Investor: Frank M. Sands
Number of Assets: 66
Reporting Period: Q2 - 2025
Holdings at Report: $34,831,307,652
Return Since Report: +$980,525,601
Return Since Report: +2.82%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Arthur J. Gallagher & Co. (AJG) | Equity | +453.35% | 1,121,249 | 1.03% | $320.12 | $298.17 | $358,934,230 | $334,322,814 | -$24,611,416 | -6.86% |
| ASML Holding N.V. (ASML) | Equity | -4.82% | 530,562 | 1.22% | $801.39 | $802.61 | $425,187,081 | $425,834,367 | +$647,286 | +0.15% |
| Atlassian Corp. (TEAM) | Equity | -33.94% | 2,588,723 | 1.51% | $203.09 | $180.99 | $525,743,754 | $468,532,976 | -$57,210,778 | -10.88% |
| Axon Enterprise Inc. (AXON) | Equity | -15.19% | 1,611,295 | 3.83% | $827.94 | $731.30 | $1,334,055,582 | $1,178,331,977 | -$155,723,605 | -11.67% |
| Block Inc. (XYZ) | Equity | +21.20% | 10,340,740 | 2.02% | $67.93 | $75.18 | $702,446,468 | $777,416,833 | +$74,970,365 | +10.67% |
| Alphabet Inc. (GOOGL) | Equity | -7.88% | 3,085,879 | 1.56% | $176.23 | $239.51 | $543,824,456 | $739,098,879 | +$195,274,423 | +35.91% |
| Alphabet Inc. (GOOG) | Equity | -3.33% | 603,385 | 0.31% | $177.39 | $239.54 | $107,034,465 | $144,534,843 | +$37,500,378 | +35.04% |
| Amazon.com Inc. (AMZN) | Equity | -16.81% | 9,230,023 | 5.81% | $219.39 | $238.22 | $2,024,974,746 | $2,198,776,079 | +$173,801,333 | +8.58% |
| Amphenol Corp. (APH) | Equity | +1.18% | 940,121 | 0.27% | $98.75 | $116.43 | $92,836,949 | $109,458,288 | +$16,621,339 | +17.90% |
| Applovin Corp. (APP) | Equity | -60.29% | 817,346 | 0.82% | $350.08 | $554.59 | $286,136,488 | $453,291,918 | +$167,155,430 | +58.42% |
| Dexcom Inc. (DXCM) | Equity | -4.48% | 9,947,944 | 2.49% | $87.29 | $78.28 | $868,356,032 | $778,725,056 | -$89,630,976 | -10.32% |
| Doordash Inc. (DASH) | Equity | -12.98% | 4,792,181 | 3.39% | $246.51 | $256.95 | $1,181,320,538 | $1,231,326,947 | +$50,006,409 | +4.23% |
| Ferrari N.V. (RACE) | Equity | -0.96% | 243,717 | 0.34% | $490.74 | $478.85 | $119,601,681 | $116,703,885 | -$2,897,796 | -2.42% |
| Flutter Entertainment PLC (FLUT) | Equity | -3.35% | 2,121,637 | 1.74% | $285.76 | $292.47 | $606,278,989 | $620,515,173 | +$14,236,184 | +2.35% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | -32.43% | 6,926,596 | 0.23% | $11.81 | $13.30 | $81,803,099 | $92,123,727 | +$10,320,628 | +12.62% |
| Gitlab Inc. (GTLB) | Equity | 0% | 127,475 | 0.02% | $45.11 | $47.94 | $5,750,397 | $6,110,514 | +$360,117 | +6.26% |
| Globant S.A. (GLOB) | Equity | -3.67% | 869,376 | 0.23% | $90.84 | $60.09 | $78,974,116 | $52,236,457 | -$26,737,659 | -33.86% |
| Irhythm Technologies Inc. (IRTC) | Equity | -3.34% | 2,915,527 | 1.29% | $153.96 | $185.96 | $448,874,537 | $542,171,401 | +$93,296,864 | +20.78% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | +28.26% | 1,682,013 | 0.41% | $84.89 | $87.50 | $142,786,084 | $147,176,138 | +$4,390,054 | +3.07% |
| Stevanato Group S.P.A. (STVN) | Equity | -4.29% | 464,635 | 0.03% | $24.43 | $26.53 | $11,351,033 | $12,324,443 | +$973,410 | +8.58% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +6.54% | 8,552,278 | 5.56% | $226.49 | $251.74 | $1,937,005,444 | $2,152,967,568 | +$215,962,124 | +11.15% |
