SANDS CAPITAL MANAGEMENT, LLC Diversified Active

CIK: 0001020066 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $32,875,166 (100.0% shares, 0.0% debt)

Holdings (66)

New Positions (6)

PWR QUANTA SVCS INC 0.7%

Value ($000) $243,485 Shares 576,896 Est. Cost $439.27 Unrealized 0.0%

CRS CARPENTER TECHNOLOGY CORP 0.6%

Value ($000) $195,731 Shares 621,684 Est. Cost $300.56 Unrealized 0.0%

BSX BOSTON SCIENTIFIC CORP 0.2%

Value ($000) $76,772 Shares 805,164 Est. Cost $98.04 Unrealized 0.0%

IWF ISHARES TR 0.0%

Value ($000) $3,888 Shares 8,215 Est. Cost $473.30 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $3,527 Shares 19,840 Est. Cost $181.03 Unrealized 0.0%

BABA ALIBABA GROUP HLDG LTD 0.0%

Value ($000) $1,101 Shares 7,511 Est. Cost $146.58 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PWR	QUANTA SVCS INC	576,896	$243,485	0.7%	$439.27	0.0%	COM	74762E102
CRS	CARPENTER TECHNOLOGY CORP	621,684	$195,731	0.6%	$300.56	0.0%	COM	144285103
BSX	BOSTON SCIENTIFIC CORP	805,164	$76,772	0.2%	$98.04	0.0%	COM	101137107
IWF	ISHARES TR	8,215	$3,888	0.0%	$473.30	—	RUS 1000 GRW ETF	464287614
PLTR	PALANTIR TECHNOLOGIES INC	19,840	$3,527	0.0%	$181.03	0.0%	CL A	69608A108
BABA	ALIBABA GROUP HLDG LTD	7,511	$1,101	0.0%	$146.58	—	SPONSORED ADS	01609W102

Increased Positions (22)

NOW SERVICENOW INC 1.8%

Value ($000) $588,696 (-48.7%) Shares 3,842,914 (+208.4%) Est. Cost $133.79 Unrealized +28.2%

SHOP SHOPIFY INC 4.7%

Value ($000) $1,530,187 (+48.4%) Shares 9,506,036 (+37.0%) Est. Cost $77.26 Unrealized +107.8%

NFLX NETFLIX INC 2.9%

Value ($000) $939,765 (-30.1%) Shares 10,023,088 (+794.4%) Est. Cost $98.04 Unrealized +10.0%

CVNA CARVANA CO 3.1%

Value ($000) $1,030,798 (+61.5%) Shares 2,442,534 (+44.4%) Est. Cost $329.84 Unrealized +12.7%

GOOGL ALPHABET INC 4.7%

Value ($000) $1,545,922 (+33.3%) Shares 4,939,049 (+3.5%) Est. Cost $147.63 Unrealized +93.5%

ARGX ARGENX SE 0.9%

Value ($000) $300,110 (+2347.5%) Shares 356,870 (+2046.6%) Est. Cost $836.13 Unrealized —

APP APPLOVIN CORP 3.0%

Value ($000) $986,035 (+34.9%) Shares 1,463,351 (+43.9%) Est. Cost $427.04 Unrealized +47.5%

ASML ASML HOLDING N V 2.2%

Value ($000) $716,790 (+39.9%) Shares 669,985 (+26.6%) Est. Cost $526.51 Unrealized —

ISRG INTUITIVE SURGICAL INC 2.4%

Value ($000) $779,854 (+30.0%) Shares 1,376,958 (+2.7%) Est. Cost $516.81 Unrealized +3.0%

SE SEA LTD 2.1%

Value ($000) $701,764 (-19.6%) Shares 5,501,013 (+12.7%) Est. Cost $62.47 Unrealized —

AXON AXON ENTERPRISE INC 2.8%

Value ($000) $914,047 (-11.7%) Shares 1,609,436 (+11.6%) Est. Cost $246.02 Unrealized +152.2%

DASH DOORDASH INC 3.1%

Value ($000) $1,018,392 (-6.9%) Shares 4,496,607 (+11.8%) Est. Cost $154.33 Unrealized +52.0%

