- 01 Frank Sands’s Sands Capital Management, a $25.5B Arlington-based concentrated-growth fund founded by his father Frank M. Sands Sr. in 1992, filed its Q1 2026 13F-HR on May 15, 2026 and ran a sweeping de-risk across its entire top 25.
- 02 The portfolio shrank from $32.9B to $25.5B between filings, with 48 trims, 8 full exits and only 9 new buys and 9 adds, marking the deepest single-quarter cleanup in a Sands book in years.
- 03 The top five are NVIDIA at $3.15B, Taiwan Semiconductor at $1.98B, Alphabet at $1.47B, Amazon at $1.40B and Shopify at $1.06B, with even the top five trimmed except for a $4% Alphabet add.
- 04 Sands cut ServiceNow by 99%, exited iRhythm, Roper and Cadence Design, and trimmed Microsoft 38% and Broadcom 34%, while building three brand-new AI-infrastructure stakes in Bloom Energy ($241M), Seagate Technology ($208M) and Lam Research ($161M).
- 05 The Q2 13F due August 14 will show whether Bloom Energy and Lam Research grow into top-twenty stakes, whether ServiceNow gets fully exited from its $3M residual, and whether the NVIDIA trim continues past 10% or stabilizes.
How Sands Capital Moved Last Quarter
What to Watch
1. Bloom Energy showed up as a brand-new $241M stake the same quarter that Quanta Services grew 9% and Carpenter Technology grew 32%. That combination is a clear bet on the physical layer of AI: fuel cells for data-center power, the grid contractors that build the substations, and the specialty steel that goes into aerospace and chip-equipment supply chains. The Q2 file will reveal whether Bloom graduates past $300M or shrinks back as the AI-power trade gets crowded.
2. ServiceNow is now a $3M residual after a 99% share cut, alongside an 89% Atlassian cut and a 36% Klaviyo cut. If the Q2 13F shows ServiceNow finally at zero and Atlassian also gone, Sands is fully out of the enterprise-workflow software layer. If either is rebuilt at lower share counts, the cut was tactical, not a thesis shift.
3. The Lam Research new buy and a fresh Seagate stake suggest Sands is rebalancing from compute chips into the supplier and storage layer beneath them. Watch the Q2 file for whether Lam grows toward $400M, whether Seagate stays at $200M-plus, and whether Applied Materials or KLA join the book to complete the chip-equipment trio.
Verified as of May 31, 2026.
Primary Filings & Announcements
Sands Capital Management LLC Q1 2026 13F-HR Information Table (SEC EDGAR, accession 0001020066-26-000015, period 3/31/2026, filed May 15, 2026)
Sands Capital Management LLC Q1 2026 13F-HR Filing Index (SEC EDGAR)
Sands Capital Management LLC 13F-HR filing history (SEC EDGAR, CIK 0001020066)
Market Coverage
NVIDIA (NVDA) price and news (Yahoo Finance)
Taiwan Semiconductor (TSM) price and news (Yahoo Finance)
Bloom Energy (BE) price and news (Yahoo Finance)
Background & Analysis
Sands Capital Management LLC Form ADV summary (SEC Investment Adviser Public Disclosure)
Sands Capital Management LLC full EDGAR filing history (SEC EDGAR)
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