| Venture Global Inc. (VG) | Equity | -7.95% | 7,854,539 | 0.35% | $15.58 | $13.48 | $122,373,718 | $105,839,913 | -$16,533,805 | -13.51% |
| Visa Inc. (V) | Equity | +5.69% | 4,030,104 | 4.11% | $355.05 | $344.24 | $1,430,888,566 | $1,387,302,850 | -$43,585,716 | -3.05% |
| Waste Connections Inc. (WCN) | Equity | +1.05% | 1,120,082 | 0.60% | $186.72 | $177.74 | $209,141,711 | $199,083,375 | -$10,058,336 | -4.81% |
| Broadcom Inc. (AVGO) | Equity | +29.73% | 1,843,327 | 1.46% | $275.65 | $336.94 | $508,113,088 | $621,090,599 | +$112,977,511 | +22.23% |
| Builders Firstsource Inc. (BLDR) | Equity | -3.31% | 1,016,773 | 0.34% | $116.69 | $140.32 | $118,647,241 | $142,673,587 | +$24,026,346 | +20.25% |
| Cadence Design Systems Inc. (CDNS) | Equity | +1.14% | 308,191 | 0.27% | $308.15 | $361.06 | $94,969,057 | $111,275,442 | +$16,306,385 | +17.17% |
| Carlisle Companies Inc. (CSL) | Equity | +100% | 426,360 | 0.46% | $373.40 | $382.02 | $159,202,824 | $162,878,047 | +$3,675,223 | +2.31% |
| Carvana Co. (CVNA) | Equity | +1374.26% | 901,227 | 0.87% | $336.96 | $372.74 | $303,677,450 | $335,923,352 | +$32,245,902 | +10.62% |
| Charter Communications Inc. (CHTR) | Equity | +1.18% | 242,432 | 0.28% | $408.81 | $262.87 | $99,108,626 | $63,728,100 | -$35,380,526 | -35.70% |
| Cloudflare Inc. (NET) | Equity | -23.32% | 4,928,874 | 2.77% | $195.83 | $218.57 | $965,221,395 | $1,077,323,706 | +$112,102,311 | +11.61% |
| Coupang Inc. (CPNG) | Equity | -0.67% | 11,999,721 | 1.03% | $29.96 | $32.07 | $359,511,641 | $384,771,054 | +$25,259,413 | +7.03% |
| CrowdStrike Holdings Inc. (CRWD) | Equity | +1.36% | 45,021 | 0.07% | $509.31 | $423.67 | $22,929,646 | $19,074,047 | -$3,855,599 | -16.81% |
| Datadog Inc. (DDOG) | Equity | -4.92% | 2,772,015 | 1.07% | $134.33 | $140.51 | $372,364,775 | $389,481,968 | +$17,117,193 | +4.60% |
| Grab Holdings Limited (GRAB) | Equity | -3.69% | 18,757,824 | 0.27% | $5.03 | $5.28 | $94,351,855 | $99,041,311 | +$4,689,456 | +4.97% |
| HDFC Bank Limited (HDB) | Equity | -0.96% | 2,883,335 | 0.63% | $76.67 | $35.14 | $221,065,294 | $101,320,392 | -$119,744,902 | -54.17% |
| Icon Public Limited Company (ICLR) | Equity | -2.94% | 91,550 | 0.04% | $145.45 | $169.47 | $13,315,947 | $15,514,521 | +$2,198,574 | +16.51% |
| Intercontinental Exchange Inc. (ICE) | Equity | +97.31% | 5,313,039 | 2.80% | $183.47 | $173.85 | $974,783,265 | $923,671,830 | -$51,111,435 | -5.24% |
| Intuitive Surgical Inc. (ISRG) | Equity | +39.24% | 757,570 | 1.18% | $543.41 | $464.93 | $411,671,114 | $352,217,020 | -$59,454,094 | -14.44% |
| Klaviyo Inc. (KVYO) | Equity | +14.01% | 1,109,069 | 0.11% | $33.58 | $31.83 | $37,242,537 | $35,296,121 | -$1,946,416 | -5.23% |
| Formula One Group (FWONK) | Equity | -0.43% | 1,911,033 | 0.57% | $104.50 | $101.37 | $199,702,948 | $193,721,415 | -$5,981,533 | -3.00% |
| Linde PLC (LIN) | Equity | -2.94% | 86,662 | 0.12% | $469.18 | $473.50 | $40,660,077 | $41,034,024 | +$373,947 | +0.92% |
| Mckesson Corp. (MCK) | Equity | +58.98% | 145,867 | 0.31% | $732.78 | $706.18 | $106,888,420 | $103,008,358 | -$3,880,062 | -3.63% |