AVGO BROADCOM INC 2.2%

Value ($000) $731,836 (+7.7%) Shares 2,114,521 (+2.6%) Est. Cost $224.65 Unrealized +58.9%

CSL CARLISLE COS INC 0.9%

Value ($000) $309,509 (+10.8%) Shares 967,640 (+13.9%) Est. Cost $366.72 Unrealized -12.0%

MCK MCKESSON CORP 0.4%

Value ($000) $142,950 (+17.7%) Shares 174,268 (+10.9%) Est. Cost $668.43 Unrealized +22.0%

APH AMPHENOL CORP NEW 0.4%

Value ($000) $118,789 (+20.7%) Shares 879,004 (+10.5%) Est. Cost $74.15 Unrealized +80.1%

KSPI KASPI KZ JSC 0.5%

Value ($000) $152,257 (+13.4%) Shares 1,948,761 (+18.5%) Est. Cost $112.61 Unrealized —

TDG TRANSDIGM GROUP INC 0.4%

Value ($000) $137,213 (+11.6%) Shares 103,179 (+10.6%) Est. Cost $601.20 Unrealized +118.0%

BLDR BUILDERS FIRSTSOURCE INC 0.9%

Value ($000) $283,767 (-3.7%) Shares 2,757,969 (+13.5%) Est. Cost $134.99 Unrealized -16.8%

RACE FERRARI N V 0.3%

Value ($000) $114,557 (-6.2%) Shares 309,983 (+23.2%) Est. Cost $350.30 Unrealized +14.2%

FWONK LIBERTY MEDIA CORP DEL 0.6%

Value ($000) $205,148 (-2.5%) Shares 2,082,513 (+3.4%) Est. Cost $65.93 Unrealized —

STVN STEVANATO GROUP S P A 0.0%

Value ($000) $9,919 (-17.1%) Shares 493,006 (+6.0%) Est. Cost $28.58 Unrealized -18.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NOW	SERVICENOW INC	3,842,914 (+208.4%)	$588,696 (-48.7%)	1.8%	$133.79	+28.2%	COM	81762P102
SHOP	SHOPIFY INC	9,506,036 (+37.0%)	$1,530,187 (+48.4%)	4.7%	$77.26	+107.8%	CL A SUB VTG SHS	82509L107
NFLX	NETFLIX INC	10,023,088 (+794.4%)	$939,765 (-30.1%)	2.9%	$98.04	+10.0%	COM	64110L106
CVNA	CARVANA CO	2,442,534 (+44.4%)	$1,030,798 (+61.5%)	3.1%	$329.84	+12.7%	CL A	146869102
GOOGL	ALPHABET INC	4,939,049 (+3.5%)	$1,545,922 (+33.3%)	4.7%	$147.63	+93.5%	CAP STK CL A	02079K305
ARGX	ARGENX SE	356,870 (+2046.6%)	$300,110 (+2347.5%)	0.9%	$836.13	—	SPONSORED ADR	04016X101
APP	APPLOVIN CORP	1,463,351 (+43.9%)	$986,035 (+34.9%)	3.0%	$427.04	+47.5%	COM CL A	03831W108
ASML	ASML HOLDING N V	669,985 (+26.6%)	$716,790 (+39.9%)	2.2%	$526.51	—	N Y REGISTRY SHS	N07059210
ISRG	INTUITIVE SURGICAL INC	1,376,958 (+2.7%)	$779,854 (+30.0%)	2.4%	$516.81	+3.0%	COM NEW	46120E602
SE	SEA LTD	5,501,013 (+12.7%)	$701,764 (-19.6%)	2.1%	$62.47	—	SPONSORD ADS	81141R100
AXON	AXON ENTERPRISE INC	1,609,436 (+11.6%)	$914,047 (-11.7%)	2.8%	$246.02	+152.2%	COM	05464C101
DASH	DOORDASH INC	4,496,607 (+11.8%)	$1,018,392 (-6.9%)	3.1%	$154.33	+52.0%	CL A	25809K105
AVGO	BROADCOM INC	2,114,521 (+2.6%)	$731,836 (+7.7%)	2.2%	$224.65	+58.9%	COM	11135F101
CSL	CARLISLE COS INC	967,640 (+13.9%)	$309,509 (+10.8%)	0.9%	$366.72	-12.0%	COM	142339100
MCK	MCKESSON CORP	174,268 (+10.9%)	$142,950 (+17.7%)	0.4%	$668.43	+22.0%	COM	58155Q103
APH	AMPHENOL CORP NEW	879,004 (+10.5%)	$118,789 (+20.7%)	0.4%	$74.15	+80.1%	CL A	032095101
KSPI	KASPI KZ JSC	1,948,761 (+18.5%)	$152,257 (+13.4%)	0.5%	$112.61	—	SPONSORED ADS	48581R205
TDG	TRANSDIGM GROUP INC	103,179 (+10.6%)	$137,213 (+11.6%)	0.4%	$601.20	+118.0%	COM	893641100
BLDR	BUILDERS FIRSTSOURCE INC	2,757,969 (+13.5%)	$283,767 (-3.7%)	0.9%	$134.99	-16.8%	COM	12008R107
RACE	FERRARI N V	309,983 (+23.2%)	$114,557 (-6.2%)	0.3%	$350.30	+14.2%	COM	N3167Y103
FWONK	LIBERTY MEDIA CORP DEL	2,082,513 (+3.4%)	$205,148 (-2.5%)	0.6%	$65.93	—	COM LBTY ONE S C	531229755
STVN	STEVANATO GROUP S P A	493,006 (+6.0%)	$9,919 (-17.1%)	0.0%	$28.58	-18.7%	ORD SHS	T9224W109

