Investor: Frank M. Sands
Number of Assets: 64
Reporting Period: Q3 - 2025
Holdings at Report: $36,248,203,507
Return Since Report: -$3,396,706,895
Return Since Report: -9.37%
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 | $366.13 | $122,128,904 | $92,154,189 | -$29,974,715 | -24.54% |
| Intercontinental Exchange Inc. (ICE) | Equity | +6.86% | 5,677,266 | 2.64% | $168.48 | $160.61 | $956,505,776 | $911,825,692 | -$44,680,084 | -4.67% |
| Klaviyo Inc. (KVYO) | Equity | -0.32% | 1,105,559 | 0.08% | $27.69 | $30.61 | $30,612,929 | $33,841,161 | +$3,228,232 | +10.55% |
| Meta Platforms Inc. (META) | Equity | +6.28% | 1,388,064 | 2.81% | $734.38 | $653.05 | $1,019,366,440 | $906,479,359 | -$112,887,081 | -11.07% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +8.18% | 9,251,889 | 7.13% | $279.29 | $275.79 | $2,583,960,079 | $2,551,532,208 | -$32,427,871 | -1.25% |
| Venture Global Inc. (VG) | Equity | -4.72% | 7,484,070 | 0.29% | $14.19 | $5.96 | $106,198,953 | $44,567,637 | -$61,631,316 | -58.03% |
| Duolingo Inc. (DUOL) | Equity | +100% | 47,672 | 0.04% | $321.84 | $185.39 | $15,342,756 | $8,837,912 | -$6,504,844 | -42.40% |
| HDFC Bank Limited (HDB) | Equity | +114.71% | 6,190,788 | 0.58% | $34.16 | $35.02 | $211,477,318 | $216,770,442 | +$5,293,124 | +2.50% |
| Mercadolibre Inc. (MELI) | Equity | -0.72% | 509,845 | 3.29% | $2,336.94 | $1,933.02 | $1,191,477,174 | $985,540,582 | -$205,936,592 | -17.28% |
| Stevanato Group S.P.A. (STVN) | Equity | +0.06% | 464,931 | 0.03% | $25.75 | $20.59 | $11,971,973 | $9,572,929 | -$2,399,044 | -20.04% |
| Applovin Corp. (APP) | Equity | +24.42% | 1,016,959 | 2.02% | $718.54 | $668.65 | $730,725,720 | $679,989,635 | -$50,736,085 | -6.94% |
| Block Inc. (XYZ) | Equity | +12.21% | 11,603,057 | 2.31% | $72.27 | $64.23 | $838,552,929 | $745,206,336 | -$93,346,593 | -11.13% |
| Carvana Co. (CVNA) | Equity | +87.69% | 1,691,515 | 1.76% | $377.24 | $451.41 | $638,107,119 | $763,566,786 | +$125,459,667 | +19.66% |
| Irhythm Technologies Inc. (IRTC) | Equity | -23.30% | 2,236,110 | 1.06% | $171.99 | $167.45 | $384,588,559 | $374,436,620 | -$10,151,940 | -2.64% |
| Monday.Com Ltd. (MNDY) | Equity | -0.32% | 116,213 | 0.06% | $193.69 | $146.33 | $22,509,296 | $17,004,867 | -$5,504,429 | -24.45% |
| Oracle Corp. (ORCL) | Equity | +100% | 936,043 | 0.73% | $281.24 | $179.16 | $263,252,733 | $167,701,464 | -$95,551,269 | -36.30% |
| Sap Se (SAP) | Equity | +52.14% | 440,270 | 0.32% | $267.21 | $241.44 | $117,644,547 | $106,296,587 | -$11,347,960 | -9.65% |
| Spotify Technology S.A. (SPOT) | Equity | +14.23% | 1,547,640 | 2.98% | $698.00 | $563.39 | $1,080,252,720 | $871,924,900 | -$208,327,820 | -19.29% |
| Transdigm Group Inc. (TDG) | Equity | +7.36% | 93,296 | 0.34% | $1,318.02 | $1,267.75 | $122,965,994 | $118,276,004 | -$4,689,990 | -3.81% |
| Amphenol Corp. (APH) | Equity | -15.41% | 795,234 | 0.27% | $123.75 | $125.88 | $98,410,207 | $100,100,080 | +$1,689,873 | +1.72% |
