Sands Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
908 DEVICES INC	COM	65443P102	12,649	326,427	SH		SOLE	1	326,427	0	0
ADOBE SYSTEMS INCORPORATED	COM	00724F101	39,617	67,647	SH		SOLE		67,647	0	0
AIRBNB INC	COM CL A	009066101	367,178	2,397,662	SH		SOLE		1,882,192	0	515,470
ALIBABA GROUP HOLDING LTD	SPONSORED ADS	01609W102	1,387,034	6,116,208	SH		SOLE		4,255,643	0	1,860,565
ALIGN TECHNOLOGY INC	COM	016255101	1,765,649	2,889,769	SH		SOLE		2,040,091	0	849,678
ALPHABET INC	CAP STK CL A	02079K305	698,237	285,953	SH		SOLE		200,899	0	85,054
ALPHABET INC	CAP STK CL C	02079K107	462,669	184,601	SH		SOLE		125,515	0	59,086
AMAZON COM INC	COM	023135106	2,419,234	703,233	SH		SOLE		500,294	0	202,939
ANSYS INC	COM	03662Q105	9,688	27,915	SH		SOLE		66	0	27,849
APTIV PLC	SHS	G6095L109	834,813	5,306,126	SH		SOLE		3,736,907	0	1,569,219
ASML HOLDING NV ADR	N Y REGISTRY SHS	N07059210	1,651,729	2,390,899	SH		SOLE		1,689,346	0	701,553
ATLASSIAN CORP PLC	CL A	G06242104	1,454,222	5,661,536	SH		SOLE		4,081,927	0	1,579,609
BIO-TECHNE CORPORATION	COM	09073M104	44,097	97,936	SH		SOLE		86,226	0	11,710
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	68,906	468,397	SH		SOLE		412,410	0	55,987
CARVANA CO	CL A	146869102	377,423	1,250,492	SH		SOLE		916,427	0	334,065
CHARTER COMMUNICATIONS INC N	CL A	16119P108	837,744	1,161,195	SH		SOLE		881,459	0	279,736
CHEGG INC	COM	163092109	142,043	1,709,092	SH		SOLE		1,504,659	0	204,433
CLOUDFLARE INC	CL A COM	18915M107	109,427	1,033,887	SH		SOLE		910,524	0	123,363
COSTAR GROUP INC	COM	22160N109	747,327	9,023,512	SH		SOLE		6,937,796	0	2,085,716
COUPA SOFTWARE INC	COM	22266L106	388,895	1,483,709	SH		SOLE		1,132,106	0	351,603
DEXCOM INC	COM	252131107	1,296,917	3,037,276	SH		SOLE		2,148,416	0	888,860
DOLLAR GENERAL CORPORATION NEW	COM	256677105	68,409	316,136	SH		SOLE		278,567	0	37,569
DOORDASH INC	COM CL A	25809K105	143,010	801,939	SH		SOLE	1	801,939	0	0
DOORDASH INC	COM CL A	25809K105	1,023,341	5,738,468	SH		SOLE		4,064,459	0	1,674,009
EDWARDS LIFESCIENCES CORP	COM	28176E108	1,391,622	13,436,534	SH		SOLE		9,481,228	0	3,955,306
EQUINIX INC	COM	29444U700	93,613	116,637	SH		SOLE		105,206	0	11,431
FACEBOOK INC	CL A	30303M102	1,961,908	5,642,368	SH		SOLE		4,077,152	0	1,565,216
FIVERR INTL LTD	ORD SHS	M4R82T106	409,442	1,688,489	SH		SOLE		1,236,110	0	452,379
FLOOR & DECOR HLDGS INC	CL A	339750101	526,210	4,978,334	SH		SOLE		3,679,464	0	1,298,870
GLOBANT S A	COM	L44385109	262,303	1,196,747	SH		SOLE		824,925	0	371,822
GROCERY OUTLET HLDG CORP	COM	39874R101	283,145	8,169,206	SH		SOLE		5,989,120	0	2,180,086
HDFC BANK LTD	SPONSORED ADS	40415F101	155,341	2,124,467	SH		SOLE		1,607,208	0	517,259
HUTCHISON CHINA MEDITECH LTD	SPONSORED ADR	44842L103	160,554	4,088,471	SH		SOLE		2,814,755	0	1,273,716
ILLUMINA INC	COM	452327109	793,045	1,675,883	SH		SOLE		1,158,996	0	516,887
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	92,479	779,095	SH		SOLE		685,611	0	93,484
INTUIT	COM	461202103	1,191,193	2,430,163	SH		SOLE		1,855,015	0	575,148
IQVIA HLDGS INC	COM	46266C105	129,611	534,874	SH		SOLE		470,742	0	64,132
IRHYTHM TECHNOLOGIES INC	COM	450056106	214,298	3,229,819	SH		SOLE		2,196,321	0	1,033,498
ISHARES TR	MSCI INDIA ETF	46429B598	9,299	210,141	SH		SOLE		210,141	0	0
KANZHUN LIMITED	SPONSORED ADS	48553T106	124,312	3,135,229	SH		SOLE		2,168,947	0	966,282