Exited Positions (4)

DXCM DEXCOM INC 1.0%

Value ($000) $332,022 Shares 4,934,189 Est. Cost $92.67 Unrealized -30.2%

ORCL ORACLE CORP 0.8%

Value ($000) $263,253 Shares 936,043 Est. Cost $254.17 Unrealized -6.3%

VG VENTURE GLOBAL INC 0.3%

Value ($000) $106,199 Shares 7,484,070 Est. Cost $14.48 Unrealized -42.6%

MNDY MONDAY COM LTD 0.1%

Value ($000) $22,509 Shares 116,213 Est. Cost $274.01 Unrealized -38.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DXCM	DEXCOM INC	4,934,189	$332,022	1.0%	$92.67	-30.2%	—	252131107
ORCL	ORACLE CORP	936,043	$263,253	0.8%	$254.17	-6.3%	—	68389X105
VG	VENTURE GLOBAL INC	7,484,070	$106,199	0.3%	$14.48	-42.6%	—	92333F101
MNDY	MONDAY COM LTD	116,213	$22,509	0.1%	$274.01	-38.5%	—	M7S64H106

Decreased Positions (35)

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.3%

Value ($000) $2,074,406 (-19.7%) Shares 6,826,175 (-26.2%) Est. Cost $132.88 Unrealized —

XYZ BLOCK INC 1.2%

Value ($000) $385,976 (-54.0%) Shares 5,929,883 (-48.9%) Est. Cost $116.40 Unrealized -40.7%

TEAM ATLASSIAN CORPORATION 0.1%

Value ($000) $22,138 (-94.8%) Shares 136,534 (-94.8%) Est. Cost $163.93 Unrealized -4.3%

V VISA INC 3.3%

Value ($000) $1,083,739 (-21.2%) Shares 3,090,129 (-23.3%) Est. Cost $87.98 Unrealized +286.9%

MSFT MICROSOFT CORP 3.6%

Value ($000) $1,194,913 (-19.5%) Shares 2,470,769 (-13.8%) Est. Cost $292.80 Unrealized +71.0%

AJG GALLAGHER ARTHUR J & CO 0.2%

Value ($000) $63,211 (-81.3%) Shares 244,255 (-77.7%) Est. Cost $324.99 Unrealized -18.7%

SPOT SPOTIFY TECHNOLOGY S A 2.6%

Value ($000) $853,555 (-21.0%) Shares 1,469,848 (-5.0%) Est. Cost $416.99 Unrealized +49.9%

