SANDS CAPITAL MANAGEMENT, LLC

Long Only Manager • Growth

SANDS CAPITAL MANAGEMENT, LLC is a Long Only Manager specializing in Growth based in Arlington, VA led by Frank Melville Sands, reporting $45.2B in AUM as of Q3 2025 with 44% Technology concentration and 44% technology allocation.

CEOFrank Melville Sands

Portfolio Value: $36.2B
Positions: 64
Top Holding: NVDA at 10.72%
Last Reported: Q3 2025

Address1000 Wilson Blvd., Suite 3000, Arlington, VA, 22209, United States

Top Holdings

Largest long holdings in SANDS CAPITAL MANAGEMENT, LLC's portfolio (47.2% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Nvidia NVDA	Semiconductors Technology	$3.9B	10.72%	-$135.9M Sold	0.09% 20.8M shares	Q2 2022 Held for 3y 5m
2 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$2.6B	7.13%	+$195.4M Bought	— 9.3M shares	Q1 2023 Held for 2y 8m
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$1.8B	5.10%	-$179.2M Sold	0.08% 8.4M shares	Q3 2015 Held for 10y 2m
4 Microsoft MSFT	Software - Infrastructure Technology	$1.5B	4.09%	-$46.2M Sold	0.04% 2.9M shares	Q1 2019 Held for 6y 8m
5 Visa V	Financial - Credit Services Financial Services	$1.4B	3.79%	-$1.0M Sold	0.21% 4.0M shares	≤ Q2 2013 Held for 12y 5m+
6 Netflix NFLX	Entertainment Communication Services	$1.3B	3.71%	-$13.2M Sold	0.26% 1.1M shares	Q4 2015 Held for 9y 11m
7 Mercado Libre MELI	Specialty Retail Consumer Cyclical	$1.2B	3.29%	-$8.6M Sold	1.01% 509.8K shares	≤ Q2 2013 Held for 12y 5m+
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$1.2B	3.20%	+$409.7M Bought	0.04% 4.8M shares	≤ Q2 2013 Held for 12y 5m+
9 ServiceNow NOW	Software - Application Technology	$1.1B	3.16%	-$149.1M Sold	0.60% 1.2M shares	Q2 2016 Held for 9y 5m
10 DoorDash DASH	Internet Content & Information Communication Services	$1.1B	3.02%	-$209.1M Sold	0.94% 4.0M shares	Q4 2020 Held for 4y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in SANDS CAPITAL MANAGEMENT, LLC's latest filing

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Market Value

$36.2B

Prior: $34.8B

Q/Q Change

+4.07%

+$1.4B

Net Flows % of MV

+0.686%

Turnover Ratio

7.32%

New Purchases

4 stocks

$302.6M

Added To

28 stocks

+$2.5B

Sold Out Of

6 stocks

$428.0M

Reduced Holdings

30 stocks

-$2.1B

Increased Positions

Position	Shares Δ	Change
1 Oracle ORCL	New	0 → 936.0K +$263.3M
2 Duolingo DUOL	New	0 → 47.7K +$15.3M
3 ARGX argenx ARGX	New	0 → 16.6K +$12.3M
4 Figma FIG	New	0 → 226.8K +$11.8M
5 Builders FirstSource BLDR	+139.08%	1.0M → 2.4M +$171.5M

Decreased Positions

Position	Shares Δ	Change
1 Repligen RGEN	Sold	1.3M → 0 −$155.6M
2 Alphabet Inc. GOOG	Sold	603.4K → 0 −$107.0M
3 Charter Communications, Inc. CHTR	Sold	242.4K → 0 −$99.1M
4 Okta, Inc. OKTA	Sold	300.5K → 0 −$30.0M
5 CrowdStrike Holdings, Inc. CRWD	Sold	45.0K → 0 −$22.9M