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Sands Capital Management Update, Sells AAPL, Cuts GOOG and Others

By: GuruFocus
Posted: 9/1/2013 2:34:00 PM
Referenced Stocks: AGN;FFIV;GOOG;IP;QCOM

At Sands Capital Management, the investment style is concentrated growth. The investment process is independent, bottom-up and research-driven. Based in Arlington, Virginia, Sands Capital Management is 100% staff-owned and led by CEO and CIO Frank M. Sands, Jr., CFA.

The updated Sands Capital portfolio lists 39 stocks, one of them new, a total value at $29.6 billion, and a quarter-over-quarter turnover of 14%. The portfolio is currently weighted with top three sectors: consumer cyclical at 27.3%, healthcare at 15.2% and financial services at 8.9%. The firm has around $18.8 billion in assets under management.

Guru Frank Sands , Jr. was moderately active on the sell side in the second quarter of 2013. He sold out only one company, Apple Inc. ( AAPL ), and reduced four others, including Google Inc. ( GOOG ), one of his top holdings. Here are his trade details:

Google Inc. ( GOOG ): Reduced

Impacts Portfolio: -0.3%

Current Shares: 2,776,485

Up 24% over 12 months, Google Inc. has a market cap of $282.04 billion; its shares were traded at around $846.90 with a P/E ratio of 23.80.

Guru Action: As of June 30, 2013, Sands Capital Management reduced its position by 3.73%, selling 107,631 shares at an average price of $849.25, for a loss of 0.3%.

The firm has averaged a gain of 35% on 2,884,116 shares bought at an average price of $625.79 share. On shares sold, the firm averaged a loss of 0% on 107,631 shares sold at an average price of $849.25 per share.

Track historical pricing, revenue and net income:



Qualcomm Inc. ( QCOM ): Reduced

Impacts Portfolio: -2.35%

Current Shares: 207,135

Up 9% over 12 months, Qualcomm Inc. has a market cap of $113.7 billion; its shares were traded at around $66.28 with a P/E ratio of 17.50.

Qualcomm Inc. develops, designs, manufactures and markets digital wireless telecommunications products and services.

Guru Action: As of June 30, 2013, Sands Capital Management reduced its position by 97.95%, selling 9,914,138 shares at an average price of $63.80, for a gain of 3.9%.

The firm has averaged a gain of 20% on 21,175,712 shares bought at an average price of $55.12 per share. On shares sold, the firm averaged a gain of 5% on 20,968,577 shares sold at an average price of $62.93 per share.

Track historical pricing, revenue and net income:



Allergan Inc. ( AGN ): Reduced

Impacts Portfolio: -1.27%

Current Shares: 9,598,964

Up 2% over 12 months, Allergan Inc. has a market cap of $26.24 billion; its shares were traded at around $88.38 with a P/E ratio of 28.70.

Allergan Inc. was founded in 1950. The company is a multi-specialty health care company focused on developing and commercializing innovative pharmaceuticals, biologics and medical devices.

Guru Action: As of June 30, 2013, Sands Capital Management reduced its position by 24.86%, selling 3,175,931 shares at an average price of $103.71, for a loss of 14.8%.

The firm has averaged a gain of 10% on 14,991,495 shares bought at an average price of $80.29 per share. On shares sold, the firm averaged a loss of 6% on 5,392,531 shares sold at an average price of $93.99 per share.

Track historical pricing, revenue and net income:



F5 Networks Inc. ( FFIV ): Reduced

Impacts Portfolio: -0.63%

Current Shares: 4,758,008

Up 12% over 12 months, F5 Networks Inc. has a market cap of $6.53 billion; its shares were traded at around $83.20 with a P/E ratio of 24.50.

Incorporated in 1996, F5 Networks Inc. provides products and services to help companies manage Internet Protocol ( IP ) traffic and file storage infrastructure efficiently and securely.

Guru Action: As of June 30, 2013, Sands Capital Management reduced its position by 30.04%, selling 2,043,338 shares at an average price of $76.95, for a gain of 8.1%.

The firm has averaged a loss of 24% on 7,350,864 shares bought at an average price of $108.99 per share. On shares sold, the firm averaged a loss of 3% on 2,592,856 shares sold at an average price of $85.40 per share.

Track historical pricing, revenue and net income:



Apple Inc. ( AAPL ): Sold Out

Impacts Portfolio: -1.8%

Down 28% over 12 months, Apple Inc. has a market cap of $442.63 billion; its shares were traded at around $487.22 with a P/E ratio of 12.20.

Guru Action: As of June 30, 2013, Sands Capital Management sold out its position, selling 1,158,474 shares at an average price of $430.74, for a gain of 13.1%.

In 13 quarters of holding, the top gaining quarters were the second, third and fourth quarters of 2008, averaging gains of 180.7%, 204.2% and 413.2%, respectively.

Track historical pricing, revenue and net income:



Frank Sands made 1 buy and 11 increases in the second quarter of 2013.

Sands Capital Management is an investment management firm focused on investing in quality growth businesses throughout the world. CEO and CIA Frank M. Sands, Jr. spends most of his time on investment research, decision making, and business strategy. Sands Capital Management was founded by his father, Frank M. Sands, Sr. in 1992.



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