Sands Capital Management, Llc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 137610
· SEC file 801-64820
· Arlington, VA
· www.linkedin.com
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ADV data as of Jul 28, 2026
- Regulatory AUM
- $44.3B
- Discretionary
- $44.3B
- Clients
- 269
- Avg AUM / client
- $165M
- Accounts
- 274
- Employees
- 182
AUM over time
$18.8B
$73.1B
Dec 2011
Jul 2026
Annual snapshots from Form ADV filings · as of Jul 28, 2026
Investments (13F portfolio — 67 positions, $25,486,826,915)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Nvidia Corporation | COM | $3,154,153,405 | 18,085,742 | 12.4% | 7.12% |
| 2 | Taiwan Semiconductor Manufac | SPONSORED ADS | $1,981,294,396 | 5,862,685 | 7.77% | 4.47% |
| 3 | Alphabet Inc | CAP STK CL A | $1,473,599,495 | 5,124,494 | 5.78% | 3.33% |
| 4 | Amazon Com Inc | COM | $1,399,377,585 | 6,719,055 | 5.49% | 3.16% |
| 5 | Shopify Inc | CL A SUB VTG SHS | $1,059,948,701 | 8,935,666 | 4.16% | 2.39% |
| 6 | Netflix Inc. | COM | $905,220,328 | 9,414,668 | 3.55% | 2.04% |
| 7 | Spotify Technology S A | SHS | $870,038,130 | 1,794,226 | 3.41% | 1.96% |
| 8 | Asml Hldg Nv | N Y REGISTRY SHS | $845,110,621 | 639,833 | 3.32% | 1.91% |
| 9 | Visa Inc | COM CL A | $837,335,065 | 2,770,431 | 3.29% | 1.89% |
| 10 | Mercadolibre Inc | COM | $822,071,204 | 475,455 | 3.23% | 1.86% |
| 11 | Cloudflare Inc | CL A COM | $755,565,289 | 3,661,749 | 2.96% | 1.71% |
| 12 | Meta Platforms Inc | CL A | $731,823,498 | 1,279,121 | 2.87% | 1.65% |
| 13 | Intercontinental Exchange In | COM | $689,562,389 | 4,384,298 | 2.71% | 1.56% |
| 14 | Carvana Co | CL A | $665,620,426 | 2,117,248 | 2.61% | 1.5% |
| 15 | Axon Enterprise Inc | COM | $664,429,204 | 1,564,504 | 2.61% | 1.5% |
| 16 | Intuitive Surgical Inc | COM NEW | $609,094,101 | 1,321,274 | 2.39% | 1.37% |
| 17 | Doordash Inc | CL A | $594,152,559 | 3,957,060 | 2.33% | 1.34% |
| 18 | Microsoft Corp | COM | $566,406,001 | 1,530,124 | 2.22% | 1.28% |
| 19 | Samsara Inc | COM CL A | $496,193,907 | 15,657,744 | 1.95% | 1.12% |
| 20 | Nu Hldgs Ltd | ORD SHS CL A | $493,497,716 | 34,342,221 | 1.94% | 1.11% |
| 21 | Broadcom Inc | COM | $434,191,461 | 1,402,835 | 1.7% | 0.98% |
| 22 | Sea Ltd | SPONSORD ADS | $391,571,225 | 4,728,550 | 1.54% | 0.88% |
| 23 | Applovin Corp | COM CL A | $386,681,278 | 971,561 | 1.52% | 0.87% |
| 24 | Quanta Svcs Inc | COM | $343,877,579 | 626,348 | 1.35% | 0.78% |
| 25 | Block Inc | CL A | $331,642,050 | 5,510,835 | 1.3% | 0.75% |
Top 25 of 67 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 55 | $103M | 0.23% |
| High net worth individuals | 37 | $484M | 1.09% |
| Banking or thrift institutions | Fewer than 5 clients | $62.8M | 0.14% |
| Investment companies | 10 | $8.4B | 19.0% |
| Pooled investment vehicles (non-investment companies) | 40 | $17.1B | 38.6% |
| Pension and profit sharing plans | 24 | $3.5B | 7.96% |
| Charitable organizations | 31 | $3.5B | 7.91% |
| State or municipal government entities | 16 | $5.9B | 13.2% |
| Other investment advisers | Fewer than 5 clients | $0 | — |
| Insurance companies | Fewer than 5 clients | $60.9M | 0.14% |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 clients | $1.4B | 3.11% |
