# EDGAR Filing Document

**Accession Number:** 0001020066
**File Stem:** 0001020066-25-000038
**Filing Date:** 2025-11
**Character Count:** 11014
**Document Hash:** 4a21cd8483ec5773d28e6622ca4271c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001020066-25-000038.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001020066-25-000038

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SANDS CAPITAL MANAGEMENT, LLC
- **CENTRAL INDEX KEY:** 0001020066

**ORGANIZATION NAME:**
- **EIN:** 202830751
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05734
- **FILM NUMBER:** 251476509

**BUSINESS ADDRESS:**
- **STREET 1:** SANDS CAPITAL MANAGEMENT, LLC
- **STREET 2:** 1000 WILSON BLVD, SUITE 3000
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209
- **BUSINESS PHONE:** 703-562-4000

**MAIL ADDRESS:**
- **STREET 1:** SANDS CAPITAL MANAGEMENT, LLC
- **STREET 2:** 1000 WILSON BLVD, SUITE 3000
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANDS CAPITAL MANAGEMENT, LP
- **DATE OF NAME CHANGE:** 20051024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANDS CAPITAL MANAGEMENT
- **DATE OF NAME CHANGE:** 20050804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANDS CAPITAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19990317

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SANDS CAPITAL MANAGEMENT LLC<br>**Address:** SANDS CAPITAL MANAGEMENT LLC<br>1000 WILSON BLVD SUITE 3000<br>ARLINGTON, VA 22209

**Form 13F File Number:** 028-05734

**CRD Number (if applicable):** 000137610

**SEC File Number (if applicable):** 801-64820

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Alexandra Fulk<br>**Title:** Chief Compliance Officer Senior Counsel<br>**Phone:** 703-562-4000

**Signature, Place, and Date of Signing:**

Alexandra Fulk  Arlington, VA  11-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 64