RBLX ROBLOX CORP 0.8%

Value ($000) $257,951 (-46.4%) Shares 3,183,399 (-8.4%) Est. Cost $41.71 Unrealized +154.5%

META META PLATFORMS INC 2.5%

Value ($000) $828,328 (-18.7%) Shares 1,254,871 (-9.6%) Est. Cost $332.98 Unrealized +100.4%

NVDA NVIDIA CORPORATION 11.4%

Value ($000) $3,738,126 (-3.8%) Shares 20,043,571 (-3.8%) Est. Cost $95.66 Unrealized +94.6%

AMZN AMAZON COM INC 5.2%

Value ($000) $1,717,304 (-7.0%) Shares 7,440,012 (-11.6%) Est. Cost $124.09 Unrealized +84.4%

CPNG COUPANG INC 0.7%

Value ($000) $243,441 (-31.4%) Shares 10,319,665 (-6.4%) Est. Cost $17.49 Unrealized +62.7%

FLUT FLUTTER ENTMT PLC 1.4%

Value ($000) $448,799 (-16.9%) Shares 2,087,048 (-1.8%) Est. Cost $209.19 Unrealized +7.5%

IOT SAMSARA INC 2.1%

Value ($000) $677,922 (-11.3%) Shares 19,123,318 (-6.8%) Est. Cost $40.14 Unrealized -3.6%

IRTC IRHYTHM TECHNOLOGIES INC 0.9%

Value ($000) $301,585 (-21.6%) Shares 1,699,645 (-24.0%) Est. Cost $151.06 Unrealized +17.3%

NET CLOUDFLARE INC 2.2%

Value ($000) $735,623 (-10.0%) Shares 3,731,287 (-2.0%) Est. Cost $104.77 Unrealized +101.9%

NU NU HLDGS LTD 2.3%

Value ($000) $743,656 (-8.1%) Shares 44,423,895 (-12.1%) Est. Cost $7.63 Unrealized +110.6%

ICE INTERCONTINENTAL EXCHANGE IN 2.7%

Value ($000) $891,249 (-6.8%) Shares 5,502,896 (-3.1%) Est. Cost $155.87 Unrealized +0.2%

DDOG DATADOG INC 0.6%

Value ($000) $205,862 (-23.7%) Shares 1,513,800 (-20.1%) Est. Cost $98.81 Unrealized +59.9%

ROP ROPER TECHNOLOGIES INC 0.4%

Value ($000) $127,894 (-27.1%) Shares 287,318 (-18.3%) Est. Cost $412.09 Unrealized +12.2%

WCN WASTE CONNECTIONS INC 0.5%

Value ($000) $169,377 (-18.6%) Shares 965,880 (-18.4%) Est. Cost $177.72 Unrealized -2.8%

CDNS CADENCE DESIGN SYSTEM INC 0.2%

Value ($000) $78,773 (-32.4%) Shares 252,008 (-24.1%) Est. Cost $292.30 Unrealized +11.6%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.2%

Value ($000) $80,172 (-29.3%) Shares 3,485,724 (-7.5%) Est. Cost $43.30 Unrealized -24.1%

YMM FULL TRUCK ALLIANCE CO LTD 0.2%

Value ($000) $65,708 (-25.1%) Shares 6,123,768 (-9.5%) Est. Cost $11.60 Unrealized —

SAP SAP SE 0.3%

Value ($000) $95,735 (-18.6%) Shares 394,117 (-10.5%) Est. Cost $273.39 Unrealized —

ONON ON HLDG AG 0.9%

Value ($000) $308,397 (+7.6%) Shares 6,635,050 (-2.0%) Est. Cost $49.89 Unrealized -13.6%

GRAB GRAB HOLDINGS LIMITED 0.2%

Value ($000) $56,108 (-25.4%) Shares 11,244,055 (-10.0%) Est. Cost $3.41 Unrealized +62.1%

LIN LINDE PLC 0.1%

Value ($000) $25,248 (-37.0%) Shares 59,214 (-29.8%) Est. Cost $448.71 Unrealized -4.8%