| Corporations and other businesses | 47 | $845M | 1.91% |
| Other | 9 | $2.9B | 6.61% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $804M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Sands Capital Emerging Markets Growth Master Fund, L.P. master | Other Private Fund | Cayman Islands | $751M | 66 |
| Sands Capital International Growth Master Fund, L.P. master | Other Private Fund | Cayman Islands | $41.9M | 2 |
| Sands Capital Team Fund, L.P. | Other Private Fund | Cayman Islands | $10.4M | 24 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
People (11)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Sands, Frank, Melville | Chief Investment Officer, Chief Executive Officer | Dec 2004 (22y) | Less than 5% | |
| Levanson, David, Edward | Executive Managing Director, Sr. Portfolio Manager, Research Analyst | Feb 2012 (15y) | Less than 5% | |
| Nimmo, Stephen, Frew | Executive Managing Director, Business Development And Client Relations | Jan 2014 (13y) | Less than 5% | |
| Goodman, Jonathan, Paul | General Counsel And Secretary | Jul 2014 (12y) | Less than 5% | |
| Mcnamara, Dana, Marie | Executive Managing Director, Chief Administrative Officer | Jan 2015 (12y) | Less than 5% | |
| Williams, Thomas, Perry | President | Jan 2016 (11y) | Less than 5% | |
| Christiansen, Brian, Alan | Executive Managing Director, Sr. Portfolio Manager, Research Analyst | Jul 2018 (8y) | Less than 5% | |
| Ratcliffe, Ian, W | Executive Managing Director, Executive Managing Partner | Sep 2021 (5y) | Less than 5% | |
| Fulk, Alexandra, Rebecca | Chief Compliance Officer, Senior Counsel | Mar 2023 (3y) | Less than 5% | |
| Giordano, Andrew, Phillip | Executive Managing Director, Business Development And Client Relations | Apr 2024 (2y) | Less than 5% | |
| Raab, Michael, Franz | Executive Managing Director, Director Of Research, Portfolio Manager, Sr. Research Analyst | Apr 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Sands Capital Management, Lp | Member | Sep 2009 | A | 75% or more |
| Sands Family Trust, Llc | Manager | Sep 2009 | A | Less than 5% |
| 2017 Eagle Holdings Llc | Member | Dec 2023 | B | ≈ 14.06% – 50% via X67 Fsfam, Llc |
| X67 Fshej Trust | Member | Dec 2023 | B | ≈ 0% – 3.75% via Sands Family Trust, Llc |
| X67 Fseni Trust | Member | Dec 2023 | B | ≈ 7.03% – 37.5% via 2017 Eagle Holdings Llc |
| Frank M. Sands, Jr. Revocable Trust | Member | Dec 2008 | B | ≈ 0% – 2.5% via Sands Family Trust, Llc |
| X67 Fsfam, Llc | Partner | Dec 2023 | B | ≈ 18.75% – 50% via Sands Capital Management, Lp |
| Sands Family Trust, Llc | General Partner | Sep 2009 | B | GP / trustee / elected manager of Sands Capital Management, Lp (indirect) |
| South Dakota Trust Company, Llc | Trustee | Dec 2023 | B | GP / trustee / elected manager of X67 Fshej Trust (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- 2017 Eagle Holdings Llc: 75% – 100% of X67 Fsfam, Llc × 25% – 50% of Sands Capital Management, Lp × 75% – 100% direct ≈ 14.06% – 50% of the firm
