Investor: Frank M. Sands
Number of Assets: 64
Reporting Period: Q3 - 2025
Holdings at Report: $36,248,203,507
Return Since Report: -$2,309,265,155
Return Since Report: -6.37%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Ferrari N.V. (RACE) | Equity | +3.27% | 251,698 | 0.34% | $485.22 | $367.04 | $122,128,904 | $92,383,234 | -$29,745,670 | -24.36% |
| Intercontinental Exchange Inc. (ICE) | Equity | +6.86% | 5,677,266 | 2.64% | $168.48 | $163.78 | $956,505,776 | $929,822,625 | -$26,683,151 | -2.79% |
| Klaviyo Inc. (KVYO) | Equity | -0.32% | 1,105,559 | 0.08% | $27.69 | $29.81 | $30,612,929 | $32,956,714 | +$2,343,785 | +7.66% |
| Meta Platforms Inc. (META) | Equity | +6.28% | 1,388,064 | 2.81% | $734.38 | $646.63 | $1,019,366,440 | $897,563,824 | -$121,802,616 | -11.95% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +8.18% | 9,251,889 | 7.13% | $279.29 | $294.28 | $2,583,960,079 | $2,722,645,895 | +$138,685,816 | +5.37% |
| Venture Global Inc. (VG) | Equity | -4.72% | 7,484,070 | 0.29% | $14.19 | $6.23 | $106,198,953 | $46,625,756 | -$59,573,197 | -56.10% |
| Duolingo Inc. (DUOL) | Equity | +100% | 47,672 | 0.04% | $321.84 | $197.46 | $15,342,756 | $9,413,313 | -$5,929,443 | -38.65% |
| HDFC Bank Limited (HDB) | Equity | +114.71% | 6,190,788 | 0.58% | $34.16 | $35.88 | $211,477,318 | $222,094,520 | +$10,617,201 | +5.02% |
| Mercadolibre Inc. (MELI) | Equity | -0.72% | 509,845 | 3.29% | $2,336.94 | $2,019.14 | $1,191,477,174 | $1,029,445,884 | -$162,031,290 | -13.60% |
| Stevanato Group S.P.A. (STVN) | Equity | +0.06% | 464,931 | 0.03% | $25.75 | $20.67 | $11,971,973 | $9,611,519 | -$2,360,454 | -19.72% |
| Applovin Corp. (APP) | Equity | +24.42% | 1,016,959 | 2.02% | $718.54 | $681.46 | $730,725,720 | $693,016,880 | -$37,708,840 | -5.16% |
| Block Inc. (XYZ) | Equity | +12.21% | 11,603,057 | 2.31% | $72.27 | $64.20 | $838,552,929 | $744,916,259 | -$93,636,670 | -11.17% |
| Carvana Co. (CVNA) | Equity | +87.69% | 1,691,515 | 1.76% | $377.24 | $464.78 | $638,107,119 | $786,182,342 | +$148,075,223 | +23.21% |
| Irhythm Technologies Inc. (IRTC) | Equity | -23.30% | 2,236,110 | 1.06% | $171.99 | $170.80 | $384,588,559 | $381,927,588 | -$2,660,971 | -0.69% |
| Monday.Com Ltd. (MNDY) | Equity | -0.32% | 116,213 | 0.06% | $193.69 | $157.44 | $22,509,296 | $18,295,994 | -$4,213,302 | -18.72% |
| Oracle Corp. (ORCL) | Equity | +100% | 936,043 | 0.73% | $281.24 | $189.67 | $263,252,733 | $177,539,276 | -$85,713,457 | -32.56% |
| Sap Se (SAP) | Equity | +52.14% | 440,270 | 0.32% | $267.21 | $245.04 | $117,644,547 | $107,883,761 | -$9,760,786 | -8.30% |
| Spotify Technology S.A. (SPOT) | Equity | +14.23% | 1,547,640 | 2.98% | $698.00 | $603.50 | $1,080,252,720 | $934,000,740 | -$146,251,980 | -13.54% |
| Transdigm Group Inc. (TDG) | Equity | +7.36% | 93,296 | 0.34% | $1,318.02 | $1,301.20 | $122,965,994 | $121,396,755 | -$1,569,239 | -1.28% |
| Amphenol Corp. (APH) | Equity | -15.41% | 795,234 | 0.27% | $123.75 | $130.05 | $98,410,207 | $103,420,182 | +$5,009,975 | +5.09% |