| Axon Enterprise Inc. (AXON) | Equity | -10.49% | 1,442,341 | 2.86% | $717.64 | $549.93 | $1,035,081,595 | $793,186,586 | -$241,895,009 | -23.37% |
| Carlisle Companies Inc. (CSL) | Equity | +99.25% | 849,501 | 0.77% | $328.96 | $331.16 | $279,451,849 | $281,320,751 | +$1,868,902 | +0.67% |
| Globant S.A. (GLOB) | Equity | -2.43% | 848,262 | 0.13% | $57.38 | $67.63 | $48,673,274 | $57,367,959 | +$8,694,685 | +17.86% |
| On Holding AG (ONON) | Equity | +46.70% | 6,769,430 | 0.79% | $42.35 | $48.09 | $286,685,360 | $325,541,889 | +$38,856,529 | +13.55% |
| Samsara Inc. (IOT) | Equity | +6.44% | 20,518,332 | 2.11% | $37.25 | $38.10 | $764,307,867 | $781,748,449 | +$17,440,582 | +2.28% |
| Snowflake Inc. (SNOW) | Equity | 0% | 11,960 | 0.01% | $225.55 | $219.73 | $2,697,578 | $2,627,971 | -$69,607 | -2.58% |
| Tetra Tech Inc. (TTEK) | Equity | +38.05% | 7,179,032 | 0.66% | $33.38 | $34.37 | $239,636,088 | $246,743,330 | +$7,107,242 | +2.97% |
| Doordash Inc. (DASH) | Equity | -16.04% | 4,023,291 | 3.02% | $271.99 | $222.18 | $1,094,294,919 | $893,894,794 | -$200,400,125 | -18.31% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | -2.31% | 6,766,855 | 0.24% | $12.97 | $11.31 | $87,766,109 | $76,499,296 | -$11,266,813 | -12.84% |
| Grab Holdings Limited (GRAB) | Equity | -33.41% | 12,490,985 | 0.21% | $6.02 | $4.88 | $75,195,730 | $60,956,007 | -$14,239,723 | -18.94% |
| Mckesson Corp. (MCK) | Equity | +7.73% | 157,146 | 0.33% | $772.54 | $807.23 | $121,401,571 | $126,852,180 | +$5,450,609 | +4.49% |
| Alphabet Inc. (GOOGL) | Equity | +54.61% | 4,771,097 | 3.20% | $243.10 | $298.08 | $1,159,853,681 | $1,422,144,738 | +$262,291,057 | +22.61% |
| ASML Holding N.V. (ASML) | Equity | -0.26% | 529,164 | 1.41% | $968.09 | $1,019.71 | $512,278,377 | $539,593,822 | +$27,315,445 | +5.33% |
| Builders Firstsource Inc. (BLDR) | Equity | +139.08% | 2,430,902 | 0.81% | $121.25 | $103.35 | $294,746,867 | $251,233,722 | -$43,513,145 | -14.76% |
| Coupang Inc. (CPNG) | Equity | -8.13% | 11,024,177 | 0.98% | $32.20 | $22.66 | $354,978,499 | $249,752,730 | -$105,225,769 | -29.64% |
| Arthur J. Gallagher & Co. (AJG) | Equity | -2.42% | 1,094,070 | 0.93% | $309.74 | $251.05 | $338,877,242 | $274,660,803 | -$64,216,439 | -18.95% |
| Nu Holdings Ltd. (NU) | Equity | -7.23% | 50,562,162 | 2.23% | $16.01 | $15.88 | $809,500,214 | $802,674,322 | -$6,825,892 | -0.84% |
| Roblox Corp. (RBLX) | Equity | -3.07% | 3,476,488 | 1.33% | $138.52 | $85.92 | $481,563,118 | $298,699,849 | -$182,863,269 | -37.97% |
| Servicenow Inc. (NOW) | Equity | -11.51% | 1,246,277 | 3.16% | $920.28 | $790.06 | $1,146,923,798 | $984,633,607 | -$162,290,191 | -14.15% |
| Dexcom Inc. (DXCM) | Equity | -50.40% | 4,934,189 | 0.92% | $67.29 | $65.97 | $332,021,578 | $325,508,448 | -$6,513,130 | -1.96% |
| Flutter Entertainment PLC (FLUT) | Equity | +0.22% | 2,126,306 | 1.49% | $254.00 | $219.64 | $540,081,724 | $467,021,850 | -$73,059,874 | -13.53% |
| Linde PLC (LIN) | Equity | -2.65% | 84,367 | 0.11% | $475.00 | $422.75 | $40,074,325 | $35,665,727 | -$4,408,598 | -11.00% |