HDB HDFC BANK LTD 0.7%

Value ($000) $223,528 (+5.7%) Shares 6,117,362 (-1.2%) Est. Cost $49.19 Unrealized —

PANW PALO ALTO NETWORKS INC 0.1%

Value ($000) $30,018 (-24.3%) Shares 162,963 (-16.3%) Est. Cost $186.87 Unrealized +8.0%

DUOL DUOLINGO INC 0.0%

Value ($000) $7,016 (-54.3%) Shares 39,975 (-16.1%) Est. Cost $334.45 Unrealized -29.5%

FIG FIGMA INC 0.0%

Value ($000) $7,092 (-39.7%) Shares 189,782 (-16.3%) Est. Cost $68.66 Unrealized -34.2%

TTEK TETRA TECH INC NEW 0.7%

Value ($000) $235,015 (-1.9%) Shares 7,007,004 (-2.4%) Est. Cost $40.78 Unrealized -17.1%

GLOB GLOBANT S A 0.2%

Value ($000) $50,372 (+3.5%) Shares 770,560 (-9.2%) Est. Cost $159.47 Unrealized -60.6%

KVYO KLAVIYO INC 0.1%

Value ($000) $30,157 (-1.5%) Shares 928,755 (-16.0%) Est. Cost $30.34 Unrealized -7.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	6,826,175 (-26.2%)	$2,074,406 (-19.7%)	6.3%	$132.88	—	SPONSORED ADS	874039100
XYZ	BLOCK INC	5,929,883 (-48.9%)	$385,976 (-54.0%)	1.2%	$116.40	-40.7%	CL A	852234103
TEAM	ATLASSIAN CORPORATION	136,534 (-94.8%)	$22,138 (-94.8%)	0.1%	$163.93	-4.3%	CL A	049468101
V	VISA INC	3,090,129 (-23.3%)	$1,083,739 (-21.2%)	3.3%	$87.98	+286.9%	COM CL A	92826C839
MSFT	MICROSOFT CORP	2,470,769 (-13.8%)	$1,194,913 (-19.5%)	3.6%	$292.80	+71.0%	COM	594918104
AJG	GALLAGHER ARTHUR J & CO	244,255 (-77.7%)	$63,211 (-81.3%)	0.2%	$324.99	-18.7%	COM	363576109
SPOT	SPOTIFY TECHNOLOGY S A	1,469,848 (-5.0%)	$853,555 (-21.0%)	2.6%	$416.99	+49.9%	SHS	L8681T102
RBLX	ROBLOX CORP	3,183,399 (-8.4%)	$257,951 (-46.4%)	0.8%	$41.71	+154.5%	CL A	771049103
META	META PLATFORMS INC	1,254,871 (-9.6%)	$828,328 (-18.7%)	2.5%	$332.98	+100.4%	CL A	30303M102
NVDA	NVIDIA CORPORATION	20,043,571 (-3.8%)	$3,738,126 (-3.8%)	11.4%	$95.66	+94.6%	COM	67066G104
AMZN	AMAZON COM INC	7,440,012 (-11.6%)	$1,717,304 (-7.0%)	5.2%	$124.09	+84.4%	COM	023135106
CPNG	COUPANG INC	10,319,665 (-6.4%)	$243,441 (-31.4%)	0.7%	$17.49	+62.7%	CL A	22266T109
FLUT	FLUTTER ENTMT PLC	2,087,048 (-1.8%)	$448,799 (-16.9%)	1.4%	$209.19	+7.5%	SHS	G3643J108
IOT	SAMSARA INC	19,123,318 (-6.8%)	$677,922 (-11.3%)	2.1%	$40.14	-3.6%	COM CL A	79589L106
IRTC	IRHYTHM TECHNOLOGIES INC	1,699,645 (-24.0%)	$301,585 (-21.6%)	0.9%	$151.06	+17.3%	COM	450056106
NET	CLOUDFLARE INC	3,731,287 (-2.0%)	$735,623 (-10.0%)	2.2%	$104.77	+101.9%	CL A COM	18915M107