KARUNA THERAPEUTICS INC	COM	48576A100	43,351	380,307	SH		SOLE	1	380,307	0	0
LAM RESEARCH CORPORATION	COM	512807108	953,119	1,464,760	SH		SOLE		1,012,261	0	452,499
MATCH GROUP INC NEW	COM	57667L107	1,042,792	6,466,930	SH		SOLE		4,804,764	0	1,662,166
MERCADOLIBRE INC	COM	58733R102	1,877,547	1,205,263	SH		SOLE		839,436	0	365,827
MICROSOFT CORP	COM	594918104	128,023	472,585	SH		SOLE		416,420	0	56,165
NETFLIX INC	COM	64110L106	2,770,596	5,245,255	SH		SOLE		3,775,755	0	1,469,500
NEW ORIENTAL ED & TECH GRP I	SPON ADR	647581107	169,572	20,704,802	SH		SOLE		14,313,151	0	6,391,651
NIKE INC	CL B	654106103	1,099,283	7,115,563	SH		SOLE		4,837,568	0	2,277,995
OKTA INC	CL A	679295105	474,732	1,940,214	SH		SOLE		1,331,995	0	608,219
PAGSEGURO DIGITAL LTD	COM CL A	G68707101	345,416	6,176,962	SH		SOLE		4,267,705	0	1,909,257
ROPER TECHNOLOGIES INC	COM	776696106	177,228	376,921	SH		SOLE		331,820	0	45,101
SAREPTA THERAPEUTICS INC	COM	803607100	435,900	5,607,148	SH		SOLE		4,116,652	0	1,490,496
SEA LTD	SPONSORED ADS	81141R100	6,341,199	23,092,493	SH		SOLE		16,571,350	0	6,521,143
SERVICENOW INC	COM	81762P102	1,552,346	2,824,759	SH		SOLE		2,111,371	0	713,388
SHOPIFY INC	CL A	82509L107	1,939,090	1,327,253	SH		SOLE		951,334	0	375,919
SNOWFLAKE INC	CL A	833445109	76,548	316,576	SH		SOLE	1	316,576	0	0
SNOWFLAKE INC	CL A	833445109	822,870	3,403,102	SH		SOLE		2,441,230	0	961,872
SPRUCE BIOSCIENCES INC	COM	85209E109	8,822	787,007	SH		SOLE	1	787,007	0	0
SQUARE INC	CL A	852234103	1,774,338	7,277,844	SH		SOLE		5,424,589	0	1,853,255
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	1,188,260	9,888,981	SH		SOLE		7,275,646	0	2,613,335
TARSUS PHARMACEUTICALS INC	COM	87650L103	7,535	260,000	SH		SOLE	1	260,000	0	0
TAYSHA GENE THERAPIES INC	COM SHS	877619106	15,367	724,873	SH		SOLE	1	724,873	0	0
TENCENT MUSIC ENTMT GROUP	SPON ADS	88034P109	168,421	10,879,896	SH		SOLE		7,507,959	0	3,371,937
TEXAS INSTRS INC	COM	882508104	145,564	756,961	SH		SOLE		679,154	0	77,807
TRANSDIGM GROUP INC	COM	893641100	96,617	149,264	SH		SOLE		131,458	0	17,806
TRIP COM GROUP LTD	ADS	89677Q107	243,234	6,859,392	SH		SOLE		4,722,244	0	2,137,148
TWILIO INC	CL A	90138F102	1,785,931	4,530,980	SH		SOLE		3,334,786	0	1,196,194
UBER TECHNOLOGIES INC	COM	90353T100	1,676,320	33,446,123	SH		SOLE		23,779,012	0	9,667,111
UIPATH INC	COM CL A	90364P105	261,967	3,811,779	SH		SOLE	1	3,811,779	0	0
UIPATH INC	COM	90364P105	29,854	439,487	SH		SOLE		439,487	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	88,878	221,952	SH		SOLE		195,534	0	26,418
VISA INC	COM CL A	92826C839	3,190,554	13,645,342	SH		SOLE		9,894,044	0	3,751,298
WARNER MUSIC GROUP CORP	COM CL A	934550203	488,821	13,563,287	SH		SOLE		9,933,956	0	3,629,331
WASTE CONNECTIONS INC	COM	94106B101	12,802	107,190	SH		SOLE		322	0	106,868
WORKDAY INC	CL A	98138H101	745,051	3,120,764	SH		SOLE		2,158,051	0	962,713
XP INC	CL A	G98239109	369,691	8,488,888	SH		SOLE		5,852,093	0	2,636,795
YANDEX N V	SHS CLASS A	N97284108	623,412	8,811,480	SH		SOLE		6,073,172	0	2,738,308
ZILLOW GROUP INC	CL C CAP STK	98954M200	560,632	4,587,072	SH		SOLE		3,396,293	0	1,190,779
ZOETIS INC	CL A	98978V103	667,396	3,581,218	SH		SOLE		2,756,235	0	824,983
ZOOM VIDEO COMMUNICATIONS IN	CL A	98980L101	430,259	1,111,694	SH		SOLE		776,046	0	335,648