Investor: Frank M. Sands
Number of Assets: 66
Reporting Period: Q4 - 2025
Holdings at Report: $32,875,165,743
Return Since Report: -$4,343,812,837
Return Since Report: -13.21%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Alibaba Group Holding Limited (BABA) | Equity | +100% | 7,511 | 0.00% | $146.58 | $125.49 | $1,100,962 | $942,555 | -$158,407 | -14.39% |
| Alphabet Inc. (GOOGL) | Equity | +3.52% | 4,939,049 | 4.70% | $313.00 | $287.22 | $1,545,922,337 | $1,418,593,654 | -$127,328,683 | -8.24% |
| Amazon.com Inc. (AMZN) | Equity | -11.58% | 7,440,012 | 5.22% | $230.82 | $208.30 | $1,717,303,570 | $1,549,754,500 | -$167,549,070 | -9.76% |
| Amphenol Corp. (APH) | Equity | +10.53% | 879,004 | 0.36% | $135.14 | $126.35 | $118,788,601 | $111,062,155 | -$7,726,446 | -6.50% |
| Applovin Corp. (APP) | Equity | +43.89% | 1,463,351 | 3.00% | $673.82 | $398.48 | $986,035,171 | $583,116,106 | -$402,919,065 | -40.86% |
| Argenx Se (ARGX) | Equity | +2046.59% | 356,870 | 0.91% | $840.95 | $730.25 | $300,109,826 | $260,604,318 | -$39,505,509 | -13.16% |
| Arthur J. Gallagher & Co. (AJG) | Equity | -77.67% | 244,255 | 0.19% | $258.79 | $216.56 | $63,210,751 | $52,895,863 | -$10,314,888 | -16.32% |
| ASML Holding N.V. (ASML) | Equity | +26.61% | 669,985 | 2.18% | $1,069.86 | $1,319.08 | $716,790,152 | $883,763,814 | +$166,973,662 | +23.29% |
| Atlassian Corp. (TEAM) | Equity | -94.83% | 136,534 | 0.07% | $162.14 | $68.25 | $22,137,623 | $9,318,446 | -$12,819,178 | -57.91% |
| Axon Enterprise Inc. (AXON) | Equity | +11.58% | 1,609,436 | 2.78% | $567.93 | $424.69 | $914,046,987 | $683,511,375 | -$230,535,612 | -25.22% |
| Block Inc. (XYZ) | Equity | -48.89% | 5,929,883 | 1.17% | $65.09 | $60.46 | $385,976,084 | $358,520,726 | -$27,455,358 | -7.11% |
| Boston Scientific Corp. (BSX) | Equity | +100% | 805,164 | 0.23% | $95.35 | $62.36 | $76,772,387 | $50,206,001 | -$26,566,386 | -34.60% |
| Broadcom Inc. (AVGO) | Equity | +2.62% | 2,114,521 | 2.23% | $346.10 | $309.45 | $731,835,718 | $654,327,951 | -$77,507,767 | -10.59% |
| Builders Firstsource Inc. (BLDR) | Equity | +13.45% | 2,757,969 | 0.86% | $102.89 | $82.30 | $283,767,430 | $226,967,059 | -$56,800,371 | -20.02% |
| Cadence Design Systems Inc. (CDNS) | Equity | -24.07% | 252,008 | 0.24% | $312.58 | $278.34 | $78,772,661 | $70,142,647 | -$8,630,014 | -10.96% |
| Carlisle Companies Inc. (CSL) | Equity | +13.91% | 967,640 | 0.94% | $319.86 | $333.57 | $309,509,330 | $322,770,837 | +$13,261,507 | +4.28% |
| Carpenter Technology Corp. (CRS) | Equity | +100% | 621,684 | 0.60% | $314.84 | $395.50 | $195,730,991 | $245,872,914 | +$50,141,923 | +25.62% |
| Carvana Co. (CVNA) | Equity | +44.40% | 2,442,534 | 3.14% | $422.02 | $314.62 | $1,030,798,199 | $768,457,834 | -$262,340,365 | -25.45% |
| Cloudflare Inc. (NET) | Equity | -2.02% | 3,731,287 | 2.24% | $197.15 | $206.73 | $735,623,232 | $771,350,305 | +$35,727,073 | +4.86% |
| Coupang Inc. (CPNG) | Equity | -6.39% | 10,319,665 | 0.74% | $23.59 | $18.89 | $243,440,897 | $194,886,874 | -$48,554,023 | -19.94% |
| Datadog Inc. (DDOG) | Equity | -20.10% | 1,513,800 | 0.63% | $135.99 | $118.05 | $205,861,662 | $178,704,090 | -$27,157,572 | -13.19% |
