13F
中
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SANDS CAPITAL MANAGEMENT, LLC

13F equity value
$25.5B
Positions
67
Top 10 concentration
52.4%
Quarters / total new picks
29 / 80
13F equity value over time
$0M$30B$60B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned -2.9% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 37.9% of quarters (excess t = -1.46, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-8.6%
t-stat
-1.46
Quarterly win rate
38%
Annualized excess
-30.5%
$1 → follow vs universe
$0.23 vs $2.27
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720200331: universe 1.35820200630: universe 1.50120200930: universe 1.84020201231: universe 1.92420210331: universe 1.94220210630: universe 2.09720210930: universe 1.88220211231: universe 1.60220220331: universe 1.72020220630: universe 1.59320220930: universe 1.71120221231: universe 1.59020230331: universe 1.67520230630: universe 1.61520230930: universe 1.83320240331: universe 1.87420240930: universe 1.85820241231: universe 1.73420250331: universe 1.89020250630: universe 1.95020250930: universe 2.19220251231: universe 2.268 20180331: follow 1.20020180630: follow 1.04320180930: follow 1.16820181231: follow 1.18820190331: follow 1.27720190630: follow 1.20220190930: follow 1.38920200331: follow 1.92320200630: follow 1.83120200930: follow 1.28520201231: follow 0.95420210331: follow 0.96420210630: follow 0.93220210930: follow 0.53020211231: follow 0.26620220331: follow 0.24520220630: follow 0.19620220930: follow 0.19520221231: follow 0.17920230331: follow 0.17720230630: follow 0.19220230930: follow 0.19820240331: follow 0.23520240930: follow 0.28820241231: follow 0.28520250331: follow 0.30020250630: follow 0.29720250930: follow 0.22320251231: follow 0.226 0.16 1.31 2.45 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 67 · 2026 Q1

Ticker Value Weight QoQ
NVDA $3.2B
12.4%
TRIM
TSM $2.0B
7.8%
TRIM
GOOGL $1.5B
5.8%
ADD
AMZN $1.4B
5.5%
TRIM
SHOP $1.1B
4.2%
TRIM
NFLX $905M
3.5%
TRIM
SPOT $870M
3.4%
ADD
ASML $845M
3.3%
TRIM
V $837M
3.3%
TRIM
MELI $822M
3.2%
TRIM
NET $756M
3.0%
HOLD
META $732M
2.9%
HOLD
ICE $690M
2.7%
TRIM
CVNA $666M
2.6%
TRIM
AXON $664M
2.6%
TRIM
ISRG $609M
2.4%
TRIM
DASH $594M
2.3%
TRIM
MSFT $566M
2.2%
TRIM
IOT $496M
1.9%
TRIM
NU $493M
1.9%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AAPLANETAVAVBEHOODLITELLYLRCXSTX

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.