SANDS CAPITAL MANAGEMENT, LLC

New 13F: Q3 2026

SANDS CAPITAL MANAGEMENT, LLC filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $15.4B in AI and semiconductor stocks; $751.5M bought and $1.7B sold against its previous quarter, at the quarter's prices.

SANDS CAPITAL MANAGEMENT, LLC declares $15.9B in 29 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 59.2% of its $26.9B 13F portfolio. Largest positions: NVIDIA (0.06% of the company) and TSMC (0.08% of the company). Over time: $15.9B in 29 of these companies for Q2 2026, against $11.7B in 13 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.4B and sold $3.1B of these stocks, at the quarter's prices: a net sale of $704.0M; 7 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio SANDS CAPITAL MANAGEMENT, LLC declared for Q2 2026 (Form 13F), held unchanged, returned +2.5% in Q3 2026 (SMH -7.1%), ranked 1092 of 1,785 active managers. Over the last 12 months, quarter after quarter: +27.3% (SMH +87.2%), ranked 775 of 1,360 active managers. Over three years, quarter after quarter: +171.9% (SMH +325.8%), ranked 174 of 784 active managers. Over five years, quarter after quarter: +115.1% (SMH +389.8%), ranked 455 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. NVIDIA (NVDA): $2.8B, 14.1M shares, 0.06% of the company, 10.4% of its portfolio (trimmed this quarter); held since Q2 2022
  2. TSMC (TSM): $1.9B, 3.9M shares, 0.08% of the company, 7.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  3. Alphabet (GOOGL): $1.7B, 4.9M shares, 0.04% of the company, 6.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  4. Amazon (AMZN): $1.2B, 4.9M shares, 0.04% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  5. ASML (ASML): $1.1B, 533,693 shares, 0.14% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  6. Bloom Energy (BE): $885.9M, 2.9M shares, 0.99% of the company, 3.3% of its portfolio (added this quarter); held since Q1 2026
  7. Cloudflare (NET): $794.6M, 3.2M shares, 0.90% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q1 2021
  8. Seagate (STX): $695.5M, 720,741 shares, 0.31% of the company, 2.6% of its portfolio (added this quarter); held since Q1 2026
  9. Micron (MU): $608.1M, 526,810 shares, 0.05% of the company, 2.3% of its portfolio (new position this quarter)
  10. Meta Platforms (META): $546.3M, 969,879 shares, 0.04% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q2 2023
  11. Quanta Services (PWR): $540.4M, 750,479 shares, 0.50% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2025
  12. Lam Research (LRCX): $491.4M, 1.1M shares, 0.09% of the company, 1.8% of its portfolio (added this quarter); held since Q1 2026
  13. Microsoft (MSFT): $488.4M, 1.3M shares, 0.02% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  14. Broadcom (AVGO): $425.7M, 1.1M shares, 0.02% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q1 2025
  15. AMD (AMD): $390.7M, 672,555 shares, 0.04% of the company, 1.5% of its portfolio (new position this quarter)

By sector

Biggest changes this quarter

Schedule 13D/G declarations

  • Entegris (ENTG): 13G filed Feb 12, 2025: 7.2M shares as of Dec 31, 2024, 4.8% as declared

Other holders of this size

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