| Doordash Inc. (DASH) | Equity | +11.76% | 4,496,607 | 3.10% | $226.48 | $150.82 | $1,018,391,553 | $678,178,268 | -$340,213,285 | -33.41% |
| Duolingo Inc. (DUOL) | Equity | -16.15% | 39,975 | 0.02% | $175.50 | $98.63 | $7,015,612 | $3,942,534 | -$3,073,078 | -43.80% |
| Ferrari N.V. (RACE) | Equity | +23.16% | 309,983 | 0.35% | $369.56 | $338.77 | $114,557,317 | $105,012,941 | -$9,544,376 | -8.33% |
| Figma INC | Equity | -16.30% | 189,782 | 0.02% | $37.37 | N/A | $7,092,153 | N/A | N/A | N/A |
| Flutter Entertainment PLC (FLUT) | Equity | -1.85% | 2,087,048 | 1.37% | $215.04 | $102.32 | $448,798,802 | $213,546,751 | -$235,252,051 | -52.42% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | -9.50% | 6,123,768 | 0.20% | $10.73 | $8.30 | $65,708,031 | $50,796,656 | -$14,911,375 | -22.69% |
| Gitlab Inc. (GTLB) | Equity | 0% | 127,475 | 0.01% | $37.53 | $21.64 | $4,784,137 | $2,757,922 | -$2,026,215 | -42.35% |
| Globant S.A. (GLOB) | Equity | -9.16% | 770,560 | 0.15% | $65.37 | $46.16 | $50,371,507 | $35,569,050 | -$14,802,457 | -29.39% |
| Grab Holdings Limited (GRAB) | Equity | -9.98% | 11,244,055 | 0.17% | $4.99 | $3.65 | $56,107,834 | $41,040,801 | -$15,067,033 | -26.85% |
| HDFC Bank Limited (HDB) | Equity | -1.19% | 6,117,362 | 0.68% | $36.54 | $24.81 | $223,528,407 | $151,741,164 | -$71,787,243 | -32.12% |
| Intercontinental Exchange Inc. (ICE) | Equity | -3.07% | 5,502,896 | 2.71% | $161.96 | $157.32 | $891,249,036 | $865,715,599 | -$25,533,437 | -2.86% |
| Intuitive Surgical Inc. (ISRG) | Equity | +2.67% | 1,376,958 | 2.37% | $566.36 | $462.57 | $779,853,933 | $636,932,577 | -$142,921,356 | -18.33% |
| Irhythm Technologies Inc. (IRTC) | Equity | -23.99% | 1,699,645 | 0.92% | $177.44 | $117.78 | $301,585,009 | $200,184,188 | -$101,400,821 | -33.62% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | +18.52% | 1,948,761 | 0.46% | $78.13 | $74.12 | $152,256,697 | $144,442,165 | -$7,814,532 | -5.13% |
| Klaviyo Inc. (KVYO) | Equity | -15.99% | 928,755 | 0.09% | $32.47 | $19.45 | $30,156,675 | $18,064,285 | -$12,092,390 | -40.10% |
| Formula One Group (FWONK) | Equity | +3.37% | 2,082,513 | 0.62% | $98.51 | $85.02 | $205,148,356 | $177,055,255 | -$28,093,101 | -13.69% |
| Linde PLC (LIN) | Equity | -29.81% | 59,214 | 0.08% | $426.39 | $495.73 | $25,248,257 | $29,354,156 | +$4,105,899 | +16.26% |
| Mckesson Corp. (MCK) | Equity | +10.90% | 174,268 | 0.43% | $820.29 | $864.18 | $142,950,298 | $150,598,920 | +$7,648,622 | +5.35% |
| Mercadolibre Inc. (MELI) | Equity | -0.04% | 509,645 | 3.12% | $2,014.26 | $1,729.02 | $1,026,557,538 | $881,186,398 | -$145,371,140 | -14.16% |
| Meta Platforms Inc. (META) | Equity | -9.60% | 1,254,871 | 2.52% | $660.09 | $570.25 | $828,327,798 | $715,590,188 | -$112,737,610 | -13.61% |
| Microsoft Corp. (MSFT) | Equity | -13.78% | 2,470,769 | 3.63% | $483.62 | $370.17 | $1,194,913,304 | $914,604,561 | -$280,308,743 | -23.46% |
| Netflix Inc. (NFLX) | Equity | +794.39% | 10,023,088 | 2.86% | $93.76 | $96.12 | $939,764,731 | $963,419,219 | +$23,654,488 | +2.52% |
| Nu Holdings Ltd. (NU) | Equity | -12.14% | 44,423,895 | 2.26% | $16.74 | $14.39 | $743,656,002 | $639,259,849 | -$104,396,153 | -14.04% |