- X67 Fshej Trust: 50% – 75% of Sands Family Trust, Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- X67 Fseni Trust: 50% – 75% of 2017 Eagle Holdings Llc × 75% – 100% of X67 Fsfam, Llc × 25% – 50% of Sands Capital Management, Lp × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Frank M. Sands, Jr. Revocable Trust: 25% – 50% of Sands Family Trust, Llc × 0% – 5% direct ≈ 0% – 2.5% of the firm
- X67 Fsfam, Llc: 25% – 50% of Sands Capital Management, Lp × 75% – 100% direct ≈ 18.75% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $804M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Sands Capital Emerging Markets Growth Master Fund, L.P. | Other Private Fund | $751M | $5.0M | 66 |
| Sands Capital International Growth Master Fund, L.P. | Other Private Fund | $41.9M | $5.0M | 2 |
| Sands Capital Team Fund, L.P. | Other Private Fund | $10.4M | $10.0K | 24 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (17)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| United Food & Commercial Workers Union Local 152 Retail Meat Pension Plan | Board Of Trustees, United Food & Commercial Workers Union Local 152 | 1,488 | $530M | 07/01/2024 |
| Tuckpointer Local 52 Pension Plan | Tuckpointer Local 52 Pension Plan | 1,003 | $410M | 05/01/2024 |
| Plumbers & Pipefitters Local No. 25 Pension Fund | Plumbers & Pipefitters L25 | 928 | $470M | 04/01/2024 |
| Miner Enterprises Pension Plan | Miner Enterprises, Inc | 311 | $48.3M | 04/01/2024 |
| Miner Enterprises Profit Sharing Plan | Miner Enterprises, Inc | 311 | $69.8M | 04/01/2024 |
| Jm Family Associates' Retirement Plan | Jm Family Automotive Llc | 4,088 | $828M | 01/01/2024 |
| American Cancer Society, Inc. Retirement Annuity Plan | American Cancer Society, Inc. | 1,126 | $446M | 01/01/2024 |
| Kaleida Health Pension Growth Plan | Kaleida Health Corporate Benefits | 5,918 | $852M | 01/01/2024 |
| Northern California Pipe Trades Pension Plan | Board Of Trustees Northern Cali. Pipe Trades Pension Trust | 2,266 | $1.1B | 01/01/2024 |
| Western States Insulators And Allied Workers' Pension Plan | Trustees Of W. States Insulators & Allied Workers Pension Fund | 3,258 | $492M | 01/01/2024 |
| American Electric Power System Retirement Plan | American Electric Power Service Corporation | 15,217 | $4.1B | 01/01/2024 |
| Consolidated Edison Retirement Plan | Consolidated Edison Company Of New York, Inc. | 10,314 | $15.6B | 01/01/2024 |
| Sutter Health Retirement Plan | Sutter Health | 40,026 | $6.2B | 01/01/2024 |
| Amgen Retirement And Savings Plan | Amgen Inc. | 14,965 | $7.7B | 01/01/2024 |
| The Retirement And Savings Plan For Amgen Manufacturing Limited Llc | Amgen Manufacturing Limited Llc | 2,589 | $780M | 01/01/2024 |
| Intermountain Health 401(k) Plan | Intermountain Health Care, Inc. | 69,032 | $6.8B | 01/01/2024 |
| Navy Federal Credit Union Employees' Retirement Plan | Navy Federal Credit Union | 20,269 | $2.1B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 3.01 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northern Trust $6.3B (14% of AUM) Mar 2026
- State Street $3.4B (8% of AUM) Mar 2026
- BNY Mellon $3.3B (7% of AUM) Mar 2026
- J.P. Morgan $2.4B (5% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jul 28, 2026.
View current Form ADV (SEC/IAPD) ↗