SANDS CAPITAL MANAGEMENT, LLC
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| SHOPIFY INC | 6,937,271 | 9,506,036 | +2,568,765 | 1,030,947,843 | 1,530,186,615 | +499,238,772 |
| CARVANA CO | 1,691,515 | 2,442,534 | +751,019 | 638,107,119 | 1,030,798,199 | +392,691,080 |
| ALPHABET INC | 4,771,097 | 4,939,049 | +167,952 | 1,159,853,681 | 1,545,922,337 | +386,068,656 |
| ARGENX SE | 16,625 | 356,870 | +340,245 | 12,261,935 | 300,109,826 | +287,847,891 |
| APPLOVIN CORP | 1,016,959 | 1,463,351 | +446,392 | 730,725,720 | 986,035,171 | +255,309,451 |
| QUANTA SVCS INC | 0 | 576,896 | +576,896 | 0 | 243,484,726 | +243,484,726 |
| ASML HOLDING N V | 529,164 | 669,985 | +140,821 | 512,278,377 | 716,790,152 | +204,511,775 |
| CARPENTER TECHNOLOGY CORP | 0 | 621,684 | +621,684 | 0 | 195,730,991 | +195,730,991 |
| INTUITIVE SURGICAL INC | 1,341,109 | 1,376,958 | +35,849 | 599,784,178 | 779,853,933 | +180,069,755 |
| BOSTON SCIENTIFIC CORP | 0 | 805,164 | +805,164 | 0 | 76,772,387 | +76,772,387 |
| BROADCOM INC | 2,060,624 | 2,114,521 | +53,897 | 679,820,464 | 731,835,718 | +52,015,254 |
| CARLISLE COS INC | 849,501 | 967,640 | +118,139 | 279,451,849 | 309,509,330 | +30,057,481 |
| ON HLDG AG | 6,769,430 | 6,635,050 | -134,380 | 286,685,360 | 308,397,124 | +21,711,764 |
| MCKESSON CORP | 157,146 | 174,268 | +17,122 | 121,401,571 | 142,950,298 | +21,548,727 |
| AMPHENOL CORP NEW | 795,234 | 879,004 | +83,770 | 98,410,207 | 118,788,601 | +20,378,394 |
| KASPI KZ JSC | 1,644,240 | 1,948,761 | +304,521 | 134,301,523 | 152,256,697 | +17,955,174 |
| TRANSDIGM GROUP INC | 93,296 | 103,179 | +9,883 | 122,965,994 | 137,212,593 | +14,246,599 |
| HDFC BANK LTD | 6,190,788 | 6,117,362 | -73,426 | 211,477,318 | 223,528,407 | +12,051,089 |
| ISHARES TR | 0 | 8,215 | +8,215 | 0 | 3,888,159 | +3,888,159 |
| PALANTIR TECHNOLOGIES INC | 0 | 19,840 | +19,840 | 0 | 3,526,560 | +3,526,560 |
| GLOBANT S A | 848,262 | 770,560 | -77,702 | 48,673,274 | 50,371,507 | +1,698,233 |
| ALIBABA GROUP HLDG LTD | 0 | 7,511 | +7,511 | 0 | 1,100,962 | +1,100,962 |
| SNOWFLAKE INC | 11,960 | 11,960 | 0 | 2,697,578 | 2,623,546 | -74,032 |
| KLAVIYO INC | 1,105,559 | 928,755 | -176,804 | 30,612,929 | 30,156,675 | -456,254 |
| GITLAB INC | 127,475 | 127,475 | 0 | 5,746,573 | 4,784,137 | -962,436 |
| STEVANATO GROUP S P A | 464,931 | 493,006 | +28,075 | 11,971,973 | 9,919,281 | -2,052,692 |
| TETRA TECH INC NEW | 7,179,032 | 7,007,004 | -172,028 | 239,636,088 | 235,014,914 | -4,621,174 |
| FIGMA INC | 226,752 | 189,782 | -36,970 | 11,761,626 | 7,092,153 | -4,669,473 |
| LIBERTY MEDIA CORP DEL | 2,014,627 | 2,082,513 | +67,886 | 210,427,790 | 205,148,356 | -5,279,434 |
| FERRARI N V | 251,698 | 309,983 | +58,285 | 122,128,904 | 114,557,317 | -7,571,587 |
| DUOLINGO INC | 47,672 | 39,975 | -7,697 | 15,342,756 | 7,015,612 | -8,327,144 |
| PALO ALTO NETWORKS INC | 194,619 | 162,963 | -31,656 | 39,628,321 | 30,017,785 | -9,610,536 |
| BUILDERS FIRSTSOURCE INC | 2,430,902 | 2,757,969 | +327,067 | 294,746,867 | 283,767,430 | -10,979,437 |
| LINDE PLC | 84,367 | 59,214 | -25,153 | 40,074,325 | 25,248,257 | -14,826,068 |