| Mercadolibre Inc. (MELI) | Equity | -16.09% | 513,532 | 3.85% | $2,613.63 | $2,363.07 | $1,342,182,641 | $1,213,509,496 | -$128,673,145 | -9.59% |
| Meta Platforms Inc. (META) | Equity | -13.38% | 1,306,041 | 2.77% | $738.09 | $764.18 | $963,975,802 | $998,050,411 | +$34,074,609 | +3.53% |
| Microsoft Corp. (MSFT) | Equity | +11.57% | 2,954,745 | 4.22% | $497.41 | $498.50 | $1,469,719,710 | $1,472,940,383 | +$3,220,672 | +0.22% |
| Monday.Com Ltd. (MNDY) | Equity | +1.35% | 116,591 | 0.11% | $314.48 | $192.92 | $36,665,538 | $22,492,736 | -$14,172,802 | -38.65% |
| Netflix Inc. (NFLX) | Equity | -22.88% | 1,131,679 | 4.35% | $1,339.13 | $1,264.23 | $1,515,465,299 | $1,430,702,542 | -$84,762,757 | -5.59% |
| Nu Holdings Ltd. (NU) | Equity | +5.95% | 54,504,428 | 2.15% | $13.72 | $15.35 | $747,800,752 | $836,751,979 | +$88,951,227 | +11.90% |
| Nvidia Corp. (NVDA) | Equity | +8.19% | 21,557,208 | 9.78% | $157.99 | $169.36 | $3,405,823,292 | $3,650,820,961 | +$244,997,669 | +7.19% |
| Okta Inc. (OKTA) | Equity | -16.23% | 300,517 | 0.09% | $99.97 | $93.63 | $30,042,684 | $28,137,407 | -$1,905,277 | -6.34% |
| On Holding Ag (ONON) | Equity | +100% | 4,614,347 | 0.69% | $52.05 | $44.29 | $240,176,761 | $204,369,429 | -$35,807,332 | -14.91% |
| Palo Alto Networks Inc. (PANW) | Equity | +100% | 154,863 | 0.09% | $204.64 | $197.23 | $31,691,164 | $30,543,629 | -$1,147,535 | -3.62% |
| Repligen Corp. (RGEN) | Equity | -3.33% | 1,251,088 | 0.45% | $124.38 | $118.57 | $155,610,325 | $148,335,249 | -$7,275,076 | -4.68% |
| Roblox Corp. (RBLX) | Equity | -10.48% | 3,586,543 | 1.08% | $105.20 | $131.35 | $377,304,324 | $471,092,423 | +$93,788,099 | +24.86% |
| Roper Technologies Inc. (ROP) | Equity | +0.53% | 327,846 | 0.53% | $566.84 | $520.89 | $185,836,227 | $170,771,703 | -$15,064,524 | -8.11% |
| Samsara Inc. (IOT) | Equity | +17.23% | 19,276,210 | 2.20% | $39.78 | $38.09 | $766,807,634 | $734,134,458 | -$32,673,176 | -4.26% |
| Sap Se (SAP) | Equity | +29.75% | 289,386 | 0.25% | $304.10 | $270.78 | $88,002,283 | $78,358,494 | -$9,643,789 | -10.96% |
| Sea Limited (SE) | Equity | -16.72% | 5,678,005 | 2.61% | $159.94 | $192.14 | $908,140,120 | $1,090,971,881 | +$182,831,761 | +20.13% |
| Servicenow Inc. (NOW) | Equity | -3.41% | 1,408,333 | 4.16% | $1,028.08 | $933.77 | $1,447,878,991 | $1,315,052,064 | -$132,826,927 | -9.17% |
| Shopify Inc. (SHOP) | Equity | -38.31% | 7,492,615 | 2.48% | $115.35 | $143.04 | $864,273,140 | $1,071,743,650 | +$207,470,510 | +24.01% |
| Snowflake Inc. (SNOW) | Equity | -97.99% | 11,960 | 0.01% | $223.77 | $224.64 | $2,676,289 | $2,686,694 | +$10,405 | +0.39% |
| Spotify Technology S.A. (SPOT) | Equity | -24.25% | 1,354,803 | 2.98% | $767.34 | $718.59 | $1,039,594,534 | $973,547,888 | -$66,046,646 | -6.35% |
| Tetra Tech Inc. (TTEK) | Equity | +26.51% | 5,200,335 | 0.54% | $35.96 | $35.00 | $187,004,047 | $182,011,725 | -$4,992,322 | -2.67% |
| Transdigm Group Inc. (TDG) | Equity | +1.18% | 86,900 | 0.38% | $1,520.64 | $1,301.50 | $132,143,616 | $113,100,350 | -$19,043,266 | -14.41% |
| Ultragenyx Pharmaceutical Inc. (RARE) | Equity | -5.29% | 3,943,485 | 0.41% | $36.36 | $31.56 | $143,385,115 | $124,456,387 | -$18,928,728 | -13.20% |