Sands Capital Management
large-active, growth, lo
Quarter Analysis
13F change notes for Sands Capital Management in 2026-03-31.
Sands ran their concentrated growth playbook: NVDA stayed top at 12.4% (-10% shares but weight up), TSMC 7.8% (-14% shares), GOOGL +4%. Microsoft cut hard -38%, AppLovin -34% — Sands de-risking peak holdings. Book shrank $33B → $25B (~22% drop). Top-3 weight ROSE 22.9% → 25.9% — Sands actually concentrated MORE despite the cuts, because the survivors (NVDA + TSMC + GOOGL) held up.
-
★ HELD
NVIDIA CORPORATION NVDA
Top weight 12.4%, 16 quarters at +402% unrealized — Sands's most concentrated single bet.
-
★ HELD
TAIWAN SEMICONDUCTOR MANUFAC TSM
43 quarters at +154% unrealized — Sands has held TSMC since the long-pre-AI era. Trimmed -14% shares.
-
★ HELD
ALPHABET INC GOOGL
Shares +4% to 5.78% weight — adding to GOOGL while cutting peers.
-
★ HELD
AMAZON COM INC AMZN
50 quarters held at +247% unrealized; -10% trim.
-
★ HELD
NETFLIX INC. NFLX
42 quarters at +375% unrealized — Sands also holds the Netflix-as-quality-growth long position.
-
▼ REDUCED
MICROSOFT CORP MSFT
Cut -38% — meaningful MSFT de-risking. Sands joining the broader mega-cap-tech trim consensus.
-
▼ REDUCED
APPLOVIN CORP APP
Cut -34% even at -13% unrealized — short-tenured AppLovin position trimmed despite the loss.
-
◐ CONCENTRATION
Top-3 weight 22.9% → 25.9% — concentration actually rose despite the book shrinking, because Sands cut the losers harder than the winners.