**Form 13F Information Table Value Total:** $36248203507

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1159853681 | 4771097 | SH |  | SOLE |  | 3157931 | 0 | 1613166 |
| AMAZON COM INC | COM | 023135106 |  | 1847461760 | 8413999 | SH |  | SOLE |  | 5804462 | 0 | 2609537 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 98410207 | 795234 | SH |  | SOLE |  | 795234 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 730725720 | 1016959 | SH |  | SOLE |  | 732514 | 0 | 284445 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 12261935 | 16625 | SH |  | SOLE |  | 16625 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 512278377 | 529164 | SH |  | SOLE |  | 371110 | 0 | 158054 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 421884281 | 2641730 | SH |  | SOLE |  | 1812850 | 0 | 828880 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1035081595 | 1442341 | SH |  | SOLE |  | 1046995 | 0 | 395346 |
| BLOCK INC | CL A | 852234103 |  | 838552929 | 11603057 | SH |  | SOLE |  | 7952920 | 0 | 3650137 |
| BROADCOM INC | COM | 11135F101 |  | 679820464 | 2060624 | SH |  | SOLE |  | 1380066 | 0 | 680558 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 294746867 | 2430902 | SH |  | SOLE |  | 1596028 | 0 | 834874 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 116578628 | 331887 | SH |  | SOLE |  | 331887 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 |  | 279451849 | 849501 | SH |  | SOLE |  | 557735 | 0 | 291766 |
| CARVANA CO | CL A | 146869102 |  | 638107119 | 1691515 | SH |  | SOLE |  | 1172333 | 0 | 519182 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 817227174 | 3808319 | SH |  | SOLE |  | 2775793 | 0 | 1032526 |
| COUPANG INC | CL A | 22266T109 |  | 354978499 | 11024177 | SH |  | SOLE |  | 9025363 | 0 | 1998814 |
| DATADOG INC | CL A COM | 23804L103 |  | 269802432 | 1894680 | SH |  | SOLE |  | 1356431 | 0 | 538249 |
| DEXCOM INC | COM | 252131107 |  | 332021578 | 4934189 | SH |  | SOLE |  | 3298676 | 0 | 1635513 |
| DOORDASH INC | CL A | 25809K105 |  | 1094294919 | 4023291 | SH |  | SOLE |  | 2806603 | 0 | 1216688 |
| DUOLINGO INC | CL A COM | 26603R106 |  | 15342756 | 47672 | SH |  | SOLE |  | 47672 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 122128904 | 251698 | SH |  | SOLE |  | 251698 | 0 | 0 |
| FIGMA INC | CLASS A COM STK | 316841105 |  | 11761626 | 226752 | SH |  | SOLE |  | 226752 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 540081724 | 2126306 | SH |  | SOLE |  | 1415852 | 0 | 710454 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 87766109 | 6766855 | SH |  | SOLE |  | 4672440 | 0 | 2094415 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 338877242 | 1094070 | SH |  | SOLE |  | 813398 | 0 | 280672 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 5746573 | 127475 | SH |  | SOLE |  | 127475 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 48673274 | 848262 | SH |  | SOLE |  | 589595 | 0 | 258667 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 75195730 | 12490985 | SH |  | SOLE |  | 8593398 | 0 | 3897587 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 211477318 | 6190788 | SH |  | SOLE |  | 5997218 | 0 | 193570 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 956505776 | 5677266 | SH |  | SOLE |  | 4023372 | 0 | 1653894 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 599784178 | 1341109 | SH |  | SOLE |  | 992226 | 0 | 348883 |
| IRHYTHM TECHNOLOGIES INC | COM | 450056106 |  | 384588559 | 2236110 | SH |  | SOLE |  | 1468245 | 0 | 767865 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 |  | 134301523 | 1644240 | SH |  | SOLE |  | 1142549 | 0 | 501691 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 30612929 | 1105559 | SH |  | SOLE |  | 1105559 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 210427790 | 2014627 | SH |  | SOLE |  | 2014627 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 40074325 | 84367 | SH |  | SOLE |  | 84367 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 121401571 | 157146 | SH |  | SOLE |  | 157146 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 1191477174 | 509845 | SH |  | SOLE |  | 364962 | 0 | 144883 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1019366440 | 1388064 | SH |  | SOLE |  | 983267 | 0 | 404797 |
| MICROSOFT CORP | COM | 594918104 |  | 1484257202 | 2865638 | SH |  | SOLE |  | 2147485 | 0 | 718153 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 22509296 | 116213 | SH |  | SOLE |  | 116213 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 1343579289 | 1120658 | SH |  | SOLE |  | 776028 | 0 | 344630 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 809500214 | 50562162 | SH |  | SOLE |  | 36061485 | 0 | 14500677 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3886242542 | 20828827 | SH |  | SOLE |  | 14880974 | 0 | 5947853 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 286685360 | 6769430 | SH |  | SOLE |  | 4544717 | 0 | 2224713 |
| ORACLE CORP | COM | 68389X105 |  | 263252733 | 936043 | SH |  | SOLE |  | 633370 | 0 | 302673 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 39628321 | 194619 | SH |  | SOLE |  | 194619 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 481563118 | 3476488 | SH |  | SOLE |  | 2495842 | 0 | 980646 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 175426675 | 351775 | SH |  | SOLE |  | 351775 | 0 | 0 |
| SAMSARA INC | COM CL A | 79589L106 |  | 764307867 | 20518332 | SH |  | SOLE |  | 14216706 | 0 | 6301626 |
| SAP SE | SPON ADR | 803054204 |  | 117644547 | 440270 | SH |  | SOLE |  | 440270 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 872768438 | 4883167 | SH |  | SOLE |  | 3477156 | 0 | 1406011 |
| SERVICENOW INC | COM | 81762P102 |  | 1146923798 | 1246277 | SH |  | SOLE |  | 917759 | 0 | 328518 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1030947843 | 6937271 | SH |  | SOLE |  | 4836258 | 0 | 2101013 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 2697578 | 11960 | SH |  | SOLE |  | 11960 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1080252720 | 1547640 | SH |  | SOLE |  | 1066755 | 0 | 480885 |
| STEVANATO GROUP S P A | ORD SHS | T9224W109 |  | 11971973 | 464931 | SH |  | SOLE |  | 464931 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 2583960079 | 9251889 | SH |  | SOLE |  | 6728906 | 0 | 2522983 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 239636088 | 7179032 | SH |  | SOLE |  | 4713758 | 0 | 2465274 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 122965994 | 93296 | SH |  | SOLE |  | 93296 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 113397178 | 3769853 | SH |  | SOLE |  | 2555869 | 0 | 1213984 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 106198953 | 7484070 | SH |  | SOLE |  | 5018763 | 0 | 2465307 |
| VISA INC | COM CL A | 92826C839 |  | 1374748661 | 4027033 | SH |  | SOLE |  | 2958463 | 0 | 1068570 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 208005505 | 1183194 | SH |  | SOLE |  | 1183194 | 0 | 0 |

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