| Axon Enterprise Inc. (AXON) | Equity | -10.49% | 1,442,341 | 2.86% | $717.64 | $566.41 | $1,035,081,595 | $816,956,366 | -$218,125,229 | -21.07% |
| Carlisle Companies Inc. (CSL) | Equity | +99.25% | 849,501 | 0.77% | $328.96 | $329.77 | $279,451,849 | $280,135,697 | +$683,848 | +0.24% |
| Globant S.A. (GLOB) | Equity | -2.43% | 848,262 | 0.13% | $57.38 | $67.14 | $48,673,274 | $56,952,311 | +$8,279,037 | +17.01% |
| On Holding AG (ONON) | Equity | +46.70% | 6,769,430 | 0.79% | $42.35 | $48.94 | $286,685,360 | $331,295,904 | +$44,610,544 | +15.56% |
| Samsara Inc. (IOT) | Equity | +6.44% | 20,518,332 | 2.11% | $37.25 | $41.47 | $764,307,867 | $850,895,228 | +$86,587,361 | +11.33% |
| Snowflake Inc. (SNOW) | Equity | 0% | 11,960 | 0.01% | $225.55 | $218.42 | $2,697,578 | $2,612,303 | -$85,275 | -3.16% |
| Tetra Tech Inc. (TTEK) | Equity | +38.05% | 7,179,032 | 0.66% | $33.38 | $34.71 | $239,636,088 | $249,184,201 | +$9,548,113 | +3.98% |
| Doordash Inc. (DASH) | Equity | -16.04% | 4,023,291 | 3.02% | $271.99 | $228.93 | $1,094,294,919 | $921,052,009 | -$173,242,910 | -15.83% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | -2.31% | 6,766,855 | 0.24% | $12.97 | $11.72 | $87,766,109 | $79,307,541 | -$8,458,568 | -9.64% |
| Grab Holdings Limited (GRAB) | Equity | -33.41% | 12,490,985 | 0.21% | $6.02 | $5.19 | $75,195,730 | $64,828,212 | -$10,367,518 | -13.79% |
| Mckesson Corp. (MCK) | Equity | +7.73% | 157,146 | 0.33% | $772.54 | $817.51 | $121,401,571 | $128,468,426 | +$7,066,855 | +5.82% |
| Alphabet Inc. (GOOGL) | Equity | +54.61% | 4,771,097 | 3.20% | $243.10 | $309.47 | $1,159,853,681 | $1,476,511,389 | +$316,657,708 | +27.30% |
| ASML Holding N.V. (ASML) | Equity | -0.26% | 529,164 | 1.41% | $968.09 | $1,087.63 | $512,278,377 | $575,534,641 | +$63,256,264 | +12.35% |
| Builders Firstsource Inc. (BLDR) | Equity | +139.08% | 2,430,902 | 0.81% | $121.25 | $107.76 | $294,746,867 | $261,954,000 | -$32,792,867 | -11.13% |
| Coupang Inc. (CPNG) | Equity | -8.13% | 11,024,177 | 0.98% | $32.20 | $25.58 | $354,978,499 | $281,965,375 | -$73,013,124 | -20.57% |
| Arthur J. Gallagher & Co. (AJG) | Equity | -2.42% | 1,094,070 | 0.93% | $309.74 | $255.54 | $338,877,242 | $279,578,648 | -$59,298,594 | -17.50% |
| Nu Holdings Ltd. (NU) | Equity | -7.23% | 50,562,162 | 2.23% | $16.01 | $17.00 | $809,500,214 | $859,303,943 | +$49,803,729 | +6.15% |
| Roblox Corp. (RBLX) | Equity | -3.07% | 3,476,488 | 1.33% | $138.52 | $89.48 | $481,563,118 | $311,076,146 | -$170,486,972 | -35.40% |
| Servicenow Inc. (NOW) | Equity | -11.51% | 1,246,277 | 3.16% | $920.28 | $860.38 | $1,146,923,798 | $1,072,276,790 | -$74,647,008 | -6.51% |
| Dexcom Inc. (DXCM) | Equity | -50.40% | 4,934,189 | 0.92% | $67.29 | $67.27 | $332,021,578 | $331,922,894 | -$98,684 | -0.03% |
| Flutter Entertainment PLC (FLUT) | Equity | +0.22% | 2,126,306 | 1.49% | $254.00 | $223.40 | $540,081,724 | $475,016,760 | -$65,064,964 | -12.05% |
| Linde PLC (LIN) | Equity | -2.65% | 84,367 | 0.11% | $475.00 | $416.54 | $40,074,325 | $35,142,230 | -$4,932,095 | -12.31% |
