $391,571,225 | $534,751,720 | +$143,180,495 | +36.57% |
| Snowflake Inc. (SNOW) | Equity | -65.07% | 4,178 | 0.00% | $150.82 | $318.86 | $630,126 | $1,332,197 | +$702,071 | +111.42% |
| Stevanato Group S.P.A. (STVN) | Equity | +0.87% | 497,310 | 0.03% | $13.75 | $20.02 | $6,838,012 | $9,956,146 | +$3,118,134 | +45.60% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -14.11% | 5,862,685 | 7.77% | $337.95 | $416.60 | $1,981,294,396 | $2,442,412,159 | +$461,117,763 | +23.27% |
| Tetra Tech Inc. (TTEK) | Equity | -4.97% | 6,658,823 | 0.79% | $30.12 | $34.35 | $200,563,749 | $228,697,276 | +$28,133,527 | +14.03% |
| Transdigm Group Inc. (TDG) | Equity | -8.57% | 94,341 | 0.43% | $1,158.96 | $1,241.07 | $109,337,445 | $117,083,785 | +$7,746,340 | +7.08% |
| Ultragenyx Pharmaceutical Inc. (RARE) | Equity | -7.78% | 3,214,533 | 0.26% | $20.95 | $24.91 | $67,344,466 | $80,074,017 | +$12,729,551 | +18.90% |
| Visa Inc. (V) | Equity | -10.35% | 2,770,431 | 3.29% | $302.24 | $367.14 | $837,335,065 | $1,017,136,037 | +$179,800,972 | +21.47% |
| Waste Connections Inc. (WCN) | Equity | -34.27% | 634,903 | 0.40% | $162.44 | $162.85 | $103,133,643 | $103,393,954 | +$260,311 | +0.25% |