| Nvidia Corp. (NVDA) | Equity | -3.77% | 20,043,571 | 11.37% | $186.50 | $174.21 | $3,738,125,991 | $3,491,790,504 | -$246,335,487 | -6.59% |
| On Holding AG (ONON) | Equity | -1.99% | 6,635,050 | 0.94% | $46.48 | $34.03 | $308,397,124 | $225,757,576 | -$82,639,548 | -26.80% |
| Palantir Technologies Inc. (PLTR) | Equity | +100% | 19,840 | 0.01% | $177.75 | $146.28 | $3,526,560 | $2,902,195 | -$624,365 | -17.70% |
| Palo Alto Networks Inc. (PANW) | Equity | -16.27% | 162,963 | 0.09% | $184.20 | $160.29 | $30,017,785 | $26,121,339 | -$3,896,446 | -12.98% |
| Quanta Services Inc. (PWR) | Equity | +100% | 576,896 | 0.74% | $422.06 | $549.65 | $243,484,726 | $317,090,886 | +$73,606,160 | +30.23% |
| Roblox Corp. (RBLX) | Equity | -8.43% | 3,183,399 | 0.78% | $81.03 | $56.70 | $257,950,821 | $180,498,723 | -$77,452,098 | -30.03% |
| Roper Technologies Inc. (ROP) | Equity | -18.32% | 287,318 | 0.39% | $445.13 | $353.70 | $127,893,861 | $101,624,377 | -$26,269,484 | -20.54% |
| Samsara Inc. (IOT) | Equity | -6.80% | 19,123,318 | 2.06% | $35.45 | $30.65 | $677,921,623 | $586,034,080 | -$91,887,543 | -13.55% |
| Sap Se (SAP) | Equity | -10.48% | 394,117 | 0.29% | $242.91 | $171.17 | $95,734,960 | $67,461,007 | -$28,273,953 | -29.53% |
| Sea Limited (SE) | Equity | +12.65% | 5,501,013 | 2.13% | $127.57 | $82.54 | $701,764,228 | $454,053,613 | -$247,710,615 | -35.30% |
| Servicenow Inc. (NOW) | Equity | +208.35% | 3,842,914 | 1.79% | $153.19 | $104.54 | $588,695,996 | $401,719,015 | -$186,976,981 | -31.76% |
| Shopify Inc. (SHOP) | Equity | +37.03% | 9,506,036 | 4.65% | $160.97 | $119.03 | $1,530,186,615 | $1,131,455,935 | -$398,730,680 | -26.06% |
| Snowflake Inc. (SNOW) | Equity | 0% | 11,960 | 0.01% | $219.36 | $150.42 | $2,623,546 | $1,798,963 | -$824,583 | -31.43% |
| Spotify Technology S.A. (SPOT) | Equity | -5.03% | 1,469,848 | 2.60% | $580.71 | $485.45 | $853,555,432 | $713,537,712 | -$140,017,720 | -16.40% |
| Stevanato Group S.P.A. (STVN) | Equity | +6.04% | 493,006 | 0.03% | $20.12 | $13.81 | $9,919,281 | $6,808,413 | -$3,110,868 | -31.36% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -26.22% | 6,826,175 | 6.31% | $303.89 | $337.70 | $2,074,406,321 | $2,305,199,298 | +$230,792,976 | +11.13% |
| Tetra Tech Inc. (TTEK) | Equity | -2.40% | 7,007,004 | 0.71% | $33.54 | $30.15 | $235,014,914 | $211,261,171 | -$23,753,743 | -10.11% |
| Transdigm Group Inc. (TDG) | Equity | +10.59% | 103,179 | 0.42% | $1,329.85 | $1,159.06 | $137,212,593 | $119,590,652 | -$17,621,941 | -12.84% |
| Ultragenyx Pharmaceutical Inc. (RARE) | Equity | -7.54% | 3,485,724 | 0.24% | $23.00 | $20.95 | $80,171,652 | $73,025,918 | -$7,145,734 | -8.91% |
| Visa Inc. (V) | Equity | -23.27% | 3,090,129 | 3.30% | $350.71 | $301.42 | $1,083,739,280 | $931,411,233 | -$152,328,047 | -14.06% |
| Waste Connections Inc. (WCN) | Equity | -18.37% | 965,880 | 0.52% | $175.36 | $162.39 | $169,376,717 | $156,849,253 | -$12,527,464 | -7.40% |
| Ishares Russell 1000 Growth ETF (IWF) | Equity | +100% | 8,215 | 0.01% | $473.30 | $426.71 | $3,888,159 | $3,505,423 | -$382,736 | -9.84% |