Sands Capital Alternatives, LLC

CIK 0001846444 · Q1 2026

13F Equity AUM

$421.2M

-18.8% QoQ

Positions

+1 QoQ

AUM Rank

#4,803

Top 39%

Skill Alpha (FF)

+11.6%/yr^ns

No Clear Edge

Rank #230 · Top 3%

vs S&P -8.8%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 68.6%Top 10: 87.0%Top 20: 99.9%

NU22.3%

KVYO16.9%

SPYGLASS PHARMA INC15.4%

BBNX8.8%

IKT5.2%

CPNG4.5%

IOT4.2%

DASH4.0%

BIOA3.3%

TXG2.4%

Others (11)13.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology28.7%

Healthcare25.1%

Financial Services22.3%

Unclassified15.4%

Consumer Cyclical4.5%

Communication Services4.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 21Median: 2.40%Avg: 4.76%

0–0.5%

2(0.6%)

0.5–1%

3(2.2%)

1–3%

7(12.7%)

3–5%

4(16.0%)

5%+

5(68.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 20Unique: 1vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

VANGUARD CAPITAL MANAGEMENT LLC

0.6%

BlackRock, Inc.

0.5%

GEODE CAPITAL MANAGEMENT, LLC

0.6%

BANK OF AMERICA CORP /DE/

0.4%

STATE STREET CORP

0.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.6%

FMR LLC

0.6%

JPMORGAN CHASE & CO

0.4%

MORGAN STANLEY

0.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New1Increased5Decreased1Exited0

New Positions

SPYGLASS PHARMA INC15.4%

+2.5M

Increased

ABOS2.1%

+303K(+9%)

CPNG4.5%

+142K(+16%)

BBNX8.8%

+138K(+4%)

IOT4.2%

+94K(+20%)

DASH4.0%

+16K(+16%)

Decreased

NU22.3%

-323,630(-5%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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