Sands Capital Q1 2026: Trimming Growth, Adding Spotify

Sands Capital Management, a concentrated global growth investor, reported a $25.49B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001020066-26-000015, filed 2026-05-08). The reported value fell 22.5% from $32.88B — one of the steeper quarterly declines among large filers — as the high-growth names that define the portfolio corrected. And rather than holding firm, Sands trimmed across most of its book.

The firm cut its largest position, Nvidia (NVDA), by 10%, reduced Taiwan Semiconductor (TSM) by 14%, and trimmed Amazon (AMZN) and Visa (V) by 10% each. The one clear add was Spotify, where Sands raised its share count by 22% — the lone conviction increase in an otherwise defensive quarter.

For a growth manager known for backing innovative, high-growth platforms, the broad trimming into a drawdown is a notable signal of caution.

A concentrated global-growth book

Sands holds about 67 positions, and the top is dominated by global growth and platform names. Nvidia leads at 12.38%, followed by Taiwan Semiconductor at 7.77%, Alphabet's GOOGL shares at 5.78%, Amazon at 5.49%, and Shopify (SHOP) at 4.16%.

The rest of the leaders reinforce the growth-and-innovation identity: Netflix (NFLX), Spotify, Dutch chip-equipment leader ASML, Visa, and Latin American e-commerce platform MercadoLibre (MELI). With the top five at roughly 36% of the book, Sands runs a concentrated portfolio of secular-growth businesses spanning the U.S., Asia, Europe, and Latin America.

Trimming into the drawdown

The quarter's position changes lean almost uniformly negative. Sands trimmed Taiwan Semiconductor (-14%), Nvidia (-10%), Amazon (-10%), and Visa (-10%), with smaller cuts to MercadoLibre, Shopify, and Netflix. The single exception was Spotify, up 22% in share terms.

Reducing a high-growth book across the board as it falls in value can reflect either risk management or net outflows — and in a concentrated growth strategy, a 22.5% value decline amplifies both the drawdown and the impact of trimming. The Spotify add stands out as the one position Sands chose to lean into while pulling back elsewhere.

What it means for 13F readers

Sands Capital is a clear read on concentrated global-growth investing — and on how such a book behaves in a tough quarter for high-growth stocks. The broad trims signal caution, while the Spotify increase marks where the firm still sees opportunity. Track the firm's quarter-over-quarter holdings on the Sands Capital filer page.

FAQ

What is Sands Capital Management?

Sands Capital is a concentrated global growth investor focused on innovative, high-growth businesses. It reported a $25.49B U.S. equity 13F book for the quarter ended March 31, 2026.

Why did Sands Capital's 13F value fall so much in Q1 2026?

The reported value fell 22.5% to $25.49B, reflecting both a sharp correction in high-growth stocks and the firm's across-the-board trimming of its top positions.

What did Sands Capital buy and sell in Q1 2026?

Sands trimmed most top holdings — Taiwan Semiconductor (-14%), Nvidia (-10%), Amazon (-10%), and Visa (-10%) — while raising Spotify by 22%, its one clear conviction add.

What are Sands Capital's largest holdings?

Its five largest positions are Nvidia (12.38%), Taiwan Semiconductor (7.77%), Alphabet's GOOGL shares (5.78%), Amazon (5.49%), and Shopify (4.16%) — a concentrated global-growth book.