| Waste Connections Inc. (WCN) | Equity | +5.63% | 1,183,194 | 0.57% | $175.80 | $172.80 | $208,005,505 | $204,455,923 | -$3,549,582 | -1.71% |
| Figma INC | Equity | +100% | 226,752 | 0.03% | $51.87 | N/A | $11,761,626 | N/A | N/A | N/A |
| Intuitive Surgical Inc. (ISRG) | Equity | +77.03% | 1,341,109 | 1.65% | $447.23 | $542.38 | $599,784,178 | $727,390,699 | +$127,606,521 | +21.28% |
| Formula One Group (FWONK) | Equity | +5.42% | 2,014,627 | 0.58% | $104.45 | $93.83 | $210,427,790 | $189,032,451 | -$21,395,339 | -10.17% |
| Microsoft Corp. (MSFT) | Equity | -3.02% | 2,865,638 | 4.09% | $517.95 | $478.84 | $1,484,257,202 | $1,372,182,100 | -$112,075,102 | -7.55% |
| Visa Inc. (V) | Equity | -0.08% | 4,027,033 | 3.79% | $341.38 | $347.47 | $1,374,748,661 | $1,399,273,157 | +$24,524,496 | +1.78% |
| Argenx Se (ARGX) | Equity | +100% | 16,625 | 0.03% | $737.56 | $880.68 | $12,261,935 | $14,641,305 | +$2,379,370 | +19.40% |
| Broadcom Inc. (AVGO) | Equity | +11.79% | 2,060,624 | 1.88% | $329.91 | $360.35 | $679,820,464 | $742,549,980 | +$62,729,516 | +9.23% |
| Cloudflare Inc. (NET) | Equity | -22.73% | 3,808,319 | 2.25% | $214.59 | $202.39 | $817,227,174 | $770,746,641 | -$46,480,533 | -5.69% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | -2.25% | 1,644,240 | 0.37% | $81.68 | $76.67 | $134,301,523 | $126,063,881 | -$8,237,642 | -6.13% |
| Netflix Inc. (NFLX) | Equity | -0.97% | 1,120,658 | 3.71% | $1,198.92 | $95.63 | $1,343,579,289 | $107,168,525 | -$1,236,410,764 | -92.02% |
| Palo Alto Networks Inc. (PANW) | Equity | +25.67% | 194,619 | 0.11% | $203.62 | $191.65 | $39,628,321 | $37,298,731 | -$2,329,590 | -5.88% |
| Sea Limited (SE) | Equity | -14.00% | 4,883,167 | 2.41% | $178.73 | $123.98 | $872,768,438 | $605,415,045 | -$267,353,393 | -30.63% |
| Ultragenyx Pharmaceutical Inc. (RARE) | Equity | -4.40% | 3,769,853 | 0.31% | $30.08 | $36.29 | $113,397,178 | $136,807,965 | +$23,410,787 | +20.64% |
| Amazon.com Inc. (AMZN) | Equity | -8.84% | 8,413,999 | 5.10% | $219.57 | $226.83 | $1,847,461,760 | $1,908,547,393 | +$61,085,633 | +3.31% |
| Atlassian Corp. (TEAM) | Equity | +2.05% | 2,641,730 | 1.16% | $159.70 | $161.68 | $421,884,281 | $427,114,906 | +$5,230,625 | +1.24% |
| Cadence Design Systems Inc. (CDNS) | Equity | +7.69% | 331,887 | 0.32% | $351.26 | $324.44 | $116,578,628 | $107,677,418 | -$8,901,210 | -7.64% |
| Datadog Inc. (DDOG) | Equity | -31.65% | 1,894,680 | 0.74% | $142.40 | $146.71 | $269,802,432 | $277,968,503 | +$8,166,071 | +3.03% |
| Gitlab Inc. (GTLB) | Equity | 0% | 127,475 | 0.02% | $45.08 | $40.09 | $5,746,573 | $5,110,983 | -$635,590 | -11.06% |
| Nvidia Corp. (NVDA) | Equity | -3.38% | 20,828,827 | 10.72% | $186.58 | $176.35 | $3,886,242,542 | $3,673,163,641 | -$213,078,901 | -5.48% |
| Roper Technologies Inc. (ROP) | Equity | +7.30% | 351,775 | 0.48% | $498.69 | $446.12 | $175,426,675 | $156,932,104 | -$18,494,571 | -10.54% |
| Shopify Inc. (SHOP) | Equity | -7.41% | 6,937,271 | 2.84% | $148.61 | $163.54 | $1,030,947,843 | $1,134,521,299 | +$103,573,456 | +10.05% |