NU	NU HLDGS LTD	44,423,895 (-12.1%)	$743,656 (-8.1%)	2.3%	$7.63	+110.6%	ORD SHS CL A	G6683N103
ICE	INTERCONTINENTAL EXCHANGE IN	5,502,896 (-3.1%)	$891,249 (-6.8%)	2.7%	$155.87	+0.2%	COM	45866F104
DDOG	DATADOG INC	1,513,800 (-20.1%)	$205,862 (-23.7%)	0.6%	$98.81	+59.9%	CL A COM	23804L103
ROP	ROPER TECHNOLOGIES INC	287,318 (-18.3%)	$127,894 (-27.1%)	0.4%	$412.09	+12.2%	COM	776696106
WCN	WASTE CONNECTIONS INC	965,880 (-18.4%)	$169,377 (-18.6%)	0.5%	$177.72	-2.8%	COM	94106B101
CDNS	CADENCE DESIGN SYSTEM INC	252,008 (-24.1%)	$78,773 (-32.4%)	0.2%	$292.30	+11.6%	COM	127387108
RARE	ULTRAGENYX PHARMACEUTICAL IN	3,485,724 (-7.5%)	$80,172 (-29.3%)	0.2%	$43.30	-24.1%	COM	90400D108
YMM	FULL TRUCK ALLIANCE CO LTD	6,123,768 (-9.5%)	$65,708 (-25.1%)	0.2%	$11.60	—	SPONSORED ADS	35969L108
SAP	SAP SE	394,117 (-10.5%)	$95,735 (-18.6%)	0.3%	$273.39	—	SPON ADR	803054204
ONON	ON HLDG AG	6,635,050 (-2.0%)	$308,397 (+7.6%)	0.9%	$49.89	-13.6%	NAMEN AKT A	H5919C104
GRAB	GRAB HOLDINGS LIMITED	11,244,055 (-10.0%)	$56,108 (-25.4%)	0.2%	$3.41	+62.1%	CLASS A ORD	G4124C109
LIN	LINDE PLC	59,214 (-29.8%)	$25,248 (-37.0%)	0.1%	$448.71	-4.8%	SHS	G54950103
HDB	HDFC BANK LTD	6,117,362 (-1.2%)	$223,528 (+5.7%)	0.7%	$49.19	—	SPONSORED ADS	40415F101
PANW	PALO ALTO NETWORKS INC	162,963 (-16.3%)	$30,018 (-24.3%)	0.1%	$186.87	+8.0%	COM	697435105
DUOL	DUOLINGO INC	39,975 (-16.1%)	$7,016 (-54.3%)	0.0%	$334.45	-29.5%	CL A COM	26603R106
FIG	FIGMA INC	189,782 (-16.3%)	$7,092 (-39.7%)	0.0%	$68.66	-34.2%	CLASS A COM STK	316841105
TTEK	TETRA TECH INC NEW	7,007,004 (-2.4%)	$235,015 (-1.9%)	0.7%	$40.78	-17.1%	COM	88162G103
GLOB	GLOBANT S A	770,560 (-9.2%)	$50,372 (+3.5%)	0.2%	$159.47	-60.6%	COM	L44385109
KVYO	KLAVIYO INC	928,755 (-16.0%)	$30,157 (-1.5%)	0.1%	$30.34	-7.7%	COM SER A	49845K101

Unchanged Positions (3)

MELI MERCADOLIBRE INC 3.1%

Value ($000) $1,026,558 Shares 509,645 Est. Cost $1038.70 Unrealized +102.2%

GTLB GITLAB INC 0.0%

Value ($000) $4,784 Shares 127,475 Est. Cost $49.24 Unrealized -12.1%

SNOW SNOWFLAKE INC 0.0%

Value ($000) $2,624 Shares 11,960 Est. Cost $239.65 Unrealized +1.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MELI	MERCADOLIBRE INC	509,645	$1,026,558	3.1%	$1038.70	+102.2%	COM	58733R102
GTLB	GITLAB INC	127,475	$4,784	0.0%	$49.24	-12.1%	CLASS A COM	37637K108
SNOW	SNOWFLAKE INC	11,960	$2,624	0.0%	$239.65	+1.9%	COM SHS	833445109