Sands Capital Management
large-active, growth, lo
Quarter Analysis
13F change notes for Sands Capital Management in 2025-12-31.
Sands' pre-trim quarter — book $33B, every top name persistence-flagged. Big moves: ServiceNow +208% in shares (almost a re-initiation), Netflix +794% (re-add similar to Baillie/Jennison), Shopify +37%. TSMC cut -26% on +128% gain — early profit-take. ASML +27%. Reads as Sands rotating from peak winners into next-tier growth names.
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★ HELD
NVIDIA CORPORATION NVDA
Top weight 11.37%, 15 quarters at +437% unrealized — the most concentrated single bet.
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★ HELD
TAIWAN SEMICONDUCTOR MFG LTD TSM
Cut -26% in shares at +128% unrealized — early TSMC profit-take, continues in Q1-2026.
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★ HELD
SHOPIFY INC SHOP
Shares +37% — adding to SHOP at +83% unrealized.
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▲ ADDED
NETFLIX INC NFLX
Shares +794% — Sands joining the Q4-2025 growth-PM Netflix consensus.
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▲ ADDED
SERVICENOW INC NOW
Shares +208% — major ServiceNow add at +183% unrealized.
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★ HELD
ASML HOLDING N V ASML
51 quarters held; shares +27% — adding to the lithography play.
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• CONTEXT
Sands, Baillie, and Jennison all did major Q4 Netflix adds — strong growth-PM consensus.