| Waste Connections Inc. (WCN) | Equity | +5.63% | 1,183,194 | 0.57% | $175.80 | $175.87 | $208,005,505 | $208,088,329 | +$82,824 | +0.04% |
| 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 | $555.09 | $599,784,178 | $744,429,489 | +$144,645,311 | +24.12% |
| Formula One Group (FWONK) | Equity | +5.42% | 2,014,627 | 0.58% | $104.45 | $97.19 | $210,427,790 | $195,801,598 | -$14,626,192 | -6.95% |
| Microsoft Corp. (MSFT) | Equity | -3.02% | 2,865,638 | 4.09% | $517.95 | $479.09 | $1,484,257,202 | $1,372,898,509 | -$111,358,693 | -7.50% |
| Visa Inc. (V) | Equity | -0.08% | 4,027,033 | 3.79% | $341.38 | $344.75 | $1,374,748,661 | $1,388,299,492 | +$13,550,831 | +0.99% |
| Argenx Se (ARGX) | Equity | +100% | 16,625 | 0.03% | $737.56 | $868.79 | $12,261,935 | $14,443,634 | +$2,181,699 | +17.79% |
| Broadcom Inc. (AVGO) | Equity | +11.79% | 2,060,624 | 1.88% | $329.91 | $325.18 | $679,820,464 | $670,073,712 | -$9,746,752 | -1.43% |
| Cloudflare Inc. (NET) | Equity | -22.73% | 3,808,319 | 2.25% | $214.59 | $192.92 | $817,227,174 | $734,693,285 | -$82,533,889 | -10.10% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | -2.25% | 1,644,240 | 0.37% | $81.68 | $78.40 | $134,301,523 | $128,900,195 | -$5,401,328 | -4.02% |
| Netflix Inc. (NFLX) | Equity | -0.97% | 1,120,658 | 3.71% | $1,198.92 | $95.31 | $1,343,579,289 | $106,804,311 | -$1,236,774,978 | -92.05% |
| Palo Alto Networks Inc. (PANW) | Equity | +25.67% | 194,619 | 0.11% | $203.62 | $185.27 | $39,628,321 | $36,057,841 | -$3,570,480 | -9.01% |
| Sea Limited (SE) | Equity | -14.00% | 4,883,167 | 2.41% | $178.73 | $120.21 | $872,768,438 | $587,005,505 | -$285,762,933 | -32.74% |
| Ultragenyx Pharmaceutical Inc. (RARE) | Equity | -4.40% | 3,769,853 | 0.31% | $30.08 | $33.30 | $113,397,178 | $125,517,256 | +$12,120,078 | +10.69% |
| Amazon.com Inc. (AMZN) | Equity | -8.84% | 8,413,999 | 5.10% | $219.57 | $222.89 | $1,847,461,760 | $1,875,379,409 | +$27,917,649 | +1.51% |
| Atlassian Corp. (TEAM) | Equity | +2.05% | 2,641,730 | 1.16% | $159.70 | $162.51 | $421,884,281 | $429,307,542 | +$7,423,261 | +1.76% |
| Cadence Design Systems Inc. (CDNS) | Equity | +7.69% | 331,887 | 0.32% | $351.26 | $311.27 | $116,578,628 | $103,306,466 | -$13,272,162 | -11.38% |
| Datadog Inc. (DDOG) | Equity | -31.65% | 1,894,680 | 0.74% | $142.40 | $137.80 | $269,802,432 | $261,092,588 | -$8,709,844 | -3.23% |
| Gitlab Inc. (GTLB) | Equity | 0% | 127,475 | 0.02% | $45.08 | $38.33 | $5,746,573 | $4,886,117 | -$860,456 | -14.97% |
| Nvidia Corp. (NVDA) | Equity | -3.38% | 20,828,827 | 10.72% | $186.58 | $171.05 | $3,886,242,542 | $3,562,770,858 | -$323,471,684 | -8.32% |
| Roper Technologies Inc. (ROP) | Equity | +7.30% | 351,775 | 0.48% | $498.69 | $449.22 | $175,426,675 | $158,024,366 | -$17,402,310 | -9.92% |
| Shopify Inc. (SHOP) | Equity | -7.41% | 6,937,271 | 2.84% | $148.61 | $162.60 | $1,030,947,843 | $1,128,000,265 | +$97,052,422 | +9.41% |