| GRAB HOLDINGS LIMITED | 12,490,985 | 11,244,055 | -1,246,930 | 75,195,730 | 56,107,834 | -19,087,896 |
| SAP SE | 440,270 | 394,117 | -46,153 | 117,644,547 | 95,734,960 | -21,909,587 |
| FULL TRUCK ALLIANCE CO LTD | 6,766,855 | 6,123,768 | -643,087 | 87,766,109 | 65,708,031 | -22,058,078 |
| ULTRAGENYX PHARMACEUTICAL IN | 3,769,853 | 3,485,724 | -284,129 | 113,397,178 | 80,171,652 | -33,225,526 |
| CADENCE DESIGN SYSTEM INC | 331,887 | 252,008 | -79,879 | 116,578,628 | 78,772,661 | -37,805,967 |
| WASTE CONNECTIONS INC | 1,183,194 | 965,880 | -217,314 | 208,005,505 | 169,376,717 | -38,628,788 |
| ROPER TECHNOLOGIES INC | 351,775 | 287,318 | -64,457 | 175,426,675 | 127,893,861 | -47,532,814 |
| DATADOG INC | 1,894,680 | 1,513,800 | -380,880 | 269,802,432 | 205,861,662 | -63,940,770 |
| INTERCONTINENTAL EXCHANGE IN | 5,677,266 | 5,502,896 | -174,370 | 956,505,776 | 891,249,036 | -65,256,740 |
| NU HLDGS LTD | 50,562,162 | 44,423,895 | -6,138,267 | 809,500,214 | 743,656,002 | -65,844,212 |
| DOORDASH INC | 4,023,291 | 4,496,607 | +473,316 | 1,094,294,919 | 1,018,391,553 | -75,903,366 |
| CLOUDFLARE INC | 3,808,319 | 3,731,287 | -77,032 | 817,227,174 | 735,623,232 | -81,603,942 |
| IRHYTHM TECHNOLOGIES INC | 2,236,110 | 1,699,645 | -536,465 | 384,588,559 | 301,585,009 | -83,003,550 |
| SAMSARA INC | 20,518,332 | 19,123,318 | -1,395,014 | 764,307,867 | 677,921,623 | -86,386,244 |
| FLUTTER ENTMT PLC | 2,126,306 | 2,087,048 | -39,258 | 540,081,724 | 448,798,802 | -91,282,922 |
| COUPANG INC | 11,024,177 | 10,319,665 | -704,512 | 354,978,499 | 243,440,897 | -111,537,602 |
| AXON ENTERPRISE INC | 1,442,341 | 1,609,436 | +167,095 | 1,035,081,595 | 914,046,987 | -121,034,608 |
| AMAZON COM INC | 8,413,999 | 7,440,012 | -973,987 | 1,847,461,760 | 1,717,303,570 | -130,158,190 |
| NVIDIA CORPORATION | 20,828,827 | 20,043,571 | -785,256 | 3,886,242,542 | 3,738,125,991 | -148,116,551 |
| MERCADOLIBRE INC | 509,845 | 509,645 | -200 | 1,191,477,174 | 1,026,557,538 | -164,919,636 |
| SEA LTD | 4,883,167 | 5,501,013 | +617,846 | 872,768,438 | 701,764,228 | -171,004,210 |
| META PLATFORMS INC | 1,388,064 | 1,254,871 | -133,193 | 1,019,366,440 | 828,327,798 | -191,038,642 |
| ROBLOX CORP | 3,476,488 | 3,183,399 | -293,089 | 481,563,118 | 257,950,821 | -223,612,297 |
| SPOTIFY TECHNOLOGY S A | 1,547,640 | 1,469,848 | -77,792 | 1,080,252,720 | 853,555,432 | -226,697,288 |
| GALLAGHER ARTHUR J & CO | 1,094,070 | 244,255 | -849,815 | 338,877,242 | 63,210,751 | -275,666,491 |
| MICROSOFT CORP | 2,865,638 | 2,470,769 | -394,869 | 1,484,257,202 | 1,194,913,304 | -289,343,898 |
| VISA INC | 4,027,033 | 3,090,129 | -936,904 | 1,374,748,661 | 1,083,739,280 | -291,009,381 |
| ATLASSIAN CORPORATION | 2,641,730 | 136,534 | -2,505,196 | 421,884,281 | 22,137,623 | -399,746,658 |
| NETFLIX INC | 1,120,658 | 10,023,088 | +8,902,430 | 1,343,579,289 | 939,764,731 | -403,814,558 |
| BLOCK INC | 11,603,057 | 5,929,883 | -5,673,174 | 838,552,929 | 385,976,084 | -452,576,845 |
| TAIWAN SEMICONDUCTOR MFG LTD | 9,251,889 | 6,826,175 | -2,425,714 | 2,583,960,079 | 2,074,406,321 | -509,553,758 |
| SERVICENOW INC | 1,246,277 | 3,842,914 | +2,596,637 | 1,146,923,798 | 588,695,996 | -558,227,802 |