Sands Capital Management, LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 32.97%, top 10 50.40%, top 20 77.92%, with NVDA 12.67%, AMZN 5.82%, GOOGL 5.24%, SHOP 5.19%, MSFT 4.05%, V 3.67%. The baseline result is return 14.07%, alpha 1.63%, beta 0.96, Sharpe 0.77, Sortino 1.00, max drawdown -34.88%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Information Technology 36.83%, Consumer Discretionary 22.57%, Communication Services 15.70%, Financials 11.25%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2024-06-30 (13.33% vs SPY 9.83%, excess 3.50%, turnover 13.50%); the weakest was 2025-06-30 (-2.93% vs SPY 4.20%, excess -7.13%, turnover 18.32%). The latest rows (2025-03-31 (5.67% vs SPY 9.22%, excess -3.55%, turnover 16.14%); 2025-06-30 (-2.93% vs SPY 4.20%, excess -7.13%, turnover 18.32%); 2025-09-30 (1.19% vs SPY 1.49%, excess -0.29%, turnover 14.23%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether NVDA 12.67%, AMZN 5.82%, GOOGL 5.24%, SHOP 5.19% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -34.88% is acceptable